PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive multi-year agreement with an investor of commercial loans to act as primary servicer for a U.S.-based commercial loan portfolio. Terms of the servicing agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “Our client, after utilizing another servicer for several years, elected to move the servicing arrangement to PFSC. After thoroughly evaluating PFSC’s capabilities and cost structure, our client determined that they would benefit from a lower overall servicing cost structure while maintaining or improving portfolio performance. We have provided our services to this client for many years across a variety of portfolios and we appreciate their confidence in PFSC’s capabilities relative to this new engagement.”
In its capacity as primary servicer, PFSC will be responsible for substantially all servicing functions, including invoicing and ACH processing, payment posting, modification and renewal processing, collections and customer service, and financial and managerial reporting. Portfolio conversion activities are ongoing and servicing duties are expected to commence in March 2014.
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.