CrossCountry Mortgage announced on March 18 that it has entered into an agreement to acquire Summit Funding, Inc., a privately held mortgage banker and servicer headquartered in Sacramento, Calif.
“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,” CrossCountry Founder and CEO Ronald Leonhardt, Jr. said in a press release. “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.”
Leonhardt, Jr., founded CrossCountry in 2003 in Cleveland, Ohio, and the company now operates more than 700 branches and services loans in all 50 states, Washington, D.C., and Puerto Rico. Summit Funding was founded in 1995 and is licensed to do business in 48 states. Both companies have been recognized as top retail lenders by numerous publications.
“After running a private mortgage bank for over 30 years, I know that growth doesn’t happen by accident,” Summit Funding CEO Todd Scrima said. “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.”
The terms of the acquisition agreement will be kept confidential.