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UWM to acquire Two Harbors

UWM to acquire Two Harbors

Plus: Cotality and Ascend licensed to generate FICO scores

December 19, 2025

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Disclaimer: Average mortgage rates as of December 18, 2025. © MND Daily Rate Index.

1. UWM to acquire Two Harbors

United Holding Corp., the parent company of United Wholesale Mortgage (UWM), has struck an all-stock deal to acquire real estate investment trust Two Harbors Investment Corp. for $1.3 billion.

The agreement has been approved by both companies’ boards, and its completion depends on regulatory clearances, shareholder approval, and other customary conditions.

Additionally, Two Harbors amended its severance benefits plan to protect employees during the transition and accelerated payments, bonuses, and equity for select executives as part of tax planning measures.

“The timing of doubling our servicing book as we bring servicing in-house is the perfect alignment, allowing us to deliver meaningful upside to stockholders and leverage increased cash flow to invest deeper into the broker network,” Mat Ishbia, chairman, president and CEO of UWM, said in a statement.

Dive deeper: UWM’s Blake breaks down the strategy behind the Two Harbors deal

2. Cotality and Ascend licensed to generate FICO scores

Fair Isaac Corp. (FICO) announced yesterday the addition of Cotality and Ascend Companies to its Mortgage Direct License Program, a move aimed at decentralizing the delivery of credit scores to lenders.

The agreements allow Cotality and Ascend to generate and distribute FICO Scores directly to mortgage originators. The program is designed to bypass traditional delivery bottlenecks, providing tri-merge resellers with greater control over pricing and fulfillment.

“Interest in the FICO® Mortgage Direct License Program continues to grow as lenders seek more cost efficient, transparent solutions,” said Julie May, vice president at FICO. “The addition of Cotality and Ascend to the list of resellers providing FICO Scores is another important step forward in making direct delivery the new standard for the mortgage industry.”

3. More nuggets

📆 November consumer prices rose at a 2.7% annual rate, lower than expected. (CNBC)

📋 2025 most loved employers by National Mortgage Professional. (NMP)

🌆 New York joins the lengthy list of states to ban right-to-list agreements. (NSC)

💼 Trump highlights mortgage relief initiatives in White House address. (TAM)

4. Lennar: The Feds are cooking up something to 'address' housing affordability

During their earnings call on Wednesday, executives at Lennar—a giant homebuilder with a market capitalization of $27 billion—said the federal government is working on a plan to help alleviate strained housing affordability.

Lennar executives said federal officials are actively engaging with homebuilders and industry groups to better understand constraints—and to avoid policies that could unintentionally damage supply. While no specific program was outlined, management suggested it would be “surprising” if no meaningful action emerged in 2026, given current discussions.

"Federal housing action is likely by 2026. The government is consulting builders to ensure upcoming affordability policies are strategic and avoid unintended consequences, rather than just throwing money at the problem." Stuart Miller, co-CEO of Lennar said

5. Mortgage payments decrease slightly in November

Homebuyer affordability improved slightly in November as the national median monthly mortgage payment for purchase applicants dropped to $2,034, down $5 from October, according to the MBA’s Purchase Applications Payment Index released yesterday.

On an annual basis, payments were down by $99, equal to a 4.6% decrease.

“Affordability conditions have now improved for six straight months as lower mortgage rates and strong household earnings growth have increased prospective buyers’ purchasing power,” said Edward Seiler, MBA’s associate vice president of housing economics and executive director of the Research Institute for Housing America.

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