A special servicer of home loans is expanding its recruiting efforts following its acquisition by a real estate investment firm.
The deal, originally announced in September 2013, was expected to help Seneca invest in mortgage servicing rights and take advantage of changes in real estate finance.
During the past four months, Seneca has reportedly financed AMS’ purchase of MSRs on $9.7 billion in loans.
AMS is reportedly licensed in all 50 states and approved by Fannie Mae and Freddie Mac to hold, service and manage MSRs. Its Ginnie Mae approval was in the application process as of last month.
On Thursday, Depew, N.Y.-based AMS said it plans to hire 240 new employees over the next five years.
Immediate openings include administrative, entry-level and mid- and senior-level management.
Staffing currently stands at 270.
AMS recently received $1.5 million in state tax credits from Empire State Development and an additional $219,000 in sales tax breaks from the Erie County Industrial Development Agency to help it renovate and expand an office in Elma, N.Y.
The new Elma office is expected to open in April and will include free parking, an on-site cafeteria and catering service, landscaped walking trails and dry cleaning pickup and delivery. A daycare facility and fitness center are planned for the future.
Another special servicer that has seen rapid growth is Mortgage Daily advertiser Wingspan Portfolio Advisors LLC, where staffing grew from just 34 employees in 2009 to 2,000 employees as of May 2013 — where it still stands today.