Redwood Trust (RWT) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	4-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	RWT
Entity Registrant Name	REDWOOD TRUST INC
Entity Central Index Key	930236
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		84,257,726

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Residential loans	$3,399,755		$3,398,573
Commercial loans	460,342		566,927
Real estate securities, at fair value	1,285,243	[1]	1,379,230	[1]
Mortgage servicing rights, at fair value	120,324	[1]	139,293	[1]
Cash and cash equivalents	303,820	[1]	269,730	[1]
Total earning assets	5,569,484	[1]	5,753,753	[1]
Restricted cash	725	[1]	628	[1]
Accrued interest receivable	17,970	[1]	18,222	[1]
Derivative assets	30,546	[1]	16,417	[1]
Deferred securities issuance costs	14,302	[1]	16,050	[1]
Other assets	182,992	[1]	113,896	[1]
Total Assets	5,816,019	[1]	5,918,966	[1]
Liabilities
Short-term debt	1,502,164	[1]	1,793,825	[1]
Accrued interest payable	14,319	[1]	8,503	[1]
Derivative liabilities	68,064	[1]	58,331	[1]
Accrued expenses and other liabilities	60,135	[1]	52,244	[1]
Deferred tax liability	10,237	[1]	10,236	[1]
Asset-backed securities issued	1,353,021	[1],[2]	1,545,119	[1],[2]
Long-term debt	1,550,869	[1]	1,194,567	[1]
Total liabilities	4,558,809	[1]	4,662,825	[1]
Equity
Common stock, par value $0.01 per share, 180,000,000 shares authorized; 83,748,621and 83,443,141 issued and outstanding	837	[1]	834	[1]
Additional paid-in capital	1,779,777	[1]	1,774,030	[1]
Accumulated other comprehensive income	135,640	[1]	140,688	[1]
Cumulative earnings	931,396	[1]	906,867	[1]
Cumulative distributions to stockholders	-1,590,440	[1]	-1,566,278	[1]
Total equity	1,257,210	[1]	1,256,141	[1]
Total Liabilities and Equity	5,816,019	[1]	5,918,966	[1]
Residential Loans Held For Sale
ASSETS
Residential loans	1,094,885	[1]	1,342,519	[1]
Residential Loans Held For Investment at Fair Value, including loans at historical cost
ASSETS
Residential loans	2,304,870	[1],[2]	2,056,054	[1],[2]
Commercial Loans Held For Sale
ASSETS
Commercial loans	54,407	[1]	166,234	[1]
Commercial Loans Held For Investment
ASSETS
Commercial loans	$405,935	[1]	$400,693	[1]
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.
[2]	On January 1, 2015, we adopted ASU 2014-13 and began to account for residential loans held-for-investment and asset backed securities issued at consolidated Sequoia entities (which are VIEs) at fair value. At December 31, 2014, amounts presented in residential loans held-for-investment for these assets included $1,474,386 at historical cost. See Note 3 for further discussion.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Asset-backed securities at fair value	$1,239,065	$0
Long-term debt at fair value	68,707	66,707
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	180,000,000	180,000,000
Common stock, issued	83,748,621	83,443,141
Common stock, outstanding	83,748,621	83,443,141
Variable interest held by entity, assets	1,716,563	1,900,208
Variable interest held by entity, liabilities	1,354,298	1,546,490
Carrying value	3,399,755	3,398,573
Residential Loans Held For Investment At Amortized Cost
Carrying value		1,474,386
Commercial Loans Held For Investment
Loans at fair value	72,619	71,262
Sequoia | Residential Loans Held For Investment At Amortized Cost
Carrying value		$1,474,386

Consolidated_Statements_Of_Inc

Consolidated Statements Of Income (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Interest Income
Residential loans	$25,009		$12,658
Commercial loans	10,914		10,384
Real estate securities	27,775		32,431
Cash and cash equivalents	48		3
Total interest income	63,746		55,476
Interest Expense
Short-term debt	-7,224		-3,827
Asset-backed securities issued	-6,202		-8,441
Long-term debt	-10,535		-6,792
Total interest expense	-23,961		-19,060
Net Interest Income	39,785		36,416
Provision for loan losses	-206		-1,284
Net Interest Income After Provision	39,579		35,132
Noninterest Income
Mortgage banking activities, net	1,923		-231
Mortgage servicing rights income, net	-10,924		606
Other market valuation adjustments, net	-1,145	[1]	-6,138	[1]
Realized gains, net	4,306		1,092
Other Income	809		0
Total noninterest income, net	-5,031		-4,671
Operating expenses	-25,063		-19,971
Net income before provision for income taxes	9,485		10,490
Benefit from income taxes	5,316		1,843
Net Income	$14,801		$12,333
Basic earnings per common share (usd per share)	$0.17		$0.14
Diluted earnings per common share (usd per share)	$0.16		$0.14
Regular dividends declared per common share (usd per share)	$0.28		$0.28
Basic weighted average shares outstanding (shares)	83,360,312		82,410,562
Diluted weighted average shares outstanding (shares)	85,622,216		84,940,540
[1]	For the three months ended March 31, 2015, there were no other-than-temporary impairments. For the three months ended March 31, 2014, other-than-temporary impairments were $1,671, of which $113 were recognized through the Income Statement and $1,558 were recognized in Accumulated Other Comprehensive Income.

Consolidated_Statements_Of_Inc1

Consolidated Statements Of Income (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Total other-than-temporary impairments	$0	$1,671,000
Income Statement, other-than-temporary impairments		113,000
Accumulated other comprehensive income, other-than-temporary impairments		$1,558,000

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$14,801	$12,333
Other comprehensive income:
Net unrealized gain on available-for-sale securities	5,053	19,323
Reclassification of unrealized (gain) loss on available-for-sale securities to net income	-1,690	1,298
Net unrealized (loss) gain on interest rate agreements	-8,442	-8,795
Reclassification of unrealized loss on interest rate agreements to net income	31	60
Total other comprehensive (loss) income	-5,048	11,886
Total Comprehensive Income	$9,753	$24,219

Consolidated_Statements_Of_Cha

Consolidated Statements Of Changes In Equity (USD $)		Total		Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Cumulative Earnings	Cumulative Distributions to Stockholders
In Thousands, except Share data, unless otherwise specified
Beginning balance at Dec. 31, 2013		$1,245,783		$825	$1,760,899	$148,766	$806,298	($1,471,005)
Beginning balance (in shares) at Dec. 31, 2013				82,504,801
Net income		12,333					12,333
Other comprehensive (loss) income		11,886				11,886
Issuance of common stock:
Dividend reinvestment & stock purchase plans (in shares)				77,660
Dividend reinvestment & stock purchase plans		1,545		1	1,544
Employee stock purchase and incentive plans (in shares)				37,193
Employee stock purchase and incentive plans		-783		0	-783
Non-cash equity award compensation		3,872			3,872
Common dividends declared		-23,749						-23,749
Ending balance at Mar. 31, 2014		1,250,887		826	1,765,532	160,652	818,631	-1,494,754
Ending balance (in shares) at Mar. 31, 2014				82,619,654
Beginning balance at Dec. 30, 2014	[1]	1,256,141
Cumulative adjustment - adoption of ASU 2014-13	[2]	9,728
Cumulative adjustment - adoption of ASU 2014-13 (Accounting Standards Update 2014-13)	[2]						9,728
Adjusted balance		1,265,869		834	1,774,030	140,688	916,595	-1,566,278
Ending balance at Dec. 31, 2014 (Previously Reported)		1,256,141		834	1,774,030	140,688	906,867	-1,566,278
Ending balance (in shares) at Dec. 31, 2014 (Previously Reported)				83,443,141
Beginning balance at Dec. 31, 2014	[1]	1,256,141
Beginning balance (in shares) at Dec. 31, 2014				83,443,141
Net income		14,801					14,801
Other comprehensive (loss) income		-5,048				-5,048
Issuance of common stock:
Dividend reinvestment & stock purchase plans (in shares)				185,045
Dividend reinvestment & stock purchase plans		3,241		2	3,239
Employee stock purchase and incentive plans (in shares)				120,435
Employee stock purchase and incentive plans		-183		1	-184
Non-cash equity award compensation		2,692			2,692
Common dividends declared		-24,162						-24,162
Ending balance at Mar. 31, 2015		$1,257,210	[1]	$837	$1,779,777	$135,640	$931,396	($1,590,440)
Ending balance (in shares) at Mar. 31, 2015				83,748,621
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.
[2]	On January 1, 2015, we adopted ASU 2014-13. See Note 3 for further discussion.

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Cash Flows From Operating Activities:
Net income	$14,801		$12,333
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of premiums, discounts, and securities issuance costs, net	-9,176		-9,158
Depreciation and amortization of non-financial assets	143		106
Purchases of held-for-sale loans	-2,558,425		-1,181,488
Proceeds from sales of held-for-sale loans	2,455,452		785,380
Principal payments on held-for-sale loans	14,394		7,014
Net settlements of derivatives	-19,373		-8,394
Provision for loan losses	206		1,284
Non-cash equity award compensation expense	2,692		3,872
Market valuation adjustments, net	19,435		9,446
Realized gains, net	-4,306		-1,092
Net change in:
Accrued interest receivable and other assets	-38,394		-7,279
Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities	3,476		-13,682
Net cash used in operating activities	-119,075		-401,658
Cash Flows From Investing Activities:
Purchases of loans held-for-investment	-7,600		-32,998
Principal payments on held-for-investment loans	101,754		70,800
Purchases of real estate securities	-15,613		-49,709
Proceeds from sales of real estate securities	77,293		0
Principal payments on real estate securities	26,313		42,304
Purchase of mortgage servicing rights	-5,173		-928
Proceeds from sales of mortgage servicing rights	17,235		0
Net change in restricted cash	-97		-34
Net cash provided by investing activities	194,112		29,435
Cash Flows From Financing Activities:
Proceeds from borrowings on short-term debt	1,641,380		920,955
Repayments on short-term debt	-1,933,041		-494,956
Proceeds from issuance of asset-backed securities	420		0
Repayments on asset-backed securities issued	-80,918		-88,523
Deferred securities issuance costs	-32		0
Proceeds from issuance of long-term debt	354,932		36,782
Repayments on long-term debt	0		-17
Net settlements of derivatives	658		-721
Net proceeds from issuance of common stock	134		122
Taxes paid on equity award distributions	-318		-905
Dividends paid	-24,162		-23,749
Net cash provided by financing activities	-40,947		348,988
Net (decrease) increase in cash and cash equivalents	34,090		-23,235
Cash and cash equivalents at beginning of period	269,730	[1]	173,201
Cash and cash equivalents at end of period	303,820	[1]	149,966
Cash paid during the period for:
Interest	15,032		15,386
Taxes	38		1,399
Supplemental Noncash Information:
Real estate securities retained from loan securitizations	6,282		0
Retention of mortgage servicing rights from loan securitizations and sales	15,675		2,294
Transfers from loans held-for-sale to loans held-for-investment	447,840		37,631
Transfers from residential loans to real estate owned	$3,166		$135
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization
	Redwood Trust, Inc., together with its subsidiaries, focuses on investing in mortgage- and other real estate-related assets and engaging in residential and commercial mortgage banking activities. We seek to invest in real estate-related assets that have the potential to generate attractive cash flow returns over time and to generate income through our residential and commercial mortgage banking activities. We operate our business in three segments: residential mortgage banking, residential investments, and commercial mortgage banking and investments. Redwood was incorporated in the State of Maryland on April 11, 1994, and commenced operations on August 19, 1994. References herein to “Redwood,” the “company,” “we,” “us,” and “our” include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires.
	Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), beginning with its taxable year ended December 31, 1994. To qualify as a REIT, we must distribute at least 90% of our annual REIT taxable income to shareholders (not including taxable income retained in our taxable subsidiaries) within the time frame set forth in the tax code and also meet certain other requirements related to assets, income, and stock ownership. We generally refer, collectively, to Redwood Trust, Inc. and those of its subsidiaries that are not subject to subsidiary-level corporate income tax as “the REIT” or “our REIT.” We generally refer to subsidiaries of Redwood Trust, Inc. that are subject to subsidiary-level corporate income tax as “our operating subsidiaries” or “our taxable REIT subsidiaries” or “TRS.” We generally intend to distribute as dividends at least 90% of the taxable income we generate at our REIT.
	We sponsor our Sequoia securitization program, which we use for the securitization of residential mortgage loans. References to Sequoia with respect to any time or period generally refer collectively to all the then consolidated Sequoia securitization entities for the periods presented. We have also engaged in securitization transactions in order to obtain financing for certain of our securities and commercial loans.

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The consolidated financial statements presented herein are at March 31, 2015 and December 31, 2014, and for the three months ended March 31, 2015 and 2014. These interim unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") — as prescribed by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) —  have been condensed or omitted according to these SEC rules and regulations. Management believes that the disclosures included in these interim financial statements should be read in conjunction with consolidated financial statements and notes thereto included in the company's Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all normal and recurring adjustments to present fairly the financial condition of the company at March 31, 2015 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2015 should not be construed as indicative of the results to be expected for the full year.
	Principles of Consolidation
	In accordance with GAAP, we determine whether we must consolidate transferred financial assets and variable interest entities (“VIEs”) for financial reporting purposes. We currently consolidate the assets and liabilities of certain Sequoia securitization entities where we maintain an ongoing involvement, as well as an entity formed in connection with a resecuritization transaction we engaged in during 2011 (“Residential Resecuritization”), and an entity formed in connection with a commercial securitization we engaged in during 2012 (“Commercial Securitization”). Each securitization entity is independent of Redwood and of each other and the assets and liabilities are not owned by and are not legal obligations of Redwood Trust, Inc. Our exposure to these entities is primarily through the financial interests we have retained, although we are exposed to certain financial risks associated with our role as a sponsor, manager, or depositor of these entities or as a result of our having sold assets directly or indirectly to these entities.
	For financial reporting purposes, the underlying loans and securities owned at the consolidated Sequoia entities, the Residential Resecuritization entity, and the Commercial Securitization entity are shown under residential and commercial loans and real estate securities on our consolidated balance sheets. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. In our consolidated statements of income, we record interest income on the loans and securities owned at these entities and interest expense on the ABS issued by these entities.
	See Note 4 for further discussion on principles of consolidation.
	Use of Estimates
	The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Significant Accounting Policies
	Included in Note 3 to the Consolidated Financial Statements of our 2014 Annual Report on Form 10-K is a summary of our significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the company’s consolidated financial condition and results of operations for the three months ended March 31, 2015.
	Recent Accounting Pronouncements
	Adoption of ASU 2014-13
	In November 2014, the FASB issued ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (ASU 2014-13). This update provides a measurement alternative to companies that consolidate collateralized financing entities ("CFEs"). Under the new guidance, companies can measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets or fair value of the financial liabilities. This guidance is effective in the first quarter 2016 with early adoption permitted at the beginning of an annual period. The guidance can be applied either retrospectively to all relevant prior periods or by a modified retrospective approach with a cumulative-effect adjustment to equity as of the beginning of the annual period of adoption.
	On January 1, 2015, we elected to early adopt ASU 2014-13, as we determined this measurement alternative more accurately reflects our economic interests in, and financial results from, certain consolidated financing entities.  We adopted the measurement alternative under this standard only for our consolidated Sequoia entities, which qualify under the standard as CFEs.  We did not elect the measurement alternative for our Residential Resecuritization or our Commercial Resecuritization, and will continue to account for the assets and liabilities in these CFEs in accordance with existing accounting guidance.
	Under the provisions of ASU 2014-13, we use the fair value of the liabilities issued by the Sequoia CFEs (which we determined to be more observable) to determine the fair value of the assets, whereby the net assets we consolidate in our financial statements related to these entities represents the estimated fair value of our retained interests in the Sequoia CFEs.  Similarly, the periodic net market valuation adjustments we record on our income statement from the consolidated assets and liabilities of the CFEs represents the change in fair value of our retained interests in the Sequoia CFEs.
	Using the modified retrospective approach, we recorded a cumulative-effect adjustment to equity of $10 million through retained earnings as of January 1, 2015.  This cumulative-effect adjustment represents the net effect of adjusting the assets and liabilities of the Sequoia CFEs from amortized historical cost to fair value.
	Subsequent to the adoption of ASU 2014-13, the consolidated assets and liabilities of the Sequoia CFEs are both carried at fair value, with the periodic net changes in fair value recorded on our income statement, in Other market valuation adjustments.
	The following table presents the assets and liabilities of the consolidated Sequoia entities at December 31, 2014 prior to the adoption of ASU 2014-13, the adjustments required to adopt the new standard, and the adjusted balances at January 1, 2015.
	Impact of Adoption of ASU 2014-13 on Balance Sheet (1)
	(In Millions)		31-Dec-14			ASU 2014-13 Adjustment			1-Jan-15
	Loan Principal		$	1,486		$	(113	)	$	1,373
	Loan unamortized premium		13			(13		)	—
	Allowance for loan losses		(21		)	21			—
	Residential loans held-for-investment		1,478			(105		)	1,373
	Deferred bond issuance costs		1			(1		)	—
	Other assets		5			—			5
	Total assets		1,482			(105		)	1,377
	ABS issued principal		1,428			(125		)	1,303
	ABS issued unamortized discount		(10		)	10			—
	Total liabilities		1,418			(115		)	1,303
	Redwood's investment in consolidated Sequoia entities		$	64		$	10		$	74
	-1	Certain totals may not foot due to rounding.
	Other Recent Accounting Pronouncements
	In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This new guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. This new guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance is required to be applied on a retrospective basis. We plan to adopt this new guidance by the required date and will reclassify debt issuance costs that we currently present in other assets on our consolidated balance sheets and present them as debt discounts.
	In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis.” This new guidance provides a new scope exception for certain money market funds, makes targeted amendments to the current consolidation guidance, and ends the deferral granted to investment companies from applying the VIE guidance. This new guidance is effective for annual periods beginning after December 15, 2016. Early adoption is allowed, including in any interim period. We are currently evaluating the impact of adopting this new standard.
	In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” This new guidance amends the accounting guidance for “repo-to-maturity” transactions and repurchase agreements executed as repurchase financings. In addition, the new standard requires a transferor to disclose more information about certain transactions, including those in which it retains substantially all of the exposure to the economic returns of the underlying transferred asset over the transaction’s term. This new guidance is effective in the first interim reporting period beginning after December 15, 2014. However, for repurchase and securities lending transactions reported as secured borrowing, the new standard’s enhanced disclosures are effective for annual periods beginning after December 15, 2014 and interim period beginning after March 15, 2015. We adopted the new guidance, as required, in the first quarter of 2015 and will adopt the disclosure requirements in the second quarter of 2015, as required. The adoption in the first quarter of 2015 did not have a material impact on our financial statements, as we did not have repo-to-maturity transactions outstanding.
	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” The objective of the guidance is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and IFRS. The Amendment supersedes most current revenue recognition guidance, including industry-specific guidance. The Amendment also enhances disclosure requirements around revenue recognition and the related cash flows. The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact of adopting this new standard.
	In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” This update to the receivable guidance clarifies when a creditor is considered to have received physical possession of residential real estate resulting from an in substance repossession or foreclosure. In addition, the amendments require disclosure of both: (i) the amount of foreclosed residential real estate property held by the creditor; and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The update requires the guidance to be applied using either a modified retrospective transition method or a prospective transition method for interim and annual periods beginning after December 15, 2014, with early adoption permitted. We adopted this standard in the first quarter of 2015, as required, and it did not have a material impact on our financial statements.
	Balance Sheet Netting
	Certain of our derivatives and short-term debt are subject to master netting arrangements or similar agreements. Under GAAP, in certain circumstances we may elect to present certain financial assets, liabilities and related collateral subject to master netting arrangements in a net position on our consolidated balance sheets. However, we do not report any of these financial assets or liabilities on a net basis, and instead present them on a gross basis on our consolidated balance sheets.
	The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at March 31, 2015 and December 31, 2014.
	Offsetting of Financial Assets, Liabilities, and Collateral
			Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in Consolidated Balance Sheet			Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet			Gross Amounts Not Offset in Consolidated						Net Amount
												Balance Sheet (1)
	31-Mar-15											Financial Instruments			Cash Collateral (Received) Pledged
	(In Thousands)
	Assets (2)
	Interest rate agreements		$	17,554		$	—		$	17,554		$	(2,719	)	$	(10,830	)	$	4,005
	TBAs		4,721			—			4,721			(4,667		)	(54		)	—
	Total Assets		$	22,275		$	—		$	22,275		$	(7,386	)	$	(10,884	)	$	4,005
	Liabilities (2)
	Interest rate agreements		$	(57,581	)	$	—		$	(57,581	)	$	2,719		$	54,862		$	—
	TBAs		(8,842		)	—			(8,842		)	4,666			3,201			(975		)
	Futures		(332		)	—			(332		)	—			332			—
	Loan warehouse debt		(895,895		)	—			(895,895		)	895,895			—			—
	Security repurchase agreements		(606,269		)	—			(606,269		)	606,269			—			—
	Total Liabilities		$	(1,568,919	)	$	—		$	(1,568,919	)	$	1,509,549		$	58,395		$	(975	)
			Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in Consolidated Balance Sheet			Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet			Gross Amounts Not Offset in Consolidated						Net Amount
												Balance Sheet (1)
	31-Dec-14											Financial Instruments			Cash Collateral (Received) Pledged
	(In Thousands)
	Assets (2)
	Interest rate agreements		$	7,006		$	—		$	7,006		$	(1,160	)	$	(4,360	)	$	1,486
	Credit default index swaps		1,598			—			1,598			—			(375		)	1,223
	TBAs		6,653			—			6,653			(5,815		)	—			838
	Total Assets		$	15,257		$	—		$	15,257		$	(6,975	)	$	(4,735	)	$	3,547
	Liabilities (2)
	Interest rate agreements		$	(48,173	)	$	—		$	(48,173	)	$	1,160		47,013			$	—
	TBAs		(9,506		)	—			(9,506		)	5,815			2,715			(976		)
	Futures		(372		)	—			(372		)	—			372			—
	Loan warehouse debt		(1,185,316		)	—			(1,185,316		)	1,185,316			—			—
Security repurchase agreements		(608,509		)	—			(608,509		)	608,509			—			—
Total Liabilities		$	(1,851,876	)	$	—		$	(1,851,876	)	$	1,800,800		$	50,100		$	(976	)
-1	Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty (which may, in certain circumstances, be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.
-2	Interest rate agreements, TBAs, and futures are components of derivatives instruments on our consolidated balances sheets. Loan warehouse debt, which is secured by residential and commercial mortgage loans, and security repurchase agreements are components of short-term debt on our consolidated balance sheets.
For each category of financial instrument set forth in the table above, the assets and liabilities resulting from individual transactions within that category between us and a counterparty are subject to a master netting arrangement or similar agreement with that counterparty that provides for individual transactions to be treated as a single transaction. For certain categories of these instruments, some of our transactions are cleared and settled through one or more clearinghouses that are substituted as our counterparty and references herein to master netting arrangements or similar agreements include the arrangements and agreements governing the clearing and settlement of these transactions through the clearinghouses. In the event of the termination and close-out of any of those transactions, the corresponding master netting agreement or similar agreement provides for settlement on a net basis and for settlement to include the proceeds of the liquidation of any corresponding collateral, subject to certain limitations on termination, settlement, and liquidation of collateral that may apply in the event of the bankruptcy or insolvency of a party that should not inhibit the eventual practical realization of the principal benefits of those transactions or the corresponding master netting arrangement or similar agreement and any corresponding collateral.

