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 consumer installment loan portfolio comprised of unsecured installment loans sourced to borrowers across the U.S. Terms of the Backup and Successor Servicing Agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “While this is our first opportunity to work with this institutional loan purchaser, we are quite familiar with the underlying loan pool, having supported the originator/platform since 2008. The servicing and backup servicing of unsecured consumer loans is a core competency at PFSC and we look forward to providing exceptional service to our client.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the 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. 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.