{"id":63633,"date":"2026-07-24T03:00:18","date_gmt":"2026-07-24T01:00:18","guid":{"rendered":"https:\/\/housesmarketplace.com\/as-ccm-is-poised-to-win-the-two-bidding-war-an-integration-test-awaits\/"},"modified":"2026-07-24T03:00:18","modified_gmt":"2026-07-24T01:00:18","slug":"as-ccm-is-poised-to-win-the-two-bidding-war-an-integration-test-awaits","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/as-ccm-is-poised-to-win-the-two-bidding-war-an-integration-test-awaits\/","title":{"rendered":"As CCM is poised to win the TWO bidding war, an integration test awaits"},"content":{"rendered":"
\n

\u0421 \u041c\u0435\u0436\u0441\u0442\u0440\u0430\u043d\u043e\u0432\u0430\u044f \u0438\u043f\u043e\u0442\u0435\u043a\u0430<\/strong>\u2019s deal to acquire Two Harbors Investment Corp.<\/strong> one step closer to the finish line after securing shareholder approval<\/a>, the focus is shifting to what may be the next major challenge: integrating the businesses.<\/p>\n

Industry experts pointed out the complex task of bringing a large servicing portfolio in-house, but analysts expressed confidence in CCM\u2019s ability to combine both companies without losing track of its financials, while flagging rising leverage.\u00a0<\/p>\n

Like its peers, CCM is seeking scale in mortgage servicing rights (MSRs). TWO would bring a $159 billion portfolio to CCM\u2019s $202 billion as of the first quarter, per Inside Mortgage Finance. The deal pushes the lender from the No. 15 spot into the No. 8 spot among top servicers by owned portfolio.<\/p>\n

If the acquisition closes as currently designed, CCM will pay about $1.26 billion, after weathering a public bidding battle with \u041e\u0431\u044a\u0435\u0434\u0438\u043d\u0435\u043d\u043d\u0430\u044f \u043e\u043f\u0442\u043e\u0432\u0430\u044f \u0438\u043f\u043e\u0442\u0435\u043a\u0430 <\/strong>that increased the price by about $126 million. <\/p>\n

The company raised its cash bid from $10.80<\/a> per share in March to $11.30<\/a> in April and then to $12<\/a> in May, adding a dividend component<\/a>. The current price came in at a 19% premium to TWO\u2019s end of March tangible book value. <\/p>\n

\u201cLately, people have been paying up for MSR assets. That\u2019s not been a secret in the industry,\u201d said Ryan Wallace, a \u0424\u0438\u0442\u0447<\/strong> director, primary rating analyst covering nonbank financial institutions. \u201cI don\u2019t think they\u2019re being unreasonable. They see the value in this. They operate pretty conservatively, but they ended up paying probably what would be a full price.\u201d\u00a0<\/p>\n

\u0412 \u043e\u0442\u0432\u0435\u0442 \u043d\u0430 \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong>\u2018s questions about the deal, CCM said the price reflects the deal\u2019s strategic value and long-term financial benefits. <\/p>\n

\u201cWhen viewed through the lens of long-term earnings power, cash flow generation and strategic positioning, we believe this transaction creates compelling shareholder value,\u201d it said. \u201cOur immediate priority is successfully integrating the business, realizing the strategic and financial benefits of the transaction, generating strong cash flow and reducing leverage over time.\u201d<\/p>\n

The servicing play<\/h2>\n

With this transaction, CCM reaches a scale at which maintaining a dedicated, in-house servicing unit makes clear financial sense.<\/p>\n

TWO subservices<\/a> $40 billion in loans. Its servicing arm is RoundPoint Mortgage Servicing LLC<\/strong>, which it acquired in 2023. TWO also has a small direct-to-consumer origination business<\/a>, launched in 2024 for recapture. In the first quarter, TWO funded $92 million in unpaid principal balance (UPB) and brokered $38 million in second liens.<\/p>\n

CCM and TWO have been working together, including MSR sales by TWO to CCM and subservicing by RoundPoint of CCM-owned MSRs \u2014 an existing operating familiarity that should reduce risk. <\/p>\n

