LOS ANGELES - The parent company of Ameriquest Mortgage Co. and Town & Country Credit said Tuesday it will close 229 branch offices and lay off 3,800 employees nationwide as part of a plan to consolidate its retail mortgage lending operations.

The restructuring by Orange-based ACC Capital Holdings Corp. is designed to cut costs and help the lender stay competitive, company officials said.

“We are moving strategically and decisively to remain a leader in an industry that is undergoing fundamental changes,” CEO Aseem Mital said in a statement.

Ameriquest is the nation’s largest sub-prime mortgage lender. ACC also operates AMC Mortgage Services Inc., formerly Bedford Home Loans.

The company said it was centralizing its network of branches into offices in California, Arizona, Illinois and Connecticut but would continue to offer lending services nationwide.

In addition to the branch closings, effective as of Tuesday, the company was also trimming positions at its headquarters.

The company declined to comment beyond the statement.

It said the changes would not affect its ability to adhere to the terms of a $325 million multistate settlement reached earlier this year with state attorneys general over claims of deceptive lending practices.