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 consumer installment loan portfolio.
PFSC has performed servicing and backup servicing for consumer loans and leases since its inception in 1992. This new engagement was prompted by the issuer’s acquisition of a sizable and new term credit facility, and represents a first-time opportunity for PFSC to work with this issuer. John Enyart, President of PFSC, commented, “While we have worked with the capital provider for many years, this is our first opportunity to work with the issuer. We appreciate being given this opportunity and will work hard to meet and exceed our client’s expectations.”
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.
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.