PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has been engaged, in its existing capacity as backup servicer, to assume successor servicing duties for a sizable consumer marketplace lender, with a consumer loan portfolio exceeding $350 million, allocated amongst multiple securitization and whole-loan purchase facilities. Terms of the engagement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “Our relationship with this marketplace platform goes back to 2013 when PFSC was first appointed backup servicer. Since that time, PFSC entered into several additional backup servicing agreements, two of which related to securitizations. Unfortunately, this marketplace lender has made the difficult decision to exit the market. This engagement represents PFSC’s 11th appointment as a successor servicer since 2009 and we are well prepared to convert and commence servicing duties as provided for in the transaction documents.
In its capacity as successor servicer, PFSC will be responsible for substantially all servicing functions, including conversion of the legacy loan portfolios, invoicing and ACH processing, payment posting, modification processing, early and late stage collections, customer service, coordination with outside collection agencies, facilitating charge-off loan sales, and securitization and managerial reporting. Successor servicing duties are expected to commence in January 2017.
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.