AMS Servicing

Feb 3, 2014

Company Positioned to Build on First 90 Days of Success February 03, 2014 09:27 AM Eastern Standard Time NEW YORK--( BUSINESS WIRE )--Seneca Mortgage Investments LP, a real estate investment company that invests in mortgage servicing rights (MSRs), announced today 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 the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to hold, service and manage MSRs. AMS is also in the application process to potentially receive the same approval from the Government National Mortgage Association (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, NY. About Seneca Mortgage Investments LP & Seneca Mortgage Management Founded by three highly experienced partners with deep roots in the mortgage investment industry, Seneca Mortgage Investments is a real estate investment company dedicated to providing best-in-class results for its investors and their borrowers. Headquartered in New York City, Seneca Mortgage Investments, its subsidiaries and its external manager, Seneca Mortgage Management, are built to offer customized and innovative solutions across the residential mortgage marketplace. Each company is led by a talented management team with the sophisticated expertise and experience to forge strategic partnerships and deliver for its clients, providing customized and innovative solutions to support the marketplace. Seneca Mortgage Management, LLC partners with financial institutions and mortgage originators of all sizes to provide them with MSR regulatory capital relief and flexible servicing agreements that enhance their financial positioning. Seneca Mortgage Management is the external manager of the subsidiaries of Seneca Mortgage Investments LP, driving the vision and ensuring the quality of the company’s operations and resources to support individual client portfolios. About AMS Servicing, LLC AMS Servicing is headquartered in the Buffalo suburb of Depew, NY, and specializes in providing clients with access to a scalable Prime and Special Servicing platform that will help meet their long-term servicing objectives and create long-term loan servicing solutions. As a national servicer of residential and small balance commercial mortgages, AMS is focused on creating value for its clients, which include some of the nation’s leading banks and investment funds. In addition, AMS is a provider of superior component default servicing. About Arbor Commercial Mortgage, LLC Founded by Chairman and CEO Ivan Kaufman , Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in loan origination and servicing for multifamily and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-Approved LIHTC Lender as well as a CMBS , Bridge and Mezzanine lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $10.8 billion, Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List. About GSO Capital Partners LP GSO Capital Partners LP is the global credit platform of Blackstone. GSO, together with its affiliates, has approximately $63 billion of assets currently under management and is one of the largest credit-focused alternative managers in the world and a major participant in the leveraged finance marketplace. GSO seeks to generate superior risk-adjusted returns in its credit business by investing in a broad array of strategies including mezzanine, distressed investing leveraged loans and other special situation strategies. About EJF Capital, LLC EJF Capital LLC is an independent, employee-owned, SEC-registered investment adviser that manages a diverse group of alternative investment strategies for qualified individuals, institutions, foundations and endowments. EJF was founded in September 2005. Contacts