"A total of 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 orientation and reemployment assistance."
"The reason for this permanent layoff is the pending sale of the business, Summit CEO and president Todd Scrima wrote to state authorities in a worker adjustment and retraining notification (WARN) announcement."
"Affected employees span multiple departments, including appraisal, closing, compliance, IT, legal, loan servicing, processing, secondary markets and underwriting. The executive team was also impacted."
Summit Funding is set to lay off 163 employees effective May 17 as part of its sale to CrossCountry Mortgage. The layoffs will affect various departments, including appraisal, processing, and executive roles. Despite the layoffs, Summit's Sacramento headquarters will remain operational. Employees will receive reemployment assistance and may be offered positions by CrossCountry Mortgage. The layoffs are a direct result of the pending acquisition, and affected employees do not have bumping rights or union representation.
Read at www.housingwire.com
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