Mortgage Daily Logo
mortgage news from industry experts

Ameriquest Lays Off 3800

Ameriquest Lays Off 3800Centralized business model implemented

May 2, 2006


Ameriquest has pursued a centralized business model that will help it better operate in today’s lending environment. The transition, however, has left 3,800 people unemployed.

ACC Capital Holdings announced the layoffs today, as a result of moving retail functions from the branch network to existing regional mortgage production centers in Arizona, California, Connecticut and Illinois. The employees were from 229 Ameriquest Mortgage Co. and Town and Country Credit retail branches that have been shuddered.

Headquarters employees were among those let go.

The Orange, Calif.-based company said the branch closures are effective immediately, and it will service all retail business from the mortgage production centers — which are staffed by existing employees.

The trimmed-down operation “will improve efficiency and leverage the strengths of the company’s retail mortgage origination business,” the statement said.

“Although difficult, the decisions announced today are the best strategy for improving our cost structure and increasing our ability to price loans competitively — changes that are critical to our long-term success,” Vice Chairman Adam Bass said in the announcement. “We greatly appreciate the contributions of our associates affected by today’s announcement and have taken care to assist them in their transition.”

Argent Mortgage Co., the wholesale unit of ACC, cut about 16% of its 4,000-employee workforce in January.

A company spokesman told that the new strategy is not modeled after any existing mortgage banking company, but is more in line with staying ahead of the game.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of,, and


Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts