Summit Mortgage Company - Wholesale, Retail Alt-A, Conforming
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stories: bostonherald.com, thetruthaboutmortgage.com, boston.com
It has become public knowledge that Boston-based Summit Mortgage Company (summitmortgage.com) has declared that they will be winding up operations, having now laid off some 140 employees. Per an article in the Boston Herald:
The article goes on to note that Fedele expects a few employees to remain to wind up existing mortgages and we assume wind down remaining operations. Fedele does not expect Summit to enter into bankruptcy.
Summit's website had this to say about their closure:
Finally, regarding the size of Summit's operations, thetruthaboutmortgage had the following to say:
Note that this is a separate Summit Mortgage than number nineteen on the "Imploded" list.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.