PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement with an originator and purchaser of commercial equipment lease transactions to act as Primary Servicer for a U.S.-based commercial equipment finance portfolio. Terms of the servicing agreement remain confidential.
In its capacity as Primary Servicer, PFSC will be responsible for substantially all servicing functions, including invoicing and ACH processing, payment posting, early and late stage collections, modifications and renewals, equipment repossessions, sales/use and personal property tax billing and reporting, insurance tracking and insurance claims processing, vehicle titling, and financial and managerial reporting. John Enyart, President of PFSC, commented, “We are pleased to be able to provide our full servicing capabilities to this client, who was seeking a cradle-to-grave servicing solution. The portfolio conversion is proceeding as planned and we are confident in our ability to deliver exceptional servicing in 2010 and beyond”.
PFSC expects the portfolio conversion to continue through the remainder of December, with PFSC assuming full servicing duties effective January 1, 