PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement to act as Backup and Successor Servicer for an originator of Canadian unsecured consumer installment loans.
PFSC’s client is a well-established nationwide provider of consumer installment loans across Canada. The client engaged PFSC to perform both backup servicing and verification agent duties as a component of a new credit facility. John Enyart, President of PFSC, stated “PFSC has been servicing both consumer and commercial leases and loans across Canada since 2011, and we are pleased that our client and their capital provider engaged PFSC to play an integral role within this new credit facility.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions. As provided for in the transaction documents, PFSC would assume successor servicing duties should certain substantive events occur. PFSC will also be performing verification agent duties whereby PFSC will be receiving, reviewing and certifying consumer loan documents pledged to the credit facility.
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 focused services such as document custodianship and verification agent services, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance. For more information, visit www.pfsc.com.