Mike
Kortas
and
Mat
Grella,
the
longtime
owners
and
co-founders
of
America’s
largest
mortgage
brokerage,

NEXA
Mortgage,
are
in
negotiations
to
end
their
partnership. 

In
the
meantime,
Kortas
announced
during
a
weekly
Town
Hall
on
Tuesday
that
company
president
Grella
had
been
terminated,
which
means
he
will
not
be
involved
in
the
company’s
daily
operations
or
strategic
decisions
for
the
growth
of
the
business. 

Kortas
told

HousingWire
that
Grella
had
requested
a
buyout
of
his
minority
share
of
the
company
in
November
and
that
he
arranged
Grella
to
remain
employed
as
a
“courtesy”
while
negotiations
occurred. 

“Unfortunately
that
arrangement
became
unworkable,
and
NEXA
made
the
decision
to
terminate
Mr.
Grella’s
employment,”
Kortas
wrote.
“The
negotiations
regarding
the
buyout
of
Mr.
Grella’s
ownership
interest
shall
continue.”

Grella,
who
handled
more
of
the
operations
side
of
the

business,
did
not
respond
to
a
request
for
comment. 

Sources
familiar
with
the
matter
said
lawyers
are
involved
in
the
buyout
negotiations
and
litigation
is
possible.
It
was
not
immediately
clear
whether
NEXA
plans
to
replace
Grella
or
who
would
take
on
his
responsibilities
at
the
company. 

Kortas
told
HousingWire
that
he
owns
50.5%
of
the
company
and
there
were
no
outside
investors.

NEXA
did
$6.29
billion
in
mortgage
loans
in
2023,
according
to
Kortas,
easily
more
than
any
other

brokerage.
According
to
the

Nationwide
Multistate
Licensing
System,
NEXA
had
2,385
sponsored
mortgage
loan
officers
as
of
Thursday. Roughly
1,845
were
considered
“active”
by
Modex.

Affiliated
companies
include

AXEN
Mortgage,
a
non-delegated
correspondent
shop,
as
well
as
a

charter
flight
business.

NEXA
was
founded
in
2017
after
Kortas
and
Grella
left


Equity
Prime
Mortgage.
The
brokerage’s
biggest
lending
partner
is


United
Wholesale
Mortgage,
the
nation’s
largest
mortgage
lender.

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