Nexa’s Mike Kortas Criticizes Loandepot, Pitches Los To Switch Companies Amid Ongoing Lawsuit

An ongoing feud between loanDepot and NEXA Lending was brought to light again this week through a social media posst authored by NEXA CEO Mike Kortas, which urges loanDepot loan officers to join NEXA.

In the post, which begins with the line “Attn: Loan Depot Loan Officers,” Kortas offered a year of NEXA100 membership, a signing bonus and other incentives to encourage originators to join the brokerage.

In the same post, Kortas promoted NEXA’s compensation, pricing, product offerings and residual income opportunities while criticizing loanDepot’s financial performance, wholesale strategy and litigation against mortgage brokerages.

In the post, Kortas also included a screenshot of loanDepot’s stock performance, which showed that its stock was trading at $0.97 per share as of July 30, down 30.51% for the day and 96.9% from its all-time high.

“Stop risking a sinking ship at a ‘Bad Company’ (pun intended). They are now at risk of being delisted and their money flow seizes,” Kortas wrote. “They want to get back into wholesale but are stupid enough to sue the largest brokers for the exact things they are actually guilty of. They are literally the bully of mortgage. Let us help you.”

In the post’s comments, Kortas also linked to an open letter to loanDepot’s board from retail activist investment firm Randian Capital that urged the board of directors to formally review strategic alternatives, including a potential sale, as the company faces declining share prices and continued losses.

“A successful sale of the company may be the best way for shareholders to finally realize fair value, and [CEO Anthony] Hsieh to free up his time for the open water,” the letter read. “After years of significant value destruction, the Board owes shareholders a clear plan to maximize shareholder value, whatever path forward it ultimately chooses.”

loanDepot’s first-quarter performance was characterized by a $54.9 million net loss as revenue decreased to $286.4 million and expenses were $341.5 million. But Hsieh framed the quarter as a positive one marked by market share growth and a partnership with Figure. loanDepot chief financial officer David Hayes said that Q1 2026 reflected “continued progress toward sustainable profitability.”

loanDepot said it had no comment about Kortas’ post when reached by HousingWire.

Simmering legal battle

The post is not out of the blue. Earlier this year, loanDepot sued NEXA, alleging that NEXA misappropriated trade secrets and confidential customer data, and that it knowingly helped two former loanDepot employees take proprietary information before leaving the company and use it to solicit borrowers. Kortas has denied these claims.

“We have completely separate business models. His is not working right now. Maybe it worked in the past, but it is not working right now. And so, why would I want his trade secrets? … I’m good with how I do business,” Kortas told HousingWire. “I will sit on the right side of this, and I will fight him all the way to the end.”

Kortas also defended his Facebook post and said he didn’t expect the strong reaction he received.

“I’ve kind of made a career of standing up for what I say is right, and these guys are trying to sue a NEXA loan officer, and subsequently NEXA,” Kortas said, acknowledging the ongoing lawsuit. “Self‑producing, independent loan officers who are not being compensated right, with not having the best interest rates in the business and not having the most products in the industry. I want them to know that I will protect them as well if they want to make the move.”

Despite its stock performance, loanDepot appears to still be growing in manpower, especially after it announced in March that it’s reentering the wholesale channel four years after formally exiting the segment.

The company’s loan officer count is up 114 from April 27 to July 27, according to RETR data. loanDepot lost 202 LOs and gained 316 during the three-month period. Only two of these LOs moved to NEXA, while the data also showed that loanDepot gained two LOs from NEXA.

loanDepot has announced that it’s expanding its physical footprint. On Tuesday, the company said it would open a Miami corporate center in September that will house technology, marketing, recruiting and other support teams, as well as mortgage fulfillment staff supporting its direct lending, retail and partnership channels.