Principles_of_Consolidation

Principles of Consolidation	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation
	GAAP requires us to consider whether securitizations we sponsor and other transfers of financial assets should be treated as sales or financings, as well as whether any VIEs that we hold variable interests in – for example, certain legal entities often used in securitization and other structured finance transactions – should be included in our consolidated financial statements. The GAAP principles we apply require us to reassess our requirement to consolidate VIEs each quarter and therefore our determination may change based upon new facts and circumstances pertaining to each VIE. This could result in a material impact to our consolidated financial statements during subsequent reporting periods.
	Analysis of Consolidated VIEs
	As of March 31, 2015, the VIEs we are required to consolidate include certain Sequoia securitization entities, the Residential Resecuritization entity, and the Commercial Securitization entity. Each of these entities is independent of Redwood and of each other and the assets and liabilities of these entities are not owned by and are not legal obligations of ours. Our exposure to these entities is primarily through the financial interests we have retained, although we are exposed to certain financial risks associated with our role as a sponsor, manager, or depositor of these entities or as a result of our having sold assets directly or indirectly to these entities. The following table presents a summary of the assets and liabilities of these VIEs. Intercompany balances have been eliminated for purposes of this presentation.
	Assets and Liabilities of Consolidated VIEs
	March 31, 2015		Sequoia				Residential Resecuritization			Commercial Securitization			Total
	(Dollars in Thousands)		Entities
	Residential loans, held-for-investment		$	1,304,426			$	—		$	—		$	1,304,426
	Commercial loans, held-for-investment		—				—			191,575			191,575
	Real estate securities		—				211,316			—			211,316
	Restricted cash		147				—			135			282
	Accrued interest receivable		1,720				449			1,491			3,660
	Other assets		5,304				—			—			5,304
	Total Assets		$	1,311,597			$	211,765		$	193,201		$	1,716,563
	Accrued interest payable		$	893			$	10		$	374		$	1,277
	Asset-backed securities issued		1,239,065				34,280			79,676			1,353,021
	Total Liabilities		$	1,239,958			$	34,290		$	80,050		$	1,354,298
	Number of VIEs		24				1			1			26
	Analysis of Unconsolidated VIEs with Continuing Involvement
	Since 2012, we have transferred residential loans to 23 Sequoia securitization entities sponsored by us and accounted for these transfers as sales for financial reporting purposes, in accordance with ASC 860. We also determined we were not the primary beneficiary of these VIEs as we lacked the power to direct the activities that will have the most significant economic impact on the entities. For the transferred loans where we held the servicing rights prior to the transfer and continue to hold the servicing rights, we recorded MSRs on our consolidated balance sheets, and classified those MSRs as Level 3 assets. We also retained senior and subordinate securities in these securitizations that we classified as Level 3 assets. Our continuing involvement in these securitizations is limited to customary servicing obligations associated with retaining residential MSRs (which we retain a third-party sub-servicer to perform) and the receipt of interest income associated with the securities we retained.
	The following table presents information related to securitization transactions that occurred during the three months ended March 31, 2015 and 2014.
	Securitization Activity Related to Unconsolidated VIEs Sponsored by Redwood
			Three Months Ended March 31,
	(In Thousands)		2015				2014
	Principal balance of loans transferred		$	338,796			$	—
	Trading securities retained, at fair value		3,423				—
	AFS securities retained, at fair value		2,859				—
	MSRs recognized		1,872				—
	The following table summarizes the cash flows during the three months ended March 31, 2015 and 2014 between us and the unconsolidated VIEs sponsored by us.
	Cash Flows Related to Unconsolidated VIEs Sponsored by Redwood
			Three Months Ended March 31,
	(In Thousands)		2015				2014
	Proceeds from new transfers		$	341,716			$	—
	MSR fees received		3,770				3,423
	Funding of compensating interest		(90		)		(33		)
	Cash flows received on retained securities		12,645				12,303
	The following table presents the key weighted-average assumptions used to measure MSRs and securities retained at the date of securitization.
	Assumptions Related to Assets Retained from Unconsolidated VIEs Sponsored by Redwood
			Issued During The Three Months
			Ended March 31, 2015
	At Date of Securitization		MSRs			Subordinate Securities
	Prepayment rate		5 - 19 %			8	%
	Discount rates		11	%		6	%
	Credit loss assumptions		N/A			0.25	%
	The following table presents additional information at March 31, 2015 and December 31, 2014, related to unconsolidated securitizations accounted for as sales since 2012.
	Unconsolidated VIEs Sponsored by Redwood
	(In Thousands)		March 31, 2015				December 31, 2014
	On-balance sheet assets, at fair value:
	Interest-only, senior and subordinate securities, classified as trading		$	69,258			$	93,802
	Senior and subordinate securities, classified as AFS		391,296				460,990
	Maximum loss exposure (1)		460,554				554,792
	Assets transferred:
	Principal balance of loans outstanding		7,287,906				7,276,825
	Principal balance of delinquent loans 30+ days delinquent		20,952				17,022
	-1	Maximum loss exposure from our involvement with unconsolidated VIEs pertains to the carrying value of our securities retained from these VIEs and represents estimated losses that would be incurred under severe, hypothetical circumstances, such as if the value of our interests and any associated collateral declines to zero. This does not include, for example, any potential exposure to representation and warranty claims associated with our initial transfer of loans into a securitization.
	The following table presents key economic assumptions for assets retained from unconsolidated VIEs and the sensitivity of their fair values to immediate adverse changes in those assumptions at March 31, 2015 and December 31, 2014.
	Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated VIEs Sponsored by Redwood
	March 31, 2015		MSRs				Senior			Subordinate Securities
	(Dollars in Thousands)						Securities
	Fair value at March 31, 2015		$	50,156			$	65,809		$	394,745
	Expected life (in years) (1)		6				6			11
	Prepayment speed assumption (annual CPR) (1)		17		%		11		%	10		%
	Decrease in fair value from:
	10% adverse change		$	2,329			$	3,697		$	905
25% adverse change		5,530				7,035			2,356
Discount rate assumption (1)		11		%		10		%	5		%
Decrease in fair value from:
100 basis point increase		$	1,645			$	2,540		$	30,841
200 basis point increase		3,216				4,899			57,886
Credit loss assumption (1)		N/A				0.25		%	0.25		%
Decrease in fair value from:
10% higher losses		N/A				$	345		$	2,397
25% higher losses		N/A				456			5,704
December 31, 2014		MSRs				Senior			Subordinate Securities
(Dollars in Thousands)						Securities
Fair value at December 31, 2014		$	56,801			$	93,802		$	460,990
Expected life (in years) (1)		7				6			10
Prepayment speed assumption (annual CPR) (1)		14		%		9		%	10		%
Decrease in fair value from:
10% adverse change		$	2,419			$	3,999		$	684
25% adverse change		5,639				9,475			2,355
Discount rate assumption (1)		11		%		8		%	5		%
Decrease in fair value from:
100 basis point increase		$	2,104			$	4,214		$	34,149
200 basis point increase		4,102				8,091			64,474
Credit loss assumption (1)		N/A				0.25		%	0.25		%
Decrease in fair value from:
10% higher losses		N/A				$	126		$	3,169
25% higher losses		N/A				299			7,841
-1	Expected life, prepayment speed assumption, discount rate assumption, and credit loss assumption presented in the tables above represent weighted averages.
Analysis of Third-Party VIEs
Third-party VIEs are securitization entities in which we maintain an economic interest, but do not sponsor. Our economic interest may include several securities from the same third-party VIE, and in those cases, the analysis is performed in consideration of all of our interests. The following table presents a summary of our interests in third-party VIEs at March 31, 2015, grouped by security type.
Third-Party Sponsored VIE Summary
(Dollars in Thousands)		March 31, 2015
Residential Mortgage Backed Securities
Senior		$	480,200
Re-REMIC		169,240
Subordinate		175,250
Total Investments in Third-Party Sponsored VIEs		$	824,690
We determined that we are not the primary beneficiary of any third-party VIEs, as we do not have the required power to direct the activities that most significantly impact the economic performance of these entities. Specifically, we do not service or manage these entities or otherwise solely hold decision making powers that are significant. As a result of this assessment, we do not consolidate any of the underlying assets and liabilities of these third-party VIEs – we only account for our specific interests in them.
Our assessments of whether we are required to consolidate a VIE may change in subsequent reporting periods based upon changing facts and circumstances pertaining to each VIE. Any related accounting changes could result in a material impact to our financial statements.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	For financial reporting purposes, we follow a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., our own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value.
	In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.
	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2015 and December 31, 2014.
			March 31, 2015								December 31, 2014
			Carrying				Fair				Carrying				Fair
	(In Thousands)		Value				Value				Value				Value
	Assets
	Residential loans, held-for-sale
	At fair value		$	1,093,413			$	1,093,413			$	1,341,032			$	1,341,032
	At lower of cost or fair value		1,472				1,663				1,488				1,669
	Residential loans, held-for-investment (1)
	At fair value		2,304,870				2,304,870				581,668				581,668
	At amortized cost		—				—				1,474,386				1,381,918
	Commercial loans, held-for-sale		54,407				54,407				166,234				166,234
	Commercial loans, held-for-investment
	At fair value		72,619				72,619				71,262				71,262
	At amortized cost		333,316				338,932				329,431				334,876
	Trading securities		106,837				106,837				111,606				111,606
	Available-for-sale securities		1,178,406				1,178,406				1,267,624				1,267,624
	MSRs		120,324				120,324				139,293				139,293
	Cash and cash equivalents		303,820				303,820				269,730				269,730
	Restricted cash		725				725				628				628
	Accrued interest receivable		17,970				17,970				18,222				18,222
	Derivative assets		30,546				30,546				16,417				16,417
	REO (2)		5,305				5,446				4,391				4,703
	Margin receivable (2)		79,760				79,760				65,374				65,374
	FHLBC stock (2)		28,434				28,434				10,688				10,688
	Guarantee asset (2)		6,118				6,118				7,201				7,201
	Pledged collateral (2)		10,265				10,265				9,927				9,927
	Liabilities
	Short-term debt		$	1,502,164			$	1,502,164			$	1,793,825			$	1,793,825
	Accrued interest payable		14,319				14,319				8,502				8,502
	Guarantee obligation		6,917				6,917				7,201				7,201
	Derivative liabilities		68,064				68,064				58,331				58,331
	ABS issued (1)
	Fair value		1,239,065				1,239,065				—				—
	Amortized cost		113,956				114,613				1,545,119				1,446,605
	FHLBC borrowings		850,792				850,792				495,860				495,860
	Commercial secured borrowings		68,077				68,077				66,707				66,707
	Convertible notes		492,500				488,243				492,500				492,188
	Other long-term debt		139,500				97,650				139,500				101,835
	-1	Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment and ABS issued by consolidated Sequoia entities began to be recorded at fair value. See Note 3 for further discussion.
	-2	These assets are included in Other Assets on our consolidated balance sheets.
	During the three months ended March 31, 2015, we elected the fair value option for $23 million of residential subordinate securities, $2.40 billion of residential loans (principal balance), $93 million of commercial loans (principal balance), and $19 million of MSRs, respectively. We anticipate electing the fair value option for all future purchases of residential loans and commercial senior loans that we intend to sell to third parties or transfer to securitizations as well as for MSRs purchased or retained from sales of residential loans.
	The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at March 31, 2015, as well as the fair value hierarchy of the valuation inputs used to measure fair value.
	Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2015
	March 31, 2015		Carrying				Fair Value Measurements Using
	(In Thousands)		Value				Level 1				Level 2				Level 3
	Assets
	Residential loans		$	3,398,283			$	—			$	200,869			$	3,197,414
	Commercial loans		127,026				—				—				127,026
	Trading securities		106,837				—				—				106,837
	Available-for-sale securities		1,178,406				—				—				1,178,406
	Derivative assets		30,546				4,721				17,554				8,271
	MSRs		120,324				—				—				120,324
	Pledged collateral		10,265				10,265				—				—
	FHLBC stock		28,434				28,434				—				—
	Guarantee asset		6,118				—				—				6,118
	Liabilities
	Derivative liabilities		68,064				9,173				58,045				846
	Commercial secured borrowings		68,077				—				—				68,077
	ABS issued		1,239,065				—				—				1,239,065
	The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2015.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
	Assets																									Liabilities
	Residential Loans				Commercial				Trading Securities				AFS			MSRs				Guarantee Asset			Derivatives(1)			Commercial Secured Borrowings			ABS
(In Thousands)					Loans								Securities																Issued
Beginning balance -	$	1,677,984			$	237,496			$	111,606			$	1,267,624		$	139,293			$	7,201		$	1,119		$	66,707		$	—
December 31, 2014
Transfer to FVO (2)	1,370,699				—				—				—			—				—			—			—			1,302,216
Principal paydowns	(111,716		)		(240		)		(203		)		(26,110		)	—				—			—			(152		)	(66,517		)
Amortization income	—				—				—				9,838			—				—			—			—			—
Gains (losses) in net income, net	7,570				7,366				(14,114		)		4,306			(19,517		)		(1,083		)	20,087			1,509			2,946
Unrealized gains in OCI, net	—				—				—				3,795			—				—			—			—			—
Acquisitions	1,112,042				92,713				23,084				9,831			18,754				—			—			—			—
Sales	(857,249		)		(210,309		)		(13,536		)		(90,878		)	(18,206		)		—			—			—			—
Other settlements, net	(1,916		)		—				—				—			—				—			(13,781		)	13			421
Ending balance -	$	3,197,414			$	127,026			$	106,837			$	1,178,406		$	120,324			$	6,118		$	7,425		$	68,077		$	1,239,066
March 31, 2015
(1) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented on a net basis.
(2) Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment in, and ABS issued by, consolidated financial entities are now recorded at fair value. See Note 3 for further discussion.
The following table presents the portion of gains or losses included in our consolidated statements of income that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at March 31, 2015 and 2014. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three months ended March 31, 2015 and 2014 are not included in this presentation.
Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held at March 31, 2015 and 2014 Included in Net Income
		Included in Net Income
		Three Months Ended March 31,
(In Thousands)		2015				2014
Assets
Residential loans at Redwood		$	5,464			$	3,483
Residential loans at consolidated Sequoia entities		1,179				—
Commercial loans		2,959				2,530
Trading securities		(13,790		)		(4,431		)
Available-for-sale securities		—				(113		)
MSRs		(11,769		)		(2,291		)
Loan purchase commitments		7,422				—
Other assets - Guarantee asset		(1,083		)		—
Liabilities
Loan purchase commitments		—				(235		)
Commercial secured borrowing		(1,509		)		—
ABS issued		(2,946		)		—
The following table presents information on assets recorded at fair value on a non-recurring basis at March 31, 2015. This table does not include the carrying value and gains or losses associated with the asset types below that were not recorded at fair value on our balance sheet at March 31, 2015.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at March 31, 2015
																	Gain (Loss) for
March 31, 2015		Carrying				Fair Value Measurements Using											Three Months Ended
(In Thousands)		Value				Level 1				Level 2				Level 3			March 31, 2015
Assets
Residential loans, at lower of cost or fair value		$	1,103			$	—			$	—			$	1,103		$	—
REO		3,410				—				—				3,410			(74		)
The following table presents the components of market valuation adjustments, net, recorded in our consolidated statements of income for the three months ended March 31, 2015 and 2014.
Market Valuation Adjustments, Net
		Three Months Ended March 31,
(In Thousands)		2015				2014
Mortgage banking activities
Residential loans, at fair value		$	2,056			$	7,128
Commercial loans, at fair value		5,857				3,626
Sequoia IO securities		(14,359		)		(4,277		)
Risk management derivatives, net		(10,583		)		(7,082		)
Loan purchase and forward sale commitments		18,256				8
Total mortgage banking activities(1)		1,227				(597		)
MSRs		(19,517		)		(2,711		)
Other
Residential loans, at lower of cost or fair value		$	2			$	(2	)
Consolidated Sequoia entities (2)		(1,093		)		—
Residential loans held-for-investment, at Redwood		1,978				—
Trading securities		270				(154		)
Impairments on AFS securities		—				(113		)
Other risk management derivative instruments, net		(1,374		)		(5,727		)
Guarantee asset		(1,083		)		—
Other		155				(142		)
Total other		(1,145		)		(6,138		)
Total Market Valuation Adjustments, Net		$	(19,435	)		$	(9,446	)
-1	Income from mortgage banking activities presented above does not include fee income or provisions for repurchases that is a component of mortgage banking income presented on our consolidated statements of income as these amounts do not represent a market valuation adjustment.
-2	On January 1, 2015, we adopted ASU 2014-13 and began to record the assets and liabilities of consolidated Sequoia entities at fair value. This amount represents the net change in fair value of the consolidated assets and liabilities of these entities, which include residential loans held-for-investment, REO, and ABS issued. This amount also represents the estimated change in value of our retained interests in these entities. See Note 3 for further discussion.
At March 31, 2015, our valuation policy and process had not changed from those described in our Annual Report on Form 10-K. The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value.
Fair Value Methodology for Level 3 Financial Instruments
March 31, 2015		Fair							Weighted
(Dollars in Thousands, except input values)		Value				Unobservable Input	Range		Average
Assets
Residential loans, at fair value:
Jumbo fixed rate loans priced to securitization		$	1,334,594			IO Multiple	4.0 - 4.6	x	4.2			x
or to whole loan market and uncommitted to sell
						Prepayment rate (Annual CPR)	15-Dec	%	14			%
						Senior spread to TBA price	$3.13 - 3.13		$	3.13
						Subordinate spread to swap rate	315 - 315	bps	315			bps
						Credit support	8-Aug	%	8			%
						Whole loan spread to TBA price	$3.10 - 4.50		$	4.35
Jumbo hybrid loans priced to whole loan market		137,168				Prepayment rate (Annual CPR)	15 - 15	%	15			%
and uncommitted to sell
						Spread to swap rate	125 - 165	bps	134			bps
Jumbo loans priced to whole loan market and		421,226				Committed Sales Price	$102 - 103		$	103
committed to sell
Loans held by consolidated Sequoia entities (1)		1,304,426				Liability price	N/A		N/A
Residential loans, at lower of cost or fair value		1,103				Loss severity	13 - 30	%	20			%
Commercial loans, at fair value		127,026				Spread to swap rate	147 - 156	bps	154			bps
						Credit support	22 - 23	%	23			%
Trading and AFS securities		1,285,243				Discount rate	12-Apr	%	6			%
						Prepayment rate (Annual CPR)	Jan-35	%	12			%
						Default rate	0 - 35	%	8			%
						Loss severity	20 - 64	%	34			%
						Credit support	0 - 48	%	10			%
MSRs		120,324				Discount rate	11-Sep	%	10			%
						Prepayment rate (Annual CPR)	Apr-60	%	14			%
						Per loan annual cost to service	$ 72 - 82		$	77
Guarantee asset		6,118				Discount rate	11-Nov	%	11			%
						Prepayment rate (Annual CPR)	27-May	%	12			%
REO		3,410				Loss severity	31 - 66	%	46			%
Loan purchase commitments, net (2)		7,425				MSR Multiple	0.0 - 5.7	x	3.5			x
						Fallout rate	Feb-98	%	33			%
Liabilities
ABS issued by consolidated Sequoia entities (1)		1,239,065				Discount rate	8-Apr	%	5			%
						Prepayment rate (Annual CPR)	0 - 31	%	13			%
						Default rate	0 - 12	%	6			%
						Loss severity	20 - 32	%	26			%
						Credit support	0 - 65	%	11			%
Commercial secured financing		68,077				Spread to swap rate	156 - 156	bps	156			bps
						Credit support	23 - 23	%	23			%
(1) Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment in, and ABS issued by, consolidated Sequoia entities began to be recorded at fair value. In accordance with this new guidance, the fair value of the loans in these entities were based on the fair value of the liabilities issued by these entities, which we determined were more readily observable. See Note 3 for further discussion.
(2) For the purpose of this presentation, loan purchase commitment assets and liabilities are presented net.
Determination of Fair Value
A description of the instruments measured at fair value as well as the general classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy is listed herein. We generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets and liabilities. Use of these techniques requires determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Accordingly, a significant increase or decrease in any of these inputs – such as anticipated credit losses, prepayment rates, interest rates, or other valuation assumptions – in isolation would likely result in a significantly lower or higher fair value measurement.
Residential loans
Estimated fair values for residential loans are determined based on either an exit price to securitization or the whole loan market. For loans valued based on an exit to securitization, significant inputs in the valuation analysis are predominantly Level 3 in nature, due to the limited availability of market quotes on newly issued RMBS and related inputs. Relevant market indicators that are factored into the analyses include third-party RMBS sales and pricing points for secondary sales of RMBS we have issued in past periods (which both provide indicative spreads to indexed TBA prices for senior securities and indexed swap rates for subordinate securities), as well as Agency RMBS, indexed swap yields, credit rating agency guidance on expected credit support levels for newly issued RMBS transactions, interest rates, and prepayment rates (Level 3). These assets would generally decrease in value based upon an increase in the credit spread, prepayment speed or credit support assumptions.
For loans valued based on an exit to the whole loan market, significant inputs in the valuation analysis are predominantly Level 3 in nature. Relevant market indicators that are factored into the analyses include prices on recent sales of our own whole loans and third-party whole loan sales (which provide indicative spreads to indexed swap rates), indexed swap yields, interest rates, and prepayment rates (Level 3). These assets would generally decrease in value based upon an increase in the credit spread assumption.
Estimated fair values for conforming loans are determined based upon quoted market prices (Level 2). Conforming loans are mortgage loans that conform to Agency guidelines. As necessary, these values are adjusted for servicing value, market conditions and liquidity.
Commercial loans
Estimated fair values for senior commercial loans held-for-sale are determined by an exit price to securitization. Certain significant inputs in the valuation analysis are Level 3 in nature. Relevant market indicators that are factored into the analyses include pricing points for current third-party Commercial Mortgage-Backed Securities (“CMBS”) sales, pricing points for secondary sales of CMBS, yields for synthetic instruments that use CMBS bonds as an underlying index, indexed swap yields, credit rating agency guidance on expected credit enhancement levels for newly issued CMBS transactions, and interest rates (Level 3). In certain cases, commercial senior mortgage loans are valued based on third-party offers for the securities for purchase into securitization (Level 2). The estimated fair value of our senior commercial loans would generally decrease based upon an increase in credit spreads or required credit support.
Estimated fair values for mezzanine commercial loans are determined by both market comparable pricing and discounted cash flow analysis valuation techniques (Level 3). Our discounted cash flow models utilize certain significant unobservable inputs including the underwritten net operating income and debt coverage ratio assumptions and actual performance relative to those underwritten metrics as well as estimated market discount rates. An increase in market discount rates would reduce the estimated fair value of the commercial loans.
Real estate securities
Real estate securities include residential, commercial, and other asset-backed securities that are generally illiquid in nature and trade infrequently. Significant inputs in the valuation analysis are predominantly Level 3 in nature, due to the lack of readily available market quotes and related inputs. For real estate securities, we utilize both market comparable pricing and discounted cash flow analysis valuation techniques. Relevant market indicators that are factored into the analyses include bid/ask spreads, the amount and timing of credit losses, interest rates, and prepayment rates. Estimated fair values are based on applying the market indicators to generate discounted cash flows (Level 3). These cash flow models use significant unobservable inputs such as a discount rate, prepayment rate, default rate, loss severity and credit support. The estimated fair value of our securities would generally decrease based upon an increase in serious delinquencies or loss severities, or a decrease in prepayment rates or credit support.
As part of our securities valuation process, we request and consider indications of value from third-party securities dealers. For purposes of pricing our securities at March 31, 2015, we received dealer price indications on 81% of our securities, representing 93% of our carrying value. In the aggregate, our internal valuations of the securities for which we received dealer price indications were 2% lower than the aggregate average dealer valuations. Once we receive the price indications from dealers, they are compared to other relevant market inputs, such as actual or comparable trades, and the results of our discounted cash flow analysis. In circumstances where relevant market inputs cannot be obtained, increased reliance on discounted cash flow analysis and management judgment are required to estimate fair value.
Derivative assets and liabilities
Our derivative instruments include swaps, swaptions, TBAs, financial futures, CMBX credit default index swaps, LPCs, and FSCs. Fair values of derivative instruments are determined using quoted prices from active markets, when available, or from valuation models and are supported by valuations provided by dealers active in derivative markets. TBA and financial futures fair values are generally obtained using quoted prices from active markets (Level 1). Our derivative valuation models for swaps and swaptions require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates, and correlations of certain inputs. Model inputs can generally be verified and model selection does not involve significant management judgment (Level 2). LPC fair values are estimated based on quoted Agency MBS prices, estimates of the fair value of the MSRs we expect to retain in the sale of the loans, and the probability that the mortgage loan will be purchased (Level 3). FSC fair values are obtained using quoted Agency prices. Model inputs can generally be verified and model selection does not involve significant management judgment (Level 2).
For other derivatives, valuations are based on various factors such as liquidity, bid/ask spreads, and credit considerations for which we rely on available market inputs. In the absence of such inputs, management’s best estimate is used (Level 3).
MSRs
MSRs include the rights to service jumbo and conforming residential mortgage loans. Significant inputs in the valuation analysis are predominantly Level 3, due to the nature of these instruments and the lack of readily available market quotes. These inputs include market discount rates, prepayment rates of serviced loans, and the market cost of servicing. Changes in the fair value of MSRs occur primarily due to the collection/realization of expected cash flows, as well as changes in valuation inputs and assumptions. Estimated fair values are based on applying the inputs to generate the net present value of estimated future MSR income, which is what we believe market participants would use to estimate fair value (Level 3). These discounted cash flow models utilize certain significant unobservable inputs including prepayment rate and discount rate assumptions. An increase in these unobservable inputs will reduce the estimated fair value of the MSRs.
As part of our MSR valuation process, we received a valuation estimate from a third-party valuations firm. In the aggregate, our internal valuation of the MSRs was less than 2% lower than the third-party valuation.
FHLBC Stock
Our Federal Home Loan Bank (FHLB) member subsidiary is required to purchase Federal Home Loan Bank of Chicago (FHLBC) stock under a borrowing agreement between our FHLBC member subsidiary and the FHLBC. Under this agreement, the stock is redeemable at face value, which represents the carrying value and fair value of the stock (Level 1).
Guarantee Asset
The guarantee asset represents the estimated fair value of cash flows we are contractually entitled to receive related to our risk sharing arrangement with Fannie Mae. Significant inputs in the valuation analysis are Level 3, due to the nature of this instrument and the lack of market quotes. The fair value of the guarantee asset is determined using a discounted cash flow model, for which significant inputs include prepayment rates and market discount rate (Level 3). An increase in prepayment speed or market discount rate will reduce the estimated fair value of the guarantee asset.
Pledged Collateral
Pledged collateral consists of cash and U.S. Treasury securities held by a custodian in association with certain agreements we have entered into. Treasury securities are carried at their fair value, which is determined using quoted process in active markets
(Level 1).
Cash and cash equivalents
Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less. Fair values equal carrying values (Level 1).
Restricted cash
Restricted cash primarily includes interest-earning cash balances at consolidated Sequoia entities and at the Residential Resecuritization and Commercial Securitization entities for the purpose of distribution to investors and reinvestment. Due to the short-term nature of the restrictions, fair values approximate carrying values (Level 1).
Accrued interest receivable and payable
Accrued interest receivable and payable includes interest due on our assets and payable on our liabilities. Due to the short-term nature of when these interest payments will be received or paid, fair values approximate carrying values (Level 1).
REO
REO includes properties owned in satisfaction of foreclosed loans. Fair values are determined using available market quotes, appraisals, broker price opinions, comparable properties, or other indications of value (Level 3).
Margin receivable
Margin receivable reflects cash collateral we have posted with our various derivative and debt counterparties as required to satisfy margin requirements. Fair values approximate carrying values (Level 1).
Short-term debt
Short-term debt includes our credit facilities that mature within one year. As these borrowings are secured and subject to margin calls and as the rates on these borrowings reset frequently to market rates, we believe that carrying values approximate fair values (Level 1).
ABS issued
ABS issued includes asset-backed securities issued through the Sequoia, Residential Resecuritization, and Commercial Securitization entities. These instruments are generally illiquid in nature and trade infrequently. For ABS issued, we utilize both market comparable pricing and discounted cash flow analysis valuation techniques. Significant inputs in the valuation analysis are predominantly Level 3, due to the nature of these instruments and the lack of readily available market quotes. Relevant market indicators factored into the analyses include bid/ask spreads, the amount and timing of collateral credit losses, interest rates, and collateral prepayment rates. Estimated fair values are based on applying the market indicators to generate discounted cash flows (Level 3). These liabilities would generally decrease in value (become a larger liability) if credit losses decreased or if the prepayment rate or discount rate were to increase.
As part of our ABS issued valuation process, we also request and consider indications of value from third-party securities dealers. For purposes of pricing our ABS issued at March 31, 2015, we received dealer price indications on 36% of our ABS issued. In the aggregate, our internal valuations of the ABS issued for which we received dealer price indications were 1% higher than the aggregate dealer valuations. Once we receive the price indications from dealers, they are compared to other relevant market inputs, such as actual or comparable trades, and the results of our discounted cash flow analysis.
FHLBC Borrowings
FHLBC borrowings include amounts borrowed from the FHLBC that are secured by residential mortgage loans. As these borrowings are secured and subject to margin calls and as the rates on these borrowings reset frequently to market rates, we believe that carrying values approximate fair values (Level 1).
Commercial secured borrowings
Commercial secured borrowings represent liabilities recognized as a result of transfers of portions of senior commercial mortgage loans to third parties that do not meet the criteria for sale treatment under GAAP and are accounted for as secured borrowings. Fair values for commercial secured borrowings are based on the fair values of the senior commercial loans associated with the borrowings (Level 3).
Convertible notes
Convertible notes include unsecured convertible and exchangeable senior notes. Fair values are determined using quoted prices in active markets (Level 2).
Trust preferred securities and subordinated notes
Estimated fair values of trust preferred securities and subordinated notes are determined using discounted cash flow analysis valuation techniques. Significant inputs in the valuation analysis are predominantly Level 3, due to the nature of these instruments and the lack of readily available market quotes. Estimated fair values are based on applying the market indicators to generate discounted cash flows (Level 3).

Residential_Loans

Residential Loans (Residential Loans)	3 Months Ended
	Mar. 31, 2015
Residential Loans
Mortgage Loans on Real Estate [Line Items]
Loans	Residential Loans
	We acquire residential loans from third-party originators. The following table summarizes the classifications and carrying values of the residential loans owned at Redwood and at consolidated Sequoia entities at March 31, 2015 and December 31, 2014.
	31-Mar-15
	(In Thousands)		Redwood			Sequoia (1)			Total
	Held-for-sale
	Fair value - conforming		$	200,869		$	—		$	200,869
	Fair value - jumbo		892,544			—			892,544
	Lower of cost or fair value		1,472			—			1,472
	Held-for-investment
	Fair value - Jumbo		1,000,444			1,304,426			2,304,870
	Total Residential Loans		$	2,095,329		$	1,304,426		$	3,399,755
	31-Dec-14
	(In Thousands)		Redwood			Sequoia (1)			Total
	Held-for-sale
	Fair value - conforming		$	244,714		$	—		$	244,714
	Fair value - jumbo		1,096,317			—			1,096,317
	Lower of cost or fair value		1,488			—			1,488
	Held-for-investment
	Fair value - jumbo		581,668			—			581,668
	At amortized cost		—			1,474,386			1,474,386
	Total Residential Loans		$	1,924,187		$	1,474,386		$	3,398,573
	-1	Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment at consolidated Sequoia entities began to be recorded at fair value. See Note 3 for further discussion.
	At March 31, 2015, we owned mortgage servicing rights associated with $1.91 billion of consolidated residential loans purchased from third-party originators. The value of these MSRs is included in the carrying value of the associated loans on our balance sheet. We contract with a licensed sub-servicer that performs servicing functions for these loans.
	Residential Loans Held-for-Sale
	Residential Loans at Fair Value
	At March 31, 2015, we owned 1,903 held-for-sale loans with an unpaid principal balance of $1.07 billion, compared to 2,273 loans with an unpaid principal balance of $1.30 billion at December 31, 2014. At March 31, 2015 and December 31, 2014, none of these loans were greater than 90 days delinquent and none of the loans were in foreclosure.
	During the three months ended March 31, 2015 and 2014, we purchased $2.40 billion and 1.07 billion (principal balance) of loans, respectively, for which we elected the fair value option and recorded $2 million and $7 million of positive valuation adjustments, respectively, on residential loans held-for-sale at fair value through mortgage banking activities, a component of our consolidated income statement. During the three months ended March 31, 2015 and 2014, we sold $2.20 billion and $707 million (principal balance) of loans held-for-sale, respectively.
	Residential Loans at Lower of Cost or Fair Value
	At March 31, 2015 and December 31, 2014, we held nine residential loans at the lower of cost or fair value with $2 million in outstanding principal balance and a carrying value of $1 million.
	Residential Loans Held-for-Investment at Fair Value
	Residential Loans at Redwood
	During the three months ended March 31, 2015, we transferred loans with a principal balance of $436 million and a fair value of $448 million from held-for-sale to held-for-investment bringing the total amount of loans held-for-investment at fair value to $1.00 billion at March 31, 2015. At March 31, 2015, $994 million of these loans were pledged as collateral under a borrowing agreement with the FHLBC.
	At March 31, 2015, we owned 1,314 held-for-investment loans at Redwood with an unpaid principal balance of $972 million, compared to 803 loans with an unpaid principal balance of $566 million at December 31, 2014. At March 31, 2015 and December 31, 2014, none of these loans were greater than 90 days delinquent and none of the loans were in foreclosure.
	The outstanding loans held-for-investment at Redwood at March 31, 2015 were originated in 2014 and 2015 and the weighted average FICO score of borrowers backing these loans was 773 (at origination) and the weighted average loan-to-value ("LTV") ratio of these loans was 68% (at origination). At March 31, 2015, these loans were comprised of fixed-rate loans with a weighted average coupon of 3.92%, and hybrid loans with a weighted average coupon of 3.06%.
	Residential Loans at Consolidated Sequoia Entities
	On January 1, 2015, we eliminated $13 million of unamortized premium, net and $21 million of allowance for loan losses, related to loans at our consolidated Sequoia entities as part of our initial adoption of ASU 2014-13 and recorded a valuation adjustment on these loans to reduce the loan carrying values to their estimated fair values. See Note 3 for further discussion.
	The following table details the carrying value for residential loans held-for-investment at consolidated Sequoia entities at March 31, 2015 and December 31, 2014.
	(In Thousands)		March 31, 2015			December 31, 2014
	Principal balance		$	1,415,017		$	1,483,213
	Unamortized premium, net		—			12,511
	Allowance for loan losses		—			(21,338		)
	Valuation adjustment		(110,591		)	—
	Carrying value		$	1,304,426		$	1,474,386
	At March 31, 2015, we owned 5,177 held-for-investment loans at consolidated Sequoia entities, as compared to 5,315 loans at December 31, 2014. The weighted average FICO score of borrowers backing these loans was 733 (at origination) and the weighted average LTV ratio of these loans was 66% (at origination). At March 31, 2015 and December 31, 2014, the unpaid principal balance of loans at consolidated Sequoia entities delinquent greater than 90 days was $68 million and $73 million, respectively, and the unpaid principal balance of loans in foreclosure was $34 million and $39 million, respectively. During the three months ended March 31, 2015, we recorded positive $3 million of valuation adjustments on these loans through other market valuation adjustments on our consolidated statements of income.

Commercial_Loans

Commercial Loans (Commercial Loans)	3 Months Ended
	Mar. 31, 2015
Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	Commercial Loans
	We invest in commercial loans that we originate as well as loans that we acquire from third-party originators. The following table summarizes the classifications and carrying value of commercial loans at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Held-for-sale, at fair value	$	54,407		$	166,234
	Held-for-investment
	At fair value	72,619			71,262
	At amortized cost	333,316			329,431
	Total Commercial Loans	$	460,342		$	566,927
	Of the held-for-investment commercial loans at amortized cost shown above at March 31, 2015 and December 31, 2014, $192 million and $195 million, respectively, were financed through the Commercial Securitization entity.
	Commercial Loans Held-for-Sale
	Commercial loans held-for-sale include loans we originate and intend to sell to third parties. At March 31, 2015, we held five senior commercial mortgage loans at fair value, with an aggregate outstanding principal balance of $53 million and an aggregate fair value of $54 million. As of December 31, 2014, there were 13 senior commercial mortgage loans at fair value, with an aggregate outstanding principal balance of $163 million and an aggregate fair value of $166 million. During the three months ended March 31, 2015, we acquired $93 million (principal balance) of senior commercial loans for which we elected the fair value option and sold $203 million (principal balance) of loans to third parties. During the three months ended March 31, 2015 and 2014, we recorded positive $6 million and positive $2 million, respectively, of valuation adjustments on senior commercial mortgage loans for which we elected the fair value option through mortgage banking activities on our consolidated statements of income.
	Commercial Loans Held-for-Investment
	Commercial Loans Held-for-Investment, at Fair Value
	Commercial loans held-for-investment at fair value include senior mortgage loans for which we have elected the fair value option and have been split into senior A-notes and junior B-notes. Although the A-notes for each of the loans were sold, the transfers did not qualify for sale accounting treatment and we treated the sales as secured borrowings. At March 31, 2015, we held three of these A/B notes with an aggregate outstanding principal balance of $67 million and an aggregate fair value of $73 million. At December 31, 2014, we held three A/B notes, with an aggregate outstanding principal balance of $68 million and an aggregate fair value of $71 million. During the three months ended March 31, 2015 and 2014, we recorded positive $2 million and positive $1 million, respectively, of valuation adjustments on commercial loans held-for-investment at fair value through mortgage banking activities, a component of our consolidated income statement.
	Commercial Loans Held-for-Investment, at Amortized Cost
	Commercial loans held-for-investment at amortized cost include loans we originate and preferred equity investments we make or, in either case, acquire from third parties. As of March 31, 2015, these loans primarily include mezzanine loans that are secured by a borrower’s ownership interest in a single purpose entity that owns commercial property, rather than a lien on the commercial property. The preferred equity investments are typically preferred equity interests in a single purpose entity that owns commercial property and are included within, and referred to herein, as commercial loans held-for-investment due to the fact that their risks and payment characteristics are nearly equivalent to commercial mezzanine loans.
	The following table provides additional information for our commercial loans held-for-investment at amortized cost at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Principal balance	$	345,646		$	341,750
	Unamortized discount, net	(4,668		)	(4,862		)
	Recorded investment	340,978			336,888
	Allowance for loan losses	(7,662		)	(7,457		)
	Carrying Value	$	333,316		$	329,431
	At March 31, 2015 and December 31, 2014 ,we held 62 and 60 commercial loans held-for-investment at amortized cost, respectively. During the three months ended March 31, 2015, we originated or acquired $8 million of commercial loans held-for-investment at amortized cost. Of the $341 million of recorded investment in commercial loans held-for-investment at March 31, 2015, 2% was originated in 2015, 17% was originated in 2014, 17% was originated in 2013, 36% was originated in 2012, 24% was originated in 2011 and 4% was originated in 2010.
	Allowance for Loan Losses on Commercial Loans
	For commercial loans classified as held-for-investment, we establish and maintain an allowance for loan losses. The allowance includes a component for loans collectively evaluated for impairment and a component for loans individually evaluated for impairment.
	Our methodology for assessing the adequacy of the allowance for loan losses includes a formal review of each commercial loan in the portfolio and the assignment of an internal impairment status. Based on the assigned impairment status, a loan is categorized as “Pass,” “Watch List,” or “Workout.” The following table presents the principal balance of commercial loans held-for-investment by risk category.
	(In Thousands)	March 31, 2015			December 31, 2014
	Pass	$	320,075		$	316,122
	Watch list	25,571			25,628
	Total Commercial Loans Held-for-Investment	$	345,646		$	341,750
	Activity in the Allowance for Loan Losses on Commercial Loans
	The following table summarizes the activity in the allowance for commercial loan losses for the three months ended March 31, 2015 and 2014.
		Three Months Ended March 31,
	(In Thousands)	2015			2014
	Balance at beginning of period	$	7,456		$	7,373
	Charge-offs, net	—			—
	Provision for loan losses	206			655
	Balance at End of Period	$	7,662		$	8,028
	Commercial Loans Collectively Evaluated for Impairment
	At March 31, 2015 and December 31, 2014, all of our commercial loans collectively evaluated for impairment were current. The following table summarizes the balances for loans collectively evaluated for impairment at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Principal balance	$	345,646		$	341,750
	Recorded investment	340,978			336,888
	Related allowance	7,662			7,457
	Commercial Loans Individually Evaluated for Impairment
	We did not have any commercial loans individually evaluated for impairment at either March 31, 2015 or December 31, 2014.

