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 nationwide consumer debt consolidation loans.
PFSC has acted as backup servicer for this client for several years, and was engaged by one of the client’s whole-loan purchasers to provide backup and successor servicing duties. Commenting on this new engagement, John Enyart, President of PFSC, stated “We are pleased to continue providing support to our client by meeting the backup servicing needs of one of its whole-loan purchasers. We look forward to supporting our client’s growth and the needs of its investors in the years to come.”
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 for the investor whereby PFSC will be receiving, reviewing and certifying consumer loan documents.
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.