Two Harbors Investment Corp. said on Thursday that it had received an unsolicited proposal to acquire all outstanding common shares of the company for $10.70 per share in cash, challenging its pending $1.3 billion all-stock merger with UWM Holdings Corp. (UWMC), the parent of United Wholesale Mortgage.
The rival proposal also provides for payment of the $25.4 million termination fee Two Harbors would owe UWMC if the existing merger agreement is terminated. Two Harbors’ ad hoc board committee said it “has not made a determination as to whether the unsolicited proposal is superior to the UWMC transaction,” according to a press release.
On March 16, Two Harbors — the owner of RoundPoint Mortgage Servicing — announced that it had adjourned a special meeting of stockholders until March 24 to give shareholders additional time to vote on the proposed merger and to solicit additional proxy votes. That meeting will proceed as planned, with Two Harbors noting in its press release: “The UWMC merger agreement remains in effect, and the Board continues to recommend in favor of the UWMC transaction and has not withdrawn or modified its recommendation.”
CrossCountry Mortgage (CCM) has agreed to acquire Summit Funding Inc., a privately held mortgage banker and servicer headquartered in Sacramento, Calif. Founded in 1995, Summit is licensed in 48 states. Financial terms of the acquisition were not disclosed.
CCM also announced it will invest more in its recently launched builder division. The new entity aims to deepen partnerships with home builders nationwide by providing customized residential and commercial lending solutions, including construction, bridge and fix-and-flip financing.
The Mortgage Collaborative has launched TMC Insight, a rebranded benchmarking platform for mortgage lenders. The platform allows users to compare operational, financial and production metrics against peer averages. TMC Insight also supports automated reporting through direct integrations with loan origination systems.
CommLoan has received final regulatory approval to operate in all 50 states, expanding the footprint of its AI-powered commercial mortgage lending marketplace. The move supports transactions across state lines, strengthens referral opportunities and helps the company recruit brokers nationwide in states where individual licenses are required.
Colorado-based Timberline Bank has launched Timberline Mortgage, a new lending division powered by Floify’s point-of-sale (POS) platform. The new entity aims to provide localized home financing solutions to borrowers across western Colorado. To support the rollout, the division will utilize Floify’s technology to configure workflows and manage integrations with its loan origination system and pricing engine.
In other Floify news, the company has launched Dynamic Apps 2.0, a platform enhancement for its POS solution. The new product aims to enable lenders to create fully customizable loan applications for specific loan purposes — such as HELOCs, construction loans and non-QM products — without relying on engineering resources or third-party integrations.
Onity Group has announced the rebranding of its subsidiary, PHH Mortgage Corp., to Onity Mortgage Corp. The name change aims to unify the company’s brand across the mortgage industry following its ongoing multiyear transformation. The rebranding is expected to become effective on March 23.
Mortgage Automation Technologies has launched BIG AI, an artificial intelligence product suite integrated natively with its BIG POS system. The platform enables mortgage professionals to query loan data using natural language to generate reports and documents. Additionally, the suite includes a no-code administration portal that allows lenders to manage AI prompts and compliance guardrails.
nCino has launched Doc VOI, a new feature within the nCino Mortgage Solution powered by Argyle. The tool extracts and analyzes data from paystubs and W-2s to automate income verification when direct-source payroll connections are unavailable. Additionally, Doc VOI integrates with the Freddie Mac AIM Check API to support automated income assessments early in the underwriting process.
Argyle has launched its 3-in-1 Verification Suite, a unified platform for mortgage lenders. The new suite aims to reduce operational complexity by combining verification of income, employment and assets into a single consumer-permissioned workflow.
Docutech has integrated its loan lifecycle technology with ICE Mortgage Technology’s Encompass Partner Connect platform. The integration aims to streamline automated service ordering and disclosure tracking for lenders and investors using the digital lending system.
