Once the nation’s largest subprime lender, Ameriquest Mortgage Co., is closing its doors.
On August 1, the company stopped accepting new mortgage applications, its parent company, ACC Capital Holdings, announced on Friday. They are also selling their other assets – a wholesale mortgage origination operation and a mortgage servicing business to Citigroup Inc. for an undisclosed amount.
The acquisition includes the servicing rights of over $45 billion dollars worth of loans. The deal terms have not been disclosed. The sale includes operational centers located in Orange and Rancho Cucamonga and also in Rolling Meadows and Schaumberg, Illinois, as well as broker networks that extend across 48 states, excluding Virginia.
For more information, please visit our section on Ameriquest Mortgage Co.