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 small ticket commercial lease portfolio. Terms of the agreement remain confidential.
PFSC has provided tax administration, backup servicing, and document custodial services to the originator since 2004. Upon the originator’s entering into an asset purchase agreement with an institutional purchaser, both parties sought PFSC’s engagement as the backup servicer for the purchased leases. John Enyart, President of PFSC, commented, “We are well integrated with this originator and appreciate being given the opportunity to provide valuable services to the institutional purchaser under this asset purchase arrangement.”
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.