Sacramento, California-based Summit Funding, a residential mortgage banker concentrating in specialty loans and refinancing operations, has announced a reduction in force.
The reduction in force will impact 72 employees located in its Sacramento headquarters offices, with separations scheduled on November 23, 2022, the day prior to Thanksgiving.
The decision appears to be driven by market conditions, including rising interest rates, fewer originations and refinancings, and a declining real estate market.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?