Real_Estate_Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities
	We invest in residential mortgage-backed securities. The following table presents the fair values of our real estate securities by type at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Trading	$	106,837		$	111,606
	Available-for-sale	1,178,406			1,267,624
	Total Real Estate Securities	$	1,285,243		$	1,379,230
	Our real estate securities herein are presented in accordance with their general position within a securitization structure based on their rights to cash flows. Senior securities are those interests in a securitization that generally have the first right to cash flows and are last in line to absorb losses. Re-REMIC securities, as presented herein, were created through the resecuritization of certain senior security interests to provide additional credit support to those interests. These re-REMIC securities are therefore subordinate to the remaining senior security interests, but senior to any subordinate tranches of the securitization from which they were created. Subordinate securities are all interests below senior and re-REMIC interests.
	Trading Securities
	We elected the fair value option for certain securities and classify them as trading securities. At March 31, 2015, our trading securities included $70 million of interest-only securities, for which there is no principal balance, $4 million of senior securities and $33 million of subordinate securities. The unpaid principal balance of senior and subordinate securities classified as trading securities was $4 million and $45 million, respectively, at March 31, 2015. During the three months ended March 31, 2015, we acquired $23 million (principal balance) of senior and subordinate securities for which we elected the fair value option and classified as trading, and sold $3 million of securities. During the three months ended March 31, 2015 and 2014, we recorded negative $14 million and negative $4 million, respectively, of valuation adjustments on trading securities, with portions of these adjustments included in mortgage banking activities and other market valuation adjustments on our consolidated income statements.
	The following table presents trading securities by collateral type at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Senior Securities
	Prime	$	65,809		$	93,802
	Non-prime	7,454			7,951
	Total Senior Securities	73,263			101,753
	Prime Subordinate Securities	33,574			9,853
	Total Trading Securities	$	106,837		$	111,606
	AFS Securities
	The following table presents the fair value of our available-for-sale securities held at Redwood by collateral type at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Senior Securities
	Prime	$	297,872		$	307,813
	Non-prime	174,874			179,744
	Total Senior Securities	472,746			487,557
	Re-REMIC Securities	169,239			168,347
	Subordinate Securities
	Prime Mezzanine (1)	370,391			448,838
	Subordinate (2)	166,030			162,882
	Total Subordinate Securities	536,421			611,720
	Total AFS Securities	$	1,178,406		$	1,267,624
	(1) Mezzanine includes securities initially rated AA, A and BBB- and issued in 2012 or later.
	(2) Subordinate securities includes less than $1 million of non-prime securities at both March 31, 2015, and December 31, 2014.
	The senior securities shown above at March 31, 2015 and December 31, 2014, included $98 million and $105 million, respectively, of prime securities, and $113 million and $117 million, respectively, of non-prime securities that were financed through the Residential Resecuritization entity, as discussed in Note 4.
	During the three months ended March 31, 2015, we purchased $10 million of AFS securities and sold $91 million of AFS securities, which resulted in realized gains of $4 million. During the three months ended March 31, 2014, we purchased $74 million of AFS securities and sold none.
	We often purchase AFS securities at a discount to their outstanding principal balances. To the extent we purchase an AFS security that has a likelihood of incurring a loss, we do not amortize into income the portion of the purchase discount that we do not expect to collect due to the inherent credit risk of the security. We may also expense a portion of our investment in the security to the extent we believe that principal losses will exceed the purchase discount. We designate any amount of unpaid principal balance that we do not expect to receive and thus do not expect to earn or recover as a credit reserve on the security. Any remaining net unamortized discounts or premiums on the security are amortized into income over time using the effective yield method.
	At March 31, 2015, there were $7 million of AFS securities with contractual maturities less than five years, $2 million of AFS securities with contractual maturities greater than five years but less than 10 years, and the remainder of our AFS securities had contractual maturities greater than 10 years.
	The following table presents the components of carrying value (which equals fair value) of AFS securities at March 31, 2015 and December 31, 2014.
	Carrying Value of AFS Securities
	March 31, 2015	Senior
	(In Thousands)	Prime			Non-prime			Re-REMIC			Subordinate			Total
	Principal balance	$	302,046		$	190,790		$	194,296		$	648,490		$	1,335,622
	Credit reserve	(2,830		)	(9,027		)	(12,667		)	(39,060		)	(63,584		)
	Unamortized discount, net	(32,645		)	(29,791		)	(79,401		)	(144,545		)	(286,382		)
	Amortized cost	266,571			151,972			102,228			464,885			985,656
	Gross unrealized gains	33,313			22,984			67,011			72,328			195,636
	Gross unrealized losses	(2,012		)	(82		)	—			(792		)	(2,886		)
	Carrying Value	$	297,872		$	174,874		$	169,239		$	536,421		$	1,178,406
	December 31, 2014	Senior
	(In Thousands)	Prime			Non-prime			Re-REMIC			Subordinate			Total
	Principal balance	$	311,573		$	196,258		$	195,098		$	742,150		$	1,445,079
	Credit reserve	(3,660		)	(9,644		)	(15,202		)	(41,561		)	(70,067		)
	Unamortized discount, net	(34,782		)	(31,491		)	(79,611		)	(150,458		)	(296,342		)
	Amortized cost	273,131			155,123			100,285			550,131			1,078,670
	Gross unrealized gains	35,980			24,682			68,062			63,026			191,750
	Gross unrealized losses	(1,298		)	(61		)	—			(1,437		)	(2,796		)
	Carrying Value	$	307,813		$	179,744		$	168,347		$	611,720		$	1,267,624
	The following table presents the changes for the three ended March 31, 2015, in unamortized discount and designated credit reserves on residential AFS securities.
	Changes in Unamortized Discount and Designated Credit Reserves on AFS Securities
		Three Months Ended March 31, 2015
		Credit			Unamortized
	(In Thousands)	Reserve			Discount, Net
	Beginning balance	$	70,067		$	296,342
	Amortization of net discount	—			(9,838		)
	Realized credit losses	(2,945		)	—
Acquisitions	—			2,672
Sales, calls, other	—			(6,332		)
Impairments	—			—
Transfers to (release of) credit reserves, net	(3,538		)	3,538
Ending Balance	$	63,584		$	286,382
AFS Securities with Unrealized Losses
The following table presents the components comprising the total carrying value of residential AFS securities that were in a gross unrealized loss position at March 31, 2015 and December 31, 2014.
	Less Than 12 Consecutive Months									12 Consecutive Months or Longer
	Amortized			Unrealized			Fair			Amortized			Unrealized			Fair
(In Thousands)	Cost			Losses			Value			Cost			Losses
March 31, 2015	$	143,665		$	(1,798	)	$	141,867		$	36,468		$	(1,088	)	$	35,380
December 31, 2014	126,681			(1,374		)	125,307			70,676			(1,422		)	69,254
At March 31, 2015, after giving effect to purchases, sales, and extinguishments due to credit losses, our consolidated balance sheet included 274 AFS securities, of which 29 were in an unrealized loss position and eight were in a continuous unrealized loss position for 12 consecutive months or longer. At December 31, 2014, our consolidated balance sheet included 290 AFS securities, of which 31 were in an unrealized loss position and 10 were in a continuous unrealized loss position for 12 consecutive months or longer.
Evaluating AFS Securities for Other-than-Temporary Impairments
Gross unrealized losses on our AFS securities were $3 million at March 31, 2015. We evaluate all securities in an unrealized loss position to determine if the impairment is temporary or other-than-temporary (resulting in an OTTI). At March 31, 2015, we did not intend to sell any of our AFS securities that were in an unrealized loss position, and it is more likely than not that we will not be required to sell these securities before recovery of their amortized cost basis, which may be at their maturity. We review our AFS securities that are in an unrealized loss position to identify those securities with losses that are other-than-temporary based on an assessment of changes in expected cash flows for such securities, which considers recent security performance and expected future performance of the underlying collateral.
During the three months ended March 31, 2015, we recognized no OTTI losses related to our AFS securities. AFS securities for which OTTI is recognized have experienced, or are expected to experience, credit-related adverse cash flow changes. In determining our estimate of cash flows for AFS securities we may consider factors such as structural credit enhancement, past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, which are informed by prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, FICO scores at loan origination, year of origination, loan-to-value ratios, and geographic concentrations, as well as general market assessments. Changes in our evaluation of these factors impacted the cash flows expected to be collected at the OTTI assessment date and were used to determine if there were credit-related adverse cash flows and if so, the amount of credit related losses. Significant judgment is used in both our analysis of the expected cash flows for our AFS securities and any determination of the credit loss component of OTTI.
The table below summarizes the significant valuation assumptions we used for our AFS securities in unrealized loss positions at March 31, 2015.
Significant Valuation Assumptions
	Range for Securities
March 31, 2015	Prime		Non-prime
Prepayment rates	8 - 16%		10 - 10%
Projected losses	1 - 18%		14 - 18%
The following table details the activity related to the credit loss component of OTTI (i.e., OTTI recognized through earnings) for AFS securities held at March 31, 2015 and 2014, for which a portion of an OTTI was recognized in other comprehensive income.
Activity of the Credit Component of Other-than-Temporary Impairments
	Three Months Ended March 31,
(In Thousands)	2015			2014
Balance at beginning of period	$	33,849		$	37,149
Additions
Initial credit impairments	—			71
Subsequent credit impairments	—			42
Reductions
Securities sold, or expected to sell	(95		)	—
Securities with no outstanding principal at period end	(805		)	(1,476		)
Balance at End of Period	$	32,949		$	35,786
Gross Realized Gains and Losses on AFS Securities
Gains and losses from the sale of AFS securities are recorded as realized gains, net, in our consolidated statements of income. The following table presents the gross realized gains and losses on sales and calls of AFS securities for the three months ended March 31, 2015 and 2014.
	Three Months Ended March 31,
(In Thousands)	2015			2014
Gross realized gains - sales	$	4,306		$	—
Gross realized gains - calls	—			987
Gross realized losses - sales	—			—
Gross realized losses - calls	—			—
Total Realized Gains on Sales and Calls of AFS Securities, net	$	4,306		$	987

Mortgage_Servicing_Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2015
Transfers and Servicing [Abstract]
Mortgage Servicing Rights	Mortgage Servicing Rights
	We invest in mortgage servicing rights associated with residential mortgage loans and contract with a licensed sub-servicer to perform all servicing functions for these loans. The following table presents the fair value of MSRs and the aggregate principal amounts of associated loans as of March 31, 2015 and December 31, 2014.
			March 31, 2015						December 31, 2014
	(In Thousands)		MSR Fair Value			Associated Principal			MSR Fair Value		Associated Principal
	Mortgage Servicing Rights
	Conforming Loans		$	69,203		$	6,800,645		$	81,301	$	7,705,146
	Jumbo Loans		51,121			5,851,993			57,992		5,962,784
	Total Mortgage Servicing Rights		$	120,324		$	12,652,638		$	139,293	$	13,667,930
	The following table presents activity for MSRs for the three months ended March 31, 2015 and 2014.
	MSR Activity
			Three Months Ended March 31,
	(In Thousands)		2015			2014
	Balance at beginning of period		$	139,293		$	64,824
	Additions		18,754			2,858
	Sales		(18,206		)	—
	Changes in fair value due to:
	Changes in assumptions (1)		(14,036		)	(1,125		)
	Other changes (2)		(5,481		)	(1,586		)
	Balance at End of Period		$	120,324		$	64,971
	-1	Primarily reflects changes in prepayment assumptions due to changes in market interest rates.
	-2	Represents changes due to realization of expected cash flows.
	We make investments in MSRs through the retention of servicing rights associated with the residential mortgage loans that we acquire and subsequently transfer to third parties or through the direct acquisition of MSRs sold by third parties. We hold our MSR investments at a taxable REIT subsidiary of ours. The following table details the retention and purchase of MSRs during the three months ended March 31, 2015.
	MSR Additions
	(In Thousands)		Three Months Ended March 31, 2015
			MSR Fair Value			Associated Principal
	Jumbo MSR additions:
	From securitization		$	1,872		$	227,852
	From loan sales		92			10,145
	Total jumbo MSR additions		1,964			237,997
	Conforming MSR additions:
	From loan sales		$	13,711		$	1,352,658
	From purchases		3,079			318,338
	Total conforming MSR additions		16,790			1,670,996
	Total MSR additions		$	18,754		$	1,908,993
	MSR Income
	The following table presents the components of our MSR income.
			Three Months Ended March 31,
	(In Thousands)		2015			2014
	Servicing income
	Income		$	9,716		$	3,633
	Cost of sub-servicer		(1,229		)	(316		)
	Net servicing income		8,487			3,317
	Market valuation adjustments		(19,517		)	(2,711		)
	MSR provision for repurchases		106			—
	MSR income (loss)		$	(10,924	)	$	606

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments
	The following table presents the fair value and notional amount of our derivative financial instruments at March 31, 2015 and December 31, 2014.
		March 31, 2015						December 31, 2014
		Fair			Notional			Fair			Notional
	(In Thousands)	Value			Amount			Value			Amount
	Assets - Risk Management Derivatives
	Interest rate swaps	$	1,768		$	158,000		$	—		$	—
	TBAs	4,721			691,000			6,654			1,074,000
	Futures	—			—			—			—
	Swaptions	15,786			825,000			7,006			575,000
	Credit default index swaps	—			—			1,597			50,000
	Assets - Other Derivatives
	Loan purchase commitments	8,271			1,405,347			1,160			288,467
	Loan forward sale commitments	—			—			—			—
	Total Assets	$	30,546		$	3,079,347		$	16,417		$	1,987,467
	Liabilities - Cash Flow Hedges
	Interest rate swaps	$	(55,284	)	$	139,500		$	(46,845	)	$	139,500
	Liabilities - Risk Management Derivatives
	Interest rate swaps	(2,297		)	190,500			(1,328		)	206,000
	TBAs	(8,842		)	1,230,000			(9,506		)	1,110,000
	Futures	(332		)	72,000			(372		)	90,000
	Liabilities - Other Derivatives
	Loan purchase commitments	(846		)	387,051			(41		)	27,324
	Loan forward sale commitments	(463		)	99,475			(239		)	102,793
	Total Liabilities	$	(68,064	)	$	2,118,526		$	(58,331	)	$	1,675,617
	Total Derivative Financial Instruments, Net	$	(37,518	)	$	5,197,873		$	(41,914	)	$	3,663,084
	Risk Management Derivatives
	To manage, to varying degrees, risks associated with certain assets and liabilities on our consolidated balance sheet, we may enter into derivative contracts. At March 31, 2015, we were party to swaps and swaptions with an aggregate notional amount of $1.3 billion, TBA contracts sold with an aggregate notional amount of $1.9 billion, and financial futures contracts with an aggregate notional amount of $72 million. Net market valuation adjustments on risk management derivatives were negative $12 million and negative $13 million for the three months ended March 31, 2015 and 2014, respectively.
	Loan Purchase and Forward Sale Commitments
	LPCs and FSCs that qualify as derivatives are recorded at their estimated fair values. Net valuation adjustments on LPCs and FSCs were positive $18 million, and less than negative $1 million for the three months ended March 31, 2015 and 2014, and are reported through our consolidated statements of income in mortgage banking activities, net.
	Derivatives Designated as Cash Flow Hedges
	To manage the variability in interest expense related to our long-term debt and certain adjustable-rate securitization entity liabilities that are included in our consolidated balance sheets for financial reporting purposes, we designated certain interest rate swaps as cash flow hedges with an aggregate notional balance of $140 million.
	For the three months ended March 31, 2015 and 2014, changes in the values of designated cash flow hedges were negative $8 million and negative $9 million, respectively, and were recorded in accumulated other comprehensive income, a component of equity. For interest rate agreements currently or previously designated as cash flow hedges, our total unrealized loss reported in accumulated other comprehensive income was $54 million and $46 million at March 31, 2015 and December 31, 2014, respectively. For both of the three months ended March 31, 2015 and 2014, we reclassified less than $100 thousand of unrealized losses on derivatives to interest expense. Accumulated other comprehensive loss of less than $1 million will be amortized into interest expense, a component of our consolidated income statements, over the remaining life of the hedge liabilities.
	The following table illustrates the impact on interest expense of our interest rate agreements accounted for as cash flow hedges for the three months ended March 31, 2015 and 2014.
	Impact on Interest Expense of Our Interest Rate Agreements Accounted for as Cash Flow Hedges
		Three Months Ended March 31,
	(In Thousands)	2015			2014
	Net interest expense on cash interest rate agreements	$	(1,484	)	$	(1,488	)
	Realized expense due to ineffective portion of cash flow hedges	—			—
	Realized net losses reclassified from other comprehensive income	(31		)	(60		)
	Total Interest Expense	$	(1,515	)	$	(1,548	)
	Derivative Counterparty Credit Risk
	As discussed in our Annual report on Form 10-K, we consider counterparty risk as part of our fair value assessments of all derivative financial instruments. At March 31, 2015, we assessed this risk as remote and did not record a specific valuation adjustment.
	At March 31, 2015, we had outstanding derivative agreements with six counterparties (other than clearinghouses) and were in compliance with ISDA agreements governing our open derivative positions.

Other_Assets_and_Liabilities

Other Assets and Liabilities	3 Months Ended
	Mar. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Liabilities	Other Assets and Liabilities
	Other Assets
	Other assets at March 31, 2015 and December 31, 2014, are summarized in the following table.
	(In Thousands)		March 31, 2015		December 31, 2014
	Margin receivable		$	79,760	$	65,374
	Investment receivable		31,578		1,103
	FHLBC stock		28,434		10,688
	Pledged collateral		10,265		9,927
	Guarantee asset		6,118		7,201
	Income tax receivables		5,786		175
	REO		5,305		4,391
	Deposits		5,000		5,000
	Prepaid expenses		2,816		3,372
	Fixed assets and leasehold improvements (1)		3,868		3,008
	Other		4,062		3,657
	Total Other Assets		$	182,992	$	113,896
	-1	Fixed assets have a basis of $6 million and accumulated depreciation of $4 million at March 31, 2015.
	Accrued Expenses and Other Liabilities
	Accrued expenses and other liabilities at March 31, 2015 and December 31, 2014 are summarized in the following table.
	(In Thousands)		March 31, 2015		December 31, 2014
	Margin payable		$	15,007	$	6,455
	Unsettled trades		11,050		—
	Accrued compensation		8,518		19,273
	Guarantee obligation		6,917		7,201
	Residential repurchase reserve		4,292		3,724
	Accrued operating expenses		3,096		3,334
	Legal reserve		2,000		2,000
	Income tax payable		721		—
	Other		8,534		10,257
	Total Other Liabilities		$	60,135	$	52,244
	Margin Receivable and Payable
	Margin receivable and payable resulted from margin calls between us and our swap, master repurchase agreements, and warehouse facilities counterparties whereby we or the counterparty were required to post collateral.
	Investment Receivable and Unsettled Trades
	In accordance with our policy to record purchases and sales of securities on the trade date, if the trade and settlement of a purchase or sale crosses over a quarterly reporting period, we will record an investment receivable for sales and an unsettled trades liability for purchases.  The amounts in the table above for each of these items were settled for cash subsequent to March 31, 2015.
	Guarantee Asset, Pledged Collateral, and Guarantee Obligation
	The pledged collateral, guarantee asset, and guarantee obligation presented in the tables above are related to the risk sharing arrangement we entered into with Fannie Mae in the fourth quarter of 2014.
	All of the loans in the reference pool subject to the guarantee were originated in 2014 and at March 31, 2015, the loans had an unpaid principal balance of $957 million and an original weighted average FICO score of 762 and LTV of 75%. At March 31, 2015, 0.44% of the outstanding principal balance was 30 days or more delinquent and none of the loans were 90 days or more delinquent or in foreclosure. At March 31, 2015, the maximum potential amount of future payments we could be required to make under this obligation was $10 million and this amount was fully collateralized by assets we have transferred to a custodian and are presented as pledged collateral in the table above. We have no recourse to any third parties that would allow us to recover any amounts related to this guarantee obligation. To date we have not incurred any losses under this agreement and as of March 31, 2015, we determined no allowance for contingent losses was required.
	REO
	The carrying value of REO at March 31, 2015, was $5 million, which includes the net effect of $3 million related to transfers into REO during three months ended March 31, 2015, offset by $1 million of REO liquidations, and $2 million of negative market valuation adjustments. At March 31, 2015 and December 31, 2014, there were 20 and 22 REO properties, respectively, recorded on our consolidated balance sheets, all of which were owned at consolidated Sequoia entities.
	See Note 15 for additional information on the legal and residential repurchase reserves.

ShortTerm_Debt

Short-Term Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Short-Term Debt	Short-Term Debt
	We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At March 31, 2015, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. Further information about these financial covenants is set forth in Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q and in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014.
	The table below summarizes the facilities that are available to us and the balances of short-term debt at March 31, 2015 and December 31, 2014 by the type of collateral securing the debt.
	Short-Term Debt
		March 31, 2015
	(Dollars in Thousands)	Number of Facilities		Outstanding			Limit				Maturity
	Collateral Type
	Residential loans	5		$	815,037		$	1,550,000			4/2015-2/2016
	Commercial loans	3		80,858			400,000				4/2015-10/2016
	Real estate securities	10		606,269			—				4/2015-6/2015
	Total	18		$	1,502,164
		December 31, 2014
	(Dollars in Thousands)	Number of Facilities		Outstanding			Limit				Maturity
	Collateral Type
	Residential loans	5		$	1,076,188		$	1,550,000			2/2015-12/2015
	Commercial loans	3		109,128			400,000				4/2015-10/2016
	Real estate securities	9		608,509			—				1/2015-3/2015
	Total	17		$	1,793,825
	Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At March 31, 2015, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.
	The fair value of residential loans, commercial loans, and real estate securities pledged as collateral was $915 million, $125 million, and $734 million, respectively, at March 31, 2015 and $1.22 billion, $161 million, and $762 million, respectively, at December 31, 2014. For the three months ended March 31, 2015 and 2014, the average balance of short-term debt was $1.59 billion and $1.01 billion, respectively. At March 31, 2015 and December 31, 2014, accrued interest payable on short-term debt was $2 million and $2 million, respectively.
	We also maintain a $10 million committed line of credit with a financial institution that is secured by our pledge of certain mortgage-backed securities we own. At both March 31, 2015 and December 31, 2014, we had no outstanding borrowings on this facility.
	Characteristics of Short-Term Debt
	The table below summarizes short-term debt by weighted average interest rates and by collateral type at March 31, 2015 and December 31, 2014.
		March 31, 2015							December 31, 2014
	(Dollars in Thousands)	Amount Borrowed			Weighted Average Interest Rate		Weighted Average Days Until Maturity		Amount Borrowed			Weighted Average Interest Rate		Weighted Average Days Until Maturity
	Collateral Type
	Residential loan collateral	$	815,037		1.74	%	191		$	1,076,188		1.74	%	156
	Commercial loan collateral	80,858			4.4	%	288		109,128			3.66	%	185
	Real estate securities collateral	606,269			1.38	%	26		608,509			1.38	%	20
	Total Short-Term Debt	$	1,502,164		1.74	%	130		$	1,793,825		1.73	%	112
	Remaining Maturities of Short-Term Debt
	The following table presents the remaining maturities of short-term debt at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Within 30 days	$	427,720		$	515,552
	31 to 90 days	269,050			447,021
	Over 90 days	805,394			831,252
	Total Short-Term Debt	$	1,502,164		$	1,793,825

AssetBacked_Securities_Issued

Asset-Backed Securities Issued	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Asset-Backed Securities Issued	Asset-Backed Securities Issued
	Through our Sequoia securitization program, we sponsor securitization transactions in which ABS backed by residential mortgage loans are issued by Sequoia entities. ABS were also issued by securitization entities in the Residential Resecuritization and the Commercial Securitization. Each securitization entity is independent of Redwood and of each other and the assets and liabilities are not owned by and are not legal obligations of Redwood. Our exposure to these entities is primarily through the financial interests we have retained, although we are exposed to certain financial risks associated with our role as a sponsor, manager, or depositor of these entities or as a result of our having sold assets directly or indirectly to these entities.
	As a general matter, ABS have been issued by these securitization entities to fund the acquisition of assets from us or from third parties. The ABS issued by these entities consist of various classes of securities that pay interest on a monthly or quarterly basis. Substantially all ABS issued pay variable rates of interest, which are indexed to one-, three-, or six-month LIBOR. Some ABS issued pay fixed rates of interest or pay hybrid rates, which are fixed rates that subsequently adjust to variable rates. ABS issued also includes some interest-only classes with coupons set at a fixed rate or a fixed spread to a benchmark rate, or set at a spread to the interest rates earned on the assets less the interest rates paid on the liabilities of a securitization entity.
	The carrying values of ABS issued by consolidated securitization entities we sponsored at March 31, 2015 and December 31, 2014, along with other selected information, are summarized in the following table.
	Asset-Backed Securities Issued
		March 31, 2015
	(Dollars in Thousands)	Sequoia			Residential Resecuritization			Commercial Securitization			Total
	Certificates with principal balance	$	1,359,646		$	34,280		$	79,676		$	1,473,602
	Interest-only certificates	5,622			—			—			5,622
	Market valuation adjustments (1)	(126,203		)	—			—			(126,203		)
	Total ABS Issued	$	1,239,065		$	34,280		$	79,676		$	1,353,021
	Range of weighted average interest rates, by series	0.38% to 4.30%			2.17		%	5.62		%
	Stated maturities	2017-2041			2046			2018
	Number of series	24			1			1
	(1) Upon adoption of ASU 2014-13 on January 1, 2015, we began to account for ABS issued by consolidated Sequoia entities at fair value. See Note 3 for further discussion.
		December 31, 2014
	(Dollars in Thousands)	Sequoia			Residential Resecuritization			Commercial Securitization			Total
	Certificates with principal balance	$	1,427,056		$	45,044		$	83,313		$	1,555,413
	Interest-only certificates	2,079			—			—			2,079
	Unamortized discount	(12,373		)	—			—			(12,373		)
	Total ABS Issued	$	1,416,762		$	45,044		$	83,313		$	1,545,119
	Range of weighted average interest rates, by series	0.36% to 4.27%			2.16		%	5.62		%
	Stated maturities	2014 - 2041			2046			2018
	Number of series	24			1			1
	The actual maturity of each class of ABS issued is primarily determined by the rate of principal prepayments on the assets of the issuing entity. Each series is also subject to redemption prior to the stated maturity according to the terms of the respective governing documents of each ABS issuing entity. As a result, the actual maturity of ABS issued may occur earlier than its stated maturity. At March 31, 2015, $1.35 billion of ABS issued ($1.46 billion principal balance) had contractual maturities beyond five years and $7 million of ABS issued ($16 million principal balance) had contractual maturities of less than one year. Amortization of Commercial Securitization and Residential Resecuritization deferred ABS issuance costs was less than $1 million for both the three months ended March 31, 2015 and 2014. The following table summarizes the accrued interest payable on ABS issued at March 31, 2015 and December 31, 2014. Interest due on consolidated ABS issued is payable monthly.
	Accrued Interest Payable on Asset-Backed Securities Issued
	(In Thousands)	March 31, 2015			December 31, 2014
	Sequoia	$	893		$	976
	Residential Resecuritization	10			5
	Commercial Securitization	374			390
	Total Accrued Interest Payable on ABS Issued	$	1,277		$	1,371
	The following table summarizes the carrying value components of the collateral for ABS issued and outstanding at March 31, 2015 and December 31, 2014.
	Collateral for Asset-Backed Securities Issued
		March 31, 2015
	(In Thousands)	Sequoia			Residential Resecuritization			Commercial Securitization			Total
	Residential loans	$	1,304,426		$	—		$	—		$	1,304,426
	Commercial loans	—			—			191,575			$	191,575
	Real estate securities	—			211,316			—			$	211,316
	Restricted cash	147			—			135			$	282
	Accrued interest receivable	1,720			449			1,491			$	3,660
	REO	5,304			—			—			$	5,304
	Total Collateral for ABS Issued	$	1,311,597		$	211,765		$	193,201		$	1,716,563
		December 31, 2014
	(In Thousands)	Sequoia			Residential Resecuritization			Commercial Securitization			Total
	Residential loans	$	1,474,386		$	—		$	—		$	1,474,386
	Commercial loans	—			—			194,991			$	194,991
	Real estate securities	—			221,676			—			$	221,676
	Restricted cash	147			43			137			$	327
	Accrued interest receivable	2,359			477			1,511			$	4,347
	REO	4,391			—			—			$	4,391
	Total Collateral for ABS Issued	$	1,481,283		$	222,196		$	196,639		$	1,900,118

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt
	FHLBC Borrowings
	In July 2014, our FHLB member subsidiary entered into a borrowing agreement with the Federal Home Loan Bank of Chicago. Under this agreement, our subsidiary may incur borrowings up to $1 billion, also referred to as “advances,” from the FHLBC secured by eligible collateral, including, but not limited to residential mortgage loans and residential mortgage-backed securities. During the three months ended March 31, 2015, our FHLB-member subsidiary borrowed an additional $355 million under this agreement. At March 31, 2015, $851 million of advances were outstanding under this agreement with a weighted average interest rate of 0.27% and a weighted average maturity of 9.2 years. Advances under this agreement incur interest charges based on a specified margin over the FHLBC’s 13-week discount note rate, which resets every 13 weeks. These advances were secured by residential mortgage loans with a fair value of $994 million at March 31, 2015. This agreement also requires our subsidiary to purchase and hold stock in the FHLBC in an amount equal to a specified percentage of outstanding advances. At March 31, 2015, our subsidiary held $28 million of FHLBC stock that is included in other assets in our consolidated balance sheets.
	Commercial Secured Borrowing
	At March 31, 2015, we had commercial secured borrowings of $68 million resulting from transfers of portions of senior commercial mortgage loans to third parties that did not meet the criteria for sale treatment under GAAP and were accounted for as financings. We bifurcated certain of our senior commercial mortgage loans into a senior portion that was sold to a third party and a junior portion that we retained as an investment. Although GAAP requires us to record a secured borrowing liability when we receive cash from selling the senior portion of the loan, the liability has no economic substance to us in that it does not require periodic interest payments and has no maturity. For each commercial secured borrowing, at such time that the associated senior portion of the loan is repaid or we sell our retained junior portion, the secured borrowing liability and associated senior portion of the loan would be derecognized from our balance sheet.
	Convertible Notes
	In November 2014, RWT Holdings, Inc., a wholly-owned subsidiary of Redwood Trust, Inc., issued $205 million principal amount of 5.625% exchangeable senior notes due 2019. These exchangeable notes require semi-annual interest payments at a fixed coupon rate of 5.625% until maturity or exchange, which will be no later than November 15, 2019. After deducting the underwriting discount and offering costs, we received $198 million of net proceeds. Including amortization of deferred securities issuance costs, the interest expense yield on these exchangeable notes was 6.52% for the three months ended March 31, 2015. At March 31, 2015, the accrued interest payable balance on this debt was $4 million and the unamortized deferred issuance costs were $7 million. At March 31, 2015, these notes were exchangeable at the option of the holder at an exchange rate of 46.1798 common shares per $1,000 principal amount of exchangeable senior notes (equivalent to an exchange price of $21.65 per common share). Upon exchange of these notes by a holder, the holder will receive shares of our common stock.
	In March 2013, we issued $288 million principal amount of 4.625% convertible senior notes due 2018. These convertible notes require semi-annual interest payments at a fixed coupon rate of 4.625% until maturity or conversion, which will be no later than April 15, 2018. After deducting the underwriting discount and offering costs, we received $279 million of net proceeds. Including amortization of deferred securities issuance costs, the interest expense yield on these convertible notes was 5.36% for the three months ended March 31, 2015. At March 31, 2015, the accrued interest payable balance on this debt was $7 million and the unamortized deferred issuance costs were $5 million. At March 31, 2015, these notes were convertible at the option of the holder at a conversion rate of 41.1320 common shares per $1,000 principal amount of convertible senior notes (equivalent to a conversion price of $24.31 per common share). Upon conversion of these notes by a holder, the holder will receive shares of our common stock.
	Trust Preferred Securities and Subordinated Notes
	At March 31, 2015, we had trust preferred securities and subordinated notes outstanding of $100 million and $40 million, respectively. The interest expense yield on both our trust preferred securities and subordinated notes was 2.52% and 2.42% for the three months ended March 31, 2015 and 2014, respectively. Including hedging costs and amortization of deferred securities issuance costs, the interest expense yield on both our trust preferred securities and subordinated notes was 6.81% and 6.78% for the three months ended March 31, 2015 and 2014, respectively.
	At both March 31, 2015 and December 31, 2014, the accrued interest payable balance on our trust preferred securities and subordinated notes was less than $1 million. Under the terms of this debt, we covenant, among other things, to use our best efforts to continue to qualify as a REIT. If an event of default were to occur in respect of this debt, we would generally be restricted under its terms (subject to certain exceptions) from making dividend distributions to stockholders, from repurchasing common stock or repurchasing or redeeming any other then-outstanding equity securities, and from making any other payments in respect of any equity interests in us or in respect of any then-outstanding debt that is pari passu or subordinate to this debt.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Lease Commitments
	At March 31, 2015, we were obligated under nine non-cancelable operating leases with expiration dates through 2021 for $12 million. Operating lease expense was less than $1 million for both the three months ended March 31, 2015 and 2014.
	The following table presents our future lease commitments at March 31, 2015.
	Future Lease Commitments by Year
	(In Thousands)	March 31, 2015
	2015 (9 months)	$	2,123
	2016	2,833
	2017	2,879
	2018	1,827
	2019	1,189
	2020 and thereafter	1,495
	Total Lease Commitments	$	12,346
	Loss Contingencies — Fannie Mae Risk Sharing
	In the fourth quarter of 2014, we entered into a risk-sharing arrangement with Fannie Mae. Under this arrangement we committed to absorb the first one percent of losses realized on a reference pool of residential mortgage loans originated in 2014 that we acquired and then sold to Fannie Mae during the fourth quarter of 2014. During the 10 year term of the arrangement, we receive monthly cash payments from Fannie Mae based on the monthly outstanding unpaid principal balance of the reference pool of loans. Additionally, under this arrangement we are required to maintain collateral with a third party custodian sufficient to cover our maximum loss exposure throughout the term of the arrangement. To the extent approved losses are incurred, the custodian will transfer collateral to Fannie Mae. As a result of this transaction we recorded “pledged collateral” and a “guarantee asset” in the other assets line item, and a “guarantee obligation” in the other liabilities line item, on our consolidated balance sheets.
	The guarantee obligation represents our commitment to absorb losses under the arrangement, which at inception was recorded at fair value based on the fair value of the guarantee asset. We are amortizing the guarantee obligation over the 10 year term of the arrangement based on changes in the outstanding unpaid principal balance of loans in the reference pool. In addition, each period we assess the need for a separate loss allowance related to this arrangement, based on our estimate of credit losses inherent in the reference pool of loans. To determine the loss allowance, we assess inherent losses in the reference pool of loans by determining loss factors (defaults, the timing of defaults, and loss severities upon defaults). As of March 31, 2015, we determined a loss allowance was not required.
	See Note 11 for further discussion of the risk share arrangement.
	Loss Contingencies — Residential Repurchase Reserve
	We maintain a repurchase reserve for potential obligations arising from representation and warranty violations related to residential loans we have sold to securitization trusts or third parties and for conforming residential loans associated with MSRs that we have purchased from third parties. We do not originate residential loans and we believe the initial risk of loss due to loan repurchases (i.e., due to a breach of representations and warranties) would generally be a contingency to the companies from whom we acquired the loans. However, in some cases, for example, where loans were acquired from companies that have since become insolvent, repurchase claims may result in our being liable for a repurchase obligation.
	At both March 31, 2015 and December 31, 2014, our repurchase reserve associated with our residential loans and MSRs was $4 million and was recorded in accrued expenses and other liabilities on our consolidated balance sheets. We received 25 repurchase requests during the three months ended March 31, 2015 and we repurchased one loan during that period, which we expect to be purchased by the loan originator with no resulting loss. During the three months ended March 31, 2015 and 2014 we recorded repurchase provisions of less than $1 million, that were recorded in mortgage banking activities and MSR income on our consolidated statements of income and did not charge-off any amounts to the reserve in either period.
	Loss Contingencies — Litigation
	On or about December 23, 2009, the Federal Home Loan Bank of Seattle (the “FHLB-Seattle”) filed a complaint in the Superior Court for the State of Washington (case number 09-2-46348-4 SEA) against Redwood Trust, Inc., our subsidiary, Sequoia Residential Funding, Inc. (“SRF”), Morgan Stanley & Co., and Morgan Stanley Capital I, Inc. (collectively, the “FHLB-Seattle Defendants”) alleging that the FHLB-Seattle Defendants made false or misleading statements in offering materials for a mortgage pass-through certificate (the “Seattle Certificate”) issued in the Sequoia Mortgage Trust 2005-4 securitization transaction (the “2005-4 RMBS”) and purchased by the FHLB-Seattle. Specifically, the complaint alleges that the alleged misstatements concern the (1) loan-to-value ratio of mortgage loans and the appraisals of the properties that secured loans supporting the 2005-4 RMBS, (2) occupancy status of the properties, (3) standards used to underwrite the loans, and (4) ratings assigned to the Seattle Certificate. The FHLB-Seattle alleges claims under the Securities Act of Washington (Section 21.20.005, et seq.) and seeks to rescind the purchase of the Seattle Certificate and to collect interest on the original purchase price at the statutory interest rate of 8% per annum from the date of original purchase (net of interest received) as well as attorneys’ fees and costs. The Seattle Certificate was issued with an original principal amount of approximately $133 million, and, as of March 31, 2015, the FHLB-Seattle has received approximately $116 million of principal and $11 million of interest payments in respect of the Seattle Certificate. The claims were subsequently dismissed for lack of personal jurisdiction as to Redwood Trust and SRF. Redwood agreed to indemnify the underwriters of the 2005-4 RMBS for certain losses and expenses they might incur as a result of claims made against them relating to this RMBS, including, without limitation, certain legal expenses. The FHLB-Seattle’s claims against the underwriters of this RMBS were not dismissed and remain pending. Regardless of the outcome of this litigation, we could incur a loss as a result of these indemnities.
	On or about July 15, 2010, The Charles Schwab Corporation (“Schwab”) filed a complaint in the Superior Court for the State of California in San Francisco (case number CGC-10-501610) against SRF and 26 other defendants (collectively, the “Schwab Defendants”) alleging that the Schwab Defendants made false or misleading statements in offering materials for various residential mortgage-backed securities sold or issued by the Schwab Defendants. Schwab alleged only a claim for negligent misrepresentation under California state law against SRF and sought unspecified damages and attorneys’ fees and costs from SRF. Schwab claims that SRF made false or misleading statements in offering materials for a mortgage pass-through certificate (the “Schwab Certificate”) issued in the 2005-4 RMBS and purchased by Schwab. Specifically, the complaint alleges that the misstatements for the 2005-4 RMBS concern the (1) loan-to-value ratio of mortgage loans and the appraisals of the properties that secured loans supporting the 2005-4 RMBS, (2) occupancy status of the properties, (3) standards used to underwrite the loans, and (4) ratings assigned to the Schwab Certificate. On November 14, 2014, Schwab voluntarily dismissed with prejudice its negligent misrepresentation claim, which resulted in the dismissal with prejudice of SRF from the action. The Schwab Certificate was issued with an original principal amount of approximately $15 million, and, as of March 31, 2015, approximately $13 million of principal and $1 million of interest payments have been made in respect of the Schwab Certificate. we agreed to indemnify the underwriters of the 2005-4 RMBS, which underwriters were also named and remain as defendants in the action, for certain losses and expenses they might incur as a result of claims made against them relating to this RMBS, including, without limitation, certain legal expenses. Regardless of the outcome of this litigation, Redwood could incur a loss as a result of these indemnities.
	In accordance with GAAP, we review the need for any loss contingency reserves and establish reserves when, in the opinion of management, it is probable that a matter would result in a liability and the amount of loss, if any, can be reasonably estimated. Additionally, we record receivables for insurance recoveries relating to litigation-related losses and expenses if and when such amounts are covered by insurance and recovery of such losses or expenses are due. At March 31, 2015, the aggregate amount of loss contingency reserves established in respect of the FHLB-Seattle and Schwab litigation matters described above was $2 million. We review our litigation matters each quarter to assess these loss contingency reserves and make adjustments in these reserves, upwards or downwards, as appropriate, in accordance with GAAP based on our review.
	In the ordinary course of any litigation matter, including certain of the above-referenced matters, we have engaged and may continue to engage in formal or informal settlement communications with the plaintiffs. Settlement communications we have engaged in relating to certain of the above-referenced litigation matters are one of the factors that have resulted in our determination to establish the loss contingency reserves described above. We cannot be certain that any of these matters will be resolved through a settlement prior to trial and we cannot be certain that the resolution of these matters, whether through trial or settlement, will not have a material adverse effect on our financial condition or results of operations in any future period.
	Future developments (including resolution of substantive pre-trial motions relating to these matters, receipt of additional information and documents relating to these matters (such as through pre-trial discovery), new or additional settlement communications with plaintiffs relating to these matters, or resolutions of similar claims against other defendants in these matters) could result in our concluding in the future to establish additional loss contingency reserves or to disclose an estimate of reasonably possible losses in excess of our established reserves with respect to these matters. Our actual losses with respect to the above-referenced litigation matters may be materially higher than the aggregate amount of loss contingency reserves we have established in respect of these litigation matters, including in the event that any of these matters proceeds to trial and the plaintiff prevails. Other factors that could result in our concluding to establish additional loss contingency reserves or estimate additional reasonably possible losses, or could result in our actual losses with respect to the above-referenced litigation matters being materially higher than the aggregate amount of loss contingency reserves we have established in respect of these litigation matters include that: there are significant factual and legal issues to be resolved; information obtained or rulings made during the lawsuits could affect the methodology for calculation of the available remedies; and we may have additional obligations pursuant to indemnity agreements, representations and warranties, and other contractual provisions with other parties relating to these litigation matters that could increase our potential losses.

