My good friends and brothers are thinking about joining NEXA Mortgage, which changed the name to NEXA Lending. Now I am hearing and it is all over the internet that CEO Mike Kortas is aggressively acquiring Shell Companies? What does this mean, how does it impact the current loan officers and branch managers at Nexa Mortgage, what are the benefits and what are the negatives. Can you please help me fully understand what acquisition of shell companies mean? There is a lot of talk that Kortas is veering towards doing retail and fade off doing a lot of wholesale, including separating from United Wholesale Mortgage ( NEXA Lending’s largest wholesale lending partner). The NEXA CEO says he is NOT doing retail but there are rumors where he brought on a new management staff including a Chief Growth Officer, Chief Financial Officer, Chief Operating Officer, and promoted his secretary to Chief Adminstrative Officer. And also, recently, AXEN REALTY was created and launched. Rumor has it that Kortas was acquiring Shell Company from an affiliate of Movement Mortgage, with plans to pursue agency seller-servicer approvals. That apparently sparked other rumors: That he was starting up a “true IMB.” That he was going to go retail. That he had cooked up a co-issue servicing play w/ CrossCountry Mortgage. And that he was even selling NEXA. Kortas did create JVs” beside his existing entities, NEXA & AXEN. Kortas said he is buying other LLC shells as well, but he’s not going into retail. Can you please cover a comprehensive overview about Kortas’ plans, including the mysterious servicing angle?

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• This discussion was modified 3 weeks, 5 days ago by  Sapna Sharma.

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