United Wholesale Mortgage (UWM) filed a lawsuit on Monday that accuses Two Harbors Investment Corp. (TWO) of willfully breaching its merger agreement and committing fraud while pursuing a competing deal with CrossCountry Mortgage (CCM).

UWM alleges TWO’s leadership deliberately undermined the stockholder process for UWM’s transaction, including by sabotaging the March 16 meeting scheduled to approve the deal. UWM also claims TWO threatened to sell RoundPoint Mortgage Servicing Corp., its servicing subsidiary, to CCM if UWM would not agree to keep TWO’s business operating after an acquisition.

UWM is seeking more than $500 million in damages, citing alleged lost profits, expected details ⇒

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