CrossCountry Intermediate Holdco, LLC, entered into a merger agreement with Two Harbors Investment Corp. (TWO), one of the largest servicers of conventional mortgages in the country.
Upon entering into the agreement with the CrossCountry Mortgage affiliate, TWO terminated a previously announced merger agreement in which UWM Holdings Corp. would acquire TWO for approximately $1.3 billion. CrossCountry agreed to pay a $25.4 million termination fee to UWM, in accordance with the terms of the agreement, which was finalized on Dec. 17, 2025.
TWO, which is a mortgage-servicing rights-focused real estate investment trust that services mortgages through its wholly-owned subsidiary RoundPoint Mortgage Servicing LLC, according to a press release announcing the merger.
“We are extremely excited to partner with the entire TWO team on this strategic transaction, combining TWO’s best-in-class capital markets team and RoundPoint’s established servicing infrastructure and operational expertise with CCM’s No. 1 retail origination and servicing platform,” CrossCountry Mortgage founder and CEO Ron Leonhardt said in the release. “This transaction further solidifies CCM’s position as a one-of-one player in the mortgage market, with the #1 retail origination platform for the third year in a row and the No. 6 non-bank servicing platform with over $370 billion in unpaid principal balance.”
Prior to the deal’s closer, TWO indicated it intends to pay regular quarterly dividends during the ordinary course consistent with past practice for all completed quarterly periods and does not intend to pay a partial dividend for the quarter in which the closing occurs in the event the closing does not occur as of quarter-end.
CrossCountry Intermediate Holdco will pay $10.80 per outstanding share of TWO common stock as part of the agreement.