PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has been engaged to provide backup servicing and verification agent services for a rapidly growing Canadian consumer installment loan portfolio. Terms of the Agreement remain confidential.
John Enyart, President of PFSC, commented, “While this is PFSC’s first engagement with this client, we have worked with the lender of this credit facility on multiple occasions. Our Canadian loan servicing capabilities are well regarded and we look forward to adding this facility to our Canadian book of business. Implementation is substantially complete and we expect to commence full operations prior to September month-end.”
In accordance with the Agreement, PFSC will receive, certify and electronically store consumer loan documents in its capacity as Verification Agent, and will separately perform data mapping, coding, development and ongoing data receipt and reconciliation functions in its capacity as Backup Servicer. 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.