Summit Funding Review: Highly Rated ‘Home Loan Experts’

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It’s time for another mortgage review, this time we’ll take hard look at Summit Funding Inc., which bills itself as “The Home Loan Experts.”

There might be some truth to that because the direct lender has been around since 1995, almost as long as the duration of a 30-year fixed mortgage.

The company started off small with just a few employees, known then as Sacramento Residential Mortgage, but has rapidly expanded into a national mortgage lender.

Today, they fund billions in home loans annually and are working to become one of the top lenders in the nation and a household name.

Summit Funding Fast Facts

  • Direct-to-consumer retail mortgage lender that offers home purchase and refinance loans
  • Founded in 1995, headquartered in Sacramento, California
  • Licensed to do business in 45 states and the District of Columbia
  • Funded more than $4 billion in home loans last year (a top-100 lender nationally)
  • About two-thirds of their business consisted of home purchase lending
  • More than half of their loan volume came from home state of California

Summit Funding, Inc. is a direct mortgage lender and loan servicer that was founded by current CEO Todd Scrima in the mid-1990s.

Since then, they have grown to be a top-100 mortgage lender nationally based on loan volume, and may even be close to cracking the top-50 today.

Last year, they originated roughly $4 billion in home loans, with about two-thirds of it driven by home purchase loans. That means real estate agents trust working with them to get the job done.

The rest was comprised of refinance loans and reverse mortgages, and about half the overall total came from the state of California.

The company also appears to be very active in Oregon, Arizona, Michigan, and Nevada.

At the moment, Summit Funding is licensed to do business in 45 states and the District of Columbia.

They don’t seem to be available in the states of Alaska, Connecticut, Massachusetts, New York, or Rhode Island.

How to Apply for a Mortgage with Summit Funding

  • Visit their website and click on Apply Now to get started on your application
  • Browse their loan officer directory if you’re not currently working with someone
  • They offer a digital mortgage process along with a free smartphone app to track your loan progress
  • You can securely upload paperwork, eSign disclosures, and get in touch with your loan officer instantly

To get started, simply visit their website and click on apply. They’ll then ask if you’re working with a loan officer, and if not, prompt you to find one nearby using their online directory.

Once you locate the individual you wish to work with, you can apply directly online via a digital mortgage application.

It will allow you to get pre-qualified, securely upload paperwork, eSign documents, and message your loan officer instantly as you make your way through the process.

You’ll also be able to see your progress and get updates once your loan is submitted via the online borrower portal, which is powered by ICE Mortgage Technology (formerly Ellie Mae).

Those who wish to download the free smartphone app can also manage their home loan that way.

Before you do all that, it is recommended that you obtain mortgage rate pricing and inquire about lender fees.

Veterans may qualify for a $0 down VA loan

Once you speak to a loan officer to determine if they’re competitive and/or have the loan program you’re looking for, you can proceed with the application.

Summit Funding embraces technology but also incorporates human touch to give borrowers the best of both worlds.

Loan Programs Offered by Summit Funding

  • Home purchase loans
  • Refinance loans: rate and term, cash out, and streamline
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo home loans up to $3 million loan amounts
  • FHA loans
  • VA loans
  • USDA loans
  • Reverse mortgages
  • Fixed-rate and adjustable-rate options available

One nice thing about Summit Funding is they offer lots of different loan options. You can get a home purchase loan or a refinance, including a cash out refinance.

Additionally, you can get a jumbo loan with a loan amount as high as $3 million, or a reverse mortgage if you’re aged 62 and older.

They also offer the full suite of government loan programs, including FHA, USDA, and VA loans.

You can get financing on a primary residence, second home, or an investment property, including condos and townhomes.

In terms of specific loan programs, you can take out a fixed-rate mortgage such as a 30-year or 15-year fixed, or a hybrid adjustable-rate mortgage like a 5/1 or 7/1 ARM.

Summit Funding Mortgage Rates

One slight negative to Summit Funding is the fact that they do not publicize their mortgage interest rates online.

As a result, it’s unclear how competitive they are relative to other lending options, and the only way you’ll be able to find out is to get in touch with a loan officer for pricing.

The same goes for lender fees – we don’t know if they charge a loan application fee, loan origination fee, underwriting/processing fees, and so on.

Be sure to inquire about all these important costs when you speak to a loan officer so you can compare their offer(s) to other lenders properly.

While customer service is great, so is a low-priced mortgage. You’ll want to make sure you get the best of both worlds.

Summit Funding Reviews

On SocialSurvey, the company has a very impressive 4.86-star rating out of 5 from about 60,000 reviews. Attaining a score that high from such a large number of reviews says a lot.

They’ve also landed in the top-10 for customer satisfaction in past years among a large group of like-sized lenders.

Over at Zillow, it’s an even better 4.97-star rating from about 2,000 reviews, with a lot of them indicating that the interest rate and closing costs were lower than expected.

The company also has a perfect 5-star rating on Google from about 300 reviews for their corporate headquarters, which is obviously also quite impressive.

While Summit Funding isn’t an accredited business with the Better Business Bureau, they do have an ‘A+’ rating based on customer complaint history.

In summary, the company could be a good fit for both first-time home buyers and existing homeowners looking to refinance a mortgage thanks to their local offices and plentiful online tools.

Summit Funding Pros and Cons

The Good Stuff

  • Can apply for a home loan instantly from any device
  • Offer a digital mortgage process powered by ICE
  • Also have brick and mortar locations in many states
  • Excellent customer reviews across all ratings websites
  • Lots of loan programs to choose from including jumbos and reverse mortgages
  • Free smartphone app
  • Free mortgage calculators and glossary on their website

The Not

  • Not licensed in all states
  • No mention of rates or fees on their website
  • May not service your loan

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