PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has been appointed Backup Servicer and Custodian for a consumer precious metals margin loan portfolio securitization. PFSC has provided services to the issuer since 2011 and this transaction represents the issuer’s second rated securitization.
Commenting on this new engagement, John Enyart, President of PFSC, commented, “Our client has an excellent reputation and is a leader within the markets it serves. There are unique aspects to the servicing and administration of such loans and PFSC, in conjunction with our client, has devoted substantial time to develop an effective transition plan that would allow PFSC to take over the servicing and wind down of this portfolio, if so appointed.”
Under the new facility, PFSC will perform data mapping, coding, development and daily receipt of portfolio data for the benefit of the client and noteholders. As provided for in the transaction documents, PFSC would assume successor servicing duties, including collection of consumer notes and liquidation of underlying collateral and inventory, should certain substantive events occur. PFSC has also received and verified the underlying consumer loan agreements for each securitized contract, and will hold such documents in secure facilities.
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.