NEXA Lending launches new model, touts 100% revenue split for LOs

NEXA Lending has launched a new model that it says will allow loan officers to access 100% of the revenue from loans they originate without transaction-level fees. The Arizona-based mortgage brokerage announced NEXA Unlimited on Tuesday evening, saying the model eliminates flat fees, per-file fees, correspondent funding fees, additional margins, purchase advice charges and closing fees on NEXA loans. The new model is in addition to its existing NEXA 100 program. Under that model, loan officers can receive 100% of revenue from eligible correspondent loans once they meet a production requirement: At least one loan officer in their downline must fund one loan per month. That requirement does not apply to NEXA Unlimited. Loan officers enrolled in NEXA Unlimited can receive 100% of revenue from their first loan without a minimum volume or recruiting requirement. “We are providing loan officers access to 100% of the revenues from their NEXA loans,” CEO Mike Kortas said in a statement. “If you are producing the business, building the relationships, serving the borrower, and creating the revenue, we believe you should have access to all of it.” NEXA said the model is intended to challenge ...