Residential Loans - Summary of Classifications and Carrying Value of Residential Loans (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value	[1]	$ 105,128	$ 536,385
Legacy Sequoia | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		296,765	407,890
Sequoia Choice | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		1,836,361	2,291,463
Freddie Mac SLST | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		2,256,683	2,367,215
Redwood | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		0	2,111,897
Residential Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		4,494,936	7,714,850
Residential Loans | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		105,128	536,385
Residential Loans | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		4,389,808	7,178,465
Residential Loans | Legacy Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		296,765	407,890
Residential Loans | Legacy Sequoia | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		0	0
Residential Loans | Legacy Sequoia | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		296,765	407,890
Residential Loans | Sequoia Choice
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		1,836,361	2,291,463
Residential Loans | Sequoia Choice | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		0	0
Residential Loans | Sequoia Choice | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		1,836,361	2,291,463
Residential Loans | Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		2,256,682	2,367,215
Residential Loans | Freddie Mac SLST | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		0	0
Residential Loans | Freddie Mac SLST | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		2,256,682	2,367,215
Residential Loans | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		105,128	2,648,282
Residential Loans | Redwood | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		105,128	536,385
Residential Loans | Redwood | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans, at fair value		$ 0	$ 2,111,897

[1] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At September 30, 2020 and December 31, 2019, assets of consolidated VIEs totaled $8,197,095 and $11,931,869, respectively. At September 30, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,238,047 and $10,717,072, respectively. See Note 4 for further discussion.