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 solar loan portfolio comprised of loans to consumers for the purchase and installation of rooftop solar panels. Terms of the Backup and Successor Servicing Agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, commented, “We have enjoyed a long-time relationship with both the consumer lender and their new warehouse credit facility provider. We are delighted to have been selected by both parties to perform both backup and verification agent duties under this new credit facility.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the client and warehouse lender. 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 work whereby it will receive and certify loan documents pledged to the warehouse lender.
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. 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.