Seneca Mortgage Investments Completes AMS Acquisition

""Seneca Mortgage Investments LP"":http://senecamortgagemgmt.com/, a real estate investment firm focused on mortgage servicing rights (MSRs), announced it has closed on its purchase of AMS Servicing.

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The acquisition was first announced in September 2013 by Seneca, a joint venture among affiliates of GSO Capital Partners LP, EJF Capital LLC, and Arbor Commercial Mortgage, LLC.

""We are very excited to close on this new business venture,"" said Darren Richman, senior managing director of GSO Capital Partners. ""The evolution of the residential [COLUMN_BREAK]

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 purchase of mortgage servicing rights, as evidenced by the significant growth we have seen in a short period of time.""

The final approval builds on the progress of the last 90 days, during which Seneca has provided funding for AMS to acquire MSRs to assets with an aggregate unpaid principal balance of $9.7 billion. With licensing in all 50 states and approvals from Fannie Mae and Freddie Mac, all parties involved say the 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.""