Orange-based ACC Capital Holdings Corp., which has been relatively quiet during the meltdown of Orange County rival New Century Financial Corp., said Thursday it’s cutting jobs.
The parent company of subprime lender Ameriquest Mortgage Co. didn’t disclose how many jobs it’s cutting.
The company is consolidating Ameriquest call centers and its wholesale loan production offices, which fund loans from independent brokers.
ACC blamed a “very challenging non-prime market” for the move.
“Non-prime” is industry speak for subprime loans made to borrowers with imperfect credit.
ACC is combining call center operations in Southern California, according to the company.
Wholesale loan centers in New York under subsidiary Argent Mortgage Co. are being consolidated in Rolling Meadows, Ill., the company said.
Last spring, ACC closed 229 branch offices and laid off 3,800 employees nationwide in a bid to streamline operations.
The move came as the subprime lending market was slowing. In recent weeks, the sector has imploded as some loans have gone bad and investors sour on subprime lenders.
Irvine-based New Century has lost more than 95% of its market value in recent weeks.
Last month, ACC struck a financing deal with Citigroup that could lead to the acquisition of Argent Mortgage and AMC Mortgage Services, another ACC unit that services mortgages.
