The Abridged version:
- Summit Funding, a mortgage company headquartered in Arden Arcade, announced it will lay off 163 employees.
- The decision follows Cleveland-based lender CrossCountry Mortgage’s acquisition of Summit Funding.
- Some employees may have an opportunity for rehiring. Those decisions will be made by CrossCountry Mortgage.
Summit Funding, a mortgage company headquartered in Arden Arcade, announced it will be laying off 163 employees, effective May 17.
The decision follows Cleveland-based lender CrossCountry Mortgage’s acquisition of the business, according to a notice posted last week.
Summit Funding was founded in 1995. The notice, written by CEO Todd Scrima, said the layoffs will not result in the closure of the physical location on Butano Drive.
Scrima did not specify how many employees work at the Sacramento location. The 163 affected employees include supervisors, managers and support staff from various departments.
Potential for rehiring
Scrima said in his letter to the California Employment Development Department there may be some rehiring opportunities. Certain workers could receive communication about openings similar to their current roles.
Any messages, though, would come from Summit Funding’s purchaser, CrossCountry Mortgage.
A media release announcing the acquisition noted that all terms would remain confidential.
“Summit Funding has a reputation for high-performance teams and has a great group of talented originators,” Ron Leonhardt, CrossCountry Mortgage CEO, said in a statement. “This is exciting for both of our companies. We’re looking forward to bringing their team onboard to support communities across the country.”
Savannah Kuchar is a reporter covering education. She came to Sacramento to be a part of the Abridged team and contribute to a crucial local news source.