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 a consortium of commercial banks regarding a commercial equipment finance portfolio.
PFSC has been a leading provider of primary, backup, and successor servicing for commercial and consumer equipment finance transactions since 1992. John Enyart, President of PFSC, commented, “We are pleased to have been selected as the backup and successor servicer for this existing credit facility. Backup and successor servicing has been a core competency at PFSC for many years and we appreciate each lender’s vote of confidence in PFSC and our capabilities”.
Under the new facility, PFSC will perform data mapping, coding and development and ongoing data receipt and reconciliation functions for the benefit of each lender pool. As provided for in the transaction documents, PFSC would assume successor servicing duties should certain substantive events occur.
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.