\u201cRoundPoint already subservices a significant portion of CCM\u2019s servicing portfolio today, so this is not a new operating relationship. Over the past year, we\u2019ve worked closely together and developed a deep understanding of the platform, technology and operating model,\u201d CCM stated. \u201cRoundPoint will continue operating with its experienced team and proven servicing platform, making this much more of a scaled expansion of an existing platform than a traditional systems conversion.\u201d<\/p>\n

However, CCM also uses \u0413\u0440\u0443\u043f\u043f\u0430 \u0433-\u043d\u0430 \u041a\u0443\u043f\u0435\u0440\u0430<\/strong>. The lender is pursuing a strategy similar to one drafted by UWM. Following \u0420\u0430\u043a\u0435\u0442\u043d\u044b\u0435 \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u0438<\/strong>\u2018 acquisition of Mr. Cooper, UWM moved its servicing in-house <\/a>to keep it away from its biggest rival, and subsequently aimed to acquire TWO<\/a> to boost its own scale.<\/p>\n

\u201cWe have already begun boarding newly originated CCM loans onto the RoundPoint platform. Following closing, the transfer of legacy loans currently serviced by Mr. Cooper will occur in phases over the following months,\u201d CCM added. \u201cThe phased approach is designed to minimize operational risk, ensure regulatory compliance and provide a seamless borrower experience throughout the transition.\u201d<\/p>\n

Balancing servicing and origination<\/h2>\n

By acquiring TWO, CCM will achieve a better balance between its servicing and origination businesses. It also reduces the need for the company to be active in the MSR bulk market. CCM said that the additional scale from this transaction allows it \u201cto be even more selective in today\u2019s market.\u201d<\/p>\n

Servicing fees provide steadier, more predictable earnings than origination volume alone, while the expanded MSR portfolio will fuel significant recapture opportunities.<\/p>\n

\u201cMuch of the deal valuation was built on the ability to churn consumers, and CCM has one of the best consumer-direct and retention platforms in the industry,\u201d said Rick Roque, corporate vice president of new growth at \u041a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u0430\u043d\u0438\u0435 \u041d\u0424\u041c<\/strong>, who previously worked at CCM. \u201cThey could pick up another $10 billion a year in volume just from that extra pickup. There\u2019s no indication that rates are going down, but if they were to go down, that could add another $3 billion to $5 billion in production over the next 12 to 18 months.\u201d<\/p>\n

In 2025, CCM originated $51 billion in mortgages, making it the No. 7 overall lender and the top distributed retail mortgage lender in the country. According to Roque\u2019s estimates, the added recapture volume could generate roughly 50 to 60 basis points in net profit after corporate allocations, delivering an immediate impact within the first 12 months post-close.<\/p>\n

Nick Kinsella, assistant vice president of the financial institutions group at Moody\u2019s Ratings<\/strong>, added that bringing servicing in-house introduces new regulatory and operational risks. However, he noted, \u201cgiven the company\u2019s track record, management\u2019s experience, and the complementary nature of the platform with CrossCountry\u2019s business model, we view all those risks along with the integration risk as modest going forward.\u201d<\/p>\n

The MSR book profile<\/h2>\n

CCM has no history of operating a servicing business at this scale, according to Coby Hakalir, who leads the mortgage banking division at real estate consulting firm T3 Sixty<\/strong>. Integrating the technology and systems could take one to two years, spanning compliance, escrow management, custodial accounts and servicing platforms.<\/p>\n

\u201cThe MSRs are already marked to market \u2014 119% of that estimate is a big bet,\u201d Hakalir said. \u201cCCM\u2019s hedge is the fact that they can refinance that book of business, which represents about three times their 2025 volume.\u201d<\/p>\n

If the deal closes in August, pending final regulatory hurdles, the key question is whether CCM will be operationally ready if rates drop soon. Because most borrowers in the portfolio were not originally CCM customers, recapture could prove difficult, Hakalir added.<\/p>\n

\u201cThe risk is that the opportunity to refinance these clients comes too quickly,\u201d he said. \u201cBut that\u2019s not a death sentence; it\u2019s just that it would become a more expensive deal if they couldn\u2019t recapture some of that business based on the premium they paid on the MSRs.\u201d<\/p>\n

Based on TWO\u2019s portfolio profile, however, rapid runoff is a low risk. As of March 31, the portfolio had a weighted average gross coupon of 3.54%, a 60-plus-day delinquency rate of 0.81% and a three-month conditional prepayment rate (CPR) of 5.6%.\u00a0<\/p>\n

