CrossCountry Prevails With Offer Valued Over $1.1 Billion
CrossCountry Mortgage (CCM) announced on March 27, 2026, that it has entered into a definitive merger agreement to acquire Two Harbors Investment Corp. (TWO). The agreement concludes a dramatic bidding war that saw CCM unseat rival UWM Holdings Corporation (UWMC), which had a pre-existing merger agreement with the mortgage REIT.
The contest for Two Harbors intensified after March 21, when TWO's board determined that CCM's unsolicited cash offer of $10.70 per share was a "Company Superior Proposal." CCM's bid, valuing TWO at approximately $1.12 billion, also included payment of the $25.4 million termination fee TWO would owe UWMC. The situation grew more complex with the emergence of another unsolicited cash offer at $10.75 per share, though CCM ultimately secured the deal after UWMC's right-to-match period expired on March 25.
Acquisition Targets MSR Portfolio to Become 8th-Largest Servicer
The strategic prize at the center of the bidding war is Two Harbors' substantial portfolio of mortgage servicing rights (MSRs), held through its subsidiary RoundPoint Mortgage Servicing. Acquiring these assets provides a significant boost to a buyer's operational scale in the U.S. mortgage market.
By successfully acquiring Two Harbors, Cleveland-based CrossCountry Mortgage will see its servicing portfolio expand to an estimated $350 billion. This vaults the company from its current position as the 14th-largest servicer into the top 10, landing it at the 8th spot. The deal denied a similar leap for rival UWM, whose own servicing book would have nearly doubled to approximately $400 billion had its original agreement succeeded.
