PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement, through its wholly-owned Canadian subsidiary PFSC Canada Inc., with a Canadian-based commercial equipment lessor and lender to provide comprehensive lease and loan servicing. Terms of the servicing agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “We continue to experience solid growth within the Canadian market. Our client has a long history of originating substantial volumes of commercial equipment leases and loans to reputable and creditworthy middle market companies in Canada. We are delighted that our client concluded that PFSC’s servicing expertise, scale, and variable cost model represented the right servicing solution for them. We look forward to providing our client with an outstanding portfolio servicing experience.”
In its capacity as Primary Servicer, PFSC will be responsible for substantially all servicing functions, including contract boarding, invoicing and PAPP processing, payment posting, modification and renewal processing, goods and services and provincial sales tax billing and reporting, insurance tracking and insurance claims processing, early and late stage collections, repossession and asset remarketing, litigation support, PPSA administration, end-of-term and renewal processing, and financial and managerial reporting. Servicing commenced in December 2014.
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. and Canada. 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.www.pfsc.com.