<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:019e4697-d5a8-737c-ad47-d4bc5d594476,g:19e4b82e-88a4-4062-aacc-b285d650c808-->
<xs:schema xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:two="http://www.twoharborsinvestment.com/20260630" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2024-01-31" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://www.twoharborsinvestment.com/20260630">
  <xs:import namespace="http://fasb.org/srt/2026" schemaLocation="https://xbrl.fasb.org/srt/2026/elts/srt-2026.xsd"/>
  <xs:import namespace="http://fasb.org/us-gaap/2026" schemaLocation="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd"/>
  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/dei/2026" schemaLocation="https://xbrl.sec.gov/dei/2026/dei-2026.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/ecd/2026" schemaLocation="https://xbrl.sec.gov/ecd/2026/ecd-2026.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/exch/2026" schemaLocation="https://xbrl.sec.gov/exch/2026/exch-2026.xsd"/>
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="two-20260630_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:type="simple"/>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="two-20260630_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:type="simple"/>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="two-20260630_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple"/>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="two-20260630_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:type="simple"/>
      <link:roleType id="Cover" roleURI="http://www.twoharborsinvestment.com/role/Cover">
        <link:definition>0000001 - Document - Cover</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CONSOLIDATEDBALANCESHEETS" roleURI="http://www.twoharborsinvestment.com/role/CONSOLIDATEDBALANCESHEETS">
        <link:definition>9952151 - Statement - CONSOLIDATED BALANCE SHEETS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CONSOLIDATEDBALANCESHEETSParenthetical" roleURI="http://www.twoharborsinvestment.com/role/CONSOLIDATEDBALANCESHEETSParenthetical">
        <link:definition>9952152 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVELOSSINCOMEunaudited" roleURI="http://www.twoharborsinvestment.com/role/CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVELOSSINCOMEunaudited">
        <link:definition>9952153 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CONSOLIDATEDSTATEMENTSOFSTOCKHOLDERSEQUITYunaudited" roleURI="http://www.twoharborsinvestment.com/role/CONSOLIDATEDSTATEMENTSOFSTOCKHOLDERSEQUITYunaudited">
        <link:definition>9952154 - Statement - CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; EQUITY (unaudited)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CONSOLIDATEDSTATEMENTSOFCASHFLOWSunaudited" roleURI="http://www.twoharborsinvestment.com/role/CONSOLIDATEDSTATEMENTSOFCASHFLOWSunaudited">
        <link:definition>9952155 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="OrganizationandOperations" roleURI="http://www.twoharborsinvestment.com/role/OrganizationandOperations">
        <link:definition>9952156 - Disclosure - Organization and Operations</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="BasisofPresentationandSignificantAccountingPolicies" roleURI="http://www.twoharborsinvestment.com/role/BasisofPresentationandSignificantAccountingPolicies">
        <link:definition>9952157 - Disclosure - Basis of Presentation and Significant Accounting Policies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="VariableInterestEntities" roleURI="http://www.twoharborsinvestment.com/role/VariableInterestEntities">
        <link:definition>9952158 - Disclosure - Variable Interest Entities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="AvailableforSaleSecuritiesatFairValue" roleURI="http://www.twoharborsinvestment.com/role/AvailableforSaleSecuritiesatFairValue">
        <link:definition>9952159 - Disclosure - Available-for-Sale Securities, at Fair Value</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ServicingActivities" roleURI="http://www.twoharborsinvestment.com/role/ServicingActivities">
        <link:definition>9952160 - Disclosure - Servicing Activities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="MortgageLoansHeldforSaleatFairValue" roleURI="http://www.twoharborsinvestment.com/role/MortgageLoansHeldforSaleatFairValue">
        <link:definition>9952161 - Disclosure - Mortgage Loans Held-for-Sale, at Fair Value</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CashCashEquivalentsandRestrictedCash" roleURI="http://www.twoharborsinvestment.com/role/CashCashEquivalentsandRestrictedCash">
        <link:definition>9952162 - Disclosure - Cash, Cash Equivalents and Restricted Cash</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivities" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivities">
        <link:definition>9952163 - Disclosure - Derivative Instruments and Hedging Activities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ReverseRepurchaseAgreements" roleURI="http://www.twoharborsinvestment.com/role/ReverseRepurchaseAgreements">
        <link:definition>9952164 - Disclosure - Reverse Repurchase Agreements</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="OffsettingAssetsandLiabilities" roleURI="http://www.twoharborsinvestment.com/role/OffsettingAssetsandLiabilities">
        <link:definition>9952165 - Disclosure - Offsetting Assets and Liabilities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FairValue" roleURI="http://www.twoharborsinvestment.com/role/FairValue">
        <link:definition>9952166 - Disclosure - Fair Value</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Financing" roleURI="http://www.twoharborsinvestment.com/role/Financing">
        <link:definition>9952167 - Disclosure - Financing</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CommitmentsandContingencies" roleURI="http://www.twoharborsinvestment.com/role/CommitmentsandContingencies">
        <link:definition>9952168 - Disclosure - Commitments and Contingencies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquity" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquity">
        <link:definition>9952169 - Disclosure - Stockholders' Equity</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="EquityIncentivePlans" roleURI="http://www.twoharborsinvestment.com/role/EquityIncentivePlans">