Equity

Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Equity	Equity
	The following table provides a summary of changes to accumulated other comprehensive income by component for the three months ended March 31, 2015 and 2014.
	Changes in Accumulated Other Comprehensive Income by Component
		Three Months Ended March 31, 2015								Three Months Ended March 31, 2014
	(In Thousands)	Net unrealized gains on available-for-sale securities				Net unrealized losses on interest rate agreements accounted for as cash flow hedges				Net unrealized gains on available-for-sale securities		Net unrealized losses on interest rate agreements accounted for as cash flow hedges
	Balance at beginning of period	$	186,737			$	(46,049	)		$	164,654	$	(15,888	)
	Other comprehensive income (loss)	5,053				(8,442		)		19,323		(8,795		)
	before reclassifications
	Amounts reclassified from other	(1,690		)		31				1,298		60
	accumulated comprehensive income
	Net current-period other comprehensive income (loss)	3,363				(8,411		)		20,621		(8,735		)
	Balance at End of Period	$	190,100			$	(54,460	)		$	185,275	$	(24,623	)
	The following table provides a summary of reclassifications out of accumulated other comprehensive income for three months ended March 31, 2015 and 2014.
	Reclassifications Out of Accumulated Other Comprehensive Income
				Amount Reclassified From Accumulated Other Comprehensive Income
		Affected Line Item in the		Three Months Ended March 31,
	(In Thousands)	Income Statement		2015				2014
	Net realized gains (losses) on AFS securities
	Other than temporary impairment	Other market valuations, net		$	—			$	1,298
	Gain on sale of AFS securities	Realized gains, net		$	(1,690	)		$	—
				$	(1,690	)		$	1,298
	Net realized gains on interest rate
	agreements designated as cash flow hedges
	Amortization of deferred loss	Interest expense		$	31			$	60
				$	31			$	60
	Earnings Per Common Share
	The following table provides the basic and diluted earnings per common share computations for the three months ended March 31, 2015 and 2014.
	Basic and Diluted Earnings Per Common Share
		Three Months Ended March 31,
	(In Thousands, Except Share Data)	2015				2014
	Basic Earnings Per Common Share:
	Net income attributable to Redwood	$	14,801			$	12,333
	Less: Dividends and undistributed earnings allocated to participating securities	(822		)		(702		)
	Net income allocated to common shareholders	$	13,979			$	11,631
	Basic weighted average common shares outstanding	83,360,312				82,410,562
	Basic Earnings Per Common Share	$	0.17			$	0.14
	Diluted Earnings Per Common Share:
	Net income attributable to Redwood	$	14,801			$	12,333
	Less: Dividends and undistributed earnings allocated to participating securities	(822		)		(702		)
	Net income allocated to common shareholders	$	13,979			$	11,631
	Weighted average common shares outstanding	83,360,312				82,410,562
	Net effect of dilutive equity awards	2,261,904				2,529,978
	Diluted weighted average common shares outstanding	85,622,216				84,940,540
	Diluted Earnings Per Common Share	$	0.16			$	0.14
	For the three months ended March 31, 2015 and 2014, we determined certain equity awards outstanding during each of these periods qualified as participating securities. We included participating securities in the calculation of basic earnings per common share as well as diluted earnings per common share as we determined that the two-class method was more dilutive than the alternative treasury stock method. For the three months ended March 31, 2015 and 2014, there were 2,261,904 and 2,529,978 of dilutive equity awards, respectively, determined under the two-class method. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.
	For the three months ended March 31, 2015 and 2014, 21,292,309 and 11,825,450, respectively, of common shares related to the assumed conversion of the convertible notes were antidilutive and were excluded in the calculation of diluted earnings per share. For the three months ended March 31, 2014, the number of outstanding equity awards that were antidilutive totaled 79,535.
	Stock Repurchases
	We announced a stock repurchase authorization in November 2007 for the repurchase of up to 5,000,000 common shares. This plan replaced all previous share repurchase plans and has no expiration date. During the three months ended March 31, 2015, there were no shares acquired under the plan. At March 31, 2015, there remained 4,005,985 shares available for repurchase under this plan.

Equity_Compensation_Plans

Equity Compensation Plans	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Compensation Plans	Equity Compensation Plans
	At March 31, 2015 and December 31, 2014, 1,914,207 and 2,225,245 shares of common stock, respectively, were available for grant under our Incentive Plan. The unamortized compensation cost of awards issued under the Incentive Plan and purchases under the Employee Stock Purchase Plan totaled $25 million at March 31, 2015, as shown in the following table.
		Three Months Ended March 31, 2015
	(In Thousands)	Restricted Stock			Deferred Stock Units			Performance Stock Units			Employee Stock Purchase Plan			Total
	Unrecognized compensation cost at beginning of period	$	1,091		$	12,304		$	6,874		$	—		$	20,269
	Equity grants	2,636			5,162			—			236			8,034
	Equity grant forfeitures	(162		)	—			—			—			(162		)
	Equity compensation expense	(250		)	(1,575		)	(854		)	(59		)	(2,738		)
	Unrecognized Compensation Cost at End of Period	$	3,315		$	15,891		$	6,020		$	177		$	25,403
	At March 31, 2015, the weighted average amortization period remaining for all of our equity awards was less than two years.
	Restricted Stock
	At March 31, 2015 and December 31, 2014, there were 196,644 and 109,464 shares, respectively, of restricted stock awards outstanding. Restrictions on these shares lapse through 2019. During the three months ended March 31, 2015, there were 136,561 restricted stock awards granted, 40,643 restricted stock awards that vested and were distributed, and 8,738 restricted stock awards forfeited.
	Deferred Stock Units (“DSUs”)
	At March 31, 2015 and December 31, 2014, there were 2,438,081 and 2,168,824 DSUs, respectively, outstanding of which 1,435,093 and 1,287,862, respectively, had vested. There were 269,258 DSUs granted, and no DSUs distributed or forfeited during the three months ended March 31, 2015. Unvested DSUs at March 31, 2015 vest through 2019.
	Performance Stock Units (“PSUs”)
	At both March 31, 2015 and December 31, 2014, the target number of PSUs that were unvested was 761,051. PSUs do not vest until the third anniversary of their grant date, with the level of vesting at that time contingent on total stockholder return (defined as the change in our common stock price plus dividends paid on our common stock relative to the per share price of our common stock on the date of the PSU grant) over the three-year vesting period (“Three-Year TSR”). The number of underlying shares of our common stock that will vest during 2015 and in future years will vary between 0% (if Three-Year TSR is negative) and 200% (if Three-Year TSR is greater than or equal to 125%) of the target number of PSUs originally granted, adjusted upward (if vesting is greater than 0%) to reflect the value of dividends paid during the three-year vesting period.
	With respect to the PSUs granted in 2011, the three-year performance period ended during the fourth quarter of 2014, resulting in the vesting of 701,440 shares of our underlying common stock. The distribution of these underlying shares of common stock will occur in May 2015, in accordance with the terms of the PSUs and our Executive Deferred Compensation Plan.
	Employee Stock Purchase Plan
	The ESPP allows a maximum of 450,000 shares of common stock to be purchased in aggregate for all employees. As of March 31, 2015 and December 31, 2014, 283,092 and 274,318 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at March 31, 2015.

Mortgage_Banking_Activities

Mortgage Banking Activities	3 Months Ended
	Mar. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Mortgage Banking Activities	Mortgage Banking Activities
	The following table presents the components of mortgage banking activities, net, recorded in our consolidated income statements for the three months ended March 31, 2015 and 2014.
			Three Months Ended March 31,
	(In Thousands)		2015			2014
	Residential mortgage banking activities:
	Changes in fair value of:
	Residential loans, at fair value (1)		$	20,312		$	7,045
	Sequoia IO securities		(14,359		)	(4,277		)
	Risk management derivatives (2)		(4,371		)	(4,278		)
	Other (3)		633			446
	Total residential mortgage banking activities:		2,215			(1,064		)
	Commercial mortgage banking activities:
	Changes in fair value of:
	Commercial loans, at fair value		5,857			3,626
	Risk management derivatives (2)		(6,212		)	(2,803		)
	Other (3)		63			10
	Total commercial mortgage banking activities:		(292		)	833
	Mortgage banking activities		$	1,923		$	(231	)
	-1	Includes changes in fair value for loan purchase and forward sale commitments.
	-2	Represents market valuation changes of derivatives that are used to manage risks associated with our accumulation of residential and commercial loans.
	-3	Amounts in this line item include other fee income from loan acquisitions and the provision for repurchases expense, presented net.

Operating_Expenses

Operating Expenses	3 Months Ended
	Mar. 31, 2015
Other Income and Expenses [Abstract]
Operating Expenses	Operating Expenses
	Components of our operating expenses for the three months ended March 31, 2015 and 2014 are presented in the following table.
	Operating Expenses
		Three Months Ended March 31,
	(In Thousands)	2015		2014
	Fixed compensation expense	$	9,155	$	6,742
	Variable compensation expense	3,991		2,781
	Equity compensation expense	2,738		2,330
	Total compensation expense	15,884		11,853
	Systems and consulting	2,122		3,466
	Accounting and legal	1,577		1,633
	Office costs	1,232		985
	Corporate costs	526		552
	Other operating expenses	3,722		1,482
	Total Operating Expenses	$	25,063	$	19,971

Taxes

Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Taxes	Taxes
	For the three months ended March 31, 2015 and 2014, we recognized a benefit for income taxes of $5 million and $2 million, respectively. The following is a reconciliation of the statutory federal and state tax rates to our projected annual effective rate at March 31, 2015 and 2014.
	Reconciliation of Statutory Tax Rate to Effective Tax Rate
		31-Mar-15		March 31, 2014
	Federal statutory rate	34	%	34	%
	State statutory rate, net of Federal tax effect	7.2	%	7.2	%
	Differences in taxable (loss) income from GAAP income	(44.7	)%	(1.7	)%
	Change in valuation allowance	11.9	%	3.7	%
	Dividends paid deduction	(64.4	)%	(60.8	)%
	Effective Tax Rate	(56.0	)%	(17.6	)%
	The negative effective tax rate for the three months ended March 31, 2015, resulted from a benefit for income taxes being recorded against GAAP losses generated at our taxable REIT subsidiaries, while the consolidated income statement reported GAAP income. On a consolidated basis, GAAP income generated at the REIT, for which no material tax provision was recorded due to the dividends paid deduction, exceeded the losses at the taxable REIT subsidiaries.
	We assessed our tax positions for all open tax years (Federal - years 2011 to 2015, State - years 2010- 2015) and, at March 31, 2015 and December 31, 2014, concluded that we had no uncertain tax positions that resulted in material unrecognized tax benefits.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information
	Redwood operates in three segments: residential mortgage banking, residential investments, and commercial mortgage banking and investments. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed. For a full description of our segments, see Item 1—Business in our Annual Report on Form 10-K.
	Segment contribution represents the measure of profit that management uses to assess the performance of our business segments and make resource allocation and operating decisions. Certain expenses not directly assigned or allocated to one of the three primary segments, as well as activity from certain consolidated Sequoia entities consolidated for GAAP financial reporting purposes, are included in the Corporate/Other column as reconciling items to our consolidated financial statements. These unallocated expenses primarily include interest expense associated with certain long-term debt, indirect operating expenses, and other expense.
	The following tables present financial information by segment for the three months ended March 31, 2015 and 2014.
	Business Segment Financial Information
		Three Months Ended March 31, 2015
	(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/			Total
											Other
	Interest income	$	15,795		$	30,012		$	10,914		$	7,025		$	63,746
	Interest expense	(3,778		)	(2,810		)	(3,489		)	(13,884		)	(23,961		)
	Net interest income (loss)	12,017			27,202			7,425			(6,859		)	39,785
	Provision for loan losses	—			—			(206		)	—			(206		)
	Non-interest income
	Mortgage banking activities	2,215			—			(292		)	—			1,923
	MSR income (loss)	—			(10,924		)	—			—			(10,924		)
	Other market valuation adjustments	2			(19		)	—			(1,128		)	(1,145		)
	Realized gains, net	—			4,306			—			—			4,306
	Other income	—			809			—			—			809
	Total non-interest income, net	2,217			(5,828		)	(292		)	(1,128		)	(5,031		)
	Direct operating expenses	(10,903		)	(1,118		)	(3,482		)	(9,560		)	(25,063		)
	Benefit from income taxes	8			3,510			853			945			5,316
	Segment Contribution	$	3,339		$	23,766		$	4,298		$	(16,602	)
	Net Income													$	14,801
	Non-cash amortization expense	(46		)	9,838			(49		)	(981		)	8,762
		Three Months Ended March 31, 2014
	(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/			Total
											Other
	Interest income	$	10,668		$	27,594		$	10,384		$	6,830		$	55,476
	Interest expense	(1,321		)	(2,850		)	(3,303		)	(11,586		)	(19,060		)
	Net interest income (loss)	9,347			24,744			7,081			(4,756		)	36,416
	Provision for loan losses	—			—			(655		)	(629		)	(1,284		)
	Non-interest income
	Mortgage banking activities	(1,064		)	—			833			—			(231		)
	MSR income (loss)	—			606			—			—			606
	Other market valuation adjustments	(2		)	(5,957		)	—			(179		)	(6,138		)
	Realized gains, net	—			987			—			105			1,092
	Total non-interest income, net	(1,066		)	(4,364		)	833			(74		)	(4,671		)
	Direct operating expenses	(7,094		)	(1,095		)	(2,626		)	(9,156		)	(19,971		)
	(Provision for) benefit from income taxes	(165		)	1,527			355			126			1,843
	Segment Contribution	$	1,022		$	20,812		$	4,988		$	(14,489	)
	Net Income													$	12,333
	Non-cash amortization expense	(52		)	11,247			(173		)	(1,946		)	9,076
	The following tables present the components of Corporate/Other for the three months ended March 31, 2015 and 2014.
		Three Months Ended March 31,
		2015									2014
	(In Thousands)	Legacy Consolidated VIEs			Other			Total			Legacy Consolidated VIEs			Other			Total
	Interest income	$	7,018		$	7		$	7,025		$	6,828		$	2		$	6,830
	Interest expense	(4,482		)	(9,402		)	$	(13,884	)	(5,460		)	(6,126		)	(11,586		)
	Net interest income (loss)	2,536			(9,395		)	(6,859		)	1,368			(6,124		)	(4,756		)
	Provision for loan losses	—			—			—			(629		)	—			(629		)
	Non-interest income
	Other market valuation adjustments	(1,093		)	(35		)	(1,128		)	(142		)	(37		)	(179		)
	Realized gains, net	—			—			—			105			—			105
	Total non-interest income, net	(1,093		)	(35		)	(1,128		)	(37		)	(37		)	(74		)
	Direct operating expenses	—			(9,560		)	(9,560		)	(52		)	(9,104		)	(9,156		)
	Benefit from income taxes	—			945			945			—			126			126
	Total	$	1,443		$	(18,045	)	$	(16,602	)	$	650		$	(15,139	)	$	(14,489	)
	The following table presents supplemental information by segment at March 31, 2015 and December 31, 2014.
	Supplemental Disclosures
	(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/			Total
											Other
	March 31, 2015
	Residential loans	$	1,094,885		$	1,000,444		$	—		$	1,304,426		$	3,399,755
	Commercial loans	—			—			460,342			—			460,342
Real estate securities	65,809			1,219,434			—			—			1,285,243
Mortgage servicing rights	—			120,324			—			—			120,324
Total assets	1,204,055			2,446,100			467,200			1,698,664			5,816,019
December 31, 2014
Residential loans	$	1,342,519		$	581,668		$	—		$	1,474,386		$	3,398,573
Commercial loans	—			—			566,927			—			566,927
Real estate securities	93,802			1,285,428			—			—			1,379,230
Mortgage servicing rights	—			139,293			—			—			139,293
Total assets	1,468,856			2,057,256			575,943			1,816,911			5,918,966

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
	In accordance with GAAP, we determine whether we must consolidate transferred financial assets and variable interest entities (“VIEs”) for financial reporting purposes. We currently consolidate the assets and liabilities of certain Sequoia securitization entities where we maintain an ongoing involvement, as well as an entity formed in connection with a resecuritization transaction we engaged in during 2011 (“Residential Resecuritization”), and an entity formed in connection with a commercial securitization we engaged in during 2012 (“Commercial Securitization”). Each securitization entity is independent of Redwood and of each other and the assets and liabilities are not owned by and are not legal obligations of Redwood Trust, Inc. Our exposure to these entities is primarily through the financial interests we have retained, although we are exposed to certain financial risks associated with our role as a sponsor, manager, or depositor of these entities or as a result of our having sold assets directly or indirectly to these entities.
	For financial reporting purposes, the underlying loans and securities owned at the consolidated Sequoia entities, the Residential Resecuritization entity, and the Commercial Securitization entity are shown under residential and commercial loans and real estate securities on our consolidated balance sheets. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. In our consolidated statements of income, we record interest income on the loans and securities owned at these entities and interest expense on the ABS issued by these entities.
Use of Estimates	Use of Estimates
	The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	Adoption of ASU 2014-13
	In November 2014, the FASB issued ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (ASU 2014-13). This update provides a measurement alternative to companies that consolidate collateralized financing entities ("CFEs"). Under the new guidance, companies can measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets or fair value of the financial liabilities. This guidance is effective in the first quarter 2016 with early adoption permitted at the beginning of an annual period. The guidance can be applied either retrospectively to all relevant prior periods or by a modified retrospective approach with a cumulative-effect adjustment to equity as of the beginning of the annual period of adoption.
	On January 1, 2015, we elected to early adopt ASU 2014-13, as we determined this measurement alternative more accurately reflects our economic interests in, and financial results from, certain consolidated financing entities.  We adopted the measurement alternative under this standard only for our consolidated Sequoia entities, which qualify under the standard as CFEs.  We did not elect the measurement alternative for our Residential Resecuritization or our Commercial Resecuritization, and will continue to account for the assets and liabilities in these CFEs in accordance with existing accounting guidance.
	Under the provisions of ASU 2014-13, we use the fair value of the liabilities issued by the Sequoia CFEs (which we determined to be more observable) to determine the fair value of the assets, whereby the net assets we consolidate in our financial statements related to these entities represents the estimated fair value of our retained interests in the Sequoia CFEs.  Similarly, the periodic net market valuation adjustments we record on our income statement from the consolidated assets and liabilities of the CFEs represents the change in fair value of our retained interests in the Sequoia CFEs.
	Using the modified retrospective approach, we recorded a cumulative-effect adjustment to equity of $10 million through retained earnings as of January 1, 2015.  This cumulative-effect adjustment represents the net effect of adjusting the assets and liabilities of the Sequoia CFEs from amortized historical cost to fair value.
	Subsequent to the adoption of ASU 2014-13, the consolidated assets and liabilities of the Sequoia CFEs are both carried at fair value, with the periodic net changes in fair value recorded on our income statement, in Other market valuation adjustments.
	The following table presents the assets and liabilities of the consolidated Sequoia entities at December 31, 2014 prior to the adoption of ASU 2014-13, the adjustments required to adopt the new standard, and the adjusted balances at January 1, 2015.
	Impact of Adoption of ASU 2014-13 on Balance Sheet (1)
	(In Millions)		31-Dec-14			ASU 2014-13 Adjustment			1-Jan-15
	Loan Principal		$	1,486		$	(113	)	$	1,373
	Loan unamortized premium		13			(13		)	—
	Allowance for loan losses		(21		)	21			—
	Residential loans held-for-investment		1,478			(105		)	1,373
	Deferred bond issuance costs		1			(1		)	—
	Other assets		5			—			5
	Total assets		1,482			(105		)	1,377
	ABS issued principal		1,428			(125		)	1,303
	ABS issued unamortized discount		(10		)	10			—
	Total liabilities		1,418			(115		)	1,303
	Redwood's investment in consolidated Sequoia entities		$	64		$	10		$	74
	-1	Certain totals may not foot due to rounding.
	Other Recent Accounting Pronouncements
	In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This new guidance requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. This new guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance is required to be applied on a retrospective basis. We plan to adopt this new guidance by the required date and will reclassify debt issuance costs that we currently present in other assets on our consolidated balance sheets and present them as debt discounts.
	In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis.” This new guidance provides a new scope exception for certain money market funds, makes targeted amendments to the current consolidation guidance, and ends the deferral granted to investment companies from applying the VIE guidance. This new guidance is effective for annual periods beginning after December 15, 2016. Early adoption is allowed, including in any interim period. We are currently evaluating the impact of adopting this new standard.
	In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” This new guidance amends the accounting guidance for “repo-to-maturity” transactions and repurchase agreements executed as repurchase financings. In addition, the new standard requires a transferor to disclose more information about certain transactions, including those in which it retains substantially all of the exposure to the economic returns of the underlying transferred asset over the transaction’s term. This new guidance is effective in the first interim reporting period beginning after December 15, 2014. However, for repurchase and securities lending transactions reported as secured borrowing, the new standard’s enhanced disclosures are effective for annual periods beginning after December 15, 2014 and interim period beginning after March 15, 2015. We adopted the new guidance, as required, in the first quarter of 2015 and will adopt the disclosure requirements in the second quarter of 2015, as required. The adoption in the first quarter of 2015 did not have a material impact on our financial statements, as we did not have repo-to-maturity transactions outstanding.
	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” The objective of the guidance is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and IFRS. The Amendment supersedes most current revenue recognition guidance, including industry-specific guidance. The Amendment also enhances disclosure requirements around revenue recognition and the related cash flows. The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact of adopting this new standard.
	In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” This update to the receivable guidance clarifies when a creditor is considered to have received physical possession of residential real estate resulting from an in substance repossession or foreclosure. In addition, the amendments require disclosure of both: (i) the amount of foreclosed residential real estate property held by the creditor; and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The update requires the guidance to be applied using either a modified retrospective transition method or a prospective transition method for interim and annual periods beginning after December 15, 2014, with early adoption permitted. We adopted this standard in the first quarter of 2015, as required, and it did not have a material impact on our financial statements.
Balance Sheet Netting	Balance Sheet Netting
	Certain of our derivatives and short-term debt are subject to master netting arrangements or similar agreements. Under GAAP, in certain circumstances we may elect to present certain financial assets, liabilities and related collateral subject to master netting arrangements in a net position on our consolidated balance sheets. However, we do not report any of these financial assets or liabilities on a net basis, and instead present them on a gross basis on our consolidated balance sheets.
	The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at March 31, 2015 and December 31, 2014.
	Offsetting of Financial Assets, Liabilities, and Collateral
			Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in Consolidated Balance Sheet			Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet			Gross Amounts Not Offset in Consolidated						Net Amount
												Balance Sheet (1)
	31-Mar-15											Financial Instruments			Cash Collateral (Received) Pledged
	(In Thousands)
	Assets (2)
	Interest rate agreements		$	17,554		$	—		$	17,554		$	(2,719	)	$	(10,830	)	$	4,005
	TBAs		4,721			—			4,721			(4,667		)	(54		)	—
	Total Assets		$	22,275		$	—		$	22,275		$	(7,386	)	$	(10,884	)	$	4,005
	Liabilities (2)
	Interest rate agreements		$	(57,581	)	$	—		$	(57,581	)	$	2,719		$	54,862		$	—
	TBAs		(8,842		)	—			(8,842		)	4,666			3,201			(975		)
	Futures		(332		)	—			(332		)	—			332			—
	Loan warehouse debt		(895,895		)	—			(895,895		)	895,895			—			—
	Security repurchase agreements		(606,269		)	—			(606,269		)	606,269			—			—
	Total Liabilities		$	(1,568,919	)	$	—		$	(1,568,919	)	$	1,509,549		$	58,395		$	(975	)
			Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in Consolidated Balance Sheet			Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet			Gross Amounts Not Offset in Consolidated						Net Amount
												Balance Sheet (1)
	31-Dec-14											Financial Instruments			Cash Collateral (Received) Pledged
	(In Thousands)
	Assets (2)
	Interest rate agreements		$	7,006		$	—		$	7,006		$	(1,160	)	$	(4,360	)	$	1,486
	Credit default index swaps		1,598			—			1,598			—			(375		)	1,223
	TBAs		6,653			—			6,653			(5,815		)	—			838
	Total Assets		$	15,257		$	—		$	15,257		$	(6,975	)	$	(4,735	)	$	3,547
	Liabilities (2)
	Interest rate agreements		$	(48,173	)	$	—		$	(48,173	)	$	1,160		47,013			$	—
	TBAs		(9,506		)	—			(9,506		)	5,815			2,715			(976		)
	Futures		(372		)	—			(372		)	—			372			—
	Loan warehouse debt		(1,185,316		)	—			(1,185,316		)	1,185,316			—			—
	Security repurchase agreements		(608,509		)	—			(608,509		)	608,509			—			—
	Total Liabilities		$	(1,851,876	)	$	—		$	(1,851,876	)	$	1,800,800		$	50,100		$	(976	)
	-1	Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty (which may, in certain circumstances, be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.
	-2	Interest rate agreements, TBAs, and futures are components of derivatives instruments on our consolidated balances sheets. Loan warehouse debt, which is secured by residential and commercial mortgage loans, and security repurchase agreements are components of short-term debt on our consolidated balance sheets.
	For each category of financial instrument set forth in the table above, the assets and liabilities resulting from individual transactions within that category between us and a counterparty are subject to a master netting arrangement or similar agreement with that counterparty that provides for individual transactions to be treated as a single transaction. For certain categories of these instruments, some of our transactions are cleared and settled through one or more clearinghouses that are substituted as our counterparty and references herein to master netting arrangements or similar agreements include the arrangements and agreements governing the clearing and settlement of these transactions through the clearinghouses. In the event of the termination and close-out of any of those transactions, the corresponding master netting agreement or similar agreement provides for settlement on a net basis and for settlement to include the proceeds of the liquidation of any corresponding collateral, subject to certain limitations on termination, settlement, and liquidation of collateral that may apply in the event of the bankruptcy or insolvency of a party that should not inhibit the eventual practical realization of the principal benefits of those transactions or the corresponding master netting arrangement or similar agreement and any corresponding collateral.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of Impact of Adoption of ASU 2014-13 on Balance Sheet	The following table presents the assets and liabilities of the consolidated Sequoia entities at December 31, 2014 prior to the adoption of ASU 2014-13, the adjustments required to adopt the new standard, and the adjusted balances at January 1, 2015.
	Impact of Adoption of ASU 2014-13 on Balance Sheet (1)
	(In Millions)		31-Dec-14			ASU 2014-13 Adjustment			1-Jan-15
	Loan Principal		$	1,486		$	(113	)	$	1,373
	Loan unamortized premium		13			(13		)	—
	Allowance for loan losses		(21		)	21			—
	Residential loans held-for-investment		1,478			(105		)	1,373
	Deferred bond issuance costs		1			(1		)	—
	Other assets		5			—			5
	Total assets		1,482			(105		)	1,377
	ABS issued principal		1,428			(125		)	1,303
	ABS issued unamortized discount		(10		)	10			—
	Total liabilities		1,418			(115		)	1,303
	Redwood's investment in consolidated Sequoia entities		$	64		$	10		$	74
	-1	Certain totals may not foot due to rounding.
Offsetting of Financial Assets, Liabilities, and Collateral	The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at March 31, 2015 and December 31, 2014.
	Offsetting of Financial Assets, Liabilities, and Collateral
			Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in Consolidated Balance Sheet			Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet			Gross Amounts Not Offset in Consolidated						Net Amount
												Balance Sheet (1)
	31-Mar-15											Financial Instruments			Cash Collateral (Received) Pledged
	(In Thousands)
	Assets (2)
	Interest rate agreements		$	17,554		$	—		$	17,554		$	(2,719	)	$	(10,830	)	$	4,005
	TBAs		4,721			—			4,721			(4,667		)	(54		)	—
	Total Assets		$	22,275		$	—		$	22,275		$	(7,386	)	$	(10,884	)	$	4,005
	Liabilities (2)
	Interest rate agreements		$	(57,581	)	$	—		$	(57,581	)	$	2,719		$	54,862		$	—
	TBAs		(8,842		)	—			(8,842		)	4,666			3,201			(975		)
	Futures		(332		)	—			(332		)	—			332			—
	Loan warehouse debt		(895,895		)	—			(895,895		)	895,895			—			—
	Security repurchase agreements		(606,269		)	—			(606,269		)	606,269			—			—
	Total Liabilities		$	(1,568,919	)	$	—		$	(1,568,919	)	$	1,509,549		$	58,395		$	(975	)
			Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in Consolidated Balance Sheet			Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet			Gross Amounts Not Offset in Consolidated						Net Amount
												Balance Sheet (1)
	31-Dec-14											Financial Instruments			Cash Collateral (Received) Pledged
	(In Thousands)
	Assets (2)
	Interest rate agreements		$	7,006		$	—		$	7,006		$	(1,160	)	$	(4,360	)	$	1,486
	Credit default index swaps		1,598			—			1,598			—			(375		)	1,223
	TBAs		6,653			—			6,653			(5,815		)	—			838
	Total Assets		$	15,257		$	—		$	15,257		$	(6,975	)	$	(4,735	)	$	3,547
	Liabilities (2)
	Interest rate agreements		$	(48,173	)	$	—		$	(48,173	)	$	1,160		47,013			$	—
	TBAs		(9,506		)	—			(9,506		)	5,815			2,715			(976		)
	Futures		(372		)	—			(372		)	—			372			—
	Loan warehouse debt		(1,185,316		)	—			(1,185,316		)	1,185,316			—			—
	Security repurchase agreements		(608,509		)	—			(608,509		)	608,509			—			—
	Total Liabilities		$	(1,851,876	)	$	—		$	(1,851,876	)	$	1,800,800		$	50,100		$	(976	)
	-1	Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty (which may, in certain circumstances, be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.
	-2	Interest rate agreements, TBAs, and futures are components of derivatives instruments on our consolidated balances sheets. Loan warehouse debt, which is secured by residential and commercial mortgage loans, and security repurchase agreements are components of short-term debt on our consolidated balance sheets.

