PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has commenced servicing an approximate $100M commercial and consumer auto lease and loan portfolio domiciled across Canada. PFSC, through its wholly-owned subsidiary PFSC Canada Inc., entered into a long-term servicing agreement with a captive finance company comprised of a consortium of Canadian auto dealerships. Terms of the servicing agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “After several months of conversion and integration work, we are pleased to report that conversion efforts were successful and we have seamlessly transitioned servicing from the legacy servicer. As of today, PFSC is performing all daily servicing functions for this substantial portfolio.”
PFSC, through its subsidiary, began offering its array of servicing, backup servicing and related services to the Canadian marketplace several years ago. Today, PFSC is providing primary servicing, backup servicing, document custodian, and GST/PST/HST tax reporting and remittance services to multiple clients with Canadian-based portfolios.
In its capacity as Primary Servicer, PFSC will be responsible for substantially all servicing functions, including funding; automated contract boarding; invoicing and PAP processing; payment posting; cash reconciliations; modification and renewal processing; GST/PST/HST billing and reporting; insurance tracking and insurance claims processing; early and late stage collections; repossession, asset remarketing, litigation support; PPSA filing and administration; end-of-term, payoff and renewal processing; and financial and managerial reporting.
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.