        <link:definition>9952170 - Disclosure - Equity Incentive Plans</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="InterestIncomeandInterestExpense" roleURI="http://www.twoharborsinvestment.com/role/InterestIncomeandInterestExpense">
        <link:definition>9952171 - Disclosure - Interest Income and Interest Expense</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="IncomeTaxes" roleURI="http://www.twoharborsinvestment.com/role/IncomeTaxes">
        <link:definition>9952172 - Disclosure - Income Taxes</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="EarningsPerShare" roleURI="http://www.twoharborsinvestment.com/role/EarningsPerShare">
        <link:definition>9952173 - Disclosure - Earnings Per Share</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="SegmentReporting" roleURI="http://www.twoharborsinvestment.com/role/SegmentReporting">
        <link:definition>9952174 - Disclosure - Segment Reporting</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="SubsequentEvents" roleURI="http://www.twoharborsinvestment.com/role/SubsequentEvents">
        <link:definition>9952175 - Disclosure - Subsequent Events</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="BasisofPresentationandSignificantAccountingPoliciesPolicies" roleURI="http://www.twoharborsinvestment.com/role/BasisofPresentationandSignificantAccountingPoliciesPolicies">
        <link:definition>9955511 - Disclosure - Basis of Presentation and Significant Accounting Policies (Policies)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="VariableInterestEntitiesTables" roleURI="http://www.twoharborsinvestment.com/role/VariableInterestEntitiesTables">
        <link:definition>9955512 - Disclosure - Variable Interest Entities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="AvailableforSaleSecuritiesatFairValueTables" roleURI="http://www.twoharborsinvestment.com/role/AvailableforSaleSecuritiesatFairValueTables">
        <link:definition>9955513 - Disclosure - Available-for-Sale Securities, at Fair Value (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ServicingActivitiesTables" roleURI="http://www.twoharborsinvestment.com/role/ServicingActivitiesTables">
        <link:definition>9955514 - Disclosure - Servicing Activities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="MortgageLoansHeldforSaleatFairValueTables" roleURI="http://www.twoharborsinvestment.com/role/MortgageLoansHeldforSaleatFairValueTables">
        <link:definition>9955515 - Disclosure - Mortgage Loans Held-for-Sale, at Fair Value (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CashCashEquivalentsandRestrictedCashTables" roleURI="http://www.twoharborsinvestment.com/role/CashCashEquivalentsandRestrictedCashTables">
        <link:definition>9955516 - Disclosure - Cash, Cash Equivalents and Restricted Cash (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesTables" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesTables">
        <link:definition>9955517 - Disclosure - Derivative Instruments and Hedging Activities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="OffsettingAssetsandLiabilitiesTables" roleURI="http://www.twoharborsinvestment.com/role/OffsettingAssetsandLiabilitiesTables">
        <link:definition>9955518 - Disclosure - Offsetting Assets and Liabilities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FairValueTables" roleURI="http://www.twoharborsinvestment.com/role/FairValueTables">
        <link:definition>9955519 - Disclosure - Fair Value (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FinancingTables" roleURI="http://www.twoharborsinvestment.com/role/FinancingTables">
        <link:definition>9955520 - Disclosure - Financing (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityTables" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityTables">
        <link:definition>9955521 - Disclosure - Stockholders' Equity (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="EquityIncentivePlansTables" roleURI="http://www.twoharborsinvestment.com/role/EquityIncentivePlansTables">
        <link:definition>9955522 - Disclosure - Equity Incentive Plans (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="InterestIncomeandInterestExpenseTables" roleURI="http://www.twoharborsinvestment.com/role/InterestIncomeandInterestExpenseTables">
        <link:definition>9955523 - Disclosure - Interest Income and Interest Expense (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="EarningsPerShareTables" roleURI="http://www.twoharborsinvestment.com/role/EarningsPerShareTables">
        <link:definition>9955524 - Disclosure - Earnings Per Share (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="OrganizationandOperationsDetails" roleURI="http://www.twoharborsinvestment.com/role/OrganizationandOperationsDetails">
        <link:definition>9955525 - Disclosure - Organization and Operations (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="VariableInterestEntitiesDetails" roleURI="http://www.twoharborsinvestment.com/role/VariableInterestEntitiesDetails">
        <link:definition>9955526 - Disclosure - Variable Interest Entities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="AvailableforSaleSecuritiesatFairValueAFSInvestmentSecuritiesDetails" roleURI="http://www.twoharborsinvestment.com/role/AvailableforSaleSecuritiesatFairValueAFSInvestmentSecuritiesDetails">
        <link:definition>9955527 - Disclosure - Available-for-Sale Securities, at Fair Value - AFS Investment Securities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="AvailableforSaleSecuritiesatFairValueNarrativeDetails" roleURI="http://www.twoharborsinvestment.com/role/AvailableforSaleSecuritiesatFairValueNarrativeDetails">
        <link:definition>9955528 - Disclosure - Available-for-Sale Securities, at Fair Value - Narrative (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="AvailableforSaleSecuritiesatFairValueAmortizedCostandCarryingValueofAFSSecuritiesDetails" roleURI="http://www.twoharborsinvestment.com/role/AvailableforSaleSecuritiesatFairValueAmortizedCostandCarryingValueofAFSSecuritiesDetails">
        <link:definition>9955529 - Disclosure - Available-for-Sale Securities, at Fair Value - Amortized Cost and Carrying Value of AFS Securities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="AvailableforSaleSecuritiesatFairValueEstimatedWeightedAverageLifeDetails" roleURI="http://www.twoharborsinvestment.com/role/AvailableforSaleSecuritiesatFairValueEstimatedWeightedAverageLifeDetails">
