News Column

Seneca Mortgage Servicing LLC Attains S&P Prime Servicer Ranking

June 20, 2014



By a News Reporter-Staff News Editor at Real Estate Weekly News -- Seneca Mortgage Servicing LLC (formerly known as AMS Servicing, LLC), a national servicer of residential and small balance commercial mortgages headquartered in the Buffalo suburb of Depew, NY, announced that Standard and Poor's ("S&P") has affirmed its "AVERAGE" special mortgage loan servicer ranking and assigned the company an "AVERAGE" primary loan servicer ranking for the first time.

In its release, S&P noted some of Seneca's major strengths that contributed to the rankings, including, "[A] focus on providing customized customer service...through both traditional methods and innovative programs to provide maximum return for investors and address the needs of borrowers," Seneca's systems analysis and enhancements completed to properly service prime loans, and "[Seneca's] highly experienced management with industry leadership experience."

"We are very pleased to receive our S&P prime ranking so early in the build-out process," said James DePalma, President of Seneca Mortgage Servicing. "This is a testament to the foundation that's been built and expanded upon since the formation of our company in 2008, as well as the significant addition of capital created by the ownership transfer earlier this year that has launched a new era for our company. As Seneca Mortgage Servicing grows, we are dedicated to continuing our commitment to our employees, shareholders, customers and the greater Buffalo area."

Seneca Mortgage Servicing's attainment of an S&P primary loan servicer ranking comes at a time when the company continues to expand upon its diversified mortgage servicing platform, which includes Government-Sponsored Enterprise (GSE) and third party Special Servicing asset acquisitions and servicing. Seneca is an approved Fannie Mae and Freddie Mac Seller/Servicer, and has acquired mortgage servicing rights on over 20,000 prime loans worth over $20 billion since the formation of Seneca Mortgage in Sep. 2013.

Seneca Mortgage Servicing, currently with over 300 employees, is focused on creating value for its clients through continued capital investment and platform expansion, hiring of experienced people, building effective processes and continued investment in technology. Seneca anticipates a move to a significantly larger facility in Elma, NY, later this summer to accommodate an additional 250 employees projected to be hired over the next five years to accommodate its continued prime platform build-out. About Seneca Mortgage Servicing LLC Seneca Mortgage Servicing LLC provides mortgage investors with access to a scalable Prime and Special Servicing platform to meet their loan servicing needs.

As a national servicer of residential and small balance commercial mortgages, Seneca Mortgage Servicing is focused on creating value for its clients, which include some of the nation's leading banks and investment funds.

Keywords for this news article include: Real Estate, Seneca Mortgage Servicing LLC.

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Source: Real Estate Weekly News


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