NEXA Lending acquires UMortgage, adds Anthony Casa to exec team

NEXA Lending has agreed to acquire UMortgage in a deal that symbolizes a truce in one of the mortgage broker channel’s most public rivalries.The transaction has already been signed and NEXA has transferred funds, NEXA Mortgage CEO Mike Kortas confirmed to HousingWire ahead of the deal’s announcement. Financial terms were not disclosed.The deal, structured as an asset purchase rather than a stock acquisition, represents a significant shift for the two companies, which had notably been rivals for several years. It also gives NEXA, already the nation’s top brokerage shop, an added edge. The company will add UMortgage’s team of 246 loan officers that originated $2.05 billion over the past 12 months, according to data from RETR, bringing NEXA’s total to 4,047 loan officers and $14.15 billion in annual volume. For Kortas, the deal also represents the end of a long-running rivalry with UMortgage CEO Anthony Casa and an example of former competitors finding common ground. “If Anthony and I can come together, then we can all stop the stupid fighting,” Kortas said. “If we can come together after what we went through, then why can’t anybody?” Mike Kortas Casa told HousingWire that the relatio...