PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive multi-year agreement with an investment firm to act as primary servicer for a U.S.-based consumer installment loan portfolio. Terms of the servicing agreement remain confidential.
The investment firm acquired a secured and performing consumer loan portfolio from a bank who directly or indirectly originated the loans. The loans, secured predominantly by autos, boats, and recreational vehicles were originated to consumers domiciled primarily in the Western U.S. John Enyart, President of PFSC, stated, “PFSC has worked with this investment firm on a variety of transactions over the past several years and this will represent PFSC’s next engagement with this important client. We expect our tenure and expertise in providing a full suite of consumer loan servicing capabilities will serve our client well, and allow our client to yield expected returns on their investment. 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 invoicing and ACH processing, payment posting, modification and payoff processing, early and late stage collections, repossession and asset remarketing, customer service, insurance tracking and claims processing, and financial and managerial reporting. Portfolio conversion efforts commenced in January 2014 and servicing commenced on March 3rd, 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.