PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”), announced today that it has entered into a definitive agreement to act as Subservicer for an approximate $730M asset backed note securitization, comprised of commercial equipment leases and loans.
In its capacity as subservicer, PFSC will be responsible for substantially all servicing functions, including invoicing and ACH processing, payment posting, daily cash reconciliations, treasury, customer service management, processing of modifications, amendments, and renewals, sales/use and personal property tax billing and administration, insurance tracking and insurance claims processing, system administration and financial/managerial reporting.
Commenting on this new appointment, John Enyart, President of PFSC, commented, “This transaction represents one of the largest securitizations in this asset class during 2013 and the fourth securitization initiated by PFSC’s long-time client since 2009. We are pleased to be playing a critical role in this transaction and appreciate the confidence the Sponsor, Issuer and Noteholders have placed in our servicing capabilities.”
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. 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.