PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive multi-year agreement with an originator and purchaser 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 servicing their loan portfolio for several years, concluded that they were in need of upgrading their technology, policies and procedures, work flows and disaster recovery capabilities. Such initiatives were certainly warranted given the substantial portfolio growth that has occurred since our client’s inception. After thoroughly evaluating PFSC and our capabilities, our clients determined that leveraging PFSC’s infrastructure would prove substantially more timely and cost effective than attempting to manage these initiatives internally. We appreciate the confidence our client has exhibited in PFSC and we look forward to meeting and exceeding their expectations.”
In its capacity as primary servicer, PFSC will be responsible for substantially all servicing functions, including loan boarding, invoicing and ACH processing, payment posting, modification and renewal processing, collections and customer service, and financial and managerial reporting. PFSC will also act as document custodian and hold all original chattel paper. Servicing and custodial duties are expected to commence in January 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. 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.