NEXA acquires UMortgage

Plus: loanDepot gets NYSE warning over sub-$1 stock price

August 24, 2026

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Disclaimer: Average mortgage rates as of August 21, 2026. © MND Daily Rate Index.

1. NEXA acquires UMortgage

NEXA Lending has acquired UMortgage in an asset deal, adding 246 loan officers and $2.05 billion in annual volume to bring NEXA's total to 4,047 LOs and $14.15 billion in production. The UMortgage brand will be dissolved by end of 2026.

The deal ends one of the broker channel's most public rivalries — Kortas and Casa had been vocal critics of each other for years before a meeting brokered by former UMortgage sales chief Todd Bitter led first to a reconciliation, then to acquisition talks.

UMortgage's flat-fee model transitions to NEXA's 100% commission split program, and its Tempo tech platform will be spun off as an independent product. Eight to twelve UMortgage employees whose roles overlap won't be joining.

"If Anthony and I can come together, then we can all stop the stupid fighting," Kortas said. Casa sees the deal as the start of broader broker channel consolidation: "The flat-fee, low-margin rev-share models — that's what NEXA has perfected, and I just think that's the future of the channel."

2. loanDepot gets NYSE warning over sub-$1 stock price

loanDepot received a deficiency notice from the NYSE after its Class A shares averaged below $1 for 30 consecutive trading days.

The company has six months to get its share price and 30-day average back above $1 or face potential delisting.

The lender said it will consider “available alternatives” to restore compliance, including a potential reverse stock split that would require shareholder approval at or before its next annual meeting, expected in early June 2027.

The notice lands as loanDepot is showing operational improvement. Q2 net loss narrowed to $6.6 million from $54.9 million in Q1, revenue rose 18% to $337.3 million, and originations hit nearly $8 billion.

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3. More Nuggets

👋 Trump administration dismisses 12 senior Fannie Mae officials. (The Atlantic)

🏡 Nearly one in four homeowners make an extra mortgage payment each year, cutting as many as six years off their loan. (Rocket Mortgage)

⚖️ CDFIs file lawsuit against Treasury to release funding. (NMN)

☢️ ION: Alcohol, AI and aging: Theories on why violent crime is down. (Axios)

4. Two Harbors-CrossCountry deal closes August 25

Two Harbors received final regulatory approval for its acquisition by CrossCountry Mortgage and will close before market open on August 25. Shareholders get $12 per share in cash plus a $0.20326 stub dividend for holders of record as of August 24.

The deal had a long road. Two Harbors originally agreed to sell to UWM in December 2025 in an all-stock deal worth roughly $11.94 per share, but UWM's falling share price made the offer less attractive and Two Harbors walked away. CrossCountry stepped in with an all-cash offer that started at $10.80 per share in March and rose to $12 by May after UWM repeatedly tried to counter. Two Harbors' board backed CrossCountry throughout, citing greater regulatory certainty — a decision UWM is now challenging in a $500 million lawsuit alleging the board rigged the process.

The combined entity will bring CrossCountry's $202 billion servicing book together with Two Harbors' $158.89 billion MSR portfolio and RoundPoint Servicing platform.

5. Judge narrows Veterans United suit but lets RESPA claims proceed

A federal judge dismissed five of eight counts against Veterans United and its affiliated real estate brokerage but let key RESPA allegations survive for three borrowers.

The surviving claims allege agents in Veterans United Realty's referral network paid roughly 35% of their commissions back to Veterans United entities that performed no real services in return.

Most RESPA claims were dismissed as time-barred and all state consumer protection claims were thrown out. Veterans United said it was pleased the court dismissed "the majority of counts and nearly all of the plaintiffs."

☀️ You’re all caught up. See you on Wednesday!

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