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 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, “The servicing of structured settlements is a core competency at PFSC. We provide similar services to this client on another transaction and we appreciate being selected by our client as the backup and successor servicer for this securitization. Our client has an excellent reputation in the marketplace and we look forward to working with them.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions. 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