As part of the agreement, CrossCountry paid $25.4 million to United Wholesale Mortgage, a termination fee to end the acquisition agreement UWM had with Two Harbors.
The second lien tied to the crypto pledge requires monthly payments and the combined interest rate for the product could be higher than a comparable traditional mortgage.
Among 19 companies that report details on their mortgage-banking operations, production and secondary marketing income was up 10.5%, while servicing saw a 45.3% increase.
“The last couple of weeks have been a little softer than what we would like to see or what we normally get this time of year,” said Robert McGibney, president and CEO of KB Home.