PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement to act as Backup Servicer for a $250 million commercial equipment lease term securitization. PFSC has provided periodic services to the issuer for approximately a decade, and this transaction represents the issuer’s third rated securitization in which PFSC has been appointed backup servicer.
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 are pleased that our client continues to utilize PFSC as their preferred provider of backup servicing duties, and that the broader investor marketplace is supportive of PFSC’s capabilities. Since 2010, PFSC has been appointed the servicer, sub-servicer, or backup servicer on approximately fifty (50) rated and securitized issuances, many of which are in the commercial equipment finance space. We look forward to providing exceptional service under this new facility.”
In accordance with the transaction documents, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the investors and issuer. 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.