Seneca Mortgage Servicing To Add 125 Jobs At Elma, N.Y., Call Center

Posted by Patrick Barnard on October 09, 2014 No Comments
Categories : Mortgage Servicing

Just when one mortgage servicer announces some layoffs, another announces it is hiring.

So it goes in the cyclical world of mortgage servicing, where the transfer of mortgage servicing rights (MSRs) is what drives volume and, in turn, hiring.

Seneca Mortgage Servicing, formerly AMS Servicing, is reportedly adding at least 125 jobs, over the next several years, at its facility in Elma, N.Y., according to a report in the Buffalo News.

James DePalma, president of Seneca Mortgage, told the newspaper that the firm has a five-year plan to acquire additional MSRs, driving the need for additional employees.

About 375 people already work at the newly renovated, 45,000 square foot facility, formerly a Motorola Co. manufacturing plant, according to the report. While the space can accommodate up to 500 workers, Seneca has ‘right of first refusal’ to lease another 25,000 square feet, giving it the ability to add 200 more employees, according to the report.

The firm reportedly has a five-year lease for the space, which was recently renovated for about $2.5 million. About $1.5 million of that cost was covered under a state grant – however, release of the funds is contingent on certain performance benchmarks, including the hiring of a certain number of employees.

Seneca also got $280,000 in sales tax breaks from Erie County Industrial Development Agency to help cover the costs associated with technology and infrastructure.

According to the report, Seneca services about 130,000 loans valued at about $25 billion, with 90% of them owned by Fannie Mae or Freddie Mac.

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