Principles_of_Consolidation_Ta

Principles of Consolidation (Tables)	3 Months Ended
	Mar. 31, 2015
Variable Interest Entity [Line Items]
Securitization Activity Related to Unconsolidated Variable Interest Entity's Sponsored by Redwood	The following table presents information related to securitization transactions that occurred during the three months ended March 31, 2015 and 2014.
	Securitization Activity Related to Unconsolidated VIEs Sponsored by Redwood
			Three Months Ended March 31,
	(In Thousands)		2015				2014
	Principal balance of loans transferred		$	338,796			$	—
	Trading securities retained, at fair value		3,423				—
	AFS securities retained, at fair value		2,859				—
	MSRs recognized		1,872				—
Cash Flows Related to Unconsolidated Variable Interest Entity's Sponsored by Redwood	The following table summarizes the cash flows during the three months ended March 31, 2015 and 2014 between us and the unconsolidated VIEs sponsored by us.
	Cash Flows Related to Unconsolidated VIEs Sponsored by Redwood
			Three Months Ended March 31,
	(In Thousands)		2015				2014
	Proceeds from new transfers		$	341,716			$	—
	MSR fees received		3,770				3,423
	Funding of compensating interest		(90		)		(33		)
	Cash flows received on retained securities		12,645				12,303
MSR Assumptions Related to Unconsolidated Variable Interest Entity's Sponsored by Redwood	The following table presents the key weighted-average assumptions used to measure MSRs and securities retained at the date of securitization.
	Assumptions Related to Assets Retained from Unconsolidated VIEs Sponsored by Redwood
			Issued During The Three Months
			Ended March 31, 2015
	At Date of Securitization		MSRs			Subordinate Securities
	Prepayment rate		5 - 19 %			8	%
	Discount rates		11	%		6	%
	Credit loss assumptions		N/A			0.25	%
Unconsolidated Variable Interest Entity's Sponsored by Redwood Summary	The following table presents additional information at March 31, 2015 and December 31, 2014, related to unconsolidated securitizations accounted for as sales since 2012.
	Unconsolidated VIEs Sponsored by Redwood
	(In Thousands)		March 31, 2015				December 31, 2014
	On-balance sheet assets, at fair value:
	Interest-only, senior and subordinate securities, classified as trading		$	69,258			$	93,802
	Senior and subordinate securities, classified as AFS		391,296				460,990
	Maximum loss exposure (1)		460,554				554,792
	Assets transferred:
	Principal balance of loans outstanding		7,287,906				7,276,825
	Principal balance of delinquent loans 30+ days delinquent		20,952				17,022
	-1	Maximum loss exposure from our involvement with unconsolidated VIEs pertains to the carrying value of our securities retained from these VIEs and represents estimated losses that would be incurred under severe, hypothetical circumstances, such as if the value of our interests and any associated collateral declines to zero. This does not include, for example, any potential exposure to representation and warranty claims associated with our initial transfer of loans into a securitization.
Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated Variable Interest Entity's Sponsored by Redwood	The following table presents key economic assumptions for assets retained from unconsolidated VIEs and the sensitivity of their fair values to immediate adverse changes in those assumptions at March 31, 2015 and December 31, 2014.
	Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated VIEs Sponsored by Redwood
	March 31, 2015		MSRs				Senior			Subordinate Securities
	(Dollars in Thousands)						Securities
	Fair value at March 31, 2015		$	50,156			$	65,809		$	394,745
	Expected life (in years) (1)		6				6			11
	Prepayment speed assumption (annual CPR) (1)		17		%		11		%	10		%
	Decrease in fair value from:
	10% adverse change		$	2,329			$	3,697		$	905
	25% adverse change		5,530				7,035			2,356
	Discount rate assumption (1)		11		%		10		%	5		%
	Decrease in fair value from:
	100 basis point increase		$	1,645			$	2,540		$	30,841
	200 basis point increase		3,216				4,899			57,886
	Credit loss assumption (1)		N/A				0.25		%	0.25		%
	Decrease in fair value from:
	10% higher losses		N/A				$	345		$	2,397
	25% higher losses		N/A				456			5,704
	December 31, 2014		MSRs				Senior			Subordinate Securities
	(Dollars in Thousands)						Securities
	Fair value at December 31, 2014		$	56,801			$	93,802		$	460,990
	Expected life (in years) (1)		7				6			10
	Prepayment speed assumption (annual CPR) (1)		14		%		9		%	10		%
	Decrease in fair value from:
	10% adverse change		$	2,419			$	3,999		$	684
	25% adverse change		5,639				9,475			2,355
	Discount rate assumption (1)		11		%		8		%	5		%
	Decrease in fair value from:
	100 basis point increase		$	2,104			$	4,214		$	34,149
	200 basis point increase		4,102				8,091			64,474
	Credit loss assumption (1)		N/A				0.25		%	0.25		%
	Decrease in fair value from:
	10% higher losses		N/A				$	126		$	3,169
	25% higher losses		N/A				299			7,841
	-1	Expected life, prepayment speed assumption, discount rate assumption, and credit loss assumption presented in the tables above represent weighted averages.
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Schedule of Variable Interest Entities	Assets and Liabilities of Consolidated VIEs
	March 31, 2015		Sequoia				Residential Resecuritization			Commercial Securitization			Total
	(Dollars in Thousands)		Entities
	Residential loans, held-for-investment		$	1,304,426			$	—		$	—		$	1,304,426
	Commercial loans, held-for-investment		—				—			191,575			191,575
	Real estate securities		—				211,316			—			211,316
	Restricted cash		147				—			135			282
	Accrued interest receivable		1,720				449			1,491			3,660
	Other assets		5,304				—			—			5,304
	Total Assets		$	1,311,597			$	211,765		$	193,201		$	1,716,563
	Accrued interest payable		$	893			$	10		$	374		$	1,277
	Asset-backed securities issued		1,239,065				34,280			79,676			1,353,021
	Total Liabilities		$	1,239,958			$	34,290		$	80,050		$	1,354,298
	Number of VIEs		24				1			1			26
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Schedule of Variable Interest Entities	Third-Party Sponsored VIE Summary
	(Dollars in Thousands)		March 31, 2015
	Residential Mortgage Backed Securities
	Senior		$	480,200
	Re-REMIC		169,240
	Subordinate		175,250
	Total Investments in Third-Party Sponsored VIEs		$	824,690

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Carrying Values and Estimated Fair Values of Assets and Liabilities	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2015 and December 31, 2014.
			March 31, 2015								December 31, 2014
			Carrying				Fair				Carrying				Fair
	(In Thousands)		Value				Value				Value				Value
	Assets
	Residential loans, held-for-sale
	At fair value		$	1,093,413			$	1,093,413			$	1,341,032			$	1,341,032
	At lower of cost or fair value		1,472				1,663				1,488				1,669
	Residential loans, held-for-investment (1)
	At fair value		2,304,870				2,304,870				581,668				581,668
	At amortized cost		—				—				1,474,386				1,381,918
	Commercial loans, held-for-sale		54,407				54,407				166,234				166,234
	Commercial loans, held-for-investment
	At fair value		72,619				72,619				71,262				71,262
	At amortized cost		333,316				338,932				329,431				334,876
	Trading securities		106,837				106,837				111,606				111,606
	Available-for-sale securities		1,178,406				1,178,406				1,267,624				1,267,624
	MSRs		120,324				120,324				139,293				139,293
	Cash and cash equivalents		303,820				303,820				269,730				269,730
	Restricted cash		725				725				628				628
	Accrued interest receivable		17,970				17,970				18,222				18,222
	Derivative assets		30,546				30,546				16,417				16,417
	REO (2)		5,305				5,446				4,391				4,703
	Margin receivable (2)		79,760				79,760				65,374				65,374
	FHLBC stock (2)		28,434				28,434				10,688				10,688
	Guarantee asset (2)		6,118				6,118				7,201				7,201
	Pledged collateral (2)		10,265				10,265				9,927				9,927
	Liabilities
	Short-term debt		$	1,502,164			$	1,502,164			$	1,793,825			$	1,793,825
	Accrued interest payable		14,319				14,319				8,502				8,502
	Guarantee obligation		6,917				6,917				7,201				7,201
	Derivative liabilities		68,064				68,064				58,331				58,331
	ABS issued (1)
	Fair value		1,239,065				1,239,065				—				—
	Amortized cost		113,956				114,613				1,545,119				1,446,605
	FHLBC borrowings		850,792				850,792				495,860				495,860
	Commercial secured borrowings		68,077				68,077				66,707				66,707
	Convertible notes		492,500				488,243				492,500				492,188
	Other long-term debt		139,500				97,650				139,500				101,835
	-1	Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment and ABS issued by consolidated Sequoia entities began to be recorded at fair value. See Note 3 for further discussion.
	-2	These assets are included in Other Assets on our consolidated balance sheets.
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at March 31, 2015, as well as the fair value hierarchy of the valuation inputs used to measure fair value.
	Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2015
	March 31, 2015		Carrying				Fair Value Measurements Using
	(In Thousands)		Value				Level 1				Level 2				Level 3
	Assets
	Residential loans		$	3,398,283			$	—			$	200,869			$	3,197,414
	Commercial loans		127,026				—				—				127,026
	Trading securities		106,837				—				—				106,837
	Available-for-sale securities		1,178,406				—				—				1,178,406
	Derivative assets		30,546				4,721				17,554				8,271
	MSRs		120,324				—				—				120,324
	Pledged collateral		10,265				10,265				—				—
	FHLBC stock		28,434				28,434				—				—
	Guarantee asset		6,118				—				—				6,118
	Liabilities
	Derivative liabilities		68,064				9,173				58,045				846
	Commercial secured borrowings		68,077				—				—				68,077
	ABS issued		1,239,065				—				—				1,239,065
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2015.
	Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
		Assets																									Liabilities
		Residential Loans				Commercial				Trading Securities				AFS			MSRs				Guarantee Asset			Derivatives(1)			Commercial Secured Borrowings			ABS
	(In Thousands)					Loans								Securities																Issued
	Beginning balance -	$	1,677,984			$	237,496			$	111,606			$	1,267,624		$	139,293			$	7,201		$	1,119		$	66,707		$	—
	December 31, 2014
	Transfer to FVO (2)	1,370,699				—				—				—			—				—			—			—			1,302,216
	Principal paydowns	(111,716		)		(240		)		(203		)		(26,110		)	—				—			—			(152		)	(66,517		)
	Amortization income	—				—				—				9,838			—				—			—			—			—
	Gains (losses) in net income, net	7,570				7,366				(14,114		)		4,306			(19,517		)		(1,083		)	20,087			1,509			2,946
	Unrealized gains in OCI, net	—				—				—				3,795			—				—			—			—			—
	Acquisitions	1,112,042				92,713				23,084				9,831			18,754				—			—			—			—
	Sales	(857,249		)		(210,309		)		(13,536		)		(90,878		)	(18,206		)		—			—			—			—
	Other settlements, net	(1,916		)		—				—				—			—				—			(13,781		)	13			421
	Ending balance -	$	3,197,414			$	127,026			$	106,837			$	1,178,406		$	120,324			$	6,118		$	7,425		$	68,077		$	1,239,066
	March 31, 2015
	(1) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented on a net basis.
	(2) Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment in, and ABS issued by, consolidated financial entities are now recorded at fair value. See Note 3 for further discussion.
Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held and Included in Net Income	The following table presents the portion of gains or losses included in our consolidated statements of income that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at March 31, 2015 and 2014. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three months ended March 31, 2015 and 2014 are not included in this presentation.
	Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held at March 31, 2015 and 2014 Included in Net Income
			Included in Net Income
			Three Months Ended March 31,
	(In Thousands)		2015				2014
	Assets
	Residential loans at Redwood		$	5,464			$	3,483
	Residential loans at consolidated Sequoia entities		1,179				—
	Commercial loans		2,959				2,530
	Trading securities		(13,790		)		(4,431		)
	Available-for-sale securities		—				(113		)
	MSRs		(11,769		)		(2,291		)
	Loan purchase commitments		7,422				—
	Other assets - Guarantee asset		(1,083		)		—
	Liabilities
	Loan purchase commitments		—				(235		)
	Commercial secured borrowing		(1,509		)		—
	ABS issued		(2,946		)		—
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis	The following table presents information on assets recorded at fair value on a non-recurring basis at March 31, 2015. This table does not include the carrying value and gains or losses associated with the asset types below that were not recorded at fair value on our balance sheet at March 31, 2015.
	Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at March 31, 2015
																		Gain (Loss) for
	March 31, 2015		Carrying				Fair Value Measurements Using											Three Months Ended
	(In Thousands)		Value				Level 1				Level 2				Level 3			March 31, 2015
	Assets
	Residential loans, at lower of cost or fair value		$	1,103			$	—			$	—			$	1,103		$	—
	REO		3,410				—				—				3,410			(74		)
Market Valuation Adjustments, Net	The following table presents the components of market valuation adjustments, net, recorded in our consolidated statements of income for the three months ended March 31, 2015 and 2014.
	Market Valuation Adjustments, Net
			Three Months Ended March 31,
	(In Thousands)		2015				2014
	Mortgage banking activities
	Residential loans, at fair value		$	2,056			$	7,128
	Commercial loans, at fair value		5,857				3,626
	Sequoia IO securities		(14,359		)		(4,277		)
	Risk management derivatives, net		(10,583		)		(7,082		)
	Loan purchase and forward sale commitments		18,256				8
	Total mortgage banking activities(1)		1,227				(597		)
	MSRs		(19,517		)		(2,711		)
	Other
	Residential loans, at lower of cost or fair value		$	2			$	(2	)
	Consolidated Sequoia entities (2)		(1,093		)		—
	Residential loans held-for-investment, at Redwood		1,978				—
	Trading securities		270				(154		)
	Impairments on AFS securities		—				(113		)
	Other risk management derivative instruments, net		(1,374		)		(5,727		)
	Guarantee asset		(1,083		)		—
	Other		155				(142		)
	Total other		(1,145		)		(6,138		)
	Total Market Valuation Adjustments, Net		$	(19,435	)		$	(9,446	)
	-1	Income from mortgage banking activities presented above does not include fee income or provisions for repurchases that is a component of mortgage banking income presented on our consolidated statements of income as these amounts do not represent a market valuation adjustment.
	-2	On January 1, 2015, we adopted ASU 2014-13 and began to record the assets and liabilities of consolidated Sequoia entities at fair value. This amount represents the net change in fair value of the consolidated assets and liabilities of these entities, which include residential loans held-for-investment, REO, and ABS issued. This amount also represents the estimated change in value of our retained interests in these entities. See Note 3 for further discussion.
Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value	The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value.
	Fair Value Methodology for Level 3 Financial Instruments
	March 31, 2015		Fair							Weighted
	(Dollars in Thousands, except input values)		Value				Unobservable Input	Range		Average
	Assets
	Residential loans, at fair value:
	Jumbo fixed rate loans priced to securitization		$	1,334,594			IO Multiple	4.0 - 4.6	x	4.2			x
	or to whole loan market and uncommitted to sell
							Prepayment rate (Annual CPR)	15-Dec	%	14			%
							Senior spread to TBA price	$3.13 - 3.13		$	3.13
							Subordinate spread to swap rate	315 - 315	bps	315			bps
							Credit support	8-Aug	%	8			%
							Whole loan spread to TBA price	$3.10 - 4.50		$	4.35
	Jumbo hybrid loans priced to whole loan market		137,168				Prepayment rate (Annual CPR)	15 - 15	%	15			%
	and uncommitted to sell
							Spread to swap rate	125 - 165	bps	134			bps
	Jumbo loans priced to whole loan market and		421,226				Committed Sales Price	$102 - 103		$	103
	committed to sell
	Loans held by consolidated Sequoia entities (1)		1,304,426				Liability price	N/A		N/A
	Residential loans, at lower of cost or fair value		1,103				Loss severity	13 - 30	%	20			%
	Commercial loans, at fair value		127,026				Spread to swap rate	147 - 156	bps	154			bps
							Credit support	22 - 23	%	23			%
	Trading and AFS securities		1,285,243				Discount rate	12-Apr	%	6			%
							Prepayment rate (Annual CPR)	Jan-35	%	12			%
							Default rate	0 - 35	%	8			%
							Loss severity	20 - 64	%	34			%
							Credit support	0 - 48	%	10			%
	MSRs		120,324				Discount rate	11-Sep	%	10			%
							Prepayment rate (Annual CPR)	Apr-60	%	14			%
							Per loan annual cost to service	$ 72 - 82		$	77
	Guarantee asset		6,118				Discount rate	11-Nov	%	11			%
							Prepayment rate (Annual CPR)	27-May	%	12			%
	REO		3,410				Loss severity	31 - 66	%	46			%
	Loan purchase commitments, net (2)		7,425				MSR Multiple	0.0 - 5.7	x	3.5			x
							Fallout rate	Feb-98	%	33			%
	Liabilities
	ABS issued by consolidated Sequoia entities (1)		1,239,065				Discount rate	8-Apr	%	5			%
							Prepayment rate (Annual CPR)	0 - 31	%	13			%
							Default rate	0 - 12	%	6			%
							Loss severity	20 - 32	%	26			%
							Credit support	0 - 65	%	11			%
	Commercial secured financing		68,077				Spread to swap rate	156 - 156	bps	156			bps
							Credit support	23 - 23	%	23			%
	(1) Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment in, and ABS issued by, consolidated Sequoia entities began to be recorded at fair value. In accordance with this new guidance, the fair value of the loans in these entities were based on the fair value of the liabilities issued by these entities, which we determined were more readily observable. See Note 3 for further discussion.
	(2) For the purpose of this presentation, loan purchase commitment assets and liabilities are presented net.

Residential_Loans_Tables

Residential Loans (Tables) (Residential Loans)	3 Months Ended
	Mar. 31, 2015
Residential Loans
Mortgage Loans on Real Estate [Line Items]
Summary of Classifications and Carrying Value of Loans	The following table summarizes the classifications and carrying values of the residential loans owned at Redwood and at consolidated Sequoia entities at March 31, 2015 and December 31, 2014.
	31-Mar-15
	(In Thousands)		Redwood			Sequoia (1)			Total
	Held-for-sale
	Fair value - conforming		$	200,869		$	—		$	200,869
	Fair value - jumbo		892,544			—			892,544
	Lower of cost or fair value		1,472			—			1,472
	Held-for-investment
	Fair value - Jumbo		1,000,444			1,304,426			2,304,870
	Total Residential Loans		$	2,095,329		$	1,304,426		$	3,399,755
	31-Dec-14
	(In Thousands)		Redwood			Sequoia (1)			Total
	Held-for-sale
	Fair value - conforming		$	244,714		$	—		$	244,714
	Fair value - jumbo		1,096,317			—			1,096,317
	Lower of cost or fair value		1,488			—			1,488
	Held-for-investment
	Fair value - jumbo		581,668			—			581,668
	At amortized cost		—			1,474,386			1,474,386
	Total Residential Loans		$	1,924,187		$	1,474,386		$	3,398,573
	-1	Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment at consolidated Sequoia entities began to be recorded at fair value. See Note 3 for further discussion.
Carrying Value for Loans Held-for-Investment	The following table details the carrying value for residential loans held-for-investment at consolidated Sequoia entities at March 31, 2015 and December 31, 2014.
	(In Thousands)		March 31, 2015			December 31, 2014
	Principal balance		$	1,415,017		$	1,483,213
	Unamortized premium, net		—			12,511
	Allowance for loan losses		—			(21,338		)
	Valuation adjustment		(110,591		)	—
	Carrying value		$	1,304,426		$	1,474,386

Commercial_Loans_Tables

Commercial Loans (Tables)	3 Months Ended
	Mar. 31, 2015
Commercial Loans Held For Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial Loans Held-for-Investment by Risk Category	The following table presents the principal balance of commercial loans held-for-investment by risk category.
	(In Thousands)	March 31, 2015			December 31, 2014
	Pass	$	320,075		$	316,122
	Watch list	25,571			25,628
	Total Commercial Loans Held-for-Investment	$	345,646		$	341,750
Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Summary of Classifications and Carrying Value of Loans	The following table summarizes the classifications and carrying value of commercial loans at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Held-for-sale, at fair value	$	54,407		$	166,234
	Held-for-investment
	At fair value	72,619			71,262
	At amortized cost	333,316			329,431
	Total Commercial Loans	$	460,342		$	566,927
Carrying Value for Loans Held-for-Investment	The following table provides additional information for our commercial loans held-for-investment at amortized cost at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Principal balance	$	345,646		$	341,750
	Unamortized discount, net	(4,668		)	(4,862		)
	Recorded investment	340,978			336,888
	Allowance for loan losses	(7,662		)	(7,457		)
	Carrying Value	$	333,316		$	329,431
Summary of Activity in Allowance for Loans Losses	The following table summarizes the activity in the allowance for commercial loan losses for the three months ended March 31, 2015 and 2014.
		Three Months Ended March 31,
	(In Thousands)	2015			2014
	Balance at beginning of period	$	7,456		$	7,373
	Charge-offs, net	—			—
	Provision for loan losses	206			655
	Balance at End of Period	$	7,662		$	8,028
Collectively Evaluated for Impairment | Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Evaluated for Impairment	The following table summarizes the balances for loans collectively evaluated for impairment at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Principal balance	$	345,646		$	341,750
	Recorded investment	340,978			336,888
	Related allowance	7,662			7,457

Real_Estate_Securities_Tables

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Fair Values of Real Estate Securities	The following table presents the fair values of our real estate securities by type at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Trading	$	106,837		$	111,606
	Available-for-sale	1,178,406			1,267,624
	Total Real Estate Securities	$	1,285,243		$	1,379,230
Trading Securities by Collateral Type	The following table presents trading securities by collateral type at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Senior Securities
	Prime	$	65,809		$	93,802
	Non-prime	7,454			7,951
	Total Senior Securities	73,263			101,753
	Prime Subordinate Securities	33,574			9,853
	Total Trading Securities	$	106,837		$	111,606
Available for Sale Securities by Collateral Type	The following table presents the fair value of our available-for-sale securities held at Redwood by collateral type at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Senior Securities
	Prime	$	297,872		$	307,813
	Non-prime	174,874			179,744
	Total Senior Securities	472,746			487,557
	Re-REMIC Securities	169,239			168,347
	Subordinate Securities
	Prime Mezzanine (1)	370,391			448,838
	Subordinate (2)	166,030			162,882
	Total Subordinate Securities	536,421			611,720
	Total AFS Securities	$	1,178,406		$	1,267,624
	(1) Mezzanine includes securities initially rated AA, A and BBB- and issued in 2012 or later.
	(2) Subordinate securities includes less than $1 million of non-prime securities at both March 31, 2015, and December 31, 2014.
Components of Carrying Value (Which Equals Fair Value) of Residential Available for Sale Securities	The following table presents the components of carrying value (which equals fair value) of AFS securities at March 31, 2015 and December 31, 2014.
	Carrying Value of AFS Securities
	March 31, 2015	Senior
	(In Thousands)	Prime			Non-prime			Re-REMIC			Subordinate			Total
	Principal balance	$	302,046		$	190,790		$	194,296		$	648,490		$	1,335,622
	Credit reserve	(2,830		)	(9,027		)	(12,667		)	(39,060		)	(63,584		)
	Unamortized discount, net	(32,645		)	(29,791		)	(79,401		)	(144,545		)	(286,382		)
	Amortized cost	266,571			151,972			102,228			464,885			985,656
	Gross unrealized gains	33,313			22,984			67,011			72,328			195,636
	Gross unrealized losses	(2,012		)	(82		)	—			(792		)	(2,886		)
	Carrying Value	$	297,872		$	174,874		$	169,239		$	536,421		$	1,178,406
	December 31, 2014	Senior
	(In Thousands)	Prime			Non-prime			Re-REMIC			Subordinate			Total
	Principal balance	$	311,573		$	196,258		$	195,098		$	742,150		$	1,445,079
	Credit reserve	(3,660		)	(9,644		)	(15,202		)	(41,561		)	(70,067		)
	Unamortized discount, net	(34,782		)	(31,491		)	(79,611		)	(150,458		)	(296,342		)
	Amortized cost	273,131			155,123			100,285			550,131			1,078,670
	Gross unrealized gains	35,980			24,682			68,062			63,026			191,750
	Gross unrealized losses	(1,298		)	(61		)	—			(1,437		)	(2,796		)
	Carrying Value	$	307,813		$	179,744		$	168,347		$	611,720		$	1,267,624
Changes of Unamortized Discount and Designated Credit Reserves on Residential Available for Sale Securities	The following table presents the changes for the three ended March 31, 2015, in unamortized discount and designated credit reserves on residential AFS securities.
	Changes in Unamortized Discount and Designated Credit Reserves on AFS Securities
		Three Months Ended March 31, 2015
		Credit			Unamortized
	(In Thousands)	Reserve			Discount, Net
	Beginning balance	$	70,067		$	296,342
	Amortization of net discount	—			(9,838		)
	Realized credit losses	(2,945		)	—
	Acquisitions	—			2,672
	Sales, calls, other	—			(6,332		)
	Impairments	—			—
	Transfers to (release of) credit reserves, net	(3,538		)	3,538
	Ending Balance	$	63,584		$	286,382
Components of Carrying Value of Available for Sale Securities in Unrealized Loss Position	The following table presents the components comprising the total carrying value of residential AFS securities that were in a gross unrealized loss position at March 31, 2015 and December 31, 2014.
		Less Than 12 Consecutive Months									12 Consecutive Months or Longer
		Amortized			Unrealized			Fair			Amortized			Unrealized			Fair
	(In Thousands)	Cost			Losses			Value			Cost			Losses
	March 31, 2015	$	143,665		$	(1,798	)	$	141,867		$	36,468		$	(1,088	)	$	35,380
	December 31, 2014	126,681			(1,374		)	125,307			70,676			(1,422		)	69,254
Summary of Significant Valuation Assumptions for Available for Sale Securities	The table below summarizes the significant valuation assumptions we used for our AFS securities in unrealized loss positions at March 31, 2015.
	Significant Valuation Assumptions
		Range for Securities
	March 31, 2015	Prime		Non-prime
	Prepayment rates	8 - 16%		10 - 10%
	Projected losses	1 - 18%		14 - 18%
Activity of Credit Component of Other-than-Temporary Impairments	The following table details the activity related to the credit loss component of OTTI (i.e., OTTI recognized through earnings) for AFS securities held at March 31, 2015 and 2014, for which a portion of an OTTI was recognized in other comprehensive income.
	Activity of the Credit Component of Other-than-Temporary Impairments
		Three Months Ended March 31,
	(In Thousands)	2015			2014
	Balance at beginning of period	$	33,849		$	37,149
	Additions
	Initial credit impairments	—			71
	Subsequent credit impairments	—			42
	Reductions
	Securities sold, or expected to sell	(95		)	—
	Securities with no outstanding principal at period end	(805		)	(1,476		)
	Balance at End of Period	$	32,949		$	35,786
Gross Realized Gains and Losses on Sales and Calls of Available for Sale Securities	The following table presents the gross realized gains and losses on sales and calls of AFS securities for the three months ended March 31, 2015 and 2014.
		Three Months Ended March 31,
	(In Thousands)	2015			2014
	Gross realized gains - sales	$	4,306		$	—
	Gross realized gains - calls	—			987
	Gross realized losses - sales	—			—
	Gross realized losses - calls	—			—
	Total Realized Gains on Sales and Calls of AFS Securities, net	$	4,306		$	987

Mortgage_Servicing_Rights_Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2015
Transfers and Servicing [Abstract]
Schedule of Fair Value of MSRs and Aggregate Principal Amounts of Associated Loans	The following table presents the fair value of MSRs and the aggregate principal amounts of associated loans as of March 31, 2015 and December 31, 2014.
			March 31, 2015						December 31, 2014
	(In Thousands)		MSR Fair Value			Associated Principal			MSR Fair Value		Associated Principal
	Mortgage Servicing Rights
	Conforming Loans		$	69,203		$	6,800,645		$	81,301	$	7,705,146
	Jumbo Loans		51,121			5,851,993			57,992		5,962,784
	Total Mortgage Servicing Rights		$	120,324		$	12,652,638		$	139,293	$	13,667,930
Activity for Residential First-Lien Mortgage Servicing Rights	The following table presents activity for MSRs for the three months ended March 31, 2015 and 2014.
	MSR Activity
			Three Months Ended March 31,
	(In Thousands)		2015			2014
	Balance at beginning of period		$	139,293		$	64,824
	Additions		18,754			2,858
	Sales		(18,206		)	—
	Changes in fair value due to:
	Changes in assumptions (1)		(14,036		)	(1,125		)
	Other changes (2)		(5,481		)	(1,586		)
	Balance at End of Period		$	120,324		$	64,971
	-1	Primarily reflects changes in prepayment assumptions due to changes in market interest rates.
	-2	Represents changes due to realization of expected cash flows.
Details of Retention and Purchase of MSRs	The following table details the retention and purchase of MSRs during the three months ended March 31, 2015.
	MSR Additions
	(In Thousands)		Three Months Ended March 31, 2015
			MSR Fair Value			Associated Principal
	Jumbo MSR additions:
	From securitization		$	1,872		$	227,852
	From loan sales		92			10,145
	Total jumbo MSR additions		1,964			237,997
	Conforming MSR additions:
	From loan sales		$	13,711		$	1,352,658
	From purchases		3,079			318,338
	Total conforming MSR additions		16,790			1,670,996
	Total MSR additions		$	18,754		$	1,908,993
Components of Mortgage Servicing Rights Income	The following table presents the components of our MSR income.
			Three Months Ended March 31,
	(In Thousands)		2015			2014
	Servicing income
	Income		$	9,716		$	3,633
	Cost of sub-servicer		(1,229		)	(316		)
	Net servicing income		8,487			3,317
	Market valuation adjustments		(19,517		)	(2,711		)
	MSR provision for repurchases		106			—
	MSR income (loss)		$	(10,924	)	$	606

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate Fair Value and Notional Amount of Derivative Financial Instruments	The following table presents the fair value and notional amount of our derivative financial instruments at March 31, 2015 and December 31, 2014.
		March 31, 2015						December 31, 2014
		Fair			Notional			Fair			Notional
	(In Thousands)	Value			Amount			Value			Amount
	Assets - Risk Management Derivatives
	Interest rate swaps	$	1,768		$	158,000		$	—		$	—
	TBAs	4,721			691,000			6,654			1,074,000
	Futures	—			—			—			—
	Swaptions	15,786			825,000			7,006			575,000
	Credit default index swaps	—			—			1,597			50,000
	Assets - Other Derivatives
	Loan purchase commitments	8,271			1,405,347			1,160			288,467
	Loan forward sale commitments	—			—			—			—
	Total Assets	$	30,546		$	3,079,347		$	16,417		$	1,987,467
	Liabilities - Cash Flow Hedges
	Interest rate swaps	$	(55,284	)	$	139,500		$	(46,845	)	$	139,500
	Liabilities - Risk Management Derivatives
	Interest rate swaps	(2,297		)	190,500			(1,328		)	206,000
	TBAs	(8,842		)	1,230,000			(9,506		)	1,110,000
	Futures	(332		)	72,000			(372		)	90,000
	Liabilities - Other Derivatives
	Loan purchase commitments	(846		)	387,051			(41		)	27,324
	Loan forward sale commitments	(463		)	99,475			(239		)	102,793
	Total Liabilities	$	(68,064	)	$	2,118,526		$	(58,331	)	$	1,675,617
	Total Derivative Financial Instruments, Net	$	(37,518	)	$	5,197,873		$	(41,914	)	$	3,663,084
Impact on Interest Expense of Interest Rate Agreements Accounted for as Cash Flow Hedges	The following table illustrates the impact on interest expense of our interest rate agreements accounted for as cash flow hedges for the three months ended March 31, 2015 and 2014.
	Impact on Interest Expense of Our Interest Rate Agreements Accounted for as Cash Flow Hedges
		Three Months Ended March 31,
	(In Thousands)	2015			2014
	Net interest expense on cash interest rate agreements	$	(1,484	)	$	(1,488	)
	Realized expense due to ineffective portion of cash flow hedges	—			—
	Realized net losses reclassified from other comprehensive income	(31		)	(60		)
	Total Interest Expense	$	(1,515	)	$	(1,548	)

Other_Assets_and_Liabilities_T

Other Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	Other assets at March 31, 2015 and December 31, 2014, are summarized in the following table.
	(In Thousands)		March 31, 2015		December 31, 2014
	Margin receivable		$	79,760	$	65,374
	Investment receivable		31,578		1,103
	FHLBC stock		28,434		10,688
	Pledged collateral		10,265		9,927
	Guarantee asset		6,118		7,201
	Income tax receivables		5,786		175
	REO		5,305		4,391
	Deposits		5,000		5,000
	Prepaid expenses		2,816		3,372
	Fixed assets and leasehold improvements (1)		3,868		3,008
	Other		4,062		3,657
	Total Other Assets		$	182,992	$	113,896
	-1	Fixed assets have a basis of $6 million and accumulated depreciation of $4 million at March 31, 2015.
Summary of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities at March 31, 2015 and December 31, 2014 are summarized in the following table.
	(In Thousands)		March 31, 2015		December 31, 2014
	Margin payable		$	15,007	$	6,455
	Unsettled trades		11,050		—
	Accrued compensation		8,518		19,273
	Guarantee obligation		6,917		7,201
	Residential repurchase reserve		4,292		3,724
	Accrued operating expenses		3,096		3,334
	Legal reserve		2,000		2,000
	Income tax payable		721		—
	Other		8,534		10,257
	Total Other Liabilities		$	60,135	$	52,244

