CrossCountry Mortgage Expands National Reach with Acquisition of Summit Funding
CrossCountry Mortgage (CCM), the nation’s number one retail mortgage lender for the third consecutive year, has entered into a definitive agreement to acquire Summit Funding, Inc., a privately-held mortgage banker and servicer headquartered in Sacramento, California. The acquisition, announced on March 18, 2026, aims to bolster CCM’s geographic footprint and enhance its capabilities in the competitive mortgage market.
Strategic Rationale for the Acquisition
Ron Leonhardt, Founder and CEO of CrossCountry Mortgage, emphasized the company’s focus on attracting top talent within the industry. “Our number one focus over the last few years has been to build a company where the best talent in the industry wants to arrive to work,” Leonhardt stated. “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 on board to support communities across the country.”
Founded in 1995, Summit Funding operates in 48 states and ranks among the top 35 retail lenders in the nation . Todd Scrima, CEO of Summit Funding, Inc., highlighted the benefits of partnering with a larger organization. “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,” Scrima said. “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 novel heights.”
Financial Details and Synergies
The financial terms of the acquisition remain confidential. However, Leonhardt indicated that the deal is expected to generate cost efficiencies due to the scale of the combined organization . He noted that larger companies can achieve synergies, potentially lowering costs for branches transitioning to CCM and allowing loan officers to focus on their core business.
In the past 12 months, CCM originated approximately $50.5 billion in mortgage volume, while Summit Funding produced around $1.2 billion . CCM currently has 4,592 sponsored loan officers across 777 active branches, and Summit will add 168 sponsored loan officers in 45 branches.
Recent M&A Activity for CrossCountry Mortgage
CrossCountry Mortgage has been actively pursuing a growth strategy through mergers and acquisitions in recent years. Previous acquisitions include AmCap Home Loans in 2024, LendUS and Angel Oak in 2022, and First Choice Loan Services in 2020 .
About the Companies
CrossCountry Mortgage (CCM) is the nation’s number one distributed retail mortgage lender, operating over 700 branches and servicing loans across all 50 states, D.C., and Puerto Rico. The company employs over 8,000 people and has been recognized ten times on the Inc. 5000 list of America’s fastest-growing private businesses .
Summit Funding, Inc., founded in 1995, is a privately-held mortgage banker and servicer licensed to do business in 48 states.