PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement to act as Backup Servicer and Verification Agent for an institutional purchaser of consumer installment loans originated and serviced by an on-line marketplace lender. Terms of the agreement remain confidential.
This transaction represents PFSC’s first engagement with this institutional purchaser. Commenting on this new agreement, John Enyart, President of PFSC, stated, “We appreciate the confidence our new client has placed in PFSC. Backup and successor servicing of consumer installment loans is one of PFSC’s core competencies and we look forward to meeting and exceeding our client’s expectations.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions. PFSC will also receive and certify hundreds of loan documents on a monthly basis. As provided for in the transaction documents, PFSC would assume successor servicing duties should certain substantive events occur.
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.pfsc.com.