ShortTerm_Debt_Tables

Short-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Outstanding Balances of Short-Term Debt by Type of Collateral Securing Debt	The table below summarizes the facilities that are available to us and the balances of short-term debt at March 31, 2015 and December 31, 2014 by the type of collateral securing the debt.
	Short-Term Debt
		March 31, 2015
	(Dollars in Thousands)	Number of Facilities		Outstanding			Limit				Maturity
	Collateral Type
	Residential loans	5		$	815,037		$	1,550,000			4/2015-2/2016
	Commercial loans	3		80,858			400,000				4/2015-10/2016
	Real estate securities	10		606,269			—				4/2015-6/2015
	Total	18		$	1,502,164
		December 31, 2014
	(Dollars in Thousands)	Number of Facilities		Outstanding			Limit				Maturity
	Collateral Type
	Residential loans	5		$	1,076,188		$	1,550,000			2/2015-12/2015
	Commercial loans	3		109,128			400,000				4/2015-10/2016
	Real estate securities	9		608,509			—				1/2015-3/2015
	Total	17		$	1,793,825
Short-Term Debt by Weighted Average Interest Rates and Collateral Type	The table below summarizes short-term debt by weighted average interest rates and by collateral type at March 31, 2015 and December 31, 2014.
		March 31, 2015							December 31, 2014
	(Dollars in Thousands)	Amount Borrowed			Weighted Average Interest Rate		Weighted Average Days Until Maturity		Amount Borrowed			Weighted Average Interest Rate		Weighted Average Days Until Maturity
	Collateral Type
	Residential loan collateral	$	815,037		1.74	%	191		$	1,076,188		1.74	%	156
	Commercial loan collateral	80,858			4.4	%	288		109,128			3.66	%	185
	Real estate securities collateral	606,269			1.38	%	26		608,509			1.38	%	20
	Total Short-Term Debt	$	1,502,164		1.74	%	130		$	1,793,825		1.73	%	112
Remaining Maturities of Short Term Debt	The following table presents the remaining maturities of short-term debt at March 31, 2015 and December 31, 2014.
	(In Thousands)	March 31, 2015			December 31, 2014
	Within 30 days	$	427,720		$	515,552
	31 to 90 days	269,050			447,021
	Over 90 days	805,394			831,252
	Total Short-Term Debt	$	1,502,164		$	1,793,825

AssetBacked_Securities_Issued_

Asset-Backed Securities Issued (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Carrying Value of ABS Issued by Consolidated Securitization Entities Sponsored, along with Other Selected Information	The carrying values of ABS issued by consolidated securitization entities we sponsored at March 31, 2015 and December 31, 2014, along with other selected information, are summarized in the following table.
	Asset-Backed Securities Issued
		March 31, 2015
	(Dollars in Thousands)	Sequoia			Residential Resecuritization			Commercial Securitization			Total
	Certificates with principal balance	$	1,359,646		$	34,280		$	79,676		$	1,473,602
	Interest-only certificates	5,622			—			—			5,622
	Market valuation adjustments (1)	(126,203		)	—			—			(126,203		)
	Total ABS Issued	$	1,239,065		$	34,280		$	79,676		$	1,353,021
	Range of weighted average interest rates, by series	0.38% to 4.30%			2.17		%	5.62		%
	Stated maturities	2017-2041			2046			2018
	Number of series	24			1			1
	(1) Upon adoption of ASU 2014-13 on January 1, 2015, we began to account for ABS issued by consolidated Sequoia entities at fair value. See Note 3 for further discussion.
		December 31, 2014
	(Dollars in Thousands)	Sequoia			Residential Resecuritization			Commercial Securitization			Total
	Certificates with principal balance	$	1,427,056		$	45,044		$	83,313		$	1,555,413
	Interest-only certificates	2,079			—			—			2,079
	Unamortized discount	(12,373		)	—			—			(12,373		)
	Total ABS Issued	$	1,416,762		$	45,044		$	83,313		$	1,545,119
	Range of weighted average interest rates, by series	0.36% to 4.27%			2.16		%	5.62		%
	Stated maturities	2014 - 2041			2046			2018
	Number of series	24			1			1
Summary of Accrued Interest Payable on ABS Issued	The following table summarizes the accrued interest payable on ABS issued at March 31, 2015 and December 31, 2014. Interest due on consolidated ABS issued is payable monthly.
	Accrued Interest Payable on Asset-Backed Securities Issued
	(In Thousands)	March 31, 2015			December 31, 2014
	Sequoia	$	893		$	976
	Residential Resecuritization	10			5
	Commercial Securitization	374			390
	Total Accrued Interest Payable on ABS Issued	$	1,277		$	1,371
Summary of Carrying Value Components of Collateral for ABS Issued and Outstanding	The following table summarizes the carrying value components of the collateral for ABS issued and outstanding at March 31, 2015 and December 31, 2014.
	Collateral for Asset-Backed Securities Issued
		March 31, 2015
	(In Thousands)	Sequoia			Residential Resecuritization			Commercial Securitization			Total
	Residential loans	$	1,304,426		$	—		$	—		$	1,304,426
	Commercial loans	—			—			191,575			$	191,575
	Real estate securities	—			211,316			—			$	211,316
	Restricted cash	147			—			135			$	282
	Accrued interest receivable	1,720			449			1,491			$	3,660
	REO	5,304			—			—			$	5,304
	Total Collateral for ABS Issued	$	1,311,597		$	211,765		$	193,201		$	1,716,563
		December 31, 2014
	(In Thousands)	Sequoia			Residential Resecuritization			Commercial Securitization			Total
	Residential loans	$	1,474,386		$	—		$	—		$	1,474,386
	Commercial loans	—			—			194,991			$	194,991
	Real estate securities	—			221,676			—			$	221,676
	Restricted cash	147			43			137			$	327
	Accrued interest receivable	2,359			477			1,511			$	4,347
	REO	4,391			—			—			$	4,391
	Total Collateral for ABS Issued	$	1,481,283		$	222,196		$	196,639		$	1,900,118

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Lease Commitments	The following table presents our future lease commitments at March 31, 2015.
	Future Lease Commitments by Year
	(In Thousands)	March 31, 2015
	2015 (9 months)	$	2,123
	2016	2,833
	2017	2,879
	2018	1,827
	2019	1,189
	2020 and thereafter	1,495
	Total Lease Commitments	$	12,346

Equity_Tables

Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Changes to Accumulated Other Comprehensive Income (Loss) by Component	The following table provides a summary of changes to accumulated other comprehensive income by component for the three months ended March 31, 2015 and 2014.
	Changes in Accumulated Other Comprehensive Income by Component
		Three Months Ended March 31, 2015								Three Months Ended March 31, 2014
	(In Thousands)	Net unrealized gains on available-for-sale securities				Net unrealized losses on interest rate agreements accounted for as cash flow hedges				Net unrealized gains on available-for-sale securities		Net unrealized losses on interest rate agreements accounted for as cash flow hedges
	Balance at beginning of period	$	186,737			$	(46,049	)		$	164,654	$	(15,888	)
	Other comprehensive income (loss)	5,053				(8,442		)		19,323		(8,795		)
	before reclassifications
	Amounts reclassified from other	(1,690		)		31				1,298		60
	accumulated comprehensive income
	Net current-period other comprehensive income (loss)	3,363				(8,411		)		20,621		(8,735		)
	Balance at End of Period	$	190,100			$	(54,460	)		$	185,275	$	(24,623	)
Reclassifications out of Accumulated Other Comprehensive Income (Loss)	The following table provides a summary of reclassifications out of accumulated other comprehensive income for three months ended March 31, 2015 and 2014.
	Reclassifications Out of Accumulated Other Comprehensive Income
				Amount Reclassified From Accumulated Other Comprehensive Income
		Affected Line Item in the		Three Months Ended March 31,
	(In Thousands)	Income Statement		2015				2014
	Net realized gains (losses) on AFS securities
	Other than temporary impairment	Other market valuations, net		$	—			$	1,298
	Gain on sale of AFS securities	Realized gains, net		$	(1,690	)		$	—
				$	(1,690	)		$	1,298
	Net realized gains on interest rate
	agreements designated as cash flow hedges
	Amortization of deferred loss	Interest expense		$	31			$	60
				$	31			$	60
Basic and Diluted Earnings (Loss) Per Common Share	The following table provides the basic and diluted earnings per common share computations for the three months ended March 31, 2015 and 2014.
	Basic and Diluted Earnings Per Common Share
		Three Months Ended March 31,
	(In Thousands, Except Share Data)	2015				2014
	Basic Earnings Per Common Share:
	Net income attributable to Redwood	$	14,801			$	12,333
	Less: Dividends and undistributed earnings allocated to participating securities	(822		)		(702		)
	Net income allocated to common shareholders	$	13,979			$	11,631
	Basic weighted average common shares outstanding	83,360,312				82,410,562
	Basic Earnings Per Common Share	$	0.17			$	0.14
	Diluted Earnings Per Common Share:
	Net income attributable to Redwood	$	14,801			$	12,333
	Less: Dividends and undistributed earnings allocated to participating securities	(822		)		(702		)
	Net income allocated to common shareholders	$	13,979			$	11,631
	Weighted average common shares outstanding	83,360,312				82,410,562
	Net effect of dilutive equity awards	2,261,904				2,529,978
	Diluted weighted average common shares outstanding	85,622,216				84,940,540
	Diluted Earnings Per Common Share	$	0.16			$	0.14

Equity_Compensation_Plans_Tabl

Equity Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Compensation Plans	The unamortized compensation cost of awards issued under the Incentive Plan and purchases under the Employee Stock Purchase Plan totaled $25 million at March 31, 2015, as shown in the following table.
		Three Months Ended March 31, 2015
	(In Thousands)	Restricted Stock			Deferred Stock Units			Performance Stock Units			Employee Stock Purchase Plan			Total
	Unrecognized compensation cost at beginning of period	$	1,091		$	12,304		$	6,874		$	—		$	20,269
	Equity grants	2,636			5,162			—			236			8,034
	Equity grant forfeitures	(162		)	—			—			—			(162		)
	Equity compensation expense	(250		)	(1,575		)	(854		)	(59		)	(2,738		)
	Unrecognized Compensation Cost at End of Period	$	3,315		$	15,891		$	6,020		$	177		$	25,403

Mortgage_Banking_Activities_Ta

Mortgage Banking Activities (Tables)	3 Months Ended
	Mar. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Mortgage Banking Activities, Net	The following table presents the components of mortgage banking activities, net, recorded in our consolidated income statements for the three months ended March 31, 2015 and 2014.
			Three Months Ended March 31,
	(In Thousands)		2015			2014
	Residential mortgage banking activities:
	Changes in fair value of:
	Residential loans, at fair value (1)		$	20,312		$	7,045
	Sequoia IO securities		(14,359		)	(4,277		)
	Risk management derivatives (2)		(4,371		)	(4,278		)
	Other (3)		633			446
	Total residential mortgage banking activities:		2,215			(1,064		)
	Commercial mortgage banking activities:
	Changes in fair value of:
	Commercial loans, at fair value		5,857			3,626
	Risk management derivatives (2)		(6,212		)	(2,803		)
	Other (3)		63			10
	Total commercial mortgage banking activities:		(292		)	833
	Mortgage banking activities		$	1,923		$	(231	)
	-1	Includes changes in fair value for loan purchase and forward sale commitments.
	-2	Represents market valuation changes of derivatives that are used to manage risks associated with our accumulation of residential and commercial loans.
	-3	Amounts in this line item include other fee income from loan acquisitions and the provision for repurchases expense, presented net.

Operating_Expenses_Tables

Operating Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Other Income and Expenses [Abstract]
Components of Operating Expenses	Components of our operating expenses for the three months ended March 31, 2015 and 2014 are presented in the following table.
	Operating Expenses
		Three Months Ended March 31,
	(In Thousands)	2015		2014
	Fixed compensation expense	$	9,155	$	6,742
	Variable compensation expense	3,991		2,781
	Equity compensation expense	2,738		2,330
	Total compensation expense	15,884		11,853
	Systems and consulting	2,122		3,466
	Accounting and legal	1,577		1,633
	Office costs	1,232		985
	Corporate costs	526		552
	Other operating expenses	3,722		1,482
	Total Operating Expenses	$	25,063	$	19,971

Taxes_Tables

Taxes (Tables)	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Reconciliation of Statutory Tax Rate to Effective Tax Rate	The following is a reconciliation of the statutory federal and state tax rates to our projected annual effective rate at March 31, 2015 and 2014.
	Reconciliation of Statutory Tax Rate to Effective Tax Rate
		31-Mar-15		March 31, 2014
	Federal statutory rate	34	%	34	%
	State statutory rate, net of Federal tax effect	7.2	%	7.2	%
	Differences in taxable (loss) income from GAAP income	(44.7	)%	(1.7	)%
	Change in valuation allowance	11.9	%	3.7	%
	Dividends paid deduction	(64.4	)%	(60.8	)%
	Effective Tax Rate	(56.0	)%	(17.6	)%

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Financial Information by Segment	The following tables present financial information by segment for the three months ended March 31, 2015 and 2014.
	Business Segment Financial Information
		Three Months Ended March 31, 2015
	(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/			Total
											Other
	Interest income	$	15,795		$	30,012		$	10,914		$	7,025		$	63,746
	Interest expense	(3,778		)	(2,810		)	(3,489		)	(13,884		)	(23,961		)
	Net interest income (loss)	12,017			27,202			7,425			(6,859		)	39,785
	Provision for loan losses	—			—			(206		)	—			(206		)
	Non-interest income
	Mortgage banking activities	2,215			—			(292		)	—			1,923
	MSR income (loss)	—			(10,924		)	—			—			(10,924		)
	Other market valuation adjustments	2			(19		)	—			(1,128		)	(1,145		)
	Realized gains, net	—			4,306			—			—			4,306
	Other income	—			809			—			—			809
	Total non-interest income, net	2,217			(5,828		)	(292		)	(1,128		)	(5,031		)
	Direct operating expenses	(10,903		)	(1,118		)	(3,482		)	(9,560		)	(25,063		)
	Benefit from income taxes	8			3,510			853			945			5,316
	Segment Contribution	$	3,339		$	23,766		$	4,298		$	(16,602	)
	Net Income													$	14,801
	Non-cash amortization expense	(46		)	9,838			(49		)	(981		)	8,762
		Three Months Ended March 31, 2014
	(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/			Total
											Other
	Interest income	$	10,668		$	27,594		$	10,384		$	6,830		$	55,476
	Interest expense	(1,321		)	(2,850		)	(3,303		)	(11,586		)	(19,060		)
	Net interest income (loss)	9,347			24,744			7,081			(4,756		)	36,416
	Provision for loan losses	—			—			(655		)	(629		)	(1,284		)
	Non-interest income
	Mortgage banking activities	(1,064		)	—			833			—			(231		)
	MSR income (loss)	—			606			—			—			606
	Other market valuation adjustments	(2		)	(5,957		)	—			(179		)	(6,138		)
	Realized gains, net	—			987			—			105			1,092
	Total non-interest income, net	(1,066		)	(4,364		)	833			(74		)	(4,671		)
	Direct operating expenses	(7,094		)	(1,095		)	(2,626		)	(9,156		)	(19,971		)
	(Provision for) benefit from income taxes	(165		)	1,527			355			126			1,843
	Segment Contribution	$	1,022		$	20,812		$	4,988		$	(14,489	)
	Net Income													$	12,333
	Non-cash amortization expense	(52		)	11,247			(173		)	(1,946		)	9,076
	The following tables present the components of Corporate/Other for the three months ended March 31, 2015 and 2014.
		Three Months Ended March 31,
		2015									2014
	(In Thousands)	Legacy Consolidated VIEs			Other			Total			Legacy Consolidated VIEs			Other			Total
	Interest income	$	7,018		$	7		$	7,025		$	6,828		$	2		$	6,830
	Interest expense	(4,482		)	(9,402		)	$	(13,884	)	(5,460		)	(6,126		)	(11,586		)
	Net interest income (loss)	2,536			(9,395		)	(6,859		)	1,368			(6,124		)	(4,756		)
	Provision for loan losses	—			—			—			(629		)	—			(629		)
	Non-interest income
	Other market valuation adjustments	(1,093		)	(35		)	(1,128		)	(142		)	(37		)	(179		)
	Realized gains, net	—			—			—			105			—			105
	Total non-interest income, net	(1,093		)	(35		)	(1,128		)	(37		)	(37		)	(74		)
	Direct operating expenses	—			(9,560		)	(9,560		)	(52		)	(9,104		)	(9,156		)
	Benefit from income taxes	—			945			945			—			126			126
	Total	$	1,443		$	(18,045	)	$	(16,602	)	$	650		$	(15,139	)	$	(14,489	)
Supplemental Information by Segment	The following table presents supplemental information by segment at March 31, 2015 and December 31, 2014.
	Supplemental Disclosures
	(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/			Total
											Other
	March 31, 2015
	Residential loans	$	1,094,885		$	1,000,444		$	—		$	1,304,426		$	3,399,755
	Commercial loans	—			—			460,342			—			460,342
	Real estate securities	65,809			1,219,434			—			—			1,285,243
	Mortgage servicing rights	—			120,324			—			—			120,324
	Total assets	1,204,055			2,446,100			467,200			1,698,664			5,816,019
	December 31, 2014
	Residential loans	$	1,342,519		$	581,668		$	—		$	1,474,386		$	3,398,573
	Commercial loans	—			—			566,927			—			566,927
	Real estate securities	93,802			1,285,428			—			—			1,379,230
	Mortgage servicing rights	—			139,293			—			—			139,293
	Total assets	1,468,856			2,057,256			575,943			1,816,911			5,918,966

Organization_Detail

Organization (Detail)	3 Months Ended
	Mar. 31, 2015
	Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Minimum percentage of taxable income distribution to shareholders to be taxed as a REIT	90.00%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Effect of ASU 2014-13 on Balance Sheet (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Residential loans	$3,399,755,000		$3,398,573,000
Other assets	182,992,000	[1]	113,896,000	[1]
Total Assets	5,816,019,000	[1]	5,918,966,000	[1]
ABS issued principal	1,353,021,000	[1],[2]	1,545,119,000	[1],[2]
Total liabilities	4,558,809,000	[1]	4,662,825,000	[1]
Residential Loans Held for Investment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loan Principal	1,415,017,000		1,483,213,000
Residential loans	1,304,426,000		1,474,386,000
Variable Interest Entity, Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loan Principal			1,373,000,000
Loan unamortized premium			0
Allowance for loan losses			0
Deferred bond issuance costs			0
Other assets			5,000,000
Total Assets			1,377,000,000
ABS issued principal			1,303,000,000
ABS issued unamortized discount			0
Total liabilities			1,303,000,000
Redwood's investment in consolidated Sequoia entities			74,000,000
Variable Interest Entity, Primary Beneficiary | Residential Loans Held for Investment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Residential loans			1,373,000,000
Variable Interest Entity, Primary Beneficiary | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loan Principal			1,486,000,000
Loan unamortized premium			13,000,000
Allowance for loan losses			-21,000,000
Deferred bond issuance costs			1,000,000
Other assets			5,000,000
Total Assets			1,482,000,000
ABS issued principal			1,428,000,000
ABS issued unamortized discount			-10,000,000
Total liabilities			1,418,000,000
Redwood's investment in consolidated Sequoia entities			64,000,000
Variable Interest Entity, Primary Beneficiary | Previously Reported | Residential Loans Held for Investment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Residential loans			1,478,000,000
Variable Interest Entity, Primary Beneficiary | Restatement Adjustment | Accounting Standards Update 2014-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loan Principal			-113,000,000
Loan unamortized premium			-13,000,000
Allowance for loan losses			21,000,000
Deferred bond issuance costs			-1,000,000
Other assets			0
Total Assets			-105,000,000
ABS issued principal			-125,000,000
ABS issued unamortized discount			10,000,000
Total liabilities			-115,000,000
Redwood's investment in consolidated Sequoia entities			10,000,000
Variable Interest Entity, Primary Beneficiary | Restatement Adjustment | Accounting Standards Update 2014-13 | Residential Loans Held for Investment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Residential loans			($105,000,000)
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.
[2]	On January 1, 2015, we adopted ASU 2014-13 and began to account for residential loans held-for-investment and asset backed securities issued at consolidated Sequoia entities (which are VIEs) at fair value. At December 31, 2014, amounts presented in residential loans held-for-investment for these assets included $1,474,386 at historical cost. See Note 3 for further discussion.

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Offsetting of Financial Assets, Liabilities, and Collateral (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Offsetting Asset and Liabilities [Line Items]
Gross Amounts of Recognized Assets	$22,275	$15,257
Gross Amounts Offset in Consolidated Balance Sheet		0
Net Amounts of Assets Presented in Consolidated Balance Sheet	22,275	15,257
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	-7,386	-6,975
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Received	-10,884	-4,735
Net Amount	4,005	3,547
Gross Amounts of Recognized Liabilities	-1,568,919	-1,851,876
Gross Amounts Offset in Consolidated Balance Sheet	0	0
Net Amounts of Liabilities Presented in Consolidated Balance Sheet	-1,568,919	-1,851,876
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	1,509,549	1,800,800
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Pledged	58,395	50,100
Net Amount	-975	-976
Interest Rate Swaps
Offsetting Asset and Liabilities [Line Items]
Gross Amounts of Recognized Assets	17,554	7,006
Gross Amounts Offset in Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in Consolidated Balance Sheet	17,554	7,006
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	-2,719	-1,160
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Received	-10,830	-4,360
Net Amount	4,005	1,486
Gross Amounts of Recognized Liabilities	-57,581	-48,173
Gross Amounts Offset in Consolidated Balance Sheet	0	0
Net Amounts of Liabilities Presented in Consolidated Balance Sheet	-57,581	-48,173
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	2,719	1,160
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Pledged	54,862	47,013
Net Amount	0	0
Credit Default Index Swaps
Offsetting Asset and Liabilities [Line Items]
Gross Amounts of Recognized Assets		1,598
Gross Amounts Offset in Consolidated Balance Sheet		0
Net Amounts of Assets Presented in Consolidated Balance Sheet		1,598
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Received		-375
Net Amount		1,223
TBAs
Offsetting Asset and Liabilities [Line Items]
Gross Amounts of Recognized Assets	4,721	6,653
Gross Amounts Offset in Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in Consolidated Balance Sheet	4,721	6,653
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	-4,667	-5,815
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Received	-54	0
Net Amount	0	838
Gross Amounts of Recognized Liabilities	-8,842	-9,506
Gross Amounts Offset in Consolidated Balance Sheet	0	0
Net Amounts of Liabilities Presented in Consolidated Balance Sheet	-8,842	-9,506
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	4,666	5,815
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Pledged	3,201	2,715
Net Amount	-975	-976
Futures
Offsetting Asset and Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	-332	-372
Gross Amounts Offset in Consolidated Balance Sheet	0	0
Net Amounts of Liabilities Presented in Consolidated Balance Sheet	-332	-372
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	0	0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Pledged	332	372
Net Amount	0	0
Loan warehouse debt
Offsetting Asset and Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	-895,895	-1,185,316
Gross Amounts Offset in Consolidated Balance Sheet	0	0
Net Amounts of Liabilities Presented in Consolidated Balance Sheet	-895,895	-1,185,316
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	895,895	1,185,316
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Pledged	0	0
Net Amount		0
Security repurchase agreements
Offsetting Asset and Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	-606,269	-608,509
Gross Amounts Offset in Consolidated Balance Sheet	0	0
Net Amounts of Liabilities Presented in Consolidated Balance Sheet	-606,269	-608,509
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments	606,269	608,509
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral Pledged	0	0
Net Amount	$0	$0

Principles_of_Consolidation_Ad

Principles of Consolidation - Additional Information (Detail) (Variable Interest Entity, Not Primary Beneficiary)	39 Months Ended
	Mar. 31, 2015
	Entity
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Number of securitization entities to which asset transferred	23

Principles_of_Consolidation_As

Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entity's (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	Investment
Variable Interest Entity [Line Items]
Assets	$1,716,563	$1,900,208
Liabilities	1,354,298	1,546,490
Number of VIEs	26
Residential Loans Held for Investment
Variable Interest Entity [Line Items]
Assets	1,304,426
Commercial Loans Held For Investment
Variable Interest Entity [Line Items]
Assets	191,575
Real Estate Securities
Variable Interest Entity [Line Items]
Assets	211,316
Restricted Cash
Variable Interest Entity [Line Items]
Assets	282
Accrued Interest Receivable
Variable Interest Entity [Line Items]
Assets	3,660
Other Assets
Variable Interest Entity [Line Items]
Assets	5,304
Accrued Interest Payable
Variable Interest Entity [Line Items]
Liabilities	1,277
Asset-backed Securities
Variable Interest Entity [Line Items]
Liabilities	1,353,021
Sequoia
Variable Interest Entity [Line Items]
Assets	1,311,597
Liabilities	1,239,958
Number of VIEs	24
Sequoia | Residential Loans Held for Investment
Variable Interest Entity [Line Items]
Assets	1,304,426
Sequoia | Restricted Cash
Variable Interest Entity [Line Items]
Assets	147
Sequoia | Accrued Interest Receivable
Variable Interest Entity [Line Items]
Assets	1,720
Sequoia | Other Assets
Variable Interest Entity [Line Items]
Assets	5,304
Sequoia | Accrued Interest Payable
Variable Interest Entity [Line Items]
Liabilities	893
Sequoia | Asset-backed Securities
Variable Interest Entity [Line Items]
Liabilities	1,239,065
Residential Resecuritization
Variable Interest Entity [Line Items]
Assets	211,765
Liabilities	34,290
Number of VIEs	1
Residential Resecuritization | Real Estate Securities
Variable Interest Entity [Line Items]
Assets	211,316
Residential Resecuritization | Restricted Cash
Variable Interest Entity [Line Items]
Assets	0
Residential Resecuritization | Accrued Interest Receivable
Variable Interest Entity [Line Items]
Assets	449
Residential Resecuritization | Accrued Interest Payable
Variable Interest Entity [Line Items]
Liabilities	10
Residential Resecuritization | Asset-backed Securities
Variable Interest Entity [Line Items]
Liabilities	34,280
Commercial Securitization
Variable Interest Entity [Line Items]
Assets	193,201
Liabilities	80,050
Number of VIEs	1
Commercial Securitization | Commercial Loans Held For Investment
Variable Interest Entity [Line Items]
Assets	191,575
Commercial Securitization | Restricted Cash
Variable Interest Entity [Line Items]
Assets	135
Commercial Securitization | Accrued Interest Receivable
Variable Interest Entity [Line Items]
Assets	1,491
Commercial Securitization | Other Assets
Variable Interest Entity [Line Items]
Assets	0
Commercial Securitization | Accrued Interest Payable
Variable Interest Entity [Line Items]
Liabilities	374
Commercial Securitization | Asset-backed Securities
Variable Interest Entity [Line Items]
Liabilities	$79,676

Principles_of_Consolidation_Se

Principles of Consolidation - Securitization Activity Related to Unconsolidated Variable Interest Entity's Sponsored by Redwood (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Variable Interest Entity [Line Items]
MSRs recognized	$15,675	$2,294
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Principal balance of loans transferred	338,796	0
MSRs recognized	1,872	0
Variable Interest Entity, Not Primary Beneficiary | Trading Securities
Variable Interest Entity [Line Items]
Securities retained, at fair value	3,423	0
Variable Interest Entity, Not Primary Beneficiary | Available-for-sale Securities
Variable Interest Entity [Line Items]
Securities retained, at fair value	$2,859	$0

Principles_of_Consolidation_Ca

Principles of Consolidation - Cash Flows Related to Unconsolidated Variable Interest Entity's Sponsored by Redwood (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Variable Interest Entity [Line Items]
Cash proceeds	$341,716	$0
MSR fees received	3,770	3,423
Funding of compensating interest	-90	-33
Cash flows received on retained securities	$12,645	$12,303

Principles_of_Consolidation_Mo

Principles of Consolidation - Mortgage Servicing Rights Assumptions Related to Unconsolidated Variable Interest Entity's Sponsored by Redwood (Detail)	3 Months Ended
	Mar. 31, 2015
Subordinate Securities
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Credit loss assumptions	0.25%
Subordinate Securities | Variable Interest Entity, Not Primary Beneficiary
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Prepayment speeds	8.00%
Discount rates	6.00%
Mortgage Servicing Rights | Variable Interest Entity, Not Primary Beneficiary
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Discount rates	11.00%
Mortgage Servicing Rights | Variable Interest Entity, Not Primary Beneficiary | Minimum
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Prepayment speeds	5.00%
Mortgage Servicing Rights | Variable Interest Entity, Not Primary Beneficiary | Maximum
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items]
Prepayment speeds	19.00%

Principles_of_Consolidation_Su

Principles of Consolidation - Summary of Unconsolidated Variable Interest Entity's Sponsored by Redwood (Detail) (Variable Interest Entity, Not Primary Beneficiary, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
On-balance sheet assets, at fair value:
Maximum loss exposure	$460,554	$554,792
Principal balance of loans outstanding	7,287,906	7,276,825
Principal balance of delinquent loans 30+ days delinquent	20,952	17,022
Interest-Only and Senior Securities
On-balance sheet assets, at fair value:
Securities	69,258	93,802
Senior and Subordinate Securities
On-balance sheet assets, at fair value:
Securities	$391,296	$460,990

Principles_of_Consolidation_Ke

Principles of Consolidation - Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated Variable Interest Entity's Sponsored by Redwood (Detail) (Variable Interest Entity, Not Primary Beneficiary, USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Mortgage Servicing Rights
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value	$50,156	$56,801
Expected life (in years)	6 years	7 years
Prepayment speed assumption (annual CPR)	17.00%	14.00%
Decrease in fair value from:
10% adverse change	2,329	2,419
25% adverse change	5,530	5,639
Discount rate assumption	11.00%	11.00%
Decrease in fair value from:
100 basis point increase	1,645	2,104
200 basis point increase	3,216	4,102
Interest-only Securities
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value	65,809	93,802
Expected life (in years)	6 years	6 years
Prepayment speed assumption (annual CPR)	11.00%	9.00%
Decrease in fair value from:
10% adverse change	3,697	3,999
25% adverse change	7,035	9,475
Discount rate assumption	10.00%	8.00%
Decrease in fair value from:
100 basis point increase	2,540	4,214
200 basis point increase	4,899	8,091
Credit loss assumption	0.25%	0.25%
Decrease in fair value from:
10% higher losses	345	126
25% higher losses	456	299
Subordinate Securities
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value	394,745	460,990
Expected life (in years)	11 years	10 years
Prepayment speed assumption (annual CPR)	10.00%	10.00%
Decrease in fair value from:
10% adverse change	905	684
25% adverse change	2,356	2,355
Discount rate assumption	5.00%	5.00%
Decrease in fair value from:
100 basis point increase	30,841	34,149
200 basis point increase	57,886	64,474
Credit loss assumption	0.25%	0.25%
Decrease in fair value from:
10% higher losses	2,397	3,169
25% higher losses	$5,704	$7,841

Principles_of_Consolidation_Su1

Principles of Consolidation - Summary of Redwood's Interest in Third-Party Variable Interest Entity's (Detail) (Real Estate Securities, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]
Assets	$824,690
Senior Securities
Variable Interest Entity [Line Items]
Assets	480,200
Re-REMIC
Variable Interest Entity [Line Items]
Assets	169,240
Subordinate Securities
Variable Interest Entity [Line Items]
Assets	$175,250

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Dealer marks of securities	81.00%
Percentage of carrying value for which dealer quotes have been received	93.00%
Percentage difference of internal valuation than dealer marks	2.00%
Residential Subordinate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	$23
Residential Loans
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	2,400
Commercial Loans
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	93
Mortgage Servicing Rights
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	$19
Mortgage Servicing Rights | Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage difference of internal valuation than dealer marks	2.00%
Asset-backed Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Dealer marks of securities	36.00%
Percentage difference of internal valuation than dealer marks	1.00%

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Trading securities	$106,837		$111,606
Available-for-sale securities	1,178,406		1,267,624
MSRs	120,324	[1]	139,293	[1]
Derivative assets	30,546	[1]	16,417	[1]
Pledged collateral	10,265		9,927
Liabilities
Derivative liabilities	68,064	[1]	58,331	[1]
Long/Other Long-term debt	68,707		66,707
Carrying Value
Assets
Trading securities	106,837		111,606
Available-for-sale securities	1,178,406		1,267,624
MSRs	120,324		139,293
Cash and cash equivalents	303,820		269,730
Restricted cash	725		628
Accrued interest receivable	17,970		18,222
Derivative assets	30,546		16,417
REO	5,305		4,391
Margin receivable	79,760		65,374
FHLBC stock	28,434		10,688
Guarantees asset	6,118		7,201
Pledged collateral	10,265		9,927
Liabilities
Short-term debt	1,502,164		1,793,825
Accrued interest payable	14,319		8,502
Guarantee obligation	6,917		7,201
Derivative liabilities	68,064		58,331
ABS issued, Fair value	1,239,065		0
ABS issued, Amortized cost	113,956		1,545,119
FHLBC Borrowings	850,792		495,860
Convertible notes	492,500		492,500
Long/Other Long-term debt	139,500		139,500
Carrying Value | Residential Loans at Fair Value
Assets
Loans, held-for-sale	1,093,413		1,341,032
Carrying Value | Residential Loans at Lower of Cost or Fair Value
Assets
Loans, held-for-sale	1,472		1,488
Carrying Value | Residential Loans Held For Investment at Fair Value
Assets
Loans, held-for-investment	2,304,870		581,668
Carrying Value | Residential Loans Held For Investment At Amortized Cost
Assets
Loans, held-for-investment	0		1,474,386
Carrying Value | Commercial Loans at Fair Value
Assets
Loans, held-for-sale	54,407		166,234
Carrying Value | Commercial Loans Held For Investment
Assets
Loans, held-for-investment	72,619		71,262
Carrying Value | Commercial Loans Held-for-Investment, at Amortized Cost
Assets
Loans, held-for-investment	333,316		329,431
Carrying Value | Commercial Secured Borrowings
Liabilities
Long/Other Long-term debt	68,077		66,707
Fair Value
Assets
Trading securities	106,837		111,606
Available-for-sale securities	1,178,406		1,267,624
MSRs	120,324		139,293
Cash and cash equivalents	303,820		269,730
Restricted cash	725		628
Accrued interest receivable	17,970		18,222
Derivative assets	30,546		16,417
REO	5,446		4,703
Margin receivable	79,760		65,374
FHLBC stock	28,434		10,688
Guarantees asset	6,118		7,201
Pledged collateral	10,265		9,927
Liabilities
Short-term debt	1,502,164		1,793,825
Accrued interest payable	14,319		8,502
Guarantee obligation	6,917		7,201
Derivative liabilities	68,064		58,331
ABS issued, Fair value	1,239,065		0
ABS issued, Amortized cost	114,613		1,446,605
FHLBC Borrowings	850,792		495,860
Convertible notes	488,243		492,188
Long/Other Long-term debt	97,650		101,835
Fair Value | Residential Loans at Fair Value
Assets
Loans, held-for-sale	1,093,413		1,341,032
Fair Value | Residential Loans at Lower of Cost or Fair Value
Assets
Loans, held-for-sale	1,663		1,669
Fair Value | Residential Loans Held For Investment at Fair Value
Assets
Loans, held-for-investment	2,304,870		581,668
Fair Value | Residential Loans Held For Investment At Amortized Cost
Assets
Loans, held-for-investment	0		1,381,918
Fair Value | Commercial Loans at Fair Value
Assets
Loans, held-for-sale	54,407		166,234
Fair Value | Commercial Loans Held For Investment
Assets
Loans, held-for-investment	72,619		71,262
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost
Assets
Loans, held-for-investment	338,932		334,876
Fair Value | Commercial Secured Borrowings
Liabilities
Long/Other Long-term debt	$68,077		$66,707
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Fair_Value_of_Financial_Instru4

