Locks for purchase mortgages declined by 5.1% on a monthly basis in May and rate-term refi locks fell 33.6%.

“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 settlement resolves allegations that the company violated servicing loan modification laws during the COVID-19 pandemic.

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

More extensive rehab projects and growing investor demand have pushed some lenders to consider getting more lenient with some standards for residential transition loans.

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

Industry analysts believe that the bidding war for Two Harbors Investment could inflate future acquisition prices for servicers.

The second postponement of the shareholder vote on CrossCountry’s acquisition offer signals that the bid needs to be higher.

Scotiabank’s planned acquisition of MapleMark Bank will provide Scotiabank with FDIC deposit insurance, which could help fund warehouse lending by Scotiabank.