PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”), announced today that it has entered into a definitive agreement with a captive finance company to act as Backup Servicer for an approximate $500M commercial equipment finance portfolio, comprised primarily of leases and loans secured by new and used medium and heavy duty trucks. Terms of the servicing agreement remain confidential.
PFSC has been a leading provider of primary, backup, and successor servicing for commercial and consumer equipment finance transactions since 1992. John Enyart, President of PFSC, commented, “We have had the privilege of working with our client since 2005 and we are appreciative that they continue to rely upon our services for new transactions.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the Trust. 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.