PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement to act as Backup and Successor Servicer for a commercial equipment lease term securitization. PFSC has provided periodic services to the issuer for almost a decade.
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 to have been selected as the backup and successor servicer for this rated facility. The backup and successor servicing of equipment lease and loan transactions is a core competency at PFSC and we look forward to working with and providing our services to the various counterparties to this transaction.”
Under the new facility, 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 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.