**WTMS Blog Today = What’s up in Mortgage Today (PM) – 07/06/2026**

Two Harbors shareholders approved CrossCountry Mortgage’s acquisition at $12 per share plus a stub dividend, ending months of competing bids with Ultrawealth Mortgage left on the sidelines. The deal, expected to close in August 2026, merges Two Harbors’ $158.89 billion MSR portfolio with CrossCountry’s retail origination engine and RoundPoint’s servicing platform. The combined entity will operate approximately $360 billion in total servicing—a significant consolidation in an industry hunting for scale.

UWM’s final bid of $12.50 fell short despite the headline number, since their stock consideration would have been worth far less given their depressed share price. This deal underscores the continued push toward larger, integrated origination-servicing platforms. The Biden-era SAVE student loan program phase-out hits 7 million borrowers with 90 days to migrate to new repayment plans, directly pressuring debt-to-income ratios for mortgage applicants already stretched thin.

Monthly payments will climb for millions, shrinking purchasing power at the exact moment mortgage rates hover near 4.5 percent. Student loan delinquencies were already rising—10.3 percent of balances were 90-plus days past due in Q1 2026—and this forced migration will likely accelerate that trend. Originators should pull fresh credit reports on affected borrowers and reach out proactively before delinquency sets in, especially in high-cost markets like Florida.

This policy change represents a hidden headwind for mortgage qualification that most lenders have underestimated. Litigation against mortgage servicers is spiking sharply, with TCPA complaints alone up nearly 30 percent through May, and attorneys warn the surge is just beginning. AI tools are democratizing lawsuit filing for distressed borrowers, making it easier for individuals to challenge everything from lender licensing to notary fraud without hiring counsel.

State regulators are stepping up enforcement as the CFPB winds down enforcement pressure, creating a pincer movement that leaves servicers exposed. Even flawed AI-generated complaints demand full legal responses, creating enormous defense costs for companies already stretched operationally. Compliance teams should expect board-level budget discussions around litigation reserves and staffing.

Mike Kortas launched evoLend, a Fannie Mae, Freddie Mac, and Ginnie Mae-approved servicer designed to keep loan officers connected to their borrowers after loan sales occur. The platform operates in three modes: direct MSR ownership, subservicing while lenders retain MSRs, or API integrations feeding servicing data back to originators. This addresses a longstanding pain point where LOs lose visibility once their loans are sold, often cutting them off from repeat-business referrals and client relationships.

PennyMac is expected to be the first partner, with a year-one target of $2 billion in serviced loans. The model is notable because it acknowledges that loan officers drive origination volume—keeping them engaged post-closing could become a competitive advantage in tight markets. MISMO updated its Mortgage Insurance Implementation Guide to support VantageScore 4.0 and FICO 10T, expanding scoring flexibility for mortgage insurers evaluating borrower creditworthiness.

This technical update aligns the mortgage insurance ecosystem with broader credit bureau modernization efforts. Finance of America also completed an all-cash acquisition of reverse mortgage assets from Onity, further consolidating the reverse mortgage market segment. These operational moves reflect continued industry consolidation and technology upgrades beneath the headline market data.

Hiring slowed in June across broader employment, adding economic headwind to mortgage demand assumptions.

**Locking vs Floating**

The 10-year Treasury yield held below the 4.51 percent ceiling over the weekend, which risk-tolerant originators can use as a conservative lock trigger. More aggressive originators might wait for yields to threaten the 4.57 percent level before locking wholesale prices.

The ISM Non-Manufacturing PMI came in at 54.0 versus a 54.0 forecast and 54.5 previously, suggesting steady services activity without surprise economic acceleration. Treasury yields and MBS ceilings and floors provide more reliable momentum signals than intraday price moves, so focus on larger trend breaks rather than tick-by-tick volatility.

**Today’s Events**

ISM Non-Manufacturing PMI (June): 54.0 vs.

54.0 forecast, 54.5 previous

**Bond Pricing**

**UMBS 30 yr**
| Coupon | Price | Intra-Day Change |
| 5.0 | 98.33 | 0.24 |
| 5.5 | 100.4 | 0.14 |
| 6.0 | 102.21 | 0.22 |

**GNMA 30 yr**
| Coupon | Price | Intra-Day Change |
| 5.0 | 98.65 | 0.14 |
| 5.5 | 100.56 | 0.25 |
| 6.0 | 102.02 | 0.02 |

**Treasuries**
| Term | Yield | Price | Intra-Day Yield Change |
| 2yr | 4.107 | 99.797 | -0.03 |
| 3yr | 4.133 | 99.979 | -0.032 |
| 5yr | 4.196 | 99.681 | -0.036 |
| 7yr | 4.33 | 99.523 | -0.025 |
| 10yr | 4.47 | 99.242 | -0.016 |
| 30yr | 4.986 | 100.211 | 0.008 |