PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement to act as Backup and Successor Servicer for a consumer installment loan portfolio originated by a well-established on-line lender.
PFSC has performed servicing and backup servicing for consumer loans and leases since its inception in 1992. This new engagement was prompted by the on-line lender’s review and assessment of third party loan servicers and backup servicers across the servicing continuum, ultimately selecting PFSC as its preferred partner. John Enyart, President of PFSC, commented, “After months of due diligence and negotiations, we are delighted to have entered into this new engagement. PFSC currently works with some of the largest and most reputable on-line, marketplace, and Fintech companies across the country, and we appreciate the opportunity to work with this market leader.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions. 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.