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NEXA Lending to acquire UMortgage, expanding loan officer team
The asset purchase will add UMortgage’s 246 loan officers, who originated $2.0 billion over the past 12 months, to NEXA’s platform.
NEXA Lending has agreed to acquire UMortgage in a deal with undisclosed financial terms, HousingWire reported. The transaction is structured as an asset purchase, rather than a stock acquisition, and the UMortgage entity is expected to dissolve by the end of 2026, according to the report.
As part of the acquisition, NEXA will bring over UMortgage’s team of 246 loan officers, a group that originated $2.05 billion over the past 12 months, HousingWire reported. That expansion increases NEXA’s headcount to 4,047 loan officers and $14.15 billion in annual volume, based on data cited by the outlet.
NEXA said the agreement is already signed and that it has transferred funds, HousingWire reported, citing NEXA Mortgage CEO Mike Kortas. The deal also follows years of rivalry between the companies, with UMortgage CEO Anthony Casa set to join NEXA as an executive partner.
Casa said the relationship with Kortas improved after UMortgage’s former chief sales officer Todd Bitter joined NEXA as national sales director in January and helped facilitate a meeting. Casa added that NEXA’s scale could enable more aggressive loan-officer pay while supplying systems, technology, and other platform needs to compete, according to HousingWire.