        <link:definition>9955530 - Disclosure - Available-for-Sale Securities, at Fair Value - Estimated Weighted Average Life (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="AvailableforSaleSecuritiesatFairValueAllowanceforCreditLossesandUnrealizedLossDetails" roleURI="http://www.twoharborsinvestment.com/role/AvailableforSaleSecuritiesatFairValueAllowanceforCreditLossesandUnrealizedLossDetails">
        <link:definition>9955531 - Disclosure - Available-for-Sale Securities, at Fair Value - Allowance for Credit Losses and Unrealized Loss (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="AvailableforSaleSecuritiesatFairValueRealizedGainLossDetails" roleURI="http://www.twoharborsinvestment.com/role/AvailableforSaleSecuritiesatFairValueRealizedGainLossDetails">
        <link:definition>9955532 - Disclosure - Available-for-Sale Securities, at Fair Value - Realized Gain (Loss) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ServicingActivitiesRollforwardofMortgageServicingRightsatFairValueDetails" roleURI="http://www.twoharborsinvestment.com/role/ServicingActivitiesRollforwardofMortgageServicingRightsatFairValueDetails">
        <link:definition>9955533 - Disclosure - Servicing Activities - Rollforward of Mortgage Servicing Rights, at Fair Value (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ServicingActivitiesNarrativeDetails" roleURI="http://www.twoharborsinvestment.com/role/ServicingActivitiesNarrativeDetails">
        <link:definition>9955534 - Disclosure - Servicing Activities - Narrative (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ServicingActivitiesMortgageServicingRightsSensitivityAnalysisofFairValueDetails" roleURI="http://www.twoharborsinvestment.com/role/ServicingActivitiesMortgageServicingRightsSensitivityAnalysisofFairValueDetails">
        <link:definition>9955535 - Disclosure - Servicing Activities - Mortgage Servicing Rights Sensitivity Analysis of Fair Value (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ServicingActivitiesComponentsofServicingRevenueDetails" roleURI="http://www.twoharborsinvestment.com/role/ServicingActivitiesComponentsofServicingRevenueDetails">
        <link:definition>9955536 - Disclosure - Servicing Activities - Components of Servicing Revenue (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ServicingActivitiesTotalServicedMortgageAssetsDetails" roleURI="http://www.twoharborsinvestment.com/role/ServicingActivitiesTotalServicedMortgageAssetsDetails">
        <link:definition>9955537 - Disclosure - Servicing Activities - Total Serviced Mortgage Assets (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="MortgageLoansHeldforSaleatFairValueNarrativeDetails" roleURI="http://www.twoharborsinvestment.com/role/MortgageLoansHeldforSaleatFairValueNarrativeDetails">
        <link:definition>9955538 - Disclosure - Mortgage Loans Held-for-Sale, at Fair Value - Narrative (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="MortgageLoansHeldforSaleatFairValueCarryingValueofMortgageLoansHeldforSaleDetails" roleURI="http://www.twoharborsinvestment.com/role/MortgageLoansHeldforSaleatFairValueCarryingValueofMortgageLoansHeldforSaleDetails">
        <link:definition>9955539 - Disclosure - Mortgage Loans Held-for-Sale, at Fair Value - Carrying Value of Mortgage Loans Held-for-Sale (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="MortgageLoansHeldforSaleatFairValueReconciliationMortgageLoansHeldforSaleDetails" roleURI="http://www.twoharborsinvestment.com/role/MortgageLoansHeldforSaleatFairValueReconciliationMortgageLoansHeldforSaleDetails">
        <link:definition>9955540 - Disclosure - Mortgage Loans Held-for-Sale, at Fair Value - Reconciliation Mortgage Loans Held-for-Sale (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CashCashEquivalentsandRestrictedCashRestrictedCashandCashEquivalentsDetails" roleURI="http://www.twoharborsinvestment.com/role/CashCashEquivalentsandRestrictedCashRestrictedCashandCashEquivalentsDetails">
        <link:definition>9955541 - Disclosure - Cash, Cash Equivalents and Restricted Cash - Restricted Cash and Cash Equivalents (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CashCashEquivalentsandRestrictedCashTotalCashCashEquivalentsandRestrictedCashDetails" roleURI="http://www.twoharborsinvestment.com/role/CashCashEquivalentsandRestrictedCashTotalCashCashEquivalentsandRestrictedCashDetails">
        <link:definition>9955542 - Disclosure - Cash, Cash Equivalents and Restricted Cash - Total Cash, Cash Equivalents and Restricted Cash (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesDerivativeInstrumentsinStatementofFinancialPositionFairValueDetails" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesDerivativeInstrumentsinStatementofFinancialPositionFairValueDetails">
        <link:definition>9955543 - Disclosure - Derivative Instruments and Hedging Activities - Derivative Instruments in Statement of Financial Position, Fair Value (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesDerivativeInstrumentsinStatementofFinancialPositionFairValueDetails_1" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesDerivativeInstrumentsinStatementofFinancialPositionFairValueDetails_1">
        <link:definition>9955543 - Disclosure - Derivative Instruments and Hedging Activities - Derivative Instruments in Statement of Financial Position, Fair Value (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesDerivativeInstrumentsGainLossinStatementofFinancialPerformanceDetails" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesDerivativeInstrumentsGainLossinStatementofFinancialPerformanceDetails">
        <link:definition>9955544 - Disclosure - Derivative Instruments and Hedging Activities - Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesDerivativeInstrumentsGainLossinStatementofFinancialPerformanceDetails_1" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesDerivativeInstrumentsGainLossinStatementofFinancialPerformanceDetails_1">
        <link:definition>9955544 - Disclosure - Derivative Instruments and Hedging Activities - Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesNarrativeDetails" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesNarrativeDetails">
        <link:definition>9955545 - Disclosure - Derivative Instruments and Hedging Activities - Narrative (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesNotionalAmountsofDerivativePositionsDetails" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesNotionalAmountsofDerivativePositionsDetails">
