NEW YORK (CNNMoney.com) - ACC Capital Holdings said it will cut 3,800 jobs at its Ameriquest mortgage unit and close 229 branches as part of an effort to centralize its retail network.

"We are moving strategically and decisively to remain a leader in an industry that is undergoing fundamental changes," Aseem Mital, chief executive of ACH, said in a statement.

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The new centralized operations will allow Ameriquest, one of the nation's leading lenders of retail and wholesale mortgages, to retain and maximize its primary sources of new loans, reduce infrastructure costs and eliminate redundant functions, ACH said.

The closure of Ameriquest branches are effective immediately, but Ameriquest will continue to lend nationwide through ACH's existing regional production centers, the statement said.

Currently ACH operates regional mortgage production centers in California, Arizona, Illinois and Connecticut.

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