With this weighted average coupon on TWO\u2019s MSR portfolio, mass rate-and-term refinancing is unlikely. However, the real opportunity is in cash-out refinances \u2014 borrowers at those low rates have seen home values rise, creating significant equity to tap.<\/p>\n

\u201cThe reality is: it\u2019s difficult to make money in just originating loans, so having this servicing play \u2013 not only as a hedge against higher interest rates, but to go for example from recapturing 20% of your customers to potentially 50% \u2013 is a game changer,\u201d Hakalir said. \u201cThis is a long-term strategic play.\u201d<\/p>\n

CCM stated the deal creates a substantial opportunity to improve borrower retention over time.<\/p>\n

\u201cHistorically, Two Harbors did not have the origination scale necessary to fully capitalize on those customer relationships,\u201d the company said. \u201cBy combining their servicing portfolio with CCM\u2019s national origination platform, we expect to create significantly more opportunities to recapture borrowers throughout the life of the loan.\u201d<\/p>\n

Leverage figures<\/h2>\n

When the deal was at $10.80 per share, Fitch estimated it would bring CCM\u2019s corporate leverage \u2014 defined as gross non-funding debt to tangible equity \u2014 to about 2.1x<\/a> on a pro forma basis at year-end 2025, assuming the transaction is fully debt-funded. The estimate may change depending on the deal\u2019s final price and structure, as well as updated financials from both companies.\u00a0<\/p>\n

This exceeds the agency\u2019s downgrade trigger of 1.5x. However, retained earnings growth is expected to reduce leverage toward the company\u2019s 1.0x target over the medium term.<\/p>\n

\u201cWe still think that is pretty manageable for them,\u201d Wallace said. \u201cThey\u2019re going above our stated downgrade trigger, which is risky. But we just feel that there\u2019s, all things considered, a good chance that they will get back within sensitivities in the medium term there. The integration is certainly what they\u2019re going to be focused on whenever they do close, and it should probably take at least a year or two to fully work that through.\u201d<\/p>\n

CCM said that its fundamental approach to leverage hasn\u2019t changed, with the lender still committed to target about 1.0x net leverage\u00a0over the medium term. \u201cWhile leverage will temporarily increase following the transaction, it\u2019s important to view that in the context of a significantly larger and more cash-generative business,\u201d the company said. <\/p>\n

It added that, \u201cThe combined company will benefit from substantially higher recurring servicing cash flows, a larger MSR portfolio and meaningful synergy opportunities, all of which support rapid deleveraging over time.\u201d<\/p>\n

The negotiations with CrossCountry Intermediate Holdco<\/strong>, an affiliate of CCM, include $3.4 billion of committed financing: a $2 billion secured facility and a $1.4 billion unsecured commitment from \u0421\u0438\u0442\u0438<\/strong>. CCM completed two large unsecured issuances<\/a> last year totaling $1.5 billion to repay MSR lines.<\/a> Fitch assumes it may return to the market for additional funding.<\/p>\n

Moody\u2019s Ratings also sees the company\u2019s leverage increasing due to the all-cash nature of the deal, but anticipates a clear path to recovery.<\/p>\n

\u201cDue to the company\u2019s prudent financial policies, and conservative and disciplined risk management practices, we expect them to manage it appropriately over the long term, and maintain a solid level of capital,\u201d Kinsella said. \u201cWe would view a shift from secured to unsecured debt as a credit positive because it frees up collateral and strengthens liquidity.\u201d <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

With CrossCountry Mortgage\u2019s deal to acquire Two Harbors Investment Corp. one step closer to the finish line after securing shareholder approval, the focus is shifting to what may be the next major challenge: integrating the businesses. Industry experts pointed out the complex task of bringing a large servicing portfolio in-house, but analysts expressed confidence in […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63633","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nAs CCM is poised to win the TWO bidding war, an integration test awaits - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/as-ccm-is-poised-to-win-the-two-bidding-war-an-integration-test-awaits\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As CCM is poised to win the TWO bidding war, an integration test awaits\" \/>\n<meta property=\"og:description\" content=\"With CrossCountry Mortgage\u2019s deal to acquire Two Harbors Investment Corp. one step closer to the finish line after securing shareholder approval, the focus is shifting to what may be the next major challenge: integrating the businesses. 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