{"id":244629,"date":"2026-03-31T06:48:08","date_gmt":"2026-03-31T06:48:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/244629\/"},"modified":"2026-03-31T06:48:08","modified_gmt":"2026-03-31T06:48:08","slug":"summit-funding-in-arden-arcade-lay-off-163-employees","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/244629\/","title":{"rendered":"Summit Funding in Arden Arcade lay off 163 employees"},"content":{"rendered":"<p>A Sacramento area-based mortgage company is laying off more than 150 employees as the business begins to go on sale, according to a WARN notice issued on March 19.<\/p>\n<p>Summit Funding, at 2135 Butano Drive in Arden Arcade, will terminate 163 workers, the business\u2019s WARN letter said.<\/p>\n<p>The loan company was <a target=\"_blank\" rel=\"Follow nofollow noopener\" href=\"https:\/\/crosscountrymortgage.com\/mortgage\/news\/crosscountry-mortgage-acquires-summit-funding-inc\/\">purchased by Cross Country Mortgage<\/a>, according to an announcement on March 18.<\/p>\n<p>Summit Funding specializes in personal or household loans. The loans can be used for payments on a mortgage and have lower interest rates, according to the Office of the Comptroller of the Currency.<\/p>\n<p>In the WARN notice, Todd Scrima, the CEO of Summit Funding, wrote employees may receive \u201cseparate communications\u201d from CrossCountry Mortgage about other employment opportunities.<\/p>\n<p>The layoffs eliminate positions across the company including accounting, loan servicing, underwriting and executive positions like the chief operating officer.<\/p>\n<p>Summit Funding is licensed in 48 states and is one of the \u201ctop 35 retail lenders in the nation,\u201d according to <a target=\"_blank\" rel=\"Follow nofollow noopener\" href=\"https:\/\/crosscountrymortgage.com\/mortgage\/news\/crosscountry-mortgage-acquires-summit-funding-inc\/\">CrossCountry Mortgage.<\/a><\/p>\n<p>CrossCountry Mortgage\u2019s CEO Ron Leonhardt said in a statement that buying Summit Funding is a partnership, calling it a chance to \u201cgive (their) team access to more tools, greater opportunities and increased earning potential.\u201d<\/p>\n<p>\u201cOur 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,\u201d Leonhardt said in a statement. \u201cSummit Funding has a reputation for high-performance teams and has a great group of talented originators. This is exciting for both of our companies.\u201d<\/p>\n<p>The layoffs take effect May 17.<\/p>\n<p>  Loading\u2026<\/p>\n<p>        Related Stories from  Sacramento Bee<\/p>\n<p>                <a href=\"https:\/\/www.sacbee.com\/profile\/281978408\/\" rel=\"nofollow noopener\" target=\"_blank\"><br \/>\n                        <img decoding=\"async\" class=\"author-thumb\" src=\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/03\/SAC_SN_231129_Emma_116.JPG\" width=\"400\" height=\"400\" alt=\"Profile Image of Emma Hall\" loading=\"lazy\"\/><br \/>\n                    <\/a><\/p>\n<p>                <a class=\"author-name\" href=\"https:\/\/www.sacbee.com\/profile\/281978408\/\" rel=\"nofollow noopener\" target=\"_blank\">Emma Hall<\/a><\/p>\n<p>                    The Sacramento Bee<\/p>\n<p>            Emma Hall covers Sacramento County for The Sacramento Bee. Hall graduated from Sacramento State and Diablo Valley College. She is Blackfeet and Cherokee.\n            <\/p>\n","protected":false},"excerpt":{"rendered":"A Sacramento area-based mortgage company is laying off more than 150 employees as the business begins to go&hellip;\n","protected":false},"author":2,"featured_media":205317,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[109542,109543,109544,121,123,109541,122,109540],"class_list":["post-244629","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sacramento","tag-arden-arcade-warn-notice","tag-crosscountry-mortgage-acquisition","tag-residential-lending-jobs","tag-sacramento","tag-sacramento-headlines","tag-sacramento-mortgage-layoffs","tag-sacramento-news","tag-summit-funding-layoff"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/244629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=244629"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/244629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/205317"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=244629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=244629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=244629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}