PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that, in its capacity as backup servicer for a commercial transportation lease portfolio, the bank lending group has appointed PFSC as the successor servicer of the portfolio. PFSC had operated in a backup servicing capacity since 2011.
As defined in the transaction documents, PFSC was appointed the successor servicer and immediately began its portfolio conversion and transition efforts upon receipt of its appointment. Transition efforts are underway and the transition is expected to occur in September, 2013.
John Enyart, President of PFSC, commented, “During the past five years, PFSC has successfully transitioned from our role as backup servicer to successor servicer on nine occasions and this transaction will represent PFSC’s tenth appointment. PFSC’s transition and conversion team is both experienced and well positioned to successfully migrate this portfolio while addressing the unique challenges associated with such transitions. We expect to fully meet the needs of the bank lending group during this transition and throughout the wind down of this portfolio.”
In its capacity as Successor Servicer, PFSC will be responsible for substantially all servicing functions, including invoicing, ACH and credit card processing, payment posting, early and late stage collections, modifications and renewals, equipment repossessions and asset remarketing, litigation support and coordination, sales/use and personal property tax billing and reporting, insurance tracking and insurance claims processing, vehicle titling, and financial and managerial reporting.
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.