PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement with an investment fund to act as successor servicer for a recently purchased U.S.-based commercial equipment finance portfolio, comprised of both leases and loans. Terms of the servicing agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “We are pleased that our client selected PFSC to convert and then service this commercial equipment finance portfolio. We successfully completed the portfolio conversion with limited assistance from the legacy servicer, and effectively began servicing this portfolio in early October. We are excited to provide our full servicing capabilities and look forward to providing our client with an outstanding portfolio servicing experience.
In its capacity as successor servicer, PFSC will be responsible for substantially all servicing functions, including contract boarding, invoicing and ACH processing, payment posting, modification and renewal processing, sales/use and personal property tax billing and reporting, insurance tracking and insurance claims processing, customer service, early and late stage collections, repossession and asset remarketing, litigation support, UCC and title administration, end-of-term and renewal processing, and financial and managerial reporting. Servicing commenced in October 2012.
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.