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 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, commented, “We are pleased that the purchaser of these consumer loans selected PFSC as their backup and successor servicing partner. PFSC’s long and successful history providing both primary and backup servicing in the U.S. consumer finance space makes PFSC an ideal choice to provide such services. This transaction represents a first-time relationship between PFSC and the purchaser, and we look forward to working closely on this and future opportunities.”
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 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.