# WTMS Blog Today = What’s up in Mortgage Today (PM) – 03/30/2026
CrossCountry Mortgage snatched victory from United Wholesale Mortgage in the Two Harbors bidding war, agreeing to pay $10.80 per share in cash for a deal valued at roughly $1.13 billion. The wholesale giant called CCM’s successful bid “ego-driven” and hinted at potential legal action, claiming their stock offer was superior and promising the “full context will be made public in due course.” CCM will also cover the $25.4 million termination fee owed to UWM after Two Harbors walked away from their original merger agreement. The acquisition adds Two Harbors’ capital markets platform and RoundPoint’s servicing infrastructure, potentially making CCM the eighth-largest U.S.
mortgage servicer by owned portfolio. The transaction is expected to close in the second half of 2026. Bond markets rallied sharply today as traders shifted from betting on Fed rate hikes to pricing in potential cuts, driven by growing concerns about the economic impact of the Iran war.
Fed Chair Jerome Powell’s comments that the central bank has little control over supply shocks like oil price surges helped ease fears about forced monetary tightening. The 10-year Treasury yield dropped 8.4 basis points to 4.35% while UMBS securities gained 11 ticks, though both retreated from their earlier highs. Traders are increasingly focused on potential growth risks from the Middle East conflict rather than just its inflationary impulse.
The war has now entered its fifth week with oil prices hovering over $110 a barrel and little sign of resolution. NEXA Lending launched a new “servicing-aligned income” program that could give loan originators recurring compensation tied to loan performance, breaking from the traditional model where LOs watch others collect long-term servicing value. The brokerage is building what it calls a compliant framework for LOs to earn income beyond closing, tapping into retention, repeat business, and borrower relationship ownership.
This development comes as the industry faces growing scrutiny over compensation amid shrinking margins and intensifying competitive pressures. The move signals a potential shift toward monetizing originator relationships at scale. If successful, NEXA’s model could trigger broader competitive responses across the industry.
Housing market imbalances reached record levels with sellers now outnumbering buyers by 46% nationally, creating a gap of 630,000 according to Redfin data going back to 2013. Affordability challenges are keeping buyers on the sidelines as mortgage rates climbed to their highest levels since October and application volume dropped 10.5% last week. Canceled contracts hit a record 13.7% of homes under contract in February, reflecting buyer hesitation.
Sun Belt cities that overbuilt during the pandemic boom show the worst imbalances, with Miami leading at 163% more sellers than buyers. Nashville, Austin, West Palm Beach, and San Antonio round out the top five most imbalanced markets. Private credit funds face growing exposure to the software sector, with many putting up gates that restrict investor withdrawals due to illiquid underlying investments.
Wall Street Journal research found these funds are massaging sector definitions to minimize perceived exposure to SaaS companies whose valuations have been crushed by AI disruption fears. The risk extends to the mortgage industry through non-QM lending, as some ultimate buyers of non-QM paper have software exposure. Credit problems typically spread, and non-QM’s proximity means it would likely be impacted by software sector stress.
Any impact on conventional lending would be minimal and could potentially be positive. Better Home & Finance appointed former Fannie Mae CEO Hugh Frater to its board of directors as the company positions for its next phase of AI-driven growth and capital markets expansion. Meanwhile, more than half of all active listings nationwide remained on the market for over two months in February, marking the highest percentage of “stale” listings since 2019 at 52.2%.
LoanDepot expanded its partnership-driven origination strategy with a new joint venture alongside Texas homebuilder Betenbough Companies, targeting purchase borrowers in West Texas. A Florida appellate court ruled that creditors cannot force homeowners to draw from unused reverse mortgage credit lines to satisfy debts, establishing new legal clarity for HECM products.
Locking vs Floating
Despite today’s fairly big bond rally, MBS Live cautions that we’re still just one day away from the weakest closing levels in months.
It will take more than a day or two of apparent recovery before concluding that rising rate pressure has run its course. MBS gained ground throughout the day but gave back some gains from morning highs, creating potential reprice risk for lenders who improved rates earlier. Those who repriced during the AM highs (11:15-1:15 ET) face the highest risk of negative reprices if volatility continues.
Bond Pricing
UMBS 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 98.24 | 0.37 |
| 5.5 | 100.2 | 0.33 |
| 6.0 | 101.78 | 0.21 |
GNMA 30 yr
| Coupon | Price | Intra-Day Change |
| 5.0 | 98.73 | 0.29 |
| 5.5 | 100.39 | 0.24 |
| 6.0 | 101.61 | 0.2 |
Treasuries
| Term | Yield | Price | Intra-Day Yield Change |
| 2 yr | 3.83 | 99.37 | -0.084 |
| 3 yr | 3.854 | 99.005 | -0.085 |
| 5 yr | 3.986 | 98.94 | -0.083 |
| 7 yr | 4.167 | 98.996 | -0.088 |
| 10 yr | 4.352 | 97.173 | -0.077 |
| 30 yr | 4.915 | 95.479 | -0.05 |
