Key facts
- NEXA Lending has acquired UMortgage in an asset purchase deal.
- The acquisition adds UMortgage's 246 loan officers and $2.05 billion in annual volume to NEXA.
- UMortgage CEO Anthony Casa will join NEXA as an executive partner.
- The UMortgage name will be dissolved as an entity by the end of 2026.
- UMortgage's Tempo tech platform will be spun off as an independent entity.
NEXA Lending has acquired UMortgage, marking an end to a significant rivalry in the mortgage broker industry. The deal, structured as an asset purchase, brings UMortgage's team of 246 loan officers, who originated $2.05 billion in the past 12 months, under NEXA's umbrella. This expansion boosts NEXA's total to 4,047 loan officers and $14.15 billion in annual volume.
NEXA CEO Mike Kortas stated that the acquisition symbolizes a truce, enabling former competitors to find common ground. The relationship between Kortas and UMortgage CEO Anthony Casa, who will join NEXA as an executive partner, was reportedly mended with the help of Todd Bitter, former chief sales officer of UMortgage. Casa expressed that NEXA's scale allows for more aggressive compensation for loan officers while providing robust systems and technology.
As part of the transition, UMortgage will dissolve as an entity by the end of 2026, though teams may continue using the name via a DBA. UMortgage will also shift from its flat-fee model to NEXA's NEXA 100 compensation program. UMortgage's proprietary tech platform, Tempo, is slated to be spun off as an independent entity. While most of UMortgage's employees will transition, approximately eight to 12 roles overlapping with NEXA departments will not continue, though Casa is assisting those affected in finding new positions.
Casa views this transaction as a catalyst for broader consolidation within the mortgage broker industry, predicting that NEXA's perfected flat-fee, low-margin rev-share model represents the future of the channel. This acquisition follows a busy year for NEXA, which included a rebrand, leadership additions, the launch of AI tools, acquisition of FSBO.com, and Kortas gaining full ownership of NEXA.