Industry News

Ameriquest to close 229 offices, lay off thousands

Parent company to consolidate lending operations

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The parent company of Ameriquest Mortgage Co. and Town & Country Credit said Tuesday it will close 229 branch offices and lay off 3,800 employees nationwide as part of a plan to consolidate its retail mortgage lending operations. The job cuts amount to a one-third reduction of ACC Capital's work force of 11,000, media reports said. All branch offices of Ameriquest and Town & Country will be closed, with operations consolidated in several large regional locations. The move continues a series of mortgage industry layoff announcements. In February, Washington Mutual said it would close 10 of its 26 home-loan processing centers, eliminating 2,500 jobs. "We are launching a new strategy for our retail mortgage business – one that will enable us to offer a broader array of competitively priced products and higher-quality customer service," said Aseem Mital, chief executive officer of ACC Capital Holdings, Ameriquest's parent company, in a statement. "We are moving strategicall...