PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”), announced today that it has entered into a definitive agreement with a 2009 Monitor 100 Equipment Finance Company to act as Primary Servicer for an approximate $300M commercial equipment finance portfolio. Terms of the servicing agreement remain confidential.
In its capacity as primary servicer, PFSC will be responsible for substantially all servicing functions, including invoicing and ACH processing, payment posting, early and late stage collections, modifications and renewals, equipment repossessions, sales/use and personal property tax billing and reporting, insurance tracking and insurance claims processing, vehicle titling, and financial and managerial reporting. John Enyart, President of PFSC, commented, “After several months of due diligence and audit work performed at our Portland, Oregon headquarters, our client concluded that PFSC was the best partner available to them in the marketplace, and fully capable of meeting their servicing needs. We are delighted to be entering into this relationship and we look forward to exceeding our client’s expectations for years to come”.
PFSC expects the portfolio conversion to continue for approximately thirty days at which time transition will be complete and PFSC will assume all portfolio servicing duties.
About Portfolio Financial Servicing Company
Portfolio Financial Servicing Company (“PFSC”) is a third party private label servicer of commercial and consumer leases, loans and annuity type transactions (inclusive of structured settlements, lottery prize, and royalty-based receivables). Since 1992, PFSC has serviced billions in asset value for a diverse group of clients across the U.S. PFSC provides a comprehensive suite of services including primary servicing, successor servicing, and backup servicing. PFSC also provides certain a la carte services such as document custodianship, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance. For more information, visit www.pfsc.com.