Two Harbors Investment Corp agreed on 27 March to be acquired by an affiliate of CrossCountry Mortgage for $10.80 a share in cash, dropping an earlier agreed deal with UWM Holdings.
Why CrossCountry Mortgage is buying Two Harbors Investment Corp.
CrossCountry, the largest US distributed retail mortgage lender, said adding Two Harbors' mortgage servicing rights and its RoundPoint servicing platform would create a fully integrated business from origination to servicing, improving customer retention and recurring revenue.
Deal terms and financing
The original agreement offered $10.80 a share in cash, with no financing condition, and preferred shares to be redeemed at $25 plus unpaid dividends. CrossCountry raised the price to $11.30 on 28 April and to $12.00 on 7 May after an unsolicited UWM proposal. At $12 the common-stock consideration was about $1.26bn, according to HousingWire.
Regulatory approvals and timing
Two Harbors stockholders approved the merger on 2 July 2026 and the deal closed on 25 August 2026, when the shares were delisted from the New York Stock Exchange. UWM subsequently sued Two Harbors in federal court in Maryland, seeking damages.
Market context
Two Harbors had agreed in December 2025 to an all-stock sale to UWM; its board declared CrossCountry's March proposal superior. The deal added about $155bn of owned servicing rights to CrossCountry's roughly $209bn book.
