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AMS Servicing plans to start relocating employees to a new location in Elma in mid-July, as it targets adding 249 jobs over the next five years.

AMS, a residential mortgage servicer, is currently in Depew and already has 270 employees. It is moving to Elma, to the Jamison Business Park, to accommodate its expansion. All of AMS’ employees should be moved in by the end of August, said Jim DePalma, AMS president.

DePalma said the company’s hiring process is “well underway.” AMS plans to hire 88 full-time employees over the next year, he said.

AMS was approved for $1.5 million in state tax credits from Empire State Development. And the Erie County Industrial Development Agency approved $219,000 in sales tax breaks to help renovate and expand a facility in Jamison Business Park in Elma. Gov. Andrew M. Cuomo’s office said AMS will invest about $7.3 million in the project, through building occupancy costs, renovations and other capital expenditures.

The new location, formerly the home of Motorola and later Continental Automotive Systems, is also home to American Technologies Management Services, West Asset Management and Moog Inc.

When the move is complete, AMS will vacate its space in Depew, which it leases. “There just wasn’t enough office space in Depew for our expansion,” DePalma said.

AMS recently underwent an ownership change. Arbor Commercial Mortgage LLC sold AMS to Seneca Mortgage Investments LP, which is a joint venture of Arbor, GSO Capital Partners LP and EJF Capital LLC.

Seneca Mortgage, as well as AMS, is being managed by Seneca Mortgage Management LLC.

DePalma said AMS’ new owner is much better capitalized, and there is increased demand these days for nonbanking companies such AMS to provide mortgage servicing. Both of those factors are helping fuel the growth, he said.

email: mglynn@buffnews.com