Skip to main content

Seneca Mortgage Investments Completes Purchase of AMS Servicing

NationalMortgageProfessional.com
Feb 04, 2014

Seneca Mortgage Investments LP has announced that it has closed on its purchase of AMS Servicing (AMS), a residential mortgage servicer sold by Arbor Commercial Mortgage LLC (ACM). Seneca Mortgage Investments LP, a joint venture among affiliates of GSO Capital Partners LP; EJF Capital, LLC; and Arbor Commercial Mortgage, LLC, first announced the acquisition of AMS Servicing on Sept. 12, 2013, pending necessary regulatory approvals. Since that date, all approvals have been completed and the transaction has closed. “We are very excited to close on this new business venture,” said Darren Richman, senior managing director of GSO Capital Partners LP. “The evolution of the residential mortgage servicing marketplace, along with the strength of this partnership, presents an excellent opportunity for the Seneca Mortgage Companies, as a well-capitalized, non-bank, non-originator, to differentiate itself in the industry as a purchaser of mortgage servicing rights, as evidenced by the significant growth we have seen in a short period of time.” Over the last 90 days, Seneca Mortgage Investments LP has provided the funding for AMS to acquire the mortgage servicing rights to assets with an aggregate unpaid principal balance of $9.7 billion. AMS has licensing in all 50 states and approvals from Fannie Mae and Freddie Mac to hold, service and manage MSRs. AMS is also in the application process to potentially receive the same approval from Ginnie Mae. By closing on the purchase of AMS, this new joint venture is strongly positioned for continued growth. “We are extremely pleased to be joining two very successful partners whose expertise and capital strength will help us collectively execute our core business strategy,” said Ivan Kaufman, chairman and CEO of Arbor Commercial Mortgage. “Going forward, this new partnership will certainly maximize our ability to capitalize on the many opportunities we see in the residential mortgage servicing marketplace and will greatly enhance and diversify the AMS Servicing platform.” Seneca Mortgage Investments and its subsidiaries, including AMS Servicing, LLC, will be externally managed by Seneca Mortgage Management LLC, with offices in New York City and Depew, N.Y.
Published
Feb 04, 2014
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021
Offerpad Expands Into Kansas City, St. Louis

Tech-Enabled Platform For Real Estate Transactions Now In 20 Markets

Industry News
Sep 20, 2021
KBRA Assigns Preliminary Ratings To RCKT 2021-4

Includes 1,002 Residential Mortgages With An Aggregate Principal Balance Of $968.4M

Industry News
Sep 20, 2021
KBRA Assigns Preliminary Ratings To SEMT 2021-6

Pool Of 497 First-Lien Loans Combined Have A Principal Balance Of Nearly $449M

Industry News
Sep 16, 2021