PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement to act as Backup Servicer and Custodian for a $120 million structured settlement ABS facility.
PFSC has been a leading provider of primary, backup, and successor servicing for structured settlement, lottery, and annuity contracts. John Enyart, President of PFSC, commented, “We are pleased to be working with one of the leading purchasers of structured settlements in the U.S. Our relationship with this client spans over fifteen years and we are appreciative of their ongoing commitment to PFSC.”
Under the new facility, PFSC will receive, verify, and securely store structured settlement documentation in its capacity as Custodian, and shall separately perform parallel payment processing and ongoing reconciliation work in its capacity as Backup Servicer. 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.