PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that a prominent and nationwide marketplace lender has appointed PFSC as its servicer for a commercial installment loan portfolio. Terms of the Servicing Agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “our client completed a thorough review of the third party servicing marketplace and concluded that PFSC was best able to meet their servicing needs. Portfolio set-up and system-to-system integration work has been ongoing for several months, and we expect to have the portfolio conversion completed with commencement of servicing operations in early July 2015. We appreciate our client’s collaborative approach and the confidence they have placed in PFSC. We look forward to a long and prosperous relationship.”
In accordance with the Servicing Agreement, PFSC shall be responsible for conversion of the legacy portfolio, onboarding newly funded loans, and the ongoing servicing and administration of such loans. Services include electronic onboarding of new loans, ACH processing, payment posting, customer service, early and late stage collections, payoff processing, credit reporting, and delivery of a suite of daily electronic reports to the client, including general ledger, booking, data warehouse, and payment posting activity.
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.