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Trading securities	$106,837		$111,606
Available-for-sale securities	1,178,406		1,267,624
Derivative assets	30,546	[1]	16,417	[1]
MSRs	120,324	[1]	139,293	[1]
Pledged collateral	10,265		9,927
Liabilities
Derivative liabilities	68,064	[1]	58,331	[1]
Commercial secured borrowings	68,707		66,707
Fair Value, Measurements, Recurring
Assets
Trading securities	106,837
Available-for-sale securities	1,178,406
Derivative assets	30,546
MSRs	120,324
Pledged collateral	10,265
FHLBC stock	28,434
Guarantees asset	6,118
Liabilities
Derivative liabilities	68,064
Commercial secured borrowings	68,077
ABS issued	1,239,065
Fair Value, Measurements, Recurring | Residential Loans at Fair Value
Assets
Loans at fair value	3,398,283
Fair Value, Measurements, Recurring | Commercial Loans at Fair Value
Assets
Loans at fair value	127,026
Fair Value, Measurements, Recurring | Level 1
Assets
Derivative assets	4,721
Pledged collateral	10,265
FHLBC stock	28,434
Liabilities
Derivative liabilities	9,173
Fair Value, Measurements, Recurring | Level 2
Assets
Derivative assets	17,554
Liabilities
Derivative liabilities	58,045
Fair Value, Measurements, Recurring | Level 2 | Residential Loans at Fair Value
Assets
Loans at fair value	200,869
Fair Value, Measurements, Recurring | Level 3
Assets
Trading securities	106,837
Available-for-sale securities	1,178,406
Derivative assets	8,271
MSRs	120,324
Guarantees asset	6,118
Liabilities
Derivative liabilities	846
Commercial secured borrowings	68,077
ABS issued	1,239,065
Fair Value, Measurements, Recurring | Level 3 | Residential Loans at Fair Value
Assets
Loans at fair value	3,197,414
Fair Value, Measurements, Recurring | Level 3 | Commercial Loans at Fair Value
Assets
Loans at fair value	$127,026
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Fair_Value_of_Financial_Instru5

Fair Value of Financial Instruments - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Commercial Secured Borrowings
Liabilities
Beginning balance	$66,707
Principal paydowns	-152
Gains (losses) in net income, net	1,509
Unrealized gains in OCI, net	0
Acquisitions	0
Sales	0
Other settlements, net	13
Ending balance	68,077
Asset-backed Securities
Liabilities
Transfer to FVO	1,302,216
Principal paydowns	-66,517
Gains (losses) in net income, net	2,946
Other settlements, net	421
Ending balance	1,239,066
Residential Loans at Fair Value
Assets
Beginning balance	1,677,984
Transfer to FVO	1,370,699
Principal paydowns	-111,716
Gains (losses) in net income, net	-7,570
Unrealized gains in OCI, net	0
Acquisitions	1,112,042
Sales	-857,249
Other settlements, net	-1,916
Ending balance	3,197,414
Commercial Loans
Assets
Beginning balance	237,496
Principal paydowns	-240
Gains (losses) in net income, net	-7,366
Unrealized gains in OCI, net	0
Acquisitions	92,713
Sales	-210,309
Ending balance	127,026
Trading Securities
Assets
Beginning balance	111,606
Principal paydowns	-203
Gains (losses) in net income, net	14,114
Unrealized gains in OCI, net	0
Acquisitions	23,084
Sales	-13,536
Ending balance	106,837
Available-for-sale Securities
Assets
Beginning balance	1,267,624
Principal paydowns	-26,110
Gains (losses) in net income, net	-4,306
Unrealized gains in OCI, net	-3,795
Acquisitions	9,831
Sales	-90,878
Ending balance	1,178,406
Liabilities
Amortization income	9,838
Mortgage Servicing Rights
Assets
Beginning balance	139,293
Gains (losses) in net income, net	19,517
Unrealized gains in OCI, net	0
Acquisitions	18,754
Sales	-18,206
Ending balance	120,324
Guarantee Asset
Assets
Beginning balance	7,201
Gains (losses) in net income, net	1,083
Ending balance	6,118
Loan Purchase Commitments
Assets
Beginning balance	1,119
Gains (losses) in net income, net	-20,087
Other settlements, net	-13,781
Ending balance	$7,425

Fair_Value_of_Financial_Instru6

Fair Value of Financial Instruments - Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held Included in Net Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Loan Purchase Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 liabilities still held included in net income	$0	($235)
Commercial Secured Borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 liabilities still held included in net income	-1,509
Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 liabilities still held included in net income	-2,946
Residential Loans Held For Investment at Fair Value | Residential loans at Redwood
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	5,464	3,483
Residential Loans Held For Investment at Fair Value | Residential loans at consolidated Sequoia entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	1,179	0
Guarantee Asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	-1,083	0
Commercial Loans at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	2,959	2,530
Trading Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	-13,790	-4,431
Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	0	-113
Mortgage Servicing Rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	-11,769	-2,291
Loan Purchase Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	$7,422	$0

Fair_Value_of_Financial_Instru7

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) (Fair Value, Measurements, Nonrecurring, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Residential loans, at lower of cost or fair value	$1,103
REO	3,410
Level 3
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Residential loans, at lower of cost or fair value	1,103
REO	3,410
Residential Loans at Lower of Cost or Fair Value
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Gain (Loss) on assets measured at fair value on a non-recurring basis	0
REO
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Gain (Loss) on assets measured at fair value on a non-recurring basis	($74)

Fair_Value_of_Financial_Instru8

Fair Value of Financial Instruments - Market Valuation Adjustments, Net (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Mortgage banking activities market valuation adjustments
Adjustment to valuation of trading securities	($14,359)		($4,277)
Risk management derivatives, net	-10,583		-7,082
Loan purchase and forward sale commitments	18,256		8
Total mortgage banking activities	1,227		-597
MSRs	-19,517		-2,711
Other market valuation adjustments
Other market valuation adjustments, net	-1,145	[1]	-6,138	[1]
Total Market Valuation Adjustments, Net	-19,435		-9,446
Residential Loans at Fair Value
Mortgage banking activities market valuation adjustments
Valuation adjustments	2,056		7,128
Commercial Loans at Fair Value
Mortgage banking activities market valuation adjustments
Valuation adjustments	5,857		3,626
Residential Loans at Lower of Cost or Fair Value
Other market valuation adjustments
Other market valuation adjustments, net	2		-2
Residential Loans Held for Investment
Other market valuation adjustments
Other market valuation adjustments, net	-1,093		0
Held For Investment Loans At Fair Value
Other market valuation adjustments
Other market valuation adjustments, net	1,978		0
Trading Securities
Other market valuation adjustments
Other market valuation adjustments, net	270		-154
Impairments on AFS Securities
Other market valuation adjustments
Other market valuation adjustments, net	0		-113
Other derivative instruments, net
Other market valuation adjustments
Other market valuation adjustments, net	-1,374		-5,727
Guarantee asset
Other market valuation adjustments
Other market valuation adjustments, net	-1,083		0
Other
Other market valuation adjustments
Other market valuation adjustments, net	$155		($142)
[1]	For the three months ended March 31, 2015, there were no other-than-temporary impairments. For the three months ended March 31, 2014, other-than-temporary impairments were $1,671, of which $113 were recognized through the Income Statement and $1,558 were recognized in Accumulated Other Comprehensive Income.

Fair_Value_of_Financial_Instru9

Fair Value of Financial Instruments - Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
Asset-backed Securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	1,239,065,000
Asset-backed Securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	4.00%
Prepayment rate	0.00%
Credit support	0.00%
Loss severity	20.00%
Default rate	0.00%
Asset-backed Securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	8.00%
Prepayment rate	31.00%
Credit support	65.00%
Loss severity	32.00%
Default rate	12.00%
Asset-backed Securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	5.00%
Prepayment rate	13.00%
Credit support	11.00%
Loss severity	26.00%
Default rate	6.00%
Commercial Secured Borrowings
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	68,077,000
Commercial Secured Borrowings | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Spread to swap rate	1.56%
Credit support	23.00%
Commercial Secured Borrowings | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Spread to swap rate	1.56%
Credit support	23.00%
Commercial Secured Borrowings | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Spread to swap rate	1.56%
Credit support	23.00%
Residential Loans Priced To Securitization and Whole Loan Market, Uncommitted to Sell
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	1,334,594,000
Residential Loans Priced To Securitization and Whole Loan Market, Uncommitted to Sell | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	4.00%
Prepayment rate	12.00%
Senior credit spread to TBA (usd per senior security)	3.13
Spread to swap rate	3.15%
Credit support	8.00%
Whole loan spread to TBA (usd per loan)	3.1
Residential Loans Priced To Securitization and Whole Loan Market, Uncommitted to Sell | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	5.00%
Prepayment rate	15.00%
Senior credit spread to TBA (usd per senior security)	3.13
Spread to swap rate	3.15%
Credit support	8.00%
Whole loan spread to TBA (usd per loan)	4.5
Residential Loans Priced To Securitization and Whole Loan Market, Uncommitted to Sell | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	420.00%
Prepayment rate	14.00%
Senior credit spread to TBA (usd per senior security)	3.13
Spread to swap rate	3.15%
Credit support	8.00%
Whole loan spread to TBA (usd per loan)	4.35
Residential Jumbo Hybrid Loans Priced To Whole Loan Market Uncommitted To Sell
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	137,168,000
Residential Jumbo Hybrid Loans Priced To Whole Loan Market Uncommitted To Sell | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Prepayment rate	15.00%
Spread to swap rate	1.25%
Residential Jumbo Hybrid Loans Priced To Whole Loan Market Uncommitted To Sell | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Prepayment rate	15.00%
Spread to swap rate	1.65%
Residential Jumbo Hybrid Loans Priced To Whole Loan Market Uncommitted To Sell | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Prepayment rate	15.00%
Spread to swap rate	1.34%
Residential Loans Priced To Whole Loan Market and Committed to Sell
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	421,226,000
Residential Loans Priced To Whole Loan Market and Committed to Sell | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Committed Sales Price	102
Residential Loans Priced To Whole Loan Market and Committed to Sell | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Committed Sales Price	103
Residential Loans Priced To Whole Loan Market and Committed to Sell | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Committed Sales Price	103,000
Residential Loans Held For Investment at Fair Value
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	1,304,426,000
Residential Loans at Lower of Cost or Fair Value
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	1,103,000
Residential Loans at Lower of Cost or Fair Value | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loss severity	13.00%
Residential Loans at Lower of Cost or Fair Value | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loss severity	30.00%
Residential Loans at Lower of Cost or Fair Value | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loss severity	20.00%
Commercial Loans at Fair Value
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	127,026,000
Commercial Loans at Fair Value | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Spread to swap rate	1.47%
Credit support	22.00%
Commercial Loans at Fair Value | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Spread to swap rate	1.56%
Credit support	23.00%
Commercial Loans at Fair Value | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Spread to swap rate	1.54%
Credit support	23.00%
Investment Securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	1,285,243,000
Investment Securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	4.00%
Prepayment rate	1.00%
Credit support	0.00%
Loss severity	20.00%
Default rate	0.00%
Investment Securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	12.00%
Prepayment rate	35.00%
Credit support	48.00%
Loss severity	64.00%
Default rate	35.00%
Investment Securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	6.00%
Prepayment rate	12.00%
Credit support	10.00%
Loss severity	34.00%
Default rate	8.00%
Mortgage Servicing Rights
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	120,324,000
Mortgage Servicing Rights | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	9.00%
Prepayment rate	4.00%
Per loan annual cost to service	72
Mortgage Servicing Rights | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%
Prepayment rate	60.00%
Per loan annual cost to service	82
Mortgage Servicing Rights | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	10.00%
Prepayment rate	14.00%
Per loan annual cost to service	77
Guarantee asset
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	6,118,000
Guarantee asset | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%
Prepayment rate	5.00%
Guarantee asset | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%
Prepayment rate	27.00%
Guarantee asset | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	11.00%
Prepayment rate	12.00%
REO
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	3,410,000
REO | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loss severity	31.00%
REO | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loss severity	66.00%
REO | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loss severity	46.00%
Loan Purchase Commitments
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	7,425,000
Loan Purchase Commitments | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
MSR Multiple	0
Fallout rate	2.00%
Loan Purchase Commitments | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
MSR Multiple	6
Fallout rate	98.00%
Loan Purchase Commitments | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
MSR Multiple	3.5
Fallout rate	33.00%

Residential_Loans_Additional_I

Residential Loans - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	Contract		Contract
Mortgage Loans on Real Estate [Line Items]
Principal balance of loans sold during period	$2,200,000,000	$707,000,000
Carrying value	3,399,755,000		3,398,573,000
Sequoia
Mortgage Loans on Real Estate [Line Items]
Carrying value	1,304,426,000		1,474,386,000
Fixed-rate loans
Mortgage Loans on Real Estate [Line Items]
Weighted average coupon rate	3.92%
Hybrid loans
Mortgage Loans on Real Estate [Line Items]
Weighted average coupon rate	3.06%
Residential Loans at Fair Value
Mortgage Loans on Real Estate [Line Items]
Number of loans	1,903		2,273
Loan Principal	1,070,000,000		1,300,000,000
Principal value of loans purchased	2,400,000,000	1,070,000,000
Valuation adjustments	2,056,000	7,128,000
Residential Loans at Lower of Cost or Fair Value
Mortgage Loans on Real Estate [Line Items]
Number of loans	9		9,000
Loan Principal	2,000,000		0
Carrying value	1,472,000		1,488,000
Residential Loans at Lower of Cost or Fair Value | Sequoia
Mortgage Loans on Real Estate [Line Items]
Carrying value	0		0
Residential Loans Held For Investment at Fair Value
Mortgage Loans on Real Estate [Line Items]
Number of loans	1,314		803
Loan Principal	972,000,000		566,000,000
Carrying value	1,000,000,000
Principal balance of loans transferred	436,000,000
Fair value of loans transferred	448,000,000
Loan pledged as collateral	994,000,000
Weighted average original Fair Isaac Corporation (FICO) score	773
Weighted average original loan-to-value (LTV)	68.00%
Residential Loans Held For Investment at Fair Value | Sequoia
Mortgage Loans on Real Estate [Line Items]
Number of loans	5,177		5,315
Weighted average original Fair Isaac Corporation (FICO) score	733
Weighted average original loan-to-value (LTV)	66.00%
Loans held-for-investment, delinquent greater than 90 days	68,000,000		73,000,000
Loans held-for-investment, in foreclosure	34,000,000		39,000,000
Valuation adjustments	3,000,000
Residential Loans Held for Investment
Mortgage Loans on Real Estate [Line Items]
Loan Principal	1,415,017,000		1,483,213,000
Carrying value	1,304,426,000		1,474,386,000
Unamortized premium, net	0		12,511,000
Allowance for loan losses	0		21,338,000
Mortgage Servicing Rights
Mortgage Loans on Real Estate [Line Items]
Purchases of mortgage servicing assets	$1,908,993,000

Residential_Loans_Summary_of_C

Residential Loans - Summary of Classifications and Carrying Value of Residential Loans (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Line Items]
Residential loans	$3,399,755	$3,398,573
Residential Loans at Fair Value | Conforming Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	200,869	244,714
Residential Loans at Fair Value | Jumbo Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	892,544	1,096,317
Residential Loans at Lower of Cost or Fair Value
Mortgage Loans on Real Estate [Line Items]
Residential loans	1,472	1,488
Residential Loans Held For Investment at Fair Value
Mortgage Loans on Real Estate [Line Items]
Residential loans	1,000,000
Residential Loans Held For Investment at Fair Value | Jumbo Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	2,304,870	581,668
Residential Loans Held For Investment At Amortized Cost
Mortgage Loans on Real Estate [Line Items]
Residential loans		1,474,386
Redwood
Mortgage Loans on Real Estate [Line Items]
Residential loans	2,095,329	1,924,187
Redwood | Residential Loans at Fair Value | Conforming Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	200,869	244,714
Redwood | Residential Loans at Fair Value | Jumbo Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	892,544	1,096,317
Redwood | Residential Loans at Lower of Cost or Fair Value
Mortgage Loans on Real Estate [Line Items]
Residential loans	1,472	1,488
Redwood | Residential Loans Held For Investment at Fair Value | Jumbo Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	1,000,444	581,668
Redwood | Residential Loans Held For Investment At Amortized Cost
Mortgage Loans on Real Estate [Line Items]
Residential loans		0
Sequoia
Mortgage Loans on Real Estate [Line Items]
Residential loans	1,304,426	1,474,386
Sequoia | Residential Loans at Fair Value | Conforming Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	0	0
Sequoia | Residential Loans at Fair Value | Jumbo Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	0	0
Sequoia | Residential Loans at Lower of Cost or Fair Value
Mortgage Loans on Real Estate [Line Items]
Residential loans	0	0
Sequoia | Residential Loans Held For Investment at Fair Value | Jumbo Loan
Mortgage Loans on Real Estate [Line Items]
Residential loans	1,304,426	0
Sequoia | Residential Loans Held For Investment At Amortized Cost
Mortgage Loans on Real Estate [Line Items]
Residential loans		$1,474,386

Residential_Loans_Carrying_Val

Residential Loans - Carrying Value for Residential Loans Held-for-Investment at Amortized Cost (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$3,399,755	$3,398,573
Residential Loans Held for Investment
Mortgage Loans on Real Estate [Line Items]
Principal balance	1,415,017	1,483,213
Unamortized premium, net	0	12,511
Allowance for loan losses	0	-21,338
Valuation adjustment	-110,591	0
Carrying Value	$1,304,426	$1,474,386

Commercial_Loans_Additional_In

Commercial Loans - Additional Information (Details) (USD $)	3 Months Ended			12 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Dec. 31, 2014
	loan			loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate fair value	$460,342,000			$566,927,000
Senior commercial loans, held for sale	2,558,425,000		1,181,488,000
Sale of loan for third party, held for sale	2,455,452,000		785,380,000
Commercial Loans Held For Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans	5			13
Principal balance	53,000,000			163,000,000
Aggregate fair value	54,407,000	[1]		166,234,000	[1]
Senior commercial loans, held for sale	93,000,000
Sale of loan for third party, held for sale	203,000,000
Valuation adjustments	6,000,000		2,000,000
Commercial Loans Held-for-Investment, at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans	3
Principal balance	67,000,000			68,000,000
Aggregate fair value	72,619,000			71,262,000
Valuation adjustments	2,000,000		1,000,000
Commercial Loans Held-for-Investment, at Amortized Cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans	62			60
Aggregate fair value	333,316,000			329,431,000
Acquired amount of loans held for investment	8,000,000
Recorded investment in loans	340,978,000			336,888,000
Commercial Loans Held-for-Investment, at Amortized Cost | Originated During 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loan portfolio originated in year	2.00%
Commercial Loans Held-for-Investment, at Amortized Cost | Originated During 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loan portfolio originated in year	17.00%
Commercial Loans Held-for-Investment, at Amortized Cost | Originated During 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loan portfolio originated in year	17.00%
Commercial Loans Held-for-Investment, at Amortized Cost | Originated During 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loan portfolio originated in year	36.00%
Commercial Loans Held-for-Investment, at Amortized Cost | Originated During 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loan portfolio originated in year	24.00%
Commercial Loans Held-for-Investment, at Amortized Cost | Originated During 2010
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of loan portfolio originated in year	4.00%
Commercial Loans Held For Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate fair value	$405,935,000	[1]		$400,693,000	[1]
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Commercial_Loans_Summary_of_Cl

Commercial Loans - Summary of Classifications and Carrying Value of Commercial Loans (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	$460,342,000	$566,927,000
Commercial Loans at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	54,407,000	166,234,000
Commercial Loans Held-for-Investment, at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	72,619,000	71,262,000
Commercial Loans Held-for-Investment, at Amortized Cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	333,316,000	329,431,000
Commercial loans financed through Commercial Securitization entity	$192,000,000	$195,000,000

Commercial_Loans_Commercial_Lo

Commercial Loans - Commercial Loans Held-For-Investment at Amortized Cost (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$460,342	$566,927
Commercial Loans Held-for-Investment, at Amortized Cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	345,646	341,750
Unamortized discount, net	-4,668	-4,862
Recorded investment in loans	340,978	336,888
Allowance for loan losses	-7,662	-7,457
Carrying Value	$333,316	$329,431

Commercial_Loans_Commercial_Lo1

Commercial Loans - Commercial Loans Held for Investment by Risk Category (Details) (Commercial Loans Held For Investment, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans held for investment	$345,646	$341,750
Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans held for investment	320,075	316,122
Watch List
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans held for investment	$25,571	$25,628

Commercial_Loans_Summary_of_Ac

Commercial Loans - Summary of Activity in Allowance for Commercial Loan Losses (Details) (Commercial Loans, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Commercial Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	$7,456	$7,373
Charge-offs, net	0	0
Provision for loan losses	206	655
Balance at End of Period	$7,662	$8,028

Commercial_Loans_Commercial_Lo2

Commercial Loans - Commercial Loans Collectively Evaluated for Impairment (Details) (Commercial Loans, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Commercial Loans
Financing Receivable, Impaired [Line Items]
Principal balance	$345,646	$341,750
Recorded investment	340,978	336,888
Related allowance	$7,662	$7,457

Real_Estate_Securities_Additio

Real Estate Securities - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	Investment		Investment
Investment Holdings [Line Items]
Trading securities	$106,837,000		$111,606,000
Trading securities acquired	23,000,000
Trading securities sold	3,000,000
Adjustment to valuation of trading securities	-14,359,000	-4,277,000
Available-for-sale securities purchased	10,000,000	74,000,000
Available-for-sale securities sold	91,000,000	0
Gross realized gains	4,306,000	0
Number of AFS securities	274		290
Number of securities in unrealized loss position	29		31
Number of securities in a continuous unrealized loss position for twelve consecutive months or longer	8		10
Gross unrealized losses on AFS securities	3,000,000
Income Statement, other-than-temporary impairments		113,000
Maximum
Investment Holdings [Line Items]
Income Statement, other-than-temporary impairments	0
Senior Securities
Investment Holdings [Line Items]
Trading securities	73,263,000		101,753,000
Interest Only Securities
Investment Holdings [Line Items]
Trading securities	70,000,000
Residential Senior and Subordinate Securities
Investment Holdings [Line Items]
Trading securities	4,000,000
Residential Subordinate Securities
Investment Holdings [Line Items]
Trading securities	33,000,000
Trading Securities | Residential Senior and Subordinate Securities
Investment Holdings [Line Items]
Unpaid principal balance	4,000,000
Trading Securities | Residential Subordinate Securities
Investment Holdings [Line Items]
Unpaid principal balance	45,000,000
Prime | Senior Securities
Investment Holdings [Line Items]
Trading securities	65,809,000		93,802,000
Securities financed through non-recourse resecuritization entity	98,000,000		105,000,000
Non-prime | Senior Securities
Investment Holdings [Line Items]
Trading securities	7,454,000		7,951,000
Securities financed through non-recourse resecuritization entity	113,000,000		117,000,000
Residential
Investment Holdings [Line Items]
Marketable securities, less than five years	7,000,000
Marketable securities, due from five to ten years	$2,000,000

Real_Estate_Securities_Fair_Va

Real Estate Securities - Fair Values of Real Estate Securities (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Investments, Debt and Equity Securities [Abstract]
Trading	$106,837		$111,606
Available-for-sale	1,178,406		1,267,624
Total Real Estate Securities	$1,285,243	[1]	$1,379,230	[1]
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Real_Estate_Securities_Trading

Real Estate Securities - Trading Securities by Collateral Type (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investment Holdings [Line Items]
Trading securities	$106,837	$111,606
Senior Securities
Investment Holdings [Line Items]
Trading securities	73,263	101,753
Senior Securities | Prime
Investment Holdings [Line Items]
Trading securities	65,809	93,802
Senior Securities | Non-prime
Investment Holdings [Line Items]
Trading securities	7,454	7,951
Subordinate Securities | Prime
Investment Holdings [Line Items]
Trading securities	$33,574	$9,853

Real_Estate_Securities_Availab

Real Estate Securities - Available for Sale Securities by Collateral Type (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investment Holdings [Line Items]
Available-for-sale securities	$1,178,406	$1,267,624
Senior Securities
Investment Holdings [Line Items]
Available-for-sale securities	472,746	487,557
Senior Securities | Prime
Investment Holdings [Line Items]
Available-for-sale securities	297,872	307,813
Senior Securities | Non-prime
Investment Holdings [Line Items]
Available-for-sale securities	174,874	179,744
Re-REMIC
Investment Holdings [Line Items]
Available-for-sale securities	169,239	168,347
Subordinate Securities
Investment Holdings [Line Items]
Available-for-sale securities	536,421	611,720
Subordinate Securities | Prime
Investment Holdings [Line Items]
Available-for-sale securities	370,391	448,838
Subordinate Securities | Non-prime
Investment Holdings [Line Items]
Available-for-sale securities	1,000	1,000
Subordinate Securities | Subordinate
Investment Holdings [Line Items]
Available-for-sale securities	$166,030	$162,882

Real_Estate_Securities_Compone

Real Estate Securities - Components of Carrying Value (Which Equals Fair Value) of Residential Available for Sale Securities (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	$1,178,406	$1,267,624
Senior Securities
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	472,746	487,557
Senior Securities | Prime
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	297,872	307,813
Senior Securities | Non-prime
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	174,874	179,744
Re-REMIC
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	169,239	168,347
Subordinate Securities
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	536,421	611,720
Subordinate Securities | Prime
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	370,391	448,838
Subordinate Securities | Non-prime
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	1,000	1,000
Residential
Schedule of Available-for-sale Securities [Line Items]
Principal balance	1,335,622	1,445,079
Credit reserve	-63,584	-70,067
Unamortized discount, net	-286,382	-296,342
Amortized cost	985,656	1,078,670
Gross unrealized gains	195,636	191,750
Gross unrealized losses	-2,886	-2,796
Carrying Value	1,178,406	1,267,624
Residential | Senior Securities | Prime
Schedule of Available-for-sale Securities [Line Items]
Principal balance	302,046	311,573
Credit reserve	-2,830	-3,660
Unamortized discount, net	-32,645	-34,782
Amortized cost	266,571	273,131
Gross unrealized gains	33,313	35,980
Gross unrealized losses	-2,012	-1,298
Carrying Value	297,872	307,813
Residential | Senior Securities | Non-prime
Schedule of Available-for-sale Securities [Line Items]
Principal balance	190,790	196,258
Credit reserve	-9,027	-9,644
Unamortized discount, net	-29,791	-31,491
Amortized cost	151,972	155,123
Gross unrealized gains	22,984	24,682
Gross unrealized losses	-82	-61
Carrying Value	174,874	179,744
Residential | Re-REMIC
Schedule of Available-for-sale Securities [Line Items]
Principal balance	194,296	195,098
Credit reserve	-12,667	-15,202
Unamortized discount, net	-79,401	-79,611
Amortized cost	102,228	100,285
Gross unrealized gains	67,011	68,062
Gross unrealized losses	0	0
Carrying Value	169,239	168,347
Residential | Subordinate Securities
Schedule of Available-for-sale Securities [Line Items]
Principal balance	648,490	742,150
Credit reserve	-39,060	-41,561
Unamortized discount, net	-144,545	-150,458
Amortized cost	464,885	550,131
Gross unrealized gains	72,328	63,026
Gross unrealized losses	-792	-1,437
Carrying Value	$536,421	$611,720

Real_Estate_Securities_Changes

Real Estate Securities - Changes of Unamortized Discount and Designated Credit Reserves on Residential Available for Sale Securities (Detail) (Residential, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Residential
Credit Reserve
Beginning balance	$70,067
Amortization of net discount	0
Realized credit losses	-2,945
Acquisitions	0
Sales, calls, other	0
Impairments	0
Transfers to (release of) credit reserves, net	-3,538
Ending Balance	63,584
Unamortized Discount Net
Beginning balance	296,342
Amortization of net discount	-9,838
Realized credit losses	0
Acquisitions	2,672
Sales, calls, other	-6,332
Impairments	0
Transfers to (release of) credit reserves, net	3,538
Ending Balance	$286,382

Real_Estate_Securities_Compone1

Real Estate Securities - Components of Carrying Value of Residential Available for Sale Securities in Unrealized Loss Position (Detail) (Residential, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Residential
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Consecutive Months Amortized Cost	$143,665	$126,681
Less Than 12 Consecutive Months Gross Unrealized Losses	-1,798	-1,374
Less Than 12 Consecutive Months Fair Value	141,867	125,307
12 Consecutive Months or Longer Amortized Cost	36,468	70,676
12 Consecutive Months or Longer Gross Unrealized Losses	-1,088	-1,422
12 Consecutive Months or Longer Fair Value	$35,380	$69,254

Real_Estate_Securities_Summary

Real Estate Securities - Summary of Significant Valuation Assumptions for Available for Sale Securities (Detail)	3 Months Ended
	Mar. 31, 2015
Prime | Minimum
Schedule of Available-for-sale Securities [Line Items]
Prepayment rates	8.00%
Projected default rate	1.00%
Prime | Maximum
Schedule of Available-for-sale Securities [Line Items]
Prepayment rates	16.00%
Projected default rate	18.00%
Non-prime | Minimum
Schedule of Available-for-sale Securities [Line Items]
Prepayment rates	10.00%
Projected default rate	14.00%
Non-prime | Maximum
Schedule of Available-for-sale Securities [Line Items]
Prepayment rates	10.00%
Projected default rate	18.00%

Real_Estate_Securities_Activit

Real Estate Securities - Activity of Credit Component of Other-than-Temporary Impairments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Balance at beginning of period	$33,849	$37,149
Initial credit impairments	0	71
Subsequent credit impairments	0	42
Securities sold, or expected to sell	-95	0
Securities with no outstanding principal at period end	-805	-1,476
Balance at End of Period	$32,949	$35,786

Real_Estate_Securities_Gross_R

Real Estate Securities - Gross Realized Gains and Losses on Sales and Calls of Available for Sale Securities (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	$4,306	$0
Gross realized losses	0	0
Total Realized Gains on Sales and Calls of AFS Securities, Net	4,306	987
Call Option
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	0	987
Gross realized losses	$0	$0

Mortgage_Servicing_Rights_Sche

Mortgage Servicing Rights - Schedule of Fair Value of MSRs and Aggregate Principal Amounts of Associated Loans (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Servicing Assets at Fair Value [Line Items]
MSR Fair Value	$120,324	[1]	$139,293	[1]
Associated Principal	12,652,638		13,667,930
Conforming Loan
Servicing Assets at Fair Value [Line Items]
MSR Fair Value	69,203		81,301
Associated Principal	6,800,645		7,705,146
Jumbo Loan
Servicing Assets at Fair Value [Line Items]
MSR Fair Value	51,121		57,992
Associated Principal	$5,851,993		$5,962,784
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Mortgage_Servicing_Rights_Acti

Mortgage Servicing Rights - Activity for Residential First-Lien Mortgage Servicing Rights (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Servicing Assets at Fair Value [Line Items]
Balance at beginning of period	$139,293	[1]
Additions	15,675		2,294
Changes in fair value due to:
Balance at End of Period	120,324	[1]
Mortgage Servicing Rights
Servicing Assets at Fair Value [Line Items]
Balance at beginning of period	139,293		64,824
Additions	18,754		2,858
Sales	-18,206		0
Changes in fair value due to:
Changes in assumptions	-14,036		-1,125
Other changes	-5,481		-1,586
Balance at End of Period	$120,324		$64,971
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Mortgage_Servicing_Rights_Deta

Mortgage Servicing Rights - Details of Retention and Purchase of MSRs (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Mortgage Servicing Rights [Line Items]
MSR Fair Value	$15,675	$2,294
Mortgage Servicing Rights
Mortgage Servicing Rights [Line Items]
MSR Fair Value	18,754	2,858
Associated Principal	1,908,993
Mortgage Servicing Rights | Jumbo MSR Additions
Mortgage Servicing Rights [Line Items]
MSR Fair Value	1,964
Associated Principal	237,997
Mortgage Servicing Rights | Jumbo MSR Additions | Securitization
Mortgage Servicing Rights [Line Items]
MSR Fair Value	1,872
Associated Principal	227,852
Mortgage Servicing Rights | Jumbo MSR Additions | Loan Sales
Mortgage Servicing Rights [Line Items]
MSR Fair Value	92
Associated Principal	10,145
Mortgage Servicing Rights | Conforming MSR Additions
Mortgage Servicing Rights [Line Items]
MSR Fair Value	16,790
Associated Principal	1,670,996
Mortgage Servicing Rights | Conforming MSR Additions | Loan Sales
Mortgage Servicing Rights [Line Items]
MSR Fair Value	13,711
Associated Principal	1,352,658
Mortgage Servicing Rights | Conforming MSR Additions | From purchases
Mortgage Servicing Rights [Line Items]
MSR Fair Value	3,079
Associated Principal	$318,338

Mortgage_Servicing_Rights_Comp

Mortgage Servicing Rights - Components of Mortgage Servicing Rights Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Servicing income:
Income	$9,716	$3,633
Cost of sub-servicer	-1,229	-316
Net servicing income	8,487	3,317
Market valuation adjustments	-19,517	-2,711
MSR provision for repurchases	106	0
MSR income (loss)	($10,924)	$606

