Industry News

ACH cutting jobs at Ameriquest, Argent Mortgage

Reports: Up to half of ACH's 6,000 employees could lose jobs

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Subprime lender ACC Capital Holdings, parent company of Ameriquest Mortgage Co. and Argent Mortgage Co, says it is closing operations centers in five states. Although ACH is not disclosing the number of employees affected, some reports say the company plans to lay off half of the 6,000 employees at subsidiaries, which include Ameriquest, a retail mortgage originator, and Argent, a wholesale lender. In a statement, ACH said it was centralizing its retail origination and portfolio retention operations to Southern California, and consolidating its New York wholesale loan production operations to facilities in Illinois. A company spokesman confirmed that ACH is closing retail call centers in Connecticut, Arizona, Sacramento, Calif., and Schaumberg, Ill. ACH also closed a wholesale loan production center in White Plains, N.Y., Thursday, moving work performed there to Rolling Meadows, Ill., ACH spokesman Chris Orlando told Inman News. In White Plains, N.Y., Argent Mortgage employees estim...