The acquisition of Summit Funding by CrossCountry Mortgage (CCM) brings together two high-producing retail lenders.
CCM, a national retail mortgage lender, entered into an agreement to acquire Summit Funding Inc., a privately held mortgage banker and servicer based in Sacramento, California. Terms of the deal were not disclosed.
"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."
Todd Scrima, CEO of Summit Funding, said that after more than 30 years running a private mortgage bank, he understands that growth is intentional.
“After running a private mortgage bank for over 30 years, I know that growth does not happen by accident,” Scrima said. “It happens through scale, investment, and a commitment to supporting the teams out in the field every day.”
He added that partnering with CCM will give Summit’s originators access to expanded tools, a broader product suite, and increased earning potential.
The transaction comes as the mortgage industry continues to recalibrate following the refinance boom of 2020–2021, with lenders increasingly focused on purchase business, productivity, and recruiting top-producing loan officers.
CrossCountry Mortgage has expanded to more than 8,000 employees and over 700 branches nationwide. The company offers more than 120 mortgage products, including conventional, jumbo, FHA, VA, and rural housing loans, and is an approved seller and servicer with Fannie Mae, Freddie Mac, and Ginnie Mae.
What The Data Shows
Modex data provides a clearer picture of Summit Funding’s position heading into the acquisition.
In 2025, the company originated approximately 131 loans totaling $77.9 million, with an average loan size of about $595,000. Production was heavily concentrated in conventional loans ($74.1 million), with refinance activity driving the majority of volume.
The workforce trend is more telling. Summit’s producing workforce declined by approximately 29%, with just 8 arrivals compared to 63 departures over the measured period. That level of attrition suggests a meaningful erosion of production capacity heading into the deal.
By comparison, CrossCountry Mortgage is operating from a position of scale, with roughly 2,948 producing loan officers, 4,565 total LOs, and 717 branches nationwide.
While Modex figures are estimates and may not fully capture business-purpose lending such as DSCR or bridge loans, the directional takeaway is clear: production pressure and talent loss are accelerating consolidation.
For originators, the signal is hard to miss. In today’s market, talent isn’t just moving; it’s concentrating within larger platforms.
What It Means For Originators
The addition of Summit Funding’s network will expand CCM’s national footprint and deepen its bench of experienced originators, particularly in key Western markets. For Summit’s loan officers, joining a larger platform could mean broader product access, stronger technology, and greater operational support.
As lending grows more complex, those advantages matter more. The role of the loan officer continues to shift from rate-driven salesperson to advisor navigating increasingly nuanced borrower scenarios — a change that is reshaping recruiting, compensation, and production strategies across the industry.
The acquisition is expected to close following customary approvals.