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Aggregate Fair Value and Notional Amount of Derivative Financial Instruments (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Derivative [Line Items]
Fair Value	($37,518)	($41,914)
Notional Amount	5,197,873	3,663,084
Derivative Liabilities
Derivative [Line Items]
Fair Value	-68,064	-58,331
Notional Amount	2,118,526	1,675,617
Derivative Assets
Derivative [Line Items]
Fair Value	30,546	16,417
Notional Amount	3,079,347	1,987,467
Interest Rate Swaps | Derivative Liabilities
Derivative [Line Items]
Fair Value	-2,297	-1,328
Notional Amount	190,500	206,000
Interest Rate Swaps | Cash Flow Hedging | Derivative Liabilities
Derivative [Line Items]
Fair Value	-55,284	-46,845
Notional Amount	139,500	139,500
Interest Rate Swaps | Derivative Assets
Derivative [Line Items]
Fair Value	1,768	0
Notional Amount	158,000	0
TBAs | Derivative Liabilities
Derivative [Line Items]
Fair Value	-8,842	-9,506
Notional Amount	1,230,000	1,110,000
TBAs | Derivative Assets
Derivative [Line Items]
Fair Value	4,721	6,654
Notional Amount	691,000	1,074,000
Futures | Derivative Liabilities
Derivative [Line Items]
Fair Value	-332	-372
Notional Amount	72,000	90,000
Futures | Derivative Assets
Derivative [Line Items]
Fair Value	0	0
Notional Amount	0	0
Swaptions | Derivative Assets
Derivative [Line Items]
Fair Value	15,786	7,006
Notional Amount	825,000	575,000
Credit Default Index Swaps | Derivative Assets
Derivative [Line Items]
Fair Value	0	1,597
Notional Amount	0	50,000
Loan Purchase Commitments | Derivative Liabilities
Derivative [Line Items]
Fair Value	-846	-41
Notional Amount	387,051	27,324
Loan Purchase Commitments | Derivative Assets
Derivative [Line Items]
Fair Value	8,271	1,160
Notional Amount	1,405,347	288,467
Loan forward Sales Commitments | Derivative Liabilities
Derivative [Line Items]
Fair Value	-463	-239
Notional Amount	99,475	102,793
Loan forward Sales Commitments | Derivative Assets
Derivative [Line Items]
Fair Value	0	0
Notional Amount	$0	$0

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$5,197,873,000		$3,663,084,000
Net unrealized losses on interest rate agreements accounted for as cash flow hedges	54,000,000		46,000,000
Number of counterparties	6
Cash Flow Hedging | Interest Rate Swaps
Derivative [Line Items]
Notional amount	140,000,000
Valuation adjustments on derivatives	-8,000,000	-9,000,000
Loan Purchase and Forward Sales Commitments
Derivative [Line Items]
Valuation adjustments on derivatives	18,000,000	-1,000,000
Unsecuritized Residential and Commercial Loans
Derivative [Line Items]
Valuation adjustments on derivatives	-12,000,000
Unsecuritized Residential and Commercial Loans | Interest Rate Contract
Derivative [Line Items]
Notional amount	1,300,000,000
Unsecuritized Residential and Commercial Loans | Futures
Derivative [Line Items]
Notional amount	72,000,000
Unsecuritized Residential and Commercial Loans | TBAs
Derivative [Line Items]
Notional amount	1,900,000,000
Maximum
Derivative [Line Items]
Hedges decreased in value recorded as a component of interest expense	100,000
Maximum | Interest Rate Swaps
Derivative [Line Items]
Accumulated other comprehensive loss that will be amortized into interest expense	-1,000,000
Maximum | Unsecuritized Residential and Commercial Loans
Derivative [Line Items]
Valuation adjustments on derivatives		($13,000,000)

Derivative_Financial_Instrumen4

Derivative Financial Instruments - Impact on Interest Expense of Interest Rate Agreements Accounted for as Cash Flow Hedges (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative [Line Items]
Total interest expense	($23,961)	($19,060)
Cash Flow Hedging | Interest Rate Contract
Derivative [Line Items]
Net interest expense on cash flow interest rate agreements	-1,484	-1,488
Realized income (expense) due to ineffective portion of hedges	0	0
Realized net losses reclassified from other comprehensive income	-31	-60
Total interest expense	($1,515)	($1,548)

Other_Assets_and_Liabilities_S

Other Assets and Liabilities - Summary of Other Assets (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Margin receivable	$79,760,000		$65,374,000
Investment receivable	31,578,000		1,103,000
FHLBC stock	28,434,000		10,688,000
Pledged collateral	10,265,000		9,927,000
Guarantee asset	6,118,000		7,201,000
Income taxes receivable	5,786,000		175,000
REO	5,305,000		4,391,000
Deposits	5,000,000		5,000,000
Prepaid expenses	2,816,000		3,372,000
Fixed assets and leasehold improvements	3,868,000		3,008,000
Other	4,062,000		3,657,000
Total Other Assets	182,992,000	[1]	113,896,000	[1]
Fixed assets	6,000,000
Accumulated depreciation	$4,000,000
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Other_Assets_and_Liabilities_A

Other Assets and Liabilities - Accrued Expenses and Other Liabilities (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Other Liabilities Disclosure [Abstract]
Margin payable	$15,007	$6,455
Unsettled trades	11,050	0
Accrued compensation	8,518	19,273
Guarantee obligation	6,917	7,201
Residential repurchase reserve	4,292	3,724
Accrued operating expenses	3,096	3,334
Legal reserve	2,000	2,000
Income tax payable	721	0
Other	8,534	10,257
Total Other Liabilities	$60,135	$52,244

Other_Assets_and_Liabilities_A1

Other Assets and Liabilities - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Other Assets and Other Liabilities [Line Items]
Real estate owned (REO)	$5,305,000	$4,391,000
Amount related to transfers into REO	3,000,000
REO liquidations	1,000,000
Negative market valuation adjustments on REO	2,000,000
Sequoia
Other Assets and Other Liabilities [Line Items]
Number of REO properties recorded on balance sheet	20	22
Guarantee obligations
Other Assets and Other Liabilities [Line Items]
Unpaid principal amount on loans	957,000,000
Weighted average original Fair Isaac Corporation (FICO) score	762
Weighted average original loan-to-value (LTV)	75.00%
Percent of loans in reference portfolio that are in foreclosure	0.00%
Potential future payments on loans	10,000,000
Loans and Leases Receivable, Allowance	$0
Guarantee obligations | Financing Receivables, Equal To Greater Than 30 Days Past Due
Other Assets and Other Liabilities [Line Items]
Percent of loans in reference portfolio that are past due	0.44%
Guarantee obligations | Financing Receivables, Equal to Greater than 90 Days Past Due
Other Assets and Other Liabilities [Line Items]
Percent of loans in reference portfolio that are past due	0.00%

ShortTerm_Debt_Outstanding_Bal

Short-Term Debt - Outstanding Balances of Short-Term Debt by Type of Collateral Securing Debt (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
	Contract		Contract
Short-term Debt [Line Items]
Number of Facilities	18		17
Outstanding	$1,502,164,000	[1]	$1,793,825,000	[1]
Residential Loans
Short-term Debt [Line Items]
Number of Facilities	5		5
Outstanding	815,037,000		1,076,188,000
Limit	1,550,000,000		1,550,000,000
Residential Loans | Minimum
Short-term Debt [Line Items]
Maturity	2015-04		2015-02
Residential Loans | Maximum
Short-term Debt [Line Items]
Maturity	2016-02		2015-12
Commercial Loans
Short-term Debt [Line Items]
Number of Facilities	3		3
Outstanding	80,858,000		109,128,000
Limit	400,000,000		400,000,000
Commercial Loans | Minimum
Short-term Debt [Line Items]
Maturity	2015-04		2015-04
Commercial Loans | Maximum
Short-term Debt [Line Items]
Maturity	2016-10		2016-10
Real Estate Securities
Short-term Debt [Line Items]
Number of Facilities	10		9
Outstanding	$606,269,000		$608,509,000
Real Estate Securities | Minimum
Short-term Debt [Line Items]
Maturity	2015-04		2015-01
Real Estate Securities | Maximum
Short-term Debt [Line Items]
Maturity	2015-06		2015-03
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

ShortTerm_Debt_Additional_Info

Short-Term Debt - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Short-term Debt [Line Items]
Securities pledged as collateral	$734,000,000		$762,000,000
Average balance of short-term debt	1,590,000,000	1,010,000,000
Accrued interest payable on short-term debt	2,000,000		2,000,000
Committed line of credit	10,000,000
Committed line of credit with financial institutions, outstanding	0		0
Residential Loans
Short-term Debt [Line Items]
Loan pledged as collateral	915,000,000		1,220,000,000
Commercial Loans
Short-term Debt [Line Items]
Loan pledged as collateral	$125,000,000		$161,000,000

ShortTerm_Debt_By_Weighted_Ave

Short-Term Debt - By Weighted Average Interest Rates and Collateral Type (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Short-term Debt [Line Items]
Amount Borrowed	$1,502,164	[1]	$1,793,825	[1]
Weighted Average Interest Rate	1.74%		1.73%
Weighted Average Days Until Maturity	130 days		112 days
Residential Loans
Short-term Debt [Line Items]
Amount Borrowed	815,037		1,076,188
Weighted Average Interest Rate	1.74%		1.74%
Weighted Average Days Until Maturity	191 days		156 days
Commercial Loans
Short-term Debt [Line Items]
Amount Borrowed	80,858		109,128
Weighted Average Interest Rate	4.40%		3.66%
Weighted Average Days Until Maturity	288 days		185 days
Real Estate Securities
Short-term Debt [Line Items]
Amount Borrowed	$606,269		$608,509
Weighted Average Interest Rate	1.38%		1.38%
Weighted Average Days Until Maturity	26 days		20 days
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

ShortTerm_Debt_Remaining_Matur

Short-Term Debt - Remaining Maturities of Short Term Debt (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Short-term Debt [Line Items]
Short-term debt	$1,502,164	[1]	$1,793,825	[1]
Within 30 Days
Short-term Debt [Line Items]
Short-term debt	427,720		515,552
31 to 90 Days
Short-term Debt [Line Items]
Short-term debt	269,050		447,021
Over 90 Days
Short-term Debt [Line Items]
Short-term debt	$805,394		$831,252
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

AssetBacked_Securities_Issued_1

Asset-Backed Securities Issued - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Description of interest rate	Substantially all ABS issued pay variable rates of interest, which are indexed to one-, three-, or six-month LIBOR.
ABS issued principal	$1,353,021,000	[1],[2]		$1,545,119,000	[1],[2]
Asset-backed Securities
Debt Instrument [Line Items]
ABS issued principal	1,353,021,000			1,545,119,000
Amortization of deferred ABS issuance costs, less than	1,000,000		1,000,000
Asset-backed Securities | Contractual maturities of over five years
Debt Instrument [Line Items]
ABS issued principal	1,350,000,000
Contractual maturities of ABS (in years)	5 years
Asset-backed Securities | Maturity Less Than One Year
Debt Instrument [Line Items]
ABS issued principal	7,000,000
Contractual maturities of ABS, maximum (in years)	1 year
Asset-backed Securities | Certificates With Principal Value
Debt Instrument [Line Items]
Principal value	1,473,602,000			1,555,413,000
Asset-backed Securities | Certificates With Principal Value | Contractual maturities of over five years
Debt Instrument [Line Items]
Principal value	1,460,000,000
Asset-backed Securities | Certificates With Principal Value | Maturity Less Than One Year
Debt Instrument [Line Items]
Principal value	$16,000,000
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.
[2]	On January 1, 2015, we adopted ASU 2014-13 and began to account for residential loans held-for-investment and asset backed securities issued at consolidated Sequoia entities (which are VIEs) at fair value. At December 31, 2014, amounts presented in residential loans held-for-investment for these assets included $1,474,386 at historical cost. See Note 3 for further discussion.

AssetBacked_Securities_Issued_2

Asset-Backed Securities Issued - Components of Asset-Backed Securities Issued by Consolidated Securitization Entities Sponsored, Along With Other Selected Information (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
ABS issued principal	1,353,021	[1],[2]	1,545,119	[1],[2]
Asset-backed Securities
Debt Instrument [Line Items]
Market valuation adjustments	-126,203
Unamortized discount			-12,373
ABS issued principal	1,353,021		1,545,119
Asset-backed Securities | Certificates With Principal Value
Debt Instrument [Line Items]
Principal value	1,473,602		1,555,413
Asset-backed Securities | Interest Only Certificates
Debt Instrument [Line Items]
Principal value	5,622		2,079
Asset-backed Securities | Sequoia
Debt Instrument [Line Items]
Market valuation adjustments	-126,203
Unamortized discount			-12,373
ABS issued principal	1,239,065		1,416,762
Number of series	24		24
Asset-backed Securities | Sequoia | Minimum
Debt Instrument [Line Items]
Weighted average interest rates, by series	0.38%		0.36%
Stated maturities	2017		2014
Asset-backed Securities | Sequoia | Maximum
Debt Instrument [Line Items]
Weighted average interest rates, by series	4.30%		4.27%
Stated maturities	2041		2041
Asset-backed Securities | Sequoia | Certificates With Principal Value
Debt Instrument [Line Items]
Principal value	1,359,646		1,427,056
Asset-backed Securities | Sequoia | Interest Only Certificates
Debt Instrument [Line Items]
Principal value	5,622		2,079
Asset-backed Securities | Residential Resecuritization
Debt Instrument [Line Items]
ABS issued principal	34,280		45,044
Weighted average interest rates, by series	2.17%		2.16%
Stated maturities	2046		2046
Number of series	1		1
Asset-backed Securities | Residential Resecuritization | Certificates With Principal Value
Debt Instrument [Line Items]
Principal value	34,280		45,044
Asset-backed Securities | Commercial Securitization
Debt Instrument [Line Items]
ABS issued principal	79,676		83,313
Weighted average interest rates, by series	5.62%		5.62%
Stated maturities	2018		2018
Number of series	1		1
Asset-backed Securities | Commercial Securitization | Certificates With Principal Value
Debt Instrument [Line Items]
Principal value	79,676		83,313
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.
[2]	On January 1, 2015, we adopted ASU 2014-13 and began to account for residential loans held-for-investment and asset backed securities issued at consolidated Sequoia entities (which are VIEs) at fair value. At December 31, 2014, amounts presented in residential loans held-for-investment for these assets included $1,474,386 at historical cost. See Note 3 for further discussion.

AssetBacked_Securities_Issued_3

Asset-Backed Securities Issued - Summary of Accrued Interest Payable on Asset-Backed Securities Issued (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]
Accrued interest payable	$14,319	[1]	$8,503	[1]
Asset-backed Securities | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Accrued interest payable	1,277		1,371
Asset-backed Securities | Variable Interest Entity, Primary Beneficiary | Sequoia
Debt Instrument [Line Items]
Accrued interest payable	893		976
Asset-backed Securities | Variable Interest Entity, Primary Beneficiary | Residential Resecuritization
Debt Instrument [Line Items]
Accrued interest payable	10		5
Asset-backed Securities | Variable Interest Entity, Primary Beneficiary | Commercial Securitization
Debt Instrument [Line Items]
Accrued interest payable	$374		$390
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

AssetBacked_Securities_Issued_4

Asset-Backed Securities Issued - Summary of Carrying Value Components of Collateral for Asset-Backed Securities Issued and Outstanding (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	$1,716,563	$1,900,118
Residential Loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	1,304,426	1,474,386
Commercial Loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	191,575	194,991
Real Estate Securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	211,316	221,676
Restricted Cash
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	282	327
Accrued Interest Receivable
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	3,660	4,347
REO
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	5,304	4,391
Sequoia
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	1,311,597	1,481,283
Sequoia | Residential Loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	1,304,426	1,474,386
Sequoia | Restricted Cash
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	147	147
Sequoia | Accrued Interest Receivable
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	1,720	2,359
Sequoia | REO
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	5,304	4,391
Residential Resecuritization
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	211,765	222,196
Residential Resecuritization | Real Estate Securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	211,316	221,676
Residential Resecuritization | Restricted Cash
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	0	43
Residential Resecuritization | Accrued Interest Receivable
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	449	477
Commercial Securitization
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	193,201	196,639
Commercial Securitization | Commercial Loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	191,575	194,991
Commercial Securitization | Restricted Cash
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	135	137
Commercial Securitization | Accrued Interest Receivable
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	1,491	1,511
Commercial Securitization | REO
Financial Instruments Owned and Pledged as Collateral [Line Items]
Collateral for ABS Issued	$0

LongTerm_Debt_Additional_Infor

Long-Term Debt - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended		1 Months Ended	3 Months Ended
	Nov. 30, 2014	Mar. 31, 2015		Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Federal home loan bank stock		$28,434,000				$10,688,000
Accrued interest payable		2,000,000				2,000,000
Accrued interest payable balance on long-term debt (less than)		14,319,000	[1]			8,503,000	[1]
Commercial Secured Borrowings
Debt Instrument [Line Items]
Commercial mortgage loans		68,000,000
Exchangeable Senior Notes
Debt Instrument [Line Items]
Convertible notes	205,000,000
Debt Instrument interest rate	5.63%
Debt instrument maturity year	2019
Debt instrument redemption date	15-Nov-19
Net proceeds from issuance of convertible debt	198,000,000
Interest expense yield		6.52%
Accrued interest payable		4,000,000
Unamortized Debt Issuance Expense		7,000,000
Convertible senior notes conversion rate		0.0461798
Convertible senior notes conversion per share		$21.65
Senior Notes due 2018
Debt Instrument [Line Items]
Convertible notes				288,000,000
Debt Instrument interest rate				4.63%
Net proceeds from issuance of convertible debt				279,000,000
Interest expense yield		5.36%
Accrued interest payable		7,000,000
Unamortized Debt Issuance Expense		5,000,000
Convertible senior notes conversion rate		0.041132
Convertible senior notes conversion per share		$24.31
Trust Preferred Securities
Debt Instrument [Line Items]
Interest expense yield		2.52%			2.42%
Debt instrument face amount		100,000,000
Percentage of yield of debt securities		-6.81%			-6.78%
Subordinated Notes
Debt Instrument [Line Items]
Interest expense yield		2.52%			2.45%
Debt instrument face amount		40,000,000
Percentage of yield of debt securities		-6.81%			-6.78%
Long-term Debt | Maximum
Debt Instrument [Line Items]
Accrued interest payable balance on long-term debt (less than)		1,000,000				0
FHLB Chicago
Debt Instrument [Line Items]
Federal home loan bank advances, reset period of basis margin		91 days
FHLB Chicago | Residential Loans Held For Investment at Fair Value
Debt Instrument [Line Items]
Amount on advances secured by residential mortgage loans		994,000,000
FHLB Member Subsidiary | FHLB Chicago
Debt Instrument [Line Items]
Additional borrowings from FHLBC		355,000,000
Federal home loan bank advances outstanding		851,000,000
Weighted average interest rate		0.27%
Weighted average maturity		9 years 2 months 12 days
Federal home loan bank stock		$28,000,000
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Commitments_and_Contingencies_1

Commitments and Contingencies - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jul. 15, 2010	Dec. 31, 2014
	loan		Plaintiff
	repurchase_request
	lease
Loss Contingencies [Line Items]
Number of noncancelable leases	9
Future lease commitments with expiration date	$12,346,000
Residential repurchase reserve	4,292,000			3,724,000
Residential repurchase provisions recorded	1,000,000	1,000,000
Residential repurchase requests	25
Resdential repurchase, number of loans repurchased	1
Aggregate amount of loss contingency reserves	2,000,000			2,000,000
Schwab
Loss Contingencies [Line Items]
Number of other named defendants along with SRF			26
Maximum
Loss Contingencies [Line Items]
Operating lease expiration dates	2021
Operating lease expense (less than)	1,000,000	0
Sequoia | FHLB Seattle | Residential
Loss Contingencies [Line Items]
Statutory interest rate per annum	8.00%
Original principal amount of securities	133,000,000
Debt instrument principal payment amount	116,000,000
Debt instrument interest payment amount	11,000,000
Sequoia | Schwab | Residential
Loss Contingencies [Line Items]
Original principal amount of securities	15,000,000
Principal balance of securities	13,000,000
Debt instrument interest amount	$1,000,000

Commitments_and_Contingencies_2

Commitments and Contingencies - Future Lease Commitments (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Leases [Abstract]
2015 (9 months)	$2,123
2016	2,833
2017	2,879
2018	1,827
2019	1,189
2020 and thereafter	1,495
Total	$12,346

Equity_Changes_to_Accumulated_

Equity - Changes to Accumulated Other Comprehensive Income (Loss) by Component (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$140,688	[1]
Total other comprehensive (loss) income	-5,048		11,886
Balance at End of Period	135,640	[1]
Net unrealized gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	186,737		164,654
Other comprehensive income (loss) before reclassifications	5,053		19,323
Amounts reclassified from other accumulated comprehensive income	-1,690		1,298
Total other comprehensive (loss) income	3,363		20,621
Balance at End of Period	190,100		185,275
Net unrealized losses on interest rate agreements accounted for as cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	-46,049		-15,888
Other comprehensive income (loss) before reclassifications	-8,442		-8,795
Amounts reclassified from other accumulated comprehensive income	31		60
Total other comprehensive (loss) income	-8,411		-8,735
Balance at End of Period	($54,460)		($24,623)
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.

Equity_Reclassifications_out_o

Equity - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other than temporary impairment		$113
Realized gains (losses), net	4,306	1,092
Total interest expense	23,961	19,060
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other than temporary impairment	0	1,298
Gain on sale of AFS securities	-1,690	0
Realized gains (losses), net	-1,690	1,298
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized losses on interest rate agreements accounted for as cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total interest expense	$31	$60

Equity_Basic_and_Diluted_Earni

Equity - Basic and Diluted Earnings Per Common Share (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income attributable to Redwood	$14,801	$12,333
Less: Dividends and undistributed earnings allocated to participating securities	-822	-702
Net income allocated to common shareholders	13,979	11,631
Basic weighted average common shares outstanding (shares)	83,360,312	82,410,562
Basic earnings per common share (usd per share)	$0.17	$0.14
Less: Dividends and undistributed earnings allocated to participating securities	-822	-702
Net income allocated to common shareholders	$13,979	$11,631
Net effect of dilutive equity awards	2,261,904	2,529,978
Diluted weighted average common shares outstanding (shares)	85,622,216	84,940,540
Diluted earnings per common share (usd per share)	$0.16	$0.14

Equity_Additional_Information_

Equity - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Nov. 30, 2007
Stockholders Equity Note [Line Items]
Net effect of dilutive equity awards	2,261,904	2,529,978
Stock repurchase program authorized number of shares to be repurchased			5,000,000
Stock acquired during the period	0
Stock repurchase program authorized number of shares remained for repurchase	4,005,985
Convertible notes
Stockholders Equity Note [Line Items]
Securities excluded in the calculation of diluted earnings per share	11,825,450	21,292,309
Equity awards
Stockholders Equity Note [Line Items]
Securities excluded in the calculation of diluted earnings per share		79,535

Equity_Compensation_Plans_Unre

Equity Compensation Plans - Unrecognized Compensation Cost (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost at beginning of period	$20,269
Equity grants	8,034
Equity grant forfeitures	-162
Equity compensation expense	-2,738	-2,330
Unrecognized Compensation Cost at End of Period	25,403
Incentive Plans | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost at beginning of period	1,091
Equity grants	2,636
Equity grant forfeitures	-162
Equity compensation expense	-250
Unrecognized Compensation Cost at End of Period	3,315
Incentive Plans | Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost at beginning of period	12,304
Equity grants	5,162
Equity grant forfeitures	0
Equity compensation expense	-1,575
Unrecognized Compensation Cost at End of Period	15,891
Incentive Plans | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost at beginning of period	6,874
Equity grants	0
Equity compensation expense	-854
Unrecognized Compensation Cost at End of Period	6,020
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity grants	236
Equity compensation expense	-59
Unrecognized Compensation Cost at End of Period	$177

Equity_Compensation_Plans_Addi

Equity Compensation Plans - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for grant under Redwood's Incentive Plan	1,914,207	2,225,245
Unrecognized compensation cost	$25,403	$20,269
Weighted average amortization period remaining for equity awards (less than)	2 years
Number of shares purchased by employees	283,092	274,318
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested outstanding stock awards	196,644	109,464
Number of stock awards granted	136,561
Number of stock awards vested	40,643
Number of stock awards forfeited	8,738
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested outstanding stock awards	2,438,081	2,168,824
Number of stock awards granted	269,258
Number of stock awards vested	1,435,093	1,287,862
Number of stock awards forfeited	0
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested outstanding stock awards	761,051	761,051
Number of stock awards vested	701,440
Share-based compensation, vesting period	3 years
Share-based compensation, vesting year	2015 and in future years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock to be purchased in aggregate for all employees	450,000
Maximum | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards, vesting percentage	200.00%
Total Shareholder Return (TSR) percentage to determine vested shares (greater than)	125.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	3 years
Minimum | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards, vesting percentage	0.00%

Mortgage_Banking_Activities_Co

Mortgage Banking Activities - Components of Mortgage Banking Activities, Net (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Adjustment to valuation of trading securities	($14,359)	($4,277)
Risk management derivatives	-10,583	-7,082
Mortgage banking activities, net	1,923	-231
Mortgage Banking Activities
Mortgage Loans on Real Estate [Line Items]
Mortgage banking activities, net	1,923	-231
Mortgage Banking Activities | Residential Mortgage Banking Activities
Mortgage Loans on Real Estate [Line Items]
Valuation adjustments	20,312	7,045
Adjustment to valuation of trading securities	-14,359	-4,277
Risk management derivatives	-4,371	-4,278
Other	633	446
Mortgage banking activities, net	2,215	-1,064
Mortgage Banking Activities | Commercial Mortgage Banking Activities
Mortgage Loans on Real Estate [Line Items]
Valuation adjustments	5,857	3,626
Risk management derivatives	-6,212	-2,803
Other	63	10
Mortgage banking activities, net	($292)	$833

Operating_Expenses_Components_

Operating Expenses - Components of Operating Expenses (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Other Income and Expenses [Abstract]
Fixed compensation expense	$9,155	$6,742
Variable compensation expense	3,991	2,781
Equity compensation expense	2,738	2,330
Total compensation expense	15,884	11,853
Systems and consulting	2,122	3,466
Accounting and legal	1,577	1,633
Office costs	1,232	985
Corporate costs	526	552
Other operating expenses	3,722	1,482
Total Operating Expenses	$25,063	$19,971

Taxes_Additional_Information_D

Taxes - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Benefit from income taxes	$5,316	$1,843

Taxes_Reconciliation_of_Statut

Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Federal statutory rate	34.00%	34.00%
State statutory rate, net of Federal tax effect	7.20%	7.20%
Differences in taxable (loss) income from GAAP income	-44.70%	-1.70%
Change in valuation allowance	11.90%	3.70%
Dividends paid deduction	-64.40%	-60.80%
Effective Tax Rate	-56.00%	-17.60%

Segment_Information_Additional

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
	Segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment_Information_Financial_

Segment Information - Financial Information by Segment (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Segment Reporting Information [Line Items]
Interest income	$63,746		$55,476
Interest expense	-23,961		-19,060
Net Interest Income	39,785		36,416
Provision for loan losses	-206		-1,284
Mortgage banking activities	1,923		-231
MSR income (loss)	-10,924		606
Other market valuation adjustments	-1,145	[1]	-6,138	[1]
Realized gains, net	4,306		1,092
Total noninterest income, net	-5,031		-4,671
Direct operating expenses	-25,063		-19,971
Other income (expense)	809
(Provision for) benefit from income taxes	5,316		1,843
Net Income	14,801		12,333
Non-cash amortization expense	8,762		9,076
Operating Segments | Residential Mortgage Banking
Segment Reporting Information [Line Items]
Interest income	15,795		10,668
Interest expense	-3,778		-1,321
Net Interest Income	12,017		9,347
Provision for loan losses	0		0
Mortgage banking activities	2,215		-1,064
MSR income (loss)	0		0
Other market valuation adjustments	2		-2
Realized gains, net	0		0
Total noninterest income, net	2,217		-1,066
Direct operating expenses	-10,903		-7,094
Other income (expense)	0
(Provision for) benefit from income taxes	8		-165
Net Income	3,339		1,022
Non-cash amortization expense	-46		-52
Operating Segments | Residential Investments
Segment Reporting Information [Line Items]
Interest income	30,012		27,594
Interest expense	-2,810		-2,850
Net Interest Income	27,202		24,744
Provision for loan losses	0		0
Mortgage banking activities	0		0
MSR income (loss)	-10,924		606
Other market valuation adjustments	-19		-5,957
Realized gains, net	4,306		987
Total noninterest income, net	-5,828		-4,364
Direct operating expenses	-1,118		-1,095
Other income (expense)	809
(Provision for) benefit from income taxes	3,510		1,527
Net Income	23,766		20,812
Non-cash amortization expense	9,838		11,247
Operating Segments | Commercial Mortgage Banking and Investments
Segment Reporting Information [Line Items]
Interest income	10,914		10,384
Interest expense	-3,489		-3,303
Net Interest Income	7,425		7,081
Provision for loan losses	-206		-655
Mortgage banking activities	-292		833
MSR income (loss)	0		0
Other market valuation adjustments	0		0
Realized gains, net	0		0
Total noninterest income, net	-292		833
Direct operating expenses	-3,482		-2,626
Other income (expense)	0
(Provision for) benefit from income taxes	853		355
Net Income	4,298		4,988
Non-cash amortization expense	-49		-173
Corporate/Other
Segment Reporting Information [Line Items]
Interest income	7,025		6,830
Interest expense	-13,884		-11,586
Net Interest Income	-6,859		-4,756
Provision for loan losses	0		-629
Mortgage banking activities	0		0
MSR income (loss)	0		0
Other market valuation adjustments	-1,128		-179
Realized gains, net	0		105
Total noninterest income, net	-1,128		-74
Direct operating expenses	-9,560		-9,156
Other income (expense)	0
(Provision for) benefit from income taxes	945		126
Net Income	-16,602		-14,489
Non-cash amortization expense	($981)		($1,946)
[1]	For the three months ended March 31, 2015, there were no other-than-temporary impairments. For the three months ended March 31, 2014, other-than-temporary impairments were $1,671, of which $113 were recognized through the Income Statement and $1,558 were recognized in Accumulated Other Comprehensive Income.

Segment_Information_Components

Segment Information - Components of Corporate/Other (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Segment Reporting Information [Line Items]
Interest income	$63,746		$55,476
Interest expense	-23,961		-19,060
Net Interest Income	39,785		36,416
Provision for loan losses	-206		-1,284
Mortgage banking activities	1,923		-231
MSR income (loss)	-10,924		606
Other market valuation adjustments	-1,145	[1]	-6,138	[1]
Realized gains, net	4,306		1,092
Other income (expense)	809
Total noninterest income, net	-5,031		-4,671
Direct operating expenses	-25,063		-19,971
(Provision for) benefit from income taxes	5,316		1,843
Net income	14,801		12,333
Legacy Consolidated VIEs
Segment Reporting Information [Line Items]
Interest income	7,018		6,828
Interest expense	-4,482		-5,460
Net Interest Income	2,536		1,368
Provision for loan losses	0		-629
Other market valuation adjustments	-1,093		-142
Realized gains, net	0		105
Total noninterest income, net	-1,093		-37
Direct operating expenses	0		-52
(Provision for) benefit from income taxes	0		0
Net income	1,443		650
Other
Segment Reporting Information [Line Items]
Interest income	7		2
Interest expense	-9,402		-6,126
Net Interest Income	-9,395		-6,124
Provision for loan losses	0		0
Other market valuation adjustments	-35		-37
Realized gains, net	0		0
Total noninterest income, net	-35		-37
Direct operating expenses	-9,560		-9,104
(Provision for) benefit from income taxes	945		126
Net income	-18,045		-15,139
Corporate/Other
Segment Reporting Information [Line Items]
Interest income	7,025		6,830
Interest expense	-13,884		-11,586
Net Interest Income	-6,859		-4,756
Provision for loan losses	0		-629
Mortgage banking activities	0		0
MSR income (loss)	0		0
Other market valuation adjustments	-1,128		-179
Realized gains, net	0		105
Other income (expense)	0
Total noninterest income, net	-1,128		-74
Direct operating expenses	-9,560		-9,156
(Provision for) benefit from income taxes	945		126
Net income	($16,602)		($14,489)
[1]	For the three months ended March 31, 2015, there were no other-than-temporary impairments. For the three months ended March 31, 2014, other-than-temporary impairments were $1,671, of which $113 were recognized through the Income Statement and $1,558 were recognized in Accumulated Other Comprehensive Income.

Segment_Information_Supplement

Segment Information - Supplemental Information by Segment (Detail) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Segment Reporting Information [Line Items]
Residential loans	$3,399,755		$3,398,573
Commercial loans	460,342		566,927
Real estate securities	1,285,243	[1]	1,379,230	[1]
Mortgage servicing rights	120,324	[1]	139,293	[1]
Total assets	5,816,019	[1]	5,918,966	[1]
Operating Segments | Residential Mortgage Banking
Segment Reporting Information [Line Items]
Residential loans	1,094,885		1,342,519
Commercial loans	0		0
Real estate securities	65,809		93,802
Mortgage servicing rights	0		0
Total assets	1,204,055		1,468,856
Operating Segments | Residential Investments
Segment Reporting Information [Line Items]
Residential loans	1,000,444		581,668
Commercial loans	0		0
Real estate securities	1,219,434		1,285,428
Mortgage servicing rights	120,324		139,293
Total assets	2,446,100		2,057,256
Operating Segments | Commercial Mortgage Banking and Investments
Segment Reporting Information [Line Items]
Residential loans	0		0
Commercial loans	460,342		566,927
Real estate securities	0		0
Mortgage servicing rights	0		0
Total assets	467,200		575,943
Corporate/Other
Segment Reporting Information [Line Items]
Residential loans	1,304,426		1,474,386
Commercial loans	0		0
Real estate securities	0		0
Mortgage servicing rights	0		0
Total assets	$1,698,664		$1,816,911
[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 the primary beneficiary (Redwood Trust, Inc.). At March 31, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,716,563 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,354,298 and $1,546,490, respectively. See Note 4 for further discussion.