ACC Capital Holdings Corp., parent company of sub-prime mortgage lender Ameriquest Mortgage Co.,will cut  hundreds of jobs in the Chicago area later this month as part of an earlier announced nationwide consolidation. 

The move is part of a final resolution arrived at last year with attorneys general in 30 states who investigated the company for possible predatory lending practices.

Although the company admitted no wrongdoing, it allocated $295 million dollars for a customer restitution fund. 

In the Chicago-area, ACC will eliminate 515 jobs at facilities in Schaumburg and Rolling Meadows, starting May 25, according to a filing with the State of Illinois. ACC spokesman Chris Orlando said Wednesday that the company is consolidating these jobs in Orange County, Calif. He stressed that not all the local layoffs are from Ameriquest, but also include ACC’s other subsidiaries, Argent Mortgage Company, a wholesale mortgage loan operator and AMC Mortgage Services, which handles loan servicing. 

Orlando declined to give any further details about the job cuts including what portion of the company’s total workforce is represented by the 515 positions to be slashed.

In March a company press release stated: “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.”