ACC Capital Holdings (ACH) today announced the launching of a new business model for its Ameriquest Mortgage Company and Town and Country Credit retail mortgage subsidiaries, including the centralization of the branch networks into its existing regional production centers and the consolidation of corporate functions. The new centralized operations will improve efficiency and leverage the strengths of the company’s retail mortgage origination business. The changes will result in the closure of local branches and a reduction in the company’s work force.
“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. “We are moving strategically and decisively to remain a leader in an industry that is undergoing fundamental changes.”
Under the new retail business model, ACH will centralize its retail branch network into existing regional mortgage production centers in California, Arizona, Illinois and Connecticut. In addition, the company will consolidate many corporate functions at its Orange, CA headquarters. These changes will result in the total workforce reduction of approximately 3,800 associates and the closing of 229 retail branch offices. The branch closures are effective immediately. Through its existing regional production centers, Ameriquest will continue to lend nationwide.
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