Crosscountry Mortgage To Strengthen Footprint With Summit M&a Deal

Cleveland-based CrossCountry Mortgage (CCM) has struck a deal to acquire Summit Funding, broadening its geographic reach, the companies announced Wednesday. Financial terms of the transaction were not disclosed.

“In 2025, we financed 1 in 35 homes sold nationwide, ranking as the No. 1 retail mortgage lender,” Ron Leonhardt, founder and CEO, told HousingWire. “This acquisition is part of our growth strategy to gain market share in communities we don’t have a large presence in yet. Summit’s geographic footprint complements CCM, creating opportunities to tap into more communities across the nation.”

Over the past 12 months, CCM originated roughly $50.5 billion in mortgage volume, while Summit produced about $1.2 billion, according to mortgage tech platform RETR. The Mortgage Scoop first reported on the deal.

CCM currently has 4,592 sponsored loan officers across 777 active branches, according to the Nationwide Multistate Licensing System. Summit will add 168 sponsored LOs in 45 branches, if all of them make the transition. CCM’s recent originations were concentrated in California, Florida and New Jersey, while Summit’s came primarily from California, Oregon, Tennessee and Texas.

CCM has been active in the M&A space in recent years, acquiring AmCap Home Loans in 2024, LendUS in 2022, Angel Oak in 2022 and First Choice Loan Services in 2020.

“We have great success attracting and retaining top LOs. Over the last six or seven years, we haven’t lost one of our top 10 LOs. Additionally, our retention rate of the top 250 in the last six years is approximately 98%, and that accounts for about 40% of our total volume,” Leonhardt said. 

While financial terms were not disclosed, Leonhardt said there are cost efficiencies in the deal.

“The larger you are, the more synergies you can find, meaning costs won’t go up,” he said. “Branches transitioning over to CCM can expect the synergies of a bigger corporate support system to lower their costs so they can focus on their day-to-day business.” 

Summit originators will gain access to CCM’s full suite of in-house products, including bridge loans, non-QM loans and construction loans.

Todd Scrima, who founded Summit in 1995 and led the company, will transition to CCM. 

“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 in a statement.

“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.”