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Two Harbors Investment Corp. is seeking the return of the $25.4 million termination fee it paid United Wholesale Mortgage (UWM), plus additional damages, in a counterclaim filed October 1, 2026. The claim says UWM had already breached the merger agreement and misled Two Harbors. Those are allegations, not court findings; UWM’s earlier lawsuit makes its own allegations against Two Harbors and seeks more than $500 million.
Why Two Harbors is seeking a refund
Two Harbors’ counterclaim says UWM concealed a deteriorating financial condition and a large interest-rate derivatives position, and misrepresented its plans to combine the companies’ operations and achieve synergies. On that account, Two Harbors argues UWM had materially breached the agreement before Two Harbors terminated it, so UWM should return the fee and pay additional damages. HousingWire reported the counterclaim and its allegations on October 5, 2026: HousingWire.
A central dispute is UWM’s description of its derivatives position as a “pre-hedge” related to the anticipated acquisition. Two Harbors alleges that explanation no longer held after the UWM transaction ended and Two Harbors agreed to sell its mortgage servicing rights (MSRs) to CrossCountry Mortgage. HousingWire reported the counterclaim’s allegation that the disputed position had a $27.5 billion notional value. That figure is an allegation described in the pleading, not a finding that the position was improper.
HousingWire also reported that UWM attributed a net loss of more than $451 million in its second quarter of 2026 to a derivative hedge position tied to the anticipated acquisition. The reported loss and Two Harbors’ allegations do not, on their own, establish whether UWM breached the merger agreement or misrepresented its intentions.
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What UWM’s original lawsuit alleges
UWM sued Two Harbors in August 2026, seeking more than $500 million, according to HousingWire’s August 12, 2026 report. UWM alleges that Two Harbors’ leadership sabotaged a shareholder vote and threatened to sell RoundPoint Mortgage Servicing LLC to CrossCountry unless UWM agreed to preserve Two Harbors’ operations after the acquisition. Two Harbors has disputed UWM’s account and called the lawsuit meritless.
A UWM spokesperson told HousingWire, “UWM’s lawsuit details how Two Harbors breached a binding merger agreement with UWM.” The spokesperson added: “Ultimately, this will be decided in a court of law.” Those statements express UWM’s position; they are not a ruling.
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How the merger dispute unfolded
| Date | Event |
|---|---|
| December 2025 | UWM and Two Harbors agreed to a stock-for-stock merger valued at approximately $1.3 billion, as reported by HousingWire. |
| March 2026 | Two Harbors terminated the UWM agreement after accepting a competing offer from CrossCountry Mortgage. It paid UWM a $25.4 million termination fee on March 31, according to HousingWire. |
| August 2026 | UWM filed its lawsuit against Two Harbors. The CrossCountry–Two Harbors transaction closed in late August, according to HousingWire. |
| October 1, 2026 | Two Harbors filed its counterclaim seeking the fee back and additional damages, according to HousingWire’s October 5 report. |
The SEC’s Form 10-Q for the quarter ended June 30, 2026 is an official UWM company disclosure, but it does not establish the later counterclaim’s allegations or resolve the competing claims.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Will Two Harbors get the $25.4 million back?
The fee is being demanded, not reported as refunded. The available reports do not say that a court has granted Two Harbors’ request, ruled on the counterclaim, or resolved the underlying dispute. They establish that each side has made allegations and sought relief; they do not establish which side is right.
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