PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”), announced today that it has entered into a definitive agreement to act as Subservicer for an approximate $780M 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, stated, “Our relationship with this issuer exceeds twelve years and the 2016-A securitization represents the seventh securitization since 2009 where PFSC has been appointed subservicer. This issuer generally initiates some of the largest securitizations in this asset class each year and we are pleased to be playing a critical role in this transaction.”
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 focused services such as document custodianship and verification agent services, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance. For more information, visit www.pfsc.com.