Mat Ishbia wants to buy Two Harbors. Two Harbors shareholders aren't so sure. Here's where things stand on one of the more interesting deals in mortgage right now.

UWM announced in December it was acquiring Two Harbors Investment Corp (an MSR-focused REIT) in an all-stock deal. Fixed exchange ratio, no cash. TWO shareholders get UWMC stock, not cash.

They were supposed to vote last week. They didn't have the votes. The meeting got adjourned to March 24.

Here's why some shareholders are waffling ...

UWMC stock has been volatile since December. A fixed ratio deal means the value of what Two Harbors share holders are getting is directly tied to the current stock price. Think of it like agreeing to sell your house for 100 shares of your neighbor's company instead of cash. Seemed fine in December. But if his stock dropped 15% since then, you just took a haircut you didn't agree to.

There's also a timing argument. MSR values are rate-sensitive. Some TWO holders may feel like they're selling their MSR portfolio at exactly the wrong point in the cycle ... right before rates potentially drop and the refinance wave crushes servicing values for whoever owns them.

The TWO board is unanimously for it. That doesn't mean the shareholders agree.

Want the clearest possible signal on whether this deal closes smoothly on March 24? Watch UWMC's stock price.

Since January 16 it has dropped roughly 25%, hitting a new 52-week low of $3.62 yesterday.

Read the rest of this post here …

Oh gather 'round lenders and pour yourself a jar,
The Fed meets tomorrow and we know where they are,
They'll sit in their chamber and stroke their great chins,
And do absolutely nothing while the mortgage world spins!

Tomorrow at two when the statement comes down,
The mortgage folk gather in every last town,
They'll watch the screen hoping for mercy and grace,
And Powell will hold with a straight unmoved face!

Young Pulte tweeted seventeen times before noon,
Demanding the Fed cut and cut and cut soon,
Powell read the tweet and gazed into the air,
And said "we remain data dependent" with extraordinary care!

Oh Warsh is in the shadows sharpening his blade,
Whispering of rate cuts and the promises he's made,
But Powell grips the podium with his iron hands,
And reads from the same script that nobody understands!

Oh Warsh takes the throne in the months yet to come,
The mortgage folk pray over whiskey and rum,
He'll cut them in January he'll cut them in spring,
God save us all from the data dependent king!

Mortgage Industry Descends on Vegas as Encompass Turns 25, Industry Unsure Whether to Send a Card or File a Restraining Order

LAS VEGAS - Thousands of mortgage professionals descended on the Las Vegas Strip this week for the annual ICE Mortgage Technology Conference, a gathering described by attendees as "mandatory" and by ICE as "a celebration of innovation."

The conference, which coincides with Encompass completing its 25th year of what industry veterans describe as "a complicated relationship," drew record attendance from lenders, servicers, and fintech founders who sources confirm are "completely fine financially."

"We love Encompass," said one attendee who asked to remain anonymous. "We have always loved Encompass. Please don't quote me. Are you from ICE?"

ICE, which controls an estimated 70% of the mortgage LOS market in what observers are calling the most affectionate hostage situation in enterprise software history, kicked off the conference with a keynote on removing friction from the mortgage process. The presentation ran 47 minutes and required three proprietary ICE platforms to stream.

ICE reminded attendees during the opening general session that Encompass has over 3,000 integration partners, each of which exists to solve a problem that did not exist before Encompass.

Meanwhile, at the Wynn sportsbook three blocks away, oddsmakers posted what is being called the most action-packed mortgage industry prop bet board in Vegas history:

Someone attends 8 AM session sober: +175
GSEs exit conservatorship by November 2028: +475
One credit score replaces tri-merge: +1400
Someone's Encompass implementation comes in on time and on budget: +9500

On the exhibit floor, no fewer than 74 fintech companies unveiled what they described as AI-powered mortgage solutions, 61 of which appear to be the same product with different logos. Several exhibitors were observed quietly updating their LinkedIn profiles between demos. One founder confirmed the company's path to profitability runs directly through a partnership with a large bank that has not agreed to the partnership yet.

Read the rest of this post here …

Ohio mortgage has no shortage of extraordinary female leaders. We're about to make sure everyone knows their names.

This June at the OMBA Annual Conference, we are bringing one of the most meaningful sessions we have ever put on our main stage in the 59-year history of our org. At our Monday morning opening general session, we'll be celebrating 15 to 20 of the most accomplished female mortgage lending leaders in the state of Ohio in a way that is worthy of what they have built and what they represent for this industry.

This is not a panel. This is a recognition. Main stage. Full room. The spotlight these women deserve.

Our board of directors will be selecting the honorees. But we need your help finding them first.

If you know an Ohio-based woman in mortgage lending who has led with excellence, built something meaningful, mentored others, and made this industry better ... we want her name. Drop it in the comments. Send me a direct message. Tell me her story. No nomination is too small and no career is too quiet to be considered. The people doing the most important work are not always the loudest voices in the room. That is exactly why this session exists.
Nominations are open now.

And while we have your attention ... this session is just the opening act of what is going to be an incredible event. The 2026 OMBA Annual Conference runs June 14-16 at the Renaissance Columbus Westerville-Polaris.

Maurice Clarett. Bob Broeksmit. Steve Richman. A fourth keynote coming soon. 21 breakout sessions across three tracks. A live Tech Demo Showcase. Two nights of events at a gorgeous venue in amazing Columbus, OH that has no business being included at this price point.

$495. Registration is open. Details here.

Be in the room.

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Mar 16-18 - ICE Experience (Las Vegas, NV)

Mar 17-18 - FOMC Meeting (rate decision Mar 18)

Mar 19-22 - NCAA Tournament First/Second Rounds

Mar 26 - Traditional Opening Day (earliest in MLB history)

Apr 4 & 6 - Final Four & Championship (Indianapolis)

Apr 9-12 - The Masters (Augusta National, Rory McIlroy defending)

April 13-14 - MBA State & Local Conference

April 14-15 - MBA National Advocacy Conference

Apr 23-25 - NFL Draft (Pittsburgh, first time since 1948)

Apr 26-28 - Texas MBA Annual Conference

Apr 27-30 - HousingWire’s “The Gathering” Conference

"Spring is nature's way of saying, 'Let's party!'" - Robin Williams

Until the next one,
Swerb
[email protected]