“RoundPoint already subservices a significant portion of CCM’s servicing portfolio today, so this is not a new operating relationship. “RoundPoint 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.” Balancing servicing and originationBy acquiring TWO, CCM will achieve a better balance between its servicing and origination businesses. Servicing fees provide steadier, more predictable earnings than origination volume alone, while the expanded MSR portfolio will fuel significant recapture opportunities. With this weighted average coupon on TWO’s MSR portfolio, mass rate-and-term refinancing is unlikely.