Summit Funding
Summit Funding is a privately held Sacramento-based retail mortgage banker and servicer founded in 1995, licensed in 48 states and ranked among the top 35 US retail lenders, now being acquired by CrossCountry Mortgage.
- Company typePrivate
- Founded1995
- HeadquartersSacramento, United States
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
What Summit Funding does
Summit Funding is a privately held mortgage banker and servicer founded in 1995 and headquartered in Sacramento, California. It originates residential mortgage loans through a retail channel organized around high-performance loan originators and is licensed to operate in 48 states, ranking among the top 35 retail mortgage lenders nationally. The company serves individual homebuyers and refinancing households rather than institutional or wholesale counterparties.
The business operates two revenue streams: mortgage origination, which generates transaction-based fee income on closed loans, and mortgage servicing, which produces recurring fee income over the life of each loan. Leadership is anchored by an EVP of Finance, Accounting and Loan Servicing, reflecting the operational weight of servicing as a steady-state revenue line alongside cyclical origination activity.
In March 2026, Summit Funding announced it is being acquired by CrossCountry Mortgage, with a subsequent WARN notice covering 163 layoffs concentrated in back-office and executive functions. The transaction positions Summit Funding's originator base within CCM's 700+ branch national platform, materially expanding effective distribution while eliminating standalone corporate overhead.
Summit Funding firmographics
Firmographics- Name
- Summit Funding
- Legal name
- Summit Funding, Inc.
- Website
- https://summitfunding.net
- Company type
- Private
- Founded year
- 1995
- Operating status
- Acquired
- Headcount range
- 1,001–5,000 employees
- Short description
- Summit Funding is a privately held Sacramento-based retail mortgage banker and servicer founded in 1995, licensed in 48 states and ranked among the top 35 US retail lenders, now being acquired by CrossCountry Mortgage.
- Ownership category
- akta.pro rank
Where Summit Funding is headquartered
LocationHeadquarters
- HQ city
- Sacramento
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Summit Funding business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Mortgage Origination: As a mortgage banker, Summit Funding originates mortgage loans to homebuyers, generating revenue through origination fees and the sale of loans into the secondary market.
- Mortgage Servicing: As a servicer, Summit Funding services mortgage loans, collecting monthly payments from borrowers and managing escrow accounts, generating revenue through servicing fees.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
Summit Funding product offering
Product offeringCore offering
Summit Funding is a retail mortgage banker and servicer that originates residential mortgage loans for homebuyers and refinancing customers across 48 states, then services those loans by collecting monthly payments and managing escrow accounts. The company generates revenue through origination fees, the sale of loans into the secondary market, and recurring servicing fees on its managed loan portfolio.
Product overview
Summit Funding is a mortgage banking and servicing company. Based on the available sources, it was a privately held mortgage banker and servicer headquartered in Sacramento, California, founded in 1995 and licensed to operate in 48 states, ranking among the top 35 retail lenders nationally. The sources do not provide detailed product or service offerings specific to Summit Funding's portfolio.
Differentiator
Problem solved
Functional benefit
Products and services
- Residential Mortgage Origination Origination of residential mortgage loans for homebuyers and refinancing customers across 48 states, generating revenue through origination fees and the sale of loans into the secondary market.
- Residential Mortgage Servicing Servicing of residential mortgage loans, including collection of monthly borrower payments and management of escrow accounts, generating recurring servicing fee income.
Companies that use Summit Funding
Customer profileSegments3 records
Ideal customer profiles1 record
Summit Funding technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Summit Funding partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- CrossCountry MortgagecoreCrossCountry Mortgage (CCM), the nation's top retail mortgage lender, has entered into an agreement to acquire Summit Funding, Inc. The acquisition aims to unite two successful retail lenders, strengthening CCM's national presence and expanding its pool of seasoned originators, particularly in Western regions. The transaction will bring Summit's high-performance originations teams into CCM's network of over 700 branches.
Scale indicators3 records
Recent moves3 records
Expansion highlights2 records
Summit Funding competitors and assessment
Company assessmentDirect peers
- Caliber Home Loans: Retail and wholesale residential mortgage originator and servicer; direct comparable in scale, channel mix, and service-portfolio exposure.
- loanDepot: Public retail and wholesale mortgage lender with a comparable diversified origination and servicing platform; competes directly with Summit for retail loan officers and refinance customers.
- Guild Mortgage: Privately held retail mortgage lender with similar West-coast geographic overlap and a comparable mix of purchase and refinance origination plus servicing; recent acquirer in the independent lender space.
- NewRez (formerly New Penn Financial): National mortgage lender and servicer owned by Shellpoint Partners; comparable retail/wholesale origination and special servicing franchise overlapping with Summit Funding's geography.
- Homepoint: Wholesale and retail mortgage lender with significant servicing operations; similar mid-sized lender profile and comparable channel mix to Summit.
Broad incumbents
- CrossCountry Mortgage: The acquirer of Summit Funding and the nation's #1 retail mortgage lender; operates 700+ branches with a comparable retail mortgage origination and servicing model, making it the most direct functional comparable.
- Rocket Mortgage: Largest US mortgage originator with a retail-direct and broker model; competes for the same homebuyer and refinancing customers as Summit Funding and sets industry benchmarks for technology-driven origination.
- United Wholesale Mortgage (UWM): Largest US mortgage lender overall, focused on the wholesale broker channel; comparable mortgage-banking and servicing infrastructure and similar acquisition-driven growth strategy in the retail channel.
- Pennymac Financial Services: Public, top-5 US mortgage originator and largest subservicer; competing platform for both origination volume and servicing portfolio aggregation.
- Flagstar Bank (FHLBC / Flagstar Mortgage): Bank-owned retail and wholesale mortgage originator with a sizable servicing portfolio; broader balance sheet and deposit funding but competing for the same origination customers.
Market position
Strengths3 records
Weaknesses3 records
Competitive moat4 records
Key risks4 records
Key highlights5 records
Customer concentration
Summit Funding social profiles
Digital presenceSummit Funding financial estimates
Financial estimateRevenue estimate
Valuation estimate
Summit Funding leadership team
Management profileNumber of profiles
Profiles1 record
Summit Funding funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Summit Funding M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Summit Funding
What does Summit Funding do?
Summit Funding is a retail mortgage banker and servicer that originates residential mortgage loans for homebuyers and refinancing customers across 48 states, then services those loans by collecting monthly payments and managing escrow accounts. The company generates revenue through origination fees, the sale of loans into the secondary market, and recurring servicing fees on its managed loan portfolio.
Is Summit Funding a public or private company?
Summit Funding is a private company. It is classified as unknown and is currently acquired.
When was Summit Funding founded?
Summit Funding was founded in 1995. It employs 1,001 to 5,000 people.
Where is Summit Funding based?
Summit Funding is headquartered in Sacramento, United States, in the North America region.
How does Summit Funding make money?
Two revenue lines are on record. Mortgage Origination is the primary driver. The others are mortgage Servicing.
Who are Summit Funding's main competitors?
Direct peers on record are Caliber Home Loans, loanDepot, Guild Mortgage, NewRez (formerly New Penn Financial) and Homepoint. Broad incumbents are CrossCountry Mortgage, Rocket Mortgage, United Wholesale Mortgage (UWM), Pennymac Financial Services and Flagstar Bank (FHLBC / Flagstar Mortgage).
Does Summit Funding have an API?
No public API is recorded for Summit Funding.