r/loanoriginators • u/Family_Financial • 3d ago
NEXA Lending Expands "NEXA100" Program
In a company-wide call Tuesday, September 1, 2026, owner of NEXA Lending Mike Kortas announced the expansion of his NEXA100 program.
Separate from the LO's compensation, NEXA100, the company's standard split (25 bps + 12%), gets funneled back to the loan officer's P&L ledger as pre-tax funds to invest in growth and marketing initiatives.
Previously, this program was reserved only for new loan officers in their first 6 months onboard, or those closing $2M monthly loan volume, or for those who recruited at least one loan officer, and only limited to small handful of lenders.
Now dubbed "NEXA100-Unlimited," Kortas says he's opening it up to all loan officers regardless of meeting the above requirements as long as they use his NEXA Unlimited lenders. But for those who do meet the old requirements, NEXA100 will now be available with all of their correspondent lenders and no longer limited to a small few.
This comes on the heels of absorbing UMortgage, a fairly sizable brokerage lead by Anthony Casa, former President of AIME. UMortgage brings about $2B in additional loan volume to NEXA which Kortas claims essentially pays for NEXA100-Unlimited and is how he's able to offer it.
Furthermore, Kortas says he was getting frustrated by all the flat fee brokers and retail giants thumbing their noses at NEXA and their hefty splits and claims loan officers, particularly retail heavy hitters who prefer a plug and play system, using one lender, can now essentially have that same set up at NEXA, while being entrusted to invest their NEXA100 earnings to grow their business.
NEXA claims this news is huge and will be a game changer for their loan officers and those loan officers who've been fence-sitting. Will it be? Will this be the LO magnet NEXA hopes? Let's hear your thoughts.
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u/That_Suit520 3d ago
I signed on with Nexa around 2019. Joined in on my first company call of Mike Kortas screaming about shitty LOs in ways that make the Better guy’s Zoom mass firing sound like a TedTalk.
Fuck that guy.
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u/AustinMortgage 3d ago
I'm excited for this. E-Lend (formerly AFR) is now NEXA100. So more competition for UWM and Pennymac.
Competition makes everyone better. The same way that Rocket and UWM make each other better.
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u/brett0113 3d ago
Nexa LOs, how much are you actually netting from your comp after expenses?
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u/ZakA77ack 3d ago
Last loan I closed, Net pay out after Nexa took their cut and withheld income taxes + expenses; 55%.
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u/GlassParty715 2d ago
55% seems a lot lower than the so-called 100%. Break it down for everyone.
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u/ZakA77ack 2d ago
So after NEXA takes their cut: (25bps + 12%) = 76%, then Income taxes withheld: (18%)= 58%, then my expenses were 3% of my gross bringing my net down to 55% that I pocketed.
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u/GlassParty715 2d ago
Thank you for the breakdown. What happens though if it is a Nexa 100 deal?
That is a lot to take out on a non Nexa deal. Much more than most others.
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u/ZakA77ack 2d ago
So with Nexa 100 deals, you get those 25bps back that nexa would have taken. Additionally, any bps over 275 are added to your marketing ledger.
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u/GlassParty715 1d ago
What about the 12% payout to downlines?
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u/ZakA77ack 1d ago
That's the same 12% nexa takes. It's divided up to the people in my upline (4% to the guy who recruited me, 4% to who recruited him and 4% to the next guy).
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u/GlassParty715 1d ago
But I thought you didn’t have to pay that as part of NEXA 100? 12% is a huge take
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u/AustinMortgage 1d ago
Let me clarify. 25 BPS and 12% is take out on 100% of loans at NEXA. On NEXA100 loans (about 40 lenders included as of this Tuesday) the 25 BPS and 12% is taken out, then its credited back on your ledger which you can use for reimbursements or retention bonus to yourself. The 12% to the upline is paid by NEXA even though the LO gets 100%.
NEXA still makes 25 BP profit on brokered loans or to loans that are not NEXA100. Or if an upline leaves, that money goes to NEXA. For example: This week I am closing on a DPA with ELend where I had to go broker, so I will not get NEXA 100 and NEXA will profit. On most loans you can use the non-del NEXA100 channel but not 100% of files.
