CrossCountry Mortgage, a retail mortgage lender, announced that it has entered into an agreement to acquire Summit Funding, a privately held mortgage banker and servicer headquartered in Sacramento, California.
The acquisition brings together two sizable players in the U.S. mortgage market, with Summit Funding licensed to operate in 48 states and ranked among the top 35 retail lenders nationally. CrossCountry Mortgage, which has more than 8,000 employees and over 700 branches, has been focused on expanding its platform and talent base as it continues to scale its nationwide operations.
Summit Funding, founded in 1995, has built a reputation for high-performing teams and a strong network of loan originators. The combination is expected to enhance CrossCountry Mortgage’s reach and provide Summit’s workforce with broader resources, tools, and growth opportunities.
CrossCountry Mortgage said the deal aligns with its strategy of attracting top industry talent and strengthening its ability to serve communities nationwide. Summit Funding’s leadership emphasized that the partnership will help accelerate growth by leveraging greater scale, investment, and operational support.
Financial terms of the transaction were not disclosed.
KEY QUOTES
“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. 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.”
Ron Leonhardt, Founder And CEO, CrossCountry Mortgage
“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. 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.”
Todd Scrima, CEO, Summit Funding, Inc.