        <link:definition>9955546 - Disclosure - Derivative Instruments and Hedging Activities - Notional Amounts of Derivative Positions (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesTBAContractsDetails" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesTBAContractsDetails">
        <link:definition>9955547 - Disclosure - Derivative Instruments and Hedging Activities - TBA Contracts (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesTBAContractsDetails_1" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesTBAContractsDetails_1">
        <link:definition>9955547 - Disclosure - Derivative Instruments and Hedging Activities - TBA Contracts (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesFuturesDetails" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesFuturesDetails">
        <link:definition>9955548 - Disclosure - Derivative Instruments and Hedging Activities - Futures (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesInterestRateSwapPayersDetails" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesInterestRateSwapPayersDetails">
        <link:definition>9955549 - Disclosure - Derivative Instruments and Hedging Activities - Interest Rate Swap Payers (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="DerivativeInstrumentsandHedgingActivitiesInterestRateSwapReceiversDetails" roleURI="http://www.twoharborsinvestment.com/role/DerivativeInstrumentsandHedgingActivitiesInterestRateSwapReceiversDetails">
        <link:definition>9955550 - Disclosure - Derivative Instruments and Hedging Activities - Interest Rate Swap Receivers (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ReverseRepurchaseAgreementsDetails" roleURI="http://www.twoharborsinvestment.com/role/ReverseRepurchaseAgreementsDetails">
        <link:definition>9955551 - Disclosure - Reverse Repurchase Agreements (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="OffsettingAssetsandLiabilitiesDetails" roleURI="http://www.twoharborsinvestment.com/role/OffsettingAssetsandLiabilitiesDetails">
        <link:definition>9955552 - Disclosure - Offsetting Assets and Liabilities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="OffsettingAssetsandLiabilitiesDetails_1" roleURI="http://www.twoharborsinvestment.com/role/OffsettingAssetsandLiabilitiesDetails_1">
        <link:definition>9955552 - Disclosure - Offsetting Assets and Liabilities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FairValueNarrativeDetails" roleURI="http://www.twoharborsinvestment.com/role/FairValueNarrativeDetails">
        <link:definition>9955553 - Disclosure - Fair Value - Narrative (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FairValueRecurringFairValueMeasurementsDetails" roleURI="http://www.twoharborsinvestment.com/role/FairValueRecurringFairValueMeasurementsDetails">
        <link:definition>9955554 - Disclosure - Fair Value - Recurring Fair Value Measurements (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FairValueAssetsMeasuredonRecurringBasisUnobservableInputReconciliationDetails" roleURI="http://www.twoharborsinvestment.com/role/FairValueAssetsMeasuredonRecurringBasisUnobservableInputReconciliationDetails">
        <link:definition>9955555 - Disclosure - Fair Value - Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FairValueQuantitativeInformationaboutLevel3FairValueMeasurementsDetails" roleURI="http://www.twoharborsinvestment.com/role/FairValueQuantitativeInformationaboutLevel3FairValueMeasurementsDetails">
        <link:definition>9955556 - Disclosure - Fair Value - Quantitative Information about Level 3 Fair Value Measurements (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FairValueEstimatedFairValuesofAssetsandLiabilitiesDetails" roleURI="http://www.twoharborsinvestment.com/role/FairValueEstimatedFairValuesofAssetsandLiabilitiesDetails">
        <link:definition>9955557 - Disclosure - Fair Value - Estimated Fair Values of Assets and Liabilities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FinancingSecuredFinancingDetails" roleURI="http://www.twoharborsinvestment.com/role/FinancingSecuredFinancingDetails">
        <link:definition>9955558 - Disclosure - Financing - Secured Financing (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FinancingRepurchaseAgreementsDetails" roleURI="http://www.twoharborsinvestment.com/role/FinancingRepurchaseAgreementsDetails">
        <link:definition>9955559 - Disclosure - Financing - Repurchase Agreements (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FinancingUnderlyingAssetsofRepurchaseAgreementswhenAmountofRepurchaseAgreementsExceeds10PercentofAssetsDetails" roleURI="http://www.twoharborsinvestment.com/role/FinancingUnderlyingAssetsofRepurchaseAgreementswhenAmountofRepurchaseAgreementsExceeds10PercentofAssetsDetails">
        <link:definition>9955560 - Disclosure - Financing - Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FinancingNarrativeDetails" roleURI="http://www.twoharborsinvestment.com/role/FinancingNarrativeDetails">
        <link:definition>9955561 - Disclosure - Financing - Narrative (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="FinancingFutureMaturitiesDetails" roleURI="http://www.twoharborsinvestment.com/role/FinancingFutureMaturitiesDetails">
        <link:definition>9955562 - Disclosure - Financing - Future Maturities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="CommitmentsandContingenciesDetails" roleURI="http://www.twoharborsinvestment.com/role/CommitmentsandContingenciesDetails">
        <link:definition>9955563 - Disclosure - Commitments and Contingencies (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityRedeemablePreferredStockDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityRedeemablePreferredStockDetails">
        <link:definition>9955564 - Disclosure - Stockholders' Equity - Redeemable Preferred Stock (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityPreferredShareRepurchaseProgramDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityPreferredShareRepurchaseProgramDetails">
        <link:definition>9955565 - Disclosure - Stockholders' Equity - Preferred Share Repurchase Program (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityCommonStockRollforwardDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityCommonStockRollforwardDetails">
