Key facts
- NEXA Lending operates a hybrid model that blends mortgage brokerage, non-delegated correspondent lending, and servicing.
- The company works with around 320 investors to fund a wide range of loan products.
- NEXA Lending's servicing arm, evoLend, is approved by Fannie Mae, Freddie Mac, and Ginnie Mae.
- NEXA Lending is exploring co-ownership of MSRs with wholesale lenders to share servicing income with loan officers.
- Geri Farr was appointed CEO of NEXA Lending in early September.
- NEXA Lending has 4,122 sponsored loan officers.
Mike Kortas, founder and executive partner of NEXA Lending, has detailed the company's unique hybrid business model, which deviates from traditional mortgage lending structures. Speaking at HousingWire's Mortgage Banking Summit, Kortas explained that NEXA operates in a space between retail mortgage lending and wholesale brokerage.
NEXA Lending has integrated a non-delegated correspondent channel and its own servicing company, evoLend. This structure allows NEXA to leverage benefits from both retail and wholesale operations, offering a wide array of loan products and competitive rates through its network of approximately 320 investors. Kortas emphasized that loan officers have significant autonomy in choosing lenders and products that best suit their business needs.
Kortas also highlighted NEXA's servicing strategy, noting that evoLend is approved by Fannie Mae, Freddie Mac, and Ginnie Mae. The company is exploring a model where wholesale lenders fund loans and then transfer the Mortgage Servicing Rights (MSRs) to evoLend, allowing loan officers to share in servicing income. This approach aims to provide wholesale lenders with higher retention opportunities while benefiting NEXA's loan officers.
In terms of leadership, Geri Farr was appointed CEO of NEXA Lending in early September, with Kortas transitioning to an executive partner role focused on company growth, acquisitions, and innovation. Kortas stated his vision remains centered on supporting loan officers, a principle he has held since founding the company in 2017. As of Thursday, NEXA Lending reported having 4,122 sponsored loan officers.