Ahead of a shareholder vote, the Two Harbors board of directors has reaffirmed its positive stance on CrossCountry's proposed merger.

It’s an all-stock transaction with shareholders in Fathom receiving stock in BBB with an equity value of $53.4 million.

Two Harbors disclosed today that it discussed options with UWM CEO Mat Ishbia during a Zoom call on Thursday. However, no new offer was submitted ahead of the Friday deadline.

Kiavi originated more than $7.0 billion of loans in 2025, with a focus on short-term residential transition loans along with mortgages underwritten using debt service coverage ratios.

“Regardless of who wins the bid, the consequences of this is market-disrupting for anyone who does not have the capital to build up servicing and/or the technology leadership to take advantage of it,” said Rick Roque, a consultant with Menlo Company.

UWM has until Friday to engage in discussions with the Two Harbors board of directors on a revised acquisition bid.

The Florida-based bank has agreed to sell its third-party originations channel to Mortgage Forward, part of the Great Lakes Credit Union family.

The acquisition is set to add a new revenue stream to Netcapital that is focused on residential mortgage originations and servicing.

UWM is willing to revise the terms of its offer to acquire Two Harbors Investment.

Two Harbors board says CrossCountry's bid is still the better option, in part because of its fully committed financing.