NEXA Mortgage CEO discusses breakup and future plans with partners

“Does this look like a guy who’s not involved in the aviation industry?” asked NEXA Mortgage CEO Mike Kortas on Tuesday, sharing a photo of him and his former partner Mat Grella standing on a plane Photo next to the jet.

The issue was raised following a dispute between the co-founders of NEXA, one of the largest mortgage brokers by number of loan officers. Grella was fired from the organization and soon after filed a lawsuit against Kortas, accusing him of misappropriating funds to purchase luxury goods. aviation.

Kortas and Grella hold 50.5% and 49.5% of the company, respectively, filings show. Kortas is responsible for company development and Grella is responsible for company operations.

Kortas claimed that Grella wanted to leave the company in November because he didn’t like the terms of their 2019 operating agreement. On March 26, Kortas announced during a company-wide conference call that Grella would no longer be part of the organization. He was officially fired a few days ago. Shortly after the firing, on March 19, Grella filed the lawsuit in Maricopa County, Arizona. The former co-owner of NEXA alleged that Kortas used company funds to make aircraft-related purchases using Nexa funds without authorization.

“Guerrera found that, despite his apparent disapproval of any further aircraft-related expenditures, Cortas had been using Nexa funds to make secret, unauthorized aviation-related purchases for himself and his own entities, including aircraft and down payments on hangar leases, the lawsuit states. “In short, Kortas has been using Nexa funds to purchase millions of dollars worth of aircraft and hangar space purely for himself and his own benefit, without Pay any corresponding distributions to Grella.”

Guerrera did not immediately respond to a request for comment.

Founded in 2017, NEXA has 2,405 secured loan officers and is licensed to operate in 48 states, according to the National Mortgage Licensing System. Kortas said the company originated nearly $6 billion in loans last year.

National Mortgage News spoke with Kortas to learn how the partnership’s dissolution affects NEXA’s operations and whether he is looking to replace Grella in the organization. This interview has been condensed and edited for clarity.

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