Exhibit 23.1
Consent of Independent Auditors
We consent to the incorporation by reference in the following
registration statements:
| · | Registration Statement (Form S-3 No. 333-231338) of Redwood Trust,
Inc., |
| · | Registration Statement (Form S-8 No. 333-89300) pertaining to the
2002 Redwood Trust, Inc. Incentive Stock Plan, |
| · | Registration Statement (Form S-8 No. 333-89302) pertaining to the
2002 Redwood Trust, Inc. Employee Stock Purchase Plan, |
| · | Registration Statement (Form S-8 No. 333-90592) pertaining to the
Redwood Trust, Inc. Executive Deferred Compensation Plan, |
| · | Registration Statement (Form S-8 No. 333-116395) pertaining to the
2002 Redwood Trust, Inc. Incentive Stock Plan, |
| · | Registration Statement (Form S-8 No. 333-136497) pertaining to the
2002 Redwood Trust, Inc. Incentive Plan, |
| · | Registration Statement (Form S-8 No. 333-155154) pertaining to the
2002 Redwood Trust, Inc. Incentive Plan (as amended), |
| · | Registration Statement (Form S-8 No. 333-162893) pertaining to the
2002 Redwood Trust, Inc. Employee Stock Purchase Plan, |
| · | Registration Statement (Form S-8 No. 333-176102) pertaining to the
2002 Redwood Trust, Inc. Incentive Plan (as amended), |
| · | Registration Statement (Form S-8 No. 333-183114) pertaining to the
2002 Redwood Trust, Inc. Employee Stock Purchase Plan, |
| · | Registration Statement (Form S-8 No. 333-183116) pertaining to the
2002 Redwood Trust, Inc. Incentive Plan, |
| · | Registration Statement (Form S-8 No. 333-190529) pertaining to the
2002 Redwood Trust, Inc. Employee Stock Purchase Plan, |
| · | Registration Statement (Form S-8 No. 333-190530) pertaining to the
2002 Redwood Trust, Inc. Incentive Plan, |
| · | Registration Statement (Form S-8 No. 333-196247) pertaining to the
Redwood Trust, Inc. 2014 Incentive Award Plan, |
| · | Registration Statement (Form S-8 No. 333-197990) pertaining to the
Redwood Trust, Inc. Amended and Restated Executive Deferred Compensation Plan, |
| · | Registration Statement (Form S-8 No. 333-226721) pertaining to the
Redwood Trust, Inc. Amended and Restated 2014 Incentive Award Plan, |
| · | Registration Statement (Form S-8 No. 333-229985) pertaining to the
Redwood Trust, Inc. Amended and Restated Executive Deferred Compensation Plan, and |
| · | Registration Statement (Form S-8 No. 333-233158) pertaining to the
2002 Redwood Trust, Inc. Employee Stock Purchase Plan; |
of our report dated April 30, 2019 (except for Notes 9, 12 and
13 as to which the date is December 23, 2019), with respect to the consolidated financial statements of CF CoreVest Holdings I
LLC, and our report dated December 23, 2019, with respect to the consolidated financial statements of CF CoreVest Holdings II LLC,
included in this Current Report on Form 8-K/A.
/s/ Ernst & Young LLP
Los Angeles, California
December 23, 2019
