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| In response to a challenging environment, the parent of Ameriquest Mortgage Co. laid off about 1,500 employees.
Parent ACC Capital Holdings reduced Thursday approximately 10 percent of its 15,000-plus workforce, spokesman Chris Orlando told MortgageDaily.com. The move will increase efficiency and help better serve customers and investors, according to an announcement by ACC. “The mortgage industry is entering a more challenging phase of rising interest rates,” the Orange, Calif.-based company said in the statement. “In cyclical industries such as mortgage lending, periodic workforce reductions are not uncommon.” The layoffs were spread throughout the nation, Orlando said, adding that the company was not disclosing details of the types of positions the reductions involved. ACC said it will not exit any geographic-markets, and the move will not impact its servicing platforms. Also, subsidiaries Argent Mortgage Co. and Long Beach Acceptance Corp. are unaffected by the layoffs. Ameriquest employs over 7,000 and with affiliates included more than 14,000 associates, according to its Web site. “We appreciate the contributions of the associates included in this reduction, and we have taken great care to provide resources to assist them, including transition pay and benefits,” ACC said in the announcement. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.
