NEXA Lending sues former president over ’employee raid’

NEXA Lending, formerly known as NEXA Mortgage, is accusing several former NEXA loan officers, managers and former president Mat Grella of executing a coordinated “employee raid” to harm its business.

The suit, which was filed on Nov. 5 in Arizona’s Maricopa County Superior Court, claims that Grella, former branch manager Gregory Nichols and Michigan-based Platinum One Lending, which Grella holds an ownership interest in, conspired to recruit NEXA loan officers and use the company’s confidential data to build a competing operation.

“NEXA isn’t in the business of playing games,” said NEXA CEO Mike Kortas in a statement to HousingWire. “When someone or some group attempts to harm the company and all those amazing people that are part of our family, we will do everything to protect their interests. In this case, I will just let the facts speak for themselves.”

Kortas said that NEXA is working closely with legal counsel. “Our focus right now is simple: protect our people, our partners, and the thousands of loan officers who count on us. Any actions taken against NEXA will be met with accountability, period…I’ve always believed opportunity shows a person’s character. Some people use it to grow — others waste it. Either way, NEXA keeps moving forward. We’re not slowing down for anyone.”

Grella and other defendants did not respond to HousingWire’s requests for comment at the time of publication.

Also named in the suit are former NEXA loan originators and managers Anthony and Cristy Galaviz, Brandon Watson, Kristin Berg, Naveen Vadhwa, Nicole and Katey Powalisz, Shannon Bell, Taylor McCarty, Alexandra Marchand, Tabitha Jimenez and Zane Darlington.

Grella’s wife, Sheridan Murray-Grella, and Platinum One Lending are also named, along with 25 unnamed “Doe” defendants.

Lawsuit alleges Grella used inside knowledge

The lawsuit alleges that the former employees “violated binding contractual obligations, duties of loyalty, and established principles of Arizona law, resulting in substantial financial and reputational harm to one of the nation’s largest and most successful mortgage broker[s] and lender[s].”

NEXA claims Grella, who was terminated in March 2024 and “currently holds a 49.5% dissociated membership interest” in NEXA, used insider knowledge of the company’s systems and compensation structure to help Platinum One replicate its business model.

Nichols is accused of working with Grella while still employed at NEXA to solicit colleagues and transfer loans and customers.

The complaint says Nichols and 11 other loan originators violated employment agreements that barred them from soliciting co-workers or using proprietary information. NEXA alleges that the group concealed their plans, lied during exit interviews about leaving the industry or going to other companies and misused borrower information after they eventually started working for Platinum One.

The suit states that “Nichols and the co-conspirators that left NEXA and ultimately joined Platinum One started stating they were a part of the Nichols Team before Nichols ever joined Platinum One.”

NEXA accuses the defendants of breach of contract, breach of loyalty, tortious interference, unfair competition, civil conspiracy and unjust enrichment. The company is seeking monetary damages, punitive awards and court orders barring the defendants from using its data or contacting its employees and customers.

Other litigation

NEXA has been involved in other legal action this year. Within the last month, the Arizona-based lender expanded its lawsuit against former employee Kristine Wake and named Grella, Murray-Grella, and Platinum One Lending in the litigation, arguing that each defendant misappropriated trade secrets, violated contracts and conspired to recruit NEXA staff to a competing firm.

The amended complaint builds on NEXA’s May 2025 suit accusing Wake of using confidential training materials, soliciting employees to join a rival venture and refusing to return a company domain name. The case is still ongoing.

NEXA previously sued the Grella couple in April 2024, alleging contract breaches, fiduciary violations, interference, fraud and defamation. Grella, who co-founded NEXA with Kortas in 2017 after both left Equity Prime Mortgage, was terminated in March 2024 amid buyout talks. He has separately accused Kortas of misusing company funds for aircraft expenses, a claim Kortas denies.