PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has been engaged to provide backup servicing and, if appointed, successor servicing duties, for a commercial transportation portfolio comprised of Class 8 trucks. The portfolio includes a combination of commercial leases and loans.
PFSC’s client, a west coast based finance company, continues to expand and recently acquired additional financing. Under terms of the new financing arrangement, the investor required a backup servicer and PFSC was ultimately selected at the completion of due diligence.
Commenting on this new engagement, John Enyart, President of PFSC, commented, “We continue to see increased demand for our backup and successor service offering. Very simply, investors are more stringently underwriting transactions in today’s challenging business environment and these investors understand the value in having a qualified backup servicer as a party to their transaction. PFSC’s long and successful history providing both primary and backup servicing makes PFSC an ideal choice within the markets we serve. This transaction represents a first-time relationship between PFSC and both the client and investor and we look forward to meeting and exceeding their expectations.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the investor and client. 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