Two Harbors Investment Corp. has terminated its planned merger with United Wholesale Mortgage and agreed to an all-cash acquisition by CrossCountry Mortgage at $10.80 per share. The deal includes CrossCountry paying a $25.4 million termination fee related to the cancelled UWM transaction.
The acquisition represents a significant shift in mortgage industry consolidation, with CrossCountry Mortgage emerging as the winning bidder over UWM, one of the nation's largest wholesale mortgage lenders. The transaction affects Two Harbors' portfolio of mortgage assets and servicing operations.