By Amber Stearns
10/28/2008
The national economic crisis is forcing a local company to closing its mortgage-lending arm and support companies.
Ace Mortgage Funding closed its doors for business in all 15 states it had branches. Archer Land Title and Ace Imaging are also scheduled to close as support companies for the mortgage lender.
Ace Holding is the owner of all three properties.
The closure effects over 1,000 employees, with nearly 200 located in Indianapolis.
Ace cited the weak housing market, a from in loan volumes, and new regulatory requirements as reasons for the closures to its workforce. The company had reportedly lost $45 million in the last 19 months, unsuccessfully trying to keep afloat by reducing operating costs and trimming the workforce.
The company has given no indication as to what will happen to the mortgage customers still on their rolls at the time of closing.
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