        <link:definition>9955566 - Disclosure - Stockholders' Equity - Common Stock Rollforward (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityDividendsDeclaredDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityDividendsDeclaredDetails">
        <link:definition>9955567 - Disclosure - Stockholders' Equity - Dividends Declared (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityDividendReinvestmentandDirectStockPurchasePlanDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityDividendReinvestmentandDirectStockPurchasePlanDetails">
        <link:definition>9955568 - Disclosure - Stockholders' Equity - Dividend Reinvestment and Direct Stock Purchase Plan (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityCommonShareRepurchaseProgramDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityCommonShareRepurchaseProgramDetails">
        <link:definition>9955569 - Disclosure - Stockholders' Equity - Common Share Repurchase Program (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityAttheMarketOfferingDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityAttheMarketOfferingDetails">
        <link:definition>9955570 - Disclosure - Stockholders' Equity - At-the-Market Offering (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityAccumulatedOtherComprehensiveLossDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityAccumulatedOtherComprehensiveLossDetails">
        <link:definition>9955571 - Disclosure - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StockholdersEquityReclassificationsoutofAccumulatedOtherComprehensiveLossDetails" roleURI="http://www.twoharborsinvestment.com/role/StockholdersEquityReclassificationsoutofAccumulatedOtherComprehensiveLossDetails">
        <link:definition>9955572 - Disclosure - Stockholders' Equity - Reclassifications out of Accumulated Other Comprehensive Loss (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="EquityIncentivePlansNarrativeDetails" roleURI="http://www.twoharborsinvestment.com/role/EquityIncentivePlansNarrativeDetails">
        <link:definition>9955573 - Disclosure - Equity Incentive Plans - Narrative (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="EquityIncentivePlansShareBasedCompensationRestrictedStockUnitsActivityDetails" roleURI="http://www.twoharborsinvestment.com/role/EquityIncentivePlansShareBasedCompensationRestrictedStockUnitsActivityDetails">
        <link:definition>9955574 - Disclosure - Equity Incentive Plans - Share-Based Compensation, Restricted Stock Units Activity (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="EquityIncentivePlansShareBasedCompensationPerformanceShareUnitsActivityDetails" roleURI="http://www.twoharborsinvestment.com/role/EquityIncentivePlansShareBasedCompensationPerformanceShareUnitsActivityDetails">
        <link:definition>9955575 - Disclosure - Equity Incentive Plans - Share-Based Compensation, Performance Share Units Activity (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="InterestIncomeandInterestExpenseDetails" roleURI="http://www.twoharborsinvestment.com/role/InterestIncomeandInterestExpenseDetails">
        <link:definition>9955576 - Disclosure - Interest Income and Interest Expense (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="IncomeTaxesDetails" roleURI="http://www.twoharborsinvestment.com/role/IncomeTaxesDetails">
        <link:definition>9955577 - Disclosure - Income Taxes (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="EarningsPerShareDetails" roleURI="http://www.twoharborsinvestment.com/role/EarningsPerShareDetails">
        <link:definition>9955578 - Disclosure - Earnings Per Share (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="SegmentReportingDetails" roleURI="http://www.twoharborsinvestment.com/role/SegmentReportingDetails">
        <link:definition>9955579 - Disclosure - Segment Reporting (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xs:appinfo>
  </xs:annotation>
  <xs:element id="two_SeniorNotesDue2030Member" abstract="true" name="SeniorNotesDue2030Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_RevolvingCreditFacilities" abstract="false" name="RevolvingCreditFacilities" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_NetServicingIncomeAbstract" abstract="true" name="NetServicingIncomeAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="two_SubservicingExpense" abstract="false" name="SubservicingExpense" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_NetServicingIncome" abstract="false" name="NetServicingIncome" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_ServicingAssetAtFairValueTotalChangesInFairValue" abstract="false" name="ServicingAssetAtFairValueTotalChangesInFairValue" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_NetIncomeLossAvailableToCommonStockholders" abstract="false" name="NetIncomeLossAvailableToCommonStockholders" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_ComprehensiveIncomeLossAttributabletoCommonStockholders" abstract="false" name="ComprehensiveIncomeLossAttributabletoCommonStockholders" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleTotalCreditLossExpenseReversal" abstract="false" name="DebtSecuritiesAvailableforsaleTotalCreditLossExpenseReversal" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_ServicingAssetAtFairValueUnrealizedChangesInFairValue" abstract="false" name="ServicingAssetAtFairValueUnrealizedChangesInFairValue" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_RealizedAndUnrealizedLossesGainsOnDerivativeInstruments" abstract="false" name="RealizedAndUnrealizedLossesGainsOnDerivativeInstruments" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_PaymentForPurchaseAndOriginationLoanMortgageHeldForSale" abstract="false" name="PaymentForPurchaseAndOriginationLoanMortgageHeldForSale" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_IncreaseDecreaseInDueToCounterpartiesNet" abstract="false" name="IncreaseDecreaseInDueToCounterpartiesNet" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_ProceedsFromAssetsSoldUnderAgreementsToRepurchase" abstract="false" name="ProceedsFromAssetsSoldUnderAgreementsToRepurchase" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_PrincipalPaymentsOnAssetsSoldUnderAgreementsToRepurchase" abstract="false" name="PrincipalPaymentsOnAssetsSoldUnderAgreementsToRepurchase" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_MergerTerminationFeePaidByThirdParty" abstract="false" name="MergerTerminationFeePaidByThirdParty" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_InvestmentsInDebtSecuritiesClassifiedAsAvailableForSaleDisclosureTextBlock" abstract="false" name="InvestmentsInDebtSecuritiesClassifiedAsAvailableForSaleDisclosureTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ReverseRepurchaseAgreementsAbstract" abstract="true" name="ReverseRepurchaseAgreementsAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="two_ReverseRepurchaseAgreementsTextBlock" abstract="false" name="ReverseRepurchaseAgreementsTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_OffsettingAssetsAndLiabilitiesTextBlock" abstract="false" name="OffsettingAssetsAndLiabilitiesTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleWeightedAverageLifeClassificationsTableTextBlock" abstract="false" name="DebtSecuritiesAvailableforsaleWeightedAverageLifeClassificationsTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ComponentsOfServicingRevenueTableTextBlock" abstract="false" name="ComponentsOfServicingRevenueTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ScheduleOfTotalServicedMortgageAssetsTableTextBlock" abstract="false" name="ScheduleOfTotalServicedMortgageAssetsTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ScheduleOfTBAPositionsTableTextBlock" abstract="false" name="ScheduleOfTBAPositionsTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ScheduleOfFuturesTableTextBlock" abstract="false" name="ScheduleOfFuturesTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ScheduleofInterestRateSwapPayersTableTextBlock" abstract="false" name="ScheduleofInterestRateSwapPayersTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ScheduleofInterestRateSwapReceiversTableTextBlock" abstract="false" name="ScheduleofInterestRateSwapReceiversTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_OffsettingAssetsAndLiabilitiesTableTextBlock" abstract="false" name="OffsettingAssetsAndLiabilitiesTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ScheduleOfRepurchaseAgreementsByMaturityTableTextBlock" abstract="false" name="ScheduleOfRepurchaseAgreementsByMaturityTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_ScheduleOfRemainingMaturitiesOnFinancingArrangementsTableTextBlock" abstract="false" name="ScheduleOfRemainingMaturitiesOnFinancingArrangementsTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_PreferredStockTableTextBlock" abstract="false" name="PreferredStockTableTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType"/>
  <xs:element id="two_CrossCountryIntermediateHoldcoLLCPendingMergerMember" abstract="true" name="CrossCountryIntermediateHoldcoLLCPendingMergerMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_UWMHoldingsCorporationTerminatedMergerMember" abstract="true" name="UWMHoldingsCorporationTerminatedMergerMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_NumberOfRepurchaseFacilities" abstract="false" name="NumberOfRepurchaseFacilities" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="two_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesPrincipalAndInterestMember" abstract="true" name="MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesPrincipalAndInterestMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesInterestOnlyStripMember" abstract="true" name="MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesInterestOnlyStripMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleFaceValue" abstract="false" name="DebtSecuritiesAvailableforsaleFaceValue" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleUnamortizedPremium" abstract="false" name="DebtSecuritiesAvailableforsaleUnamortizedPremium" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleNetUnamortized" abstract="false" name="DebtSecuritiesAvailableforsaleNetUnamortized" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleUnrealizedGains" abstract="false" name="DebtSecuritiesAvailableforsaleUnrealizedGains" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleUnrealizedLosses" abstract="false" name="DebtSecuritiesAvailableforsaleUnrealizedLosses" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleMaturityAllocatedandSingleMaturityDateafterOneThroughThreeYearsFairValue" abstract="false" name="DebtSecuritiesAvailableforsaleMaturityAllocatedandSingleMaturityDateafterOneThroughThreeYearsFairValue" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleMaturityAllocatedandSingleMaturityDateafterThreeThroughFiveYearsFairValue" abstract="false" name="DebtSecuritiesAvailableforsaleMaturityAllocatedandSingleMaturityDateafterThreeThroughFiveYearsFairValue" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleNumberofPositions" abstract="false" name="DebtSecuritiesAvailableforsaleNumberofPositions" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableforsaleGrossRealizedGainsLossesAmortizedCostSold" abstract="false" name="DebtSecuritiesAvailableforsaleGrossRealizedGainsLossesAmortizedCostSold" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_ServicingAssetAtFairValueAdditionFromPurchases" abstract="false" name="ServicingAssetAtFairValueAdditionFromPurchases" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_ServicingAssetAtFairValueOtherChangeInFairValueStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag" abstract="false" name="ServicingAssetAtFairValueOtherChangeInFairValueStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="two_MortgageServicingRightsDelinquencyRate" abstract="false" name="MortgageServicingRightsDelinquencyRate" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_NumberOfRevolvingCreditFacilities" abstract="false" name="NumberOfRevolvingCreditFacilities" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="two_MeasurementInputDelinquencyMember" abstract="true" name="MeasurementInputDelinquencyMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_MeasurementInputPerLoanAnnualCosttoServiceMember" abstract="true" name="MeasurementInputPerLoanAnnualCosttoServiceMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_SensitivityAnalysisOfFairValueTransferorsInterestsInTransferredFinancialAssetsImpactOf10PercentAdverseChangeInDelinquency" abstract="false" name="SensitivityAnalysisOfFairValueTransferorsInterestsInTransferredFinancialAssetsImpactOf10PercentAdverseChangeInDelinquency" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_SensitivityAnalysisOfFairValueTransferorsInterestsInTransferredFinancialAssetsImpactOf20PercentAdverseChangeInDelinquency" abstract="false" name="SensitivityAnalysisOfFairValueTransferorsInterestsInTransferredFinancialAssetsImpactOf20PercentAdverseChangeInDelinquency" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_FloatIncomeGeneratedByServicingFinancialAssetsAmount" abstract="false" name="FloatIncomeGeneratedByServicingFinancialAssetsAmount" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_SubservicingMember" abstract="true" name="SubservicingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_ServicingAdministratorMember" abstract="true" name="ServicingAdministratorMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_MortgageLoansHeldForSaleMember" abstract="true" name="MortgageLoansHeldForSaleMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_ContinuingInvolvementWithContinuedToBeRecognizedTransferredFinancialAssetsNumberOfLoans" abstract="false" name="ContinuingInvolvementWithContinuedToBeRecognizedTransferredFinancialAssetsNumberOfLoans" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="two_WarehouseAgreementBorrowingsAndRepurchaseAgreementsMember" abstract="true" name="WarehouseAgreementBorrowingsAndRepurchaseAgreementsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_MortgageLoansHeldForSaleAverageHoldingPeriod" abstract="false" name="MortgageLoansHeldForSaleAverageHoldingPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="two_FinancingReceivableHeldForSaleUnpaidPrincipalBalance" abstract="false" name="FinancingReceivableHeldForSaleUnpaidPrincipalBalance" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_FinancingReceivableHeldForSaleMarkToMarketAdjustments" abstract="false" name="FinancingReceivableHeldForSaleMarkToMarketAdjustments" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_FinancingReceivableHeldForSaleNotPartOfDisposalGroupReconciliationToCashFlowUnrealizedGainsLosses" abstract="false" name="FinancingReceivableHeldForSaleNotPartOfDisposalGroupReconciliationToCashFlowUnrealizedGainsLosses" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_RestrictedCashandCashEquivalentsPurposeAxis" abstract="true" name="RestrictedCashandCashEquivalentsPurposeAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
  <xs:element id="two_RestrictedCashAndCashEquivalentsPurposeDomain" abstract="true" name="RestrictedCashAndCashEquivalentsPurposeDomain" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_RestrictedCashandCashEquivalentsHeldforSecuritiesTradingActivityMember" abstract="true" name="RestrictedCashandCashEquivalentsHeldforSecuritiesTradingActivityMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_RestrictedCashandCashEquivalentsHeldforDerivativesTradingActivityMember" abstract="true" name="RestrictedCashandCashEquivalentsHeldforDerivativesTradingActivityMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_RestrictedCashAndCashEquivalentsHeldForServicingActivitiesMember" abstract="true" name="RestrictedCashAndCashEquivalentsHeldForServicingActivitiesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_RestrictedCashandCashEquivalentsPledgedasRestrictedCollateralforBorrowingsMember" abstract="true" name="RestrictedCashandCashEquivalentsPledgedasRestrictedCollateralforBorrowingsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_RestrictedCashandCashEquivalentsHeldbyCounterpartiesMember" abstract="true" name="RestrictedCashandCashEquivalentsHeldbyCounterpartiesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_RestrictedCashandCashEquivalentsforLeaseMember" abstract="true" name="RestrictedCashandCashEquivalentsforLeaseMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_InverseInterestOnlySecuritiesMember" abstract="true" name="InverseInterestOnlySecuritiesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_ForwardContractsPipelineMember" abstract="true" name="ForwardContractsPipelineMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_ForwardMortgageLoanSaleCommitmentsMember" abstract="true" name="ForwardMortgageLoanSaleCommitmentsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_InterestRateLockCommitmentsPullThroughAdjustedMember" abstract="true" name="InterestRateLockCommitmentsPullThroughAdjustedMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_InterestExpenseIncomeNetInterestRateSwapandCapAgreements" abstract="false" name="InterestExpenseIncomeNetInterestRateSwapandCapAgreements" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DerivativeAverageNotionalAmount" abstract="false" name="DerivativeAverageNotionalAmount" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DerivativeCost" abstract="false" name="DerivativeCost" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_DerivativeMarketValue" abstract="false" name="DerivativeMarketValue" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_ErisSOFRSwapFutureMember" abstract="true" name="ErisSOFRSwapFutureMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_UnderlyingTermAxis" abstract="true" name="UnderlyingTermAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
  <xs:element id="two_UnderlyingTermDomain" abstract="true" name="UnderlyingTermDomain" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_A2YearMember" abstract="true" name="A2YearMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_A5YearMember" abstract="true" name="A5YearMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_A10YearMember" abstract="true" name="A10YearMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_A20YearMember" abstract="true" name="A20YearMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DerivativeByMaturityAxis" abstract="true" name="DerivativeByMaturityAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
