PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement to act as Backup and Successor Servicer as well as Document Custodian with regard to a sizable new credit facility for an established originator of commercial equipment lease transactions.
Commenting on this new engagement, John Enyart, President of PFSC, commented, “While PFSC has enjoyed a long-term and positive relationship with the investor, this will be our first opportunity working with the lessor, and we sincerely appreciate being given the opportunity to provide our backup servicing and custodial services to both parties under this new credit facility.”
Under the new facility, PFSC will initially review and certify in excess of ten thousand lease agreements and will provide ongoing document certification and custodial functions for flow business. As backup servicer, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the investor and lessor. 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. 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.