A group of employees at Summit Funding, most of them in back-office roles, are being laid off but may receive job offers from CrossCountry Mortgage (CCM) as part of the companies’ pending M&A deal, according to filings with California authorities.

Cleveland-based CCM agreed last week to acquire Sacramento-based Summit Funding, a move that expands its geographic footprint. Financial terms of the transaction were not disclosed. 

In total, 163 employees are expected to have a termination date of May 17. The workers do not have bumping rights and are not represented by a union, but they will receive rapid-response details ⇒

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