"The deal gives us that whole complete customer experience, and there's a lot of financial synergies on the servicing and subservicing. CrossCountry Mortgage plans to compete with other subservicers once the deal closes."
"This is a balance-sheet business; if you don't have a balance sheet, you can't play. I had a big bank offer me $1.3 billion for our servicing at the time, and I thought about taking it."
CrossCountry Intermediate Holdco raised its all-cash offer for Two Harbors to $11.30 per share following a competing proposal from UWM. CEO Ron Leonhardt emphasized that the acquisition would enhance control over the borrower experience and servicing economics, potentially expanding servicing to nearly $400 billion. The Two Harbors board approved the amended agreement, with a special shareholder meeting scheduled. Leonhardt noted the strategic importance of maintaining servicing and highlighted the financial synergies expected from the deal, aligning with the company's vision for a comprehensive mortgage service model.
Read at www.housingwire.com
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