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’s client is a well-established nationwide provider of consumer installment loans, including loans for debt consolidation purposes. After a lengthy due diligence period, PFSC was selected by the client and several of the client’s debt providers as its backup and successor servicer across multiple credit facilities and portfolios. Commenting on this new engagement, John Enyart, President of PFSC, stated “After months of negotiations and on-site due diligence, we are delighted that PFSC was selected as the backup and successor servicer for this consumer lending platform. This represents a meaningful engagement for PFSC and evidences our ongoing capabilities and commitment to the consumer lending marketplace.”
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 certain of the debt providers 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 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.