CrossCountry Mortgage 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 major players in the U.S. mortgage market, further strengthening CrossCountry Mortgage’s position as the nation’s top retail mortgage lender. Summit Funding, founded in 1995, is licensed in 48 states and ranks among the top 35 retail lenders nationwide.
The deal is expected to enhance scale, expand geographic reach, and provide additional resources and tools for loan originators across both organizations. Financial terms of the transaction were not disclosed.
CrossCountry Mortgage, which employs more than 8,000 people across over 700 branches, has focused heavily on growth through talent acquisition and platform expansion. The addition of Summit Funding’s team aligns with its strategy of building a high-performance, nationwide lending network.
Summit Funding’s leadership emphasized that the partnership will unlock greater opportunities for its employees, including access to enhanced technology, broader product offerings, and increased earning potential.
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