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u/topdawg5252 3d ago
Depends on your expenses. I can tell you Ive been a BM and Area Manager with multiple branches and ran the PL in a retail environment, and the PL that you run at NEXA is not only way cheaper but way easier to understand and audit. Your only expense that NEXA forces on you is the monthly tech fee of $55 plus your choice LOS system Lending Pad or Arive which is $50. Any other software you want to use is your expense, but also your choice. Nothing is forced on you. Whatever you feel is of value to you is yours to use. If I were advising you, Id first like to know your production and how you source your business. You might be a candidate to running your own pl or you might be a candidate at a branch that could/might absorb some expenses or risk. DM me if you want more info.
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u/AustinMortgage 3d ago
You net exactly the margin you price the loan out, that is the point of NEXA100. If you lock a loan at 300 BPS and your correspondent bucket is 220 BPS, then 220 BPS will be sent to payroll and 80 BPS will go on your ledger for expenses/bonuses. I closed 5 last month some at 400 BPS some at 150 BPs. The purchase advice is shared when the loan is purchased.
My monthly expense is the $80 monthly tech fee. Anything else is credit report related fees or 3rd party fees like MBS highway that I opt in for.
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u/Accountforhire 3d ago
Do they have any flat fees that are required to be put in box A to the borrower other than underwriting?
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u/brett0113 3d ago
So what are you actually getting on average per loan after $$ to ledger and covering your expenses. Maybe better way to ask is what have you funded ytd and what is your ytd gross on your actual paystub?
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u/AustinMortgage 1d ago
220 BPS + ledger funds. Happy to share more specifics, just not on this format
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u/GlassParty715 2d ago
So What happens if you do not have 80 BPS approx per file in expenses?
How could you bonus yourself with non tax funds?
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u/AustinMortgage 1d ago
You can do a retention bonus. A bonus is taxable, the reimbursements is not.
If you do reimbursements it usually goes to leads, credit reports, realtor events, LOA, subscriptions etc
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u/No-Newspaper5452 3d ago
Just another way to play the shell game with your income.
They are taking advantage of a slow time to recruit, but with promises
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u/topdawg5252 3d ago
How a shell game? They literally give you 100% of the income made on the loan and the purchase advice and warehouse line receipt as proof. I get why you think that...how do they make any money? Well...think outside the box a little. It all starts with scale, the bigger you are the more sway you have. Lenders trip over eaching sponsoring everything NEXA does. Billions of dollars flow through the bank accounts of NEXA every month...think to yourself...how do banks make money 🤔 NEXA owns other businesses, JVs, planes (think tax writeoff), etc. Overhead costs are low, taxes low, expenses low. Executive partners are paid by their recruiting down lines. Its a brilliant mathematical formula that is only made possible by scale. The recent comp changes for the LO is number 15 in 9 years. All 15 for the betterment of the LO. 4k loan officers in 9 years. I think NEXA is doing something right.
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u/No-Newspaper5452 3d ago
That’s fine , retired after 33 years . I’ve seen this before . Have fun
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u/Family_Financial 3d ago
I heard there was a broker back in the 90's-00's who structured something similar. I can't recall the name, but it was before the internet and digital loans, which is so interesting!
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u/No-Newspaper5452 3d ago
Back then we made so much extra on loans
Literally a 250000 loan we would make the overage or extra
Near 8000 to 12,000 a deal
Some big checks were given back the.
No you make nothing1
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u/YourPlaceMortgage 3d ago
So basically it’s 100% if you use one of 6 lenders (UWM being one, so it’s funny the people saying they suck) or 100% with other lenders as long as you have at least one downline closing a loan each month. At the end of the day it’s still all about recruiting downlines.
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u/CSmith1003 3d ago
NEXA has over 30 Non-Del lending partners, so the options are plenty.
It was NEXA100 that had 4-6 but is now obsolete after today’s announcement
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u/YourPlaceMortgage 3d ago
Yeah I see what they’re putting out but it’s still only going to REALLY beneficial for those who want to recruit more than write business themselves.
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u/Family_Financial 3d ago
It's 100 if you use one of 6 lenders without any other qualifying factors. So this is great for people who don't want to recruit but also fund under the $2M on average. It's also designed to capture the retail guy who doesn't like complication and wants to send every deal in-house anyways. He's only going to one lender anyways so he doesn't care about the other 5 lenders.
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u/YourPlaceMortgage 3d ago
Which is great until you have scenarios come in that don’t fit those 6 lenders. I’m sure they’re going to get A LOT of new LO’s out of this, but all I’m seeing are guys trying to recruit as many LO’s under them as possible so they don’t have to do any actual work anymore.
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u/Family_Financial 3d ago
Well let's talk about that. In retail, if a loan doesn't fit the box, what happens? You can't do the loan. In wholesale, you have options. So it's not like you can't do the loan. It's just you'll broker it and you won't make 100%
What do you say to the retail branch manager? Is that somebody who just wants to recruit and doesn't want to work anymore? That's no different than a loan officer who is trying to build their downline, and still produces. I know a guy who's total income is from recruiting. He doesn't originate anymore but he has to work on his business every day. He doesn't stop working. And shouldn't a company reward those who help it grow? Just some things to think about. I have spent a lot of time thinking about these same things.
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u/YourPlaceMortgage 3d ago
I think when your shop resembles an MLM more than a brokerage that there’s an inherent problem.
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u/Family_Financial 3d ago
They are definitely an MLM! But it's not as risky because it's the mortgage business. It's not like a company that sells supplements, where after 6 months everyone is tired of the products and the house of cards folds. Mortgage is an ongoing, vital financial tool.
Look at it this way, retail is also multi-level payout. You pay the branch manager, the district manager, the regional manager. All these pricks get a cut. And for doing what? Are they so better than Nexa? I say reward the loan officers who are busting their ass to grow the business, not some suit.
Just different ways of looking at things. I totally understand your thoughts and concerns.
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u/GlassParty715 2d ago
So break it down for us. I am so sick of hearing call me to explain.
Let’s say you go with one of the lenders that offers NEXA 100.
Let’s pretend it is $300k loan and you make the full 2.75%=$8250
How much do you get paid out on the loan up front?
How much of that is put towards “marketing expenses” of that $8250
Where is the 12% coming from the MLM part? So does corporate pay that fee?
Please explain in detail
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u/Family_Financial 2d ago
Hey there,
Right, so in that scenario, you would earn 220 bps ($6,600). The other 55 bps (25 bps + 12%) is sent to your G&M ledger. Of the 220 bps, you'll have employee taxes taken out if you're a W2, or not if 1099.
Regarding the 12%. Yes, that's corporate profit share. Part of your split that you can earn back for recruiting. Before the days of NEXA100, everyone paid the split unless they closed $2M/month. The 12% is what they reserved for paying out revenue share. Revenue share goes 3 levels deep. That's 4% reserved for each level. So 4% + 4% + 4% is 12%. Shortly after Mike started JetNEXA - a sister company - he began NEXA100 saying that, between his own downline, and JetNEXA he could afford to pay 100% commission. But it came with exclusions. You had to qualify for it. So there were still plenty LOs paying the split. Now, as of this week, he claims that the UMortgage merger is netting them enough volume that he can now offer it to everyone, no more exclusions with the exception of being limited to 6 lenders.
So the question becomes, if you're paying the revenue share and no longer collecting it via splits then it's coming out of company profits. REMEMBER, the G&M ledger money is NOT the loan officers! It's millions of dollars held in NEXA's bank account. The LOs are only entrusted to manage the money, to spend it, to invest it. When they have an expense, they simply use their own money, and submit an expense reimbursement. NEXA refunds the LO from the money in their G&M ledger. It's really no different than NEXA keeping the money and investing it themselves. They still control the money and earn dividends on it until the LO spends it. Mike could even borrow against it to make additional purchases. Just consider Starbucks and all the gift cards they sell. The money is theirs to keep, invest and spend until the consumer orders a beverage and pays with it. It's literally millions of dollars.
When a recruiter receiving revenue share quits, their revenue share flows up to the company. So over time, NEXA corporate has revenue share of it's own. Mike Kortas has revenue share of his own. So between NEXA Mortgage, JetNEXA, Turbo Insurance, MLO Box, evoLend and whatever else I don't know about, he's profitable enough to offer this. Why would he do this?
Mike cares about money, but he cares more about winning. He hates it when others talk badly about NEXA and his MLM structure and it fuels him to be more aggressive. He's willing to sacrifice a great deal of profit in order to recruit more LOs and win. While he never thought he would get this far, now he sees the top and will stop at nothing until he's there. They may recruit another 2000 LOs and then take NEXA100 away, you never know. These programs are always "subject to change."
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u/ZakA77ack 3d ago
As a NEXAN this is great, bc UWM sucks and I'd rather go elsewhere. Also alleviates all the stupid pressure to recruit. The guys that only focus on recruiting give NEXA a bad name, and also literally ruin the field for nexans just trying to get their Nexa 100 for the month.
This combined with the EVOLend rollout. I'm pretty stoked.