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March 15, 2007
As many as 300 Sacramento-area Ameriquest employees were given their walking papers Thursday morning in another sign of the slumping sub-prime mortgage market.
Officials at Ameriquest's Orange-based parent, ACC Capital Holdings, would not say how many jobs were lost at its Mather Field offices, but employees estimated up to 300 were employed there in various capacities. Ameriquest's parent company announced the layoffs, part of a nationwide cutback in jobs, as part of a strategy to rein in costs and increase efficiency. "This is a very challenging non-prime market. Only companies with the ability to control costs and improve loan quality are going to be successful," the company announced in a statement.
The company's loan origination and retention functions handled in Rancho Cordova will be folded into its Southern California operation.
The hammer dropped in an e-mail sent to employees about 9:30 a.m. Thursday as mortgage specialists like Perry Mayfield were working the phones with clients.
"We got an instant e-mail. It was a long letter and we all go, 'OK,'" Mayfield, just six months on the job, said from his Sacramento home hours after getting the layoff news. "Sure enough, the top guys gather us around and say, 'Unfortunately, we have some bad news.'"
Ameriquest is the second lender to shed local employees in recent weeks, following the closure of Folsom-based Central Pacific Mortgage in late February.
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