In the eat or be eaten world of mortgage lending, two staunch industry rivals have decided to dine at the same table as lean times persist.
Nexa Lending, one of the largest U.S. mortgage brokerages, is acquiring UMortgage in a deal projected to push the company’s annual production above $16 billion, the companies announced in a press release Monday morning.
Through the acquisition, Nexa will acquire UMortgage’s production while relieving UMortgage of the operational costs involved in running a mortgage company. UMortgage originates roughly $2 billion annually.
As Nexa adds scale through a new sales division, originators at UMortgage can expect more competitive pricing on their new rate sheets, helping mortgage brokers win business in an in...