Summit Funding, a Sacramento-based mortgage company, is laying off 163 employees following its acquisition by Cross Country Mortgage. The redundancies will take effect on 17 May. The loan company, located at 2135 Butano Drive in Arden Arcade, specialises in personal or household loans with lower interest rates. The layoffs affect positions across accounting, loan servicing, underwriting and executive roles including the chief operating officer. Summit Funding is licensed in 48 states and ranks among the top 35 retail lenders nationally. Cross Country Mortgage CEO Ron Leonhardt described the acquisition as a partnership offering the team "access to more tools, greater opportunities and increased earning potential". Affected employees may receive separate communications about employment opportunities with Cross Country Mortgage.

CrossCountry Mortgage acquires Summit Funding, Inc. CLEVELAND, March 18, 2026 /PRNewswire/ - CrossCountry Mortgage (CCM), the nation's number one retail mortgage lender for the third consecutive year, has entered into an agreement to acquire Summit Funding, Inc., a privately-held mortgage banker and servicer headquartered in Sacramento, California. "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, 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." Founded in 1995, Summit Funding, Inc., is licensed to do business in 48 states, serving as one of the top 35 retail lenders in the nation. "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, 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." Terms of the acquisition, including financial information, will remain confidential. About CrossCountry Mortgage CrossCountry Mortgage (CCM) is the nation's number one distributed retail mortgage lender with more than 8,000 employees operating over 700 branches and servicing loans across all 50 states, D.C. and Puerto Rico. Its company has been recognized ten times on the Inc. 5000 list of America's fastest-growing private businesses and has received many awards for its standout culture. The AI Journal Ltd. offer more than 120 mortgage, refinance and home equity solutions - ranging from conventional and jumbo mortgages to government-insured programs from FHA and programs for Veterans and rural homebuyers - and The AI Journal Ltd. is a direct lender and approved seller and servicer by Freddie Mac, Fannie Mae and Ginnie Mae NMLS #3029. Through its dedication to getting it done, The AI Journal Ltd. make every mortgage feel like a win. SOURCE CrossCountry Mortgage 8 minutes ago 23 minutes ago 34 minutes ago