A deal has been reached for CrossCountry Mortgage (CCM) to purchase Summit Funding, Inc., a privately held mortgage banking and servicer with its headquarters located in Sacramento, CA. CrossCountry Mortgage’s (CCM) acquisition of Summit Funding will unite two successful retail lenders.
“Our number one focus over the last few years has been to build a company where the best talent in the industry wants to come to work,” said Ron Leonhardt, Founder and CEO of CrossCountry Mortgage. “Summit Funding has a reputation for high-performance teams and has a great group of talented originators. This is exciting for both of our companies. We’re looking forward to bringing their team onboard to support communities across the country.”
Following the refinance boom of 2020–2021, the mortgage market is still recalibrating, and lenders are increasingly concentrating on hiring top-performing loan officers, purchasing business, and productivity.
“After running a private mortgage bank for over 30 years, I know that growth doesn’t happen by accident. It happens through scale, investment and a commitment to supporting the teams out in the field every day,” said Todd Scrima, CEO of Summit Funding, Inc. “Partnering with the nation’s number one retail mortgage lender is going to give our team access to more tools, greater opportunities and increased earning potential—building the momentum for our originators to reach new heights.”
The network of Summit Funding will strengthen CCM’s national presence and expand its pool of seasoned originators, especially in important Western regions. Integration into a bigger platform could result in improved technology, more support resources, and more product access for Summit’s loan officers. As originators negotiate stricter underwriting requirements and more complex borrower profiles, these elements become more crucial.
The industry transaction illustrates a notable shift in the loan officer’s function, from rate-driven salesperson to advisor handling difficult financial choices. Across the business, this tendency is still changing hiring, pay, and production tactics.
Scrima noted that Summit’s originators will have access to more tools, a wider range of products, and higher earning potential as a result of their partnership with CCM.
The acquisition’s terms, including its financial details, will be kept confidential.
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