  <xs:element id="two_DerivativeMaturityDomain" abstract="true" name="DerivativeMaturityDomain" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DerivativeMaturityWithinOneYearFromBalanceSheetDateMember" abstract="true" name="DerivativeMaturityWithinOneYearFromBalanceSheetDateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DerivativeMaturityOverOneAndWithinThreeYearsFromBalanceSheetDateMember" abstract="true" name="DerivativeMaturityOverOneAndWithinThreeYearsFromBalanceSheetDateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DerivativeMaturityOverThreeAndWithinFiveYearsFromBalanceSheetDateMember" abstract="true" name="DerivativeMaturityOverThreeAndWithinFiveYearsFromBalanceSheetDateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DerivativeMaturityOverFiveAndWithinSevenYearsFromBalanceSheetDateMember" abstract="true" name="DerivativeMaturityOverFiveAndWithinSevenYearsFromBalanceSheetDateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DerivativeMaturityOverSevenAndWithinTenYearsFromBalanceSheetDateMember" abstract="true" name="DerivativeMaturityOverSevenAndWithinTenYearsFromBalanceSheetDateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DerivativeMaturityOverTenYearsFromBalanceSheetDateMember" abstract="true" name="DerivativeMaturityOverTenYearsFromBalanceSheetDateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_ScheduleOfAssetsPurchasedOrBorrowedUnderAgreementsToResellTable" abstract="true" name="ScheduleOfAssetsPurchasedOrBorrowedUnderAgreementsToResellTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="two_MaturityGreaterThan365DaysMember" abstract="true" name="MaturityGreaterThan365DaysMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableForSaleCategorizedAsLevel2Assets" abstract="false" name="DebtSecuritiesAvailableForSaleCategorizedAsLevel2Assets" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_DebtSecuritiesAvailableForSaleCategorizedAsLevel3Assets" abstract="false" name="DebtSecuritiesAvailableForSaleCategorizedAsLevel3Assets" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_MortgageServicingRightsCategorizedAsLevel3Assets" abstract="false" name="MortgageServicingRightsCategorizedAsLevel3Assets" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_MortgageLoansHeldForSaleCategorizedAsLevel2Assets" abstract="false" name="MortgageLoansHeldForSaleCategorizedAsLevel2Assets" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_OverTheCounterDerivativesCategorizedAsLevel2AssetsLiabilities" abstract="false" name="OverTheCounterDerivativesCategorizedAsLevel2AssetsLiabilities" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_OtherRMBSClassifiedAsDerivativesCategorizedAsLevel2Assets" abstract="false" name="OtherRMBSClassifiedAsDerivativesCategorizedAsLevel2Assets" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_OtherDerivativesCategorizedAsLevel1AssetsLiabilities" abstract="false" name="OtherDerivativesCategorizedAsLevel1AssetsLiabilities" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_OtherDerivativesCategorizedAsLevel3AssetsLiabilities" abstract="false" name="OtherDerivativesCategorizedAsLevel3AssetsLiabilities" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_SeniorNotesFairValueDisclosure" abstract="false" name="SeniorNotesFairValueDisclosure" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_SecuredFinancingbyCollateralTypeTable" abstract="true" name="SecuredFinancingbyCollateralTypeTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="two_SecuredFinancingByCollateralTypeLineItems" abstract="true" name="SecuredFinancingByCollateralTypeLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="two_Maturity30To59DaysMember" abstract="true" name="Maturity30To59DaysMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_Maturity60To89DaysMember" abstract="true" name="Maturity60To89DaysMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_Maturity90To119DaysMember" abstract="true" name="Maturity90To119DaysMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_Maturity120To364DaysMember" abstract="true" name="Maturity120To364DaysMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_AssetsSoldUnderAgreementsToRepurchaseTerm" abstract="false" name="AssetsSoldUnderAgreementsToRepurchaseTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="two_RestrictedCashAndCashEquivalentsMember" abstract="true" name="RestrictedCashAndCashEquivalentsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_DueFromCorrespondentBrokersMember" abstract="true" name="DueFromCorrespondentBrokersMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_VariableFundingNoteMember" abstract="true" name="VariableFundingNoteMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_SeniorNotesDue2030OverallotmentOptionMember" abstract="true" name="SeniorNotesDue2030OverallotmentOptionMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_RepurchaseAgreementCounterpartyPercentOfEquityAtRisk" abstract="false" name="RepurchaseAgreementCounterpartyPercentOfEquityAtRisk" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_DebtInstrumentWeightedAverageTerm" abstract="false" name="DebtInstrumentWeightedAverageTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="two_PineRiverMember" abstract="true" name="PineRiverMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_PreferredStockDividendPaymentRateVariableRateSpread" abstract="false" name="PreferredStockDividendPaymentRateVariableRateSpread" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="two_IncreaseDecreaseinCommonStockOutstandingRollForward" abstract="true" name="IncreaseDecreaseinCommonStockOutstandingRollForward" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="two_AttheMarketOfferingMember" abstract="true" name="AttheMarketOfferingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_AtMarketOfferingNumberOfSharesAuthorizedToBeSold" abstract="false" name="AtMarketOfferingNumberOfSharesAuthorizedToBeSold" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:sharesItemType"/>
  <xs:element id="two_AOCIDebtSecuritiesAvailableForSaleUnrealizedGainAfterTax" abstract="false" name="AOCIDebtSecuritiesAvailableForSaleUnrealizedGainAfterTax" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_AOCIDebtSecuritiesAvailableForSaleUnrealizedLossAfterTax" abstract="false" name="AOCIDebtSecuritiesAvailableForSaleUnrealizedLossAfterTax" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_A2021EquityIncentivePlanMember" abstract="true" name="A2021EquityIncentivePlanMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_KeyEmployeesMember" abstract="true" name="KeyEmployeesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="two_ShareBasedCompensationArrangementByShareBasedPaymentAwardDERPaymentPeriod" abstract="false" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardDERPaymentPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="two_InterestExpenseLineOfCredit" abstract="false" name="InterestExpenseLineOfCredit" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_InterestExpenseSeniorNotes" abstract="false" name="InterestExpenseSeniorNotes" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="two_InterestExpenseConvertibleDebt" abstract="false" name="InterestExpenseConvertibleDebt" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
</xs:schema>
