Shareholders of mortgage servicer Two Harbors Investment Corp. decisively rejected Mat Ishbia’s UWM Holdings Corp., approving a merger with CrossCountry Mortgage on Thursday. This outcome ends months of intense negotiation and a public feud, dealing a blow to UWM’s strategy. The decision signals a clear preference for CrossCountry’s offer over UWM’s competing bid.

UWM’s pursuit of Two Harbors was seen as a move to counteract its own stock's significant decline. By failing to acquire Two Harbors, UWM misses an opportunity to diversify and potentially bolster its market position. The rejected bid leaves Ishbia’s company to address its stock performance through other means.

The shareholder vote confirms CrossCountry Mortgage’s acquisition of Two Harbors Investment Corp. This consolidation in the mortgage servicing sector underscores the dynamic nature of financial services competition. The deal's finalization will reshape the competitive landscape for these companies.