UWM's bid to acquire Two Harbors has apparently fallen through, with Two Harbors stating that UWM did not revise its offer before a waiver expired. Despite this, an analyst at KBW believes UWM may be better off as a result. The outcome of the acquisition attempt and its impact on UWM's strategy are still being assessed, with UWM having previously raised its cash bid and shifted its strategy in pursuit of the deal.