Over the previous 12 months, CCM came from roughly $50.5 billion in home mortgage volume, while Top produced about $1.2 billion, according to home mortgage tech platform RETR.
CCM presently has 4,592 sponsored loan officers throughout 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 shift. CCM’s recent originations were concentrated in California, Florida and New Jersey, while Top’s came primarily from California, Oregon, Tennessee and Texas.
CCM has been active in the M&A space in the last few years, getting AmCap Home Loans in 2024, LendUS in 2022, Angel Oak in 2022 and First Choice Loan Solutions in 2020.
“We have great success drawing in and retaining leading LOs. Over the last six or 7 years, we have not lost one of our top 10 LOs. Furthermore, our retention rate of the leading 250 in the last six years is approximately 98%, and that represent about 40% of our total volume,” Leonhardt said.
While monetary terms were not divulged, Leonhardt stated there are cost efficiencies in the offer.
“The larger you are, the more synergies you can find, implying costs won’t go up,” he said. “Branches transitioning over to CCM can expect the synergies of a larger corporate support system to decrease their costs so they can focus on their everyday organization.”
Top producers will get to CCM’s complete suite of internal products, consisting of swing loan, non-QM loans and building and construction loans.
Todd Scrima, who established Summit in 1995 and led the company, will transition to CCM.
“After running a private home mortgage bank for over thirty years, I know that development does not take place by mishap. It occurs through scale, investment and a dedication to supporting the teams out in the field every day,” Scrima stated in a statement.
“Partnering with the country’s number one retail home mortgage lender is going to offer our team access to more tools, higher chances and increased making possible– developing the momentum for our originators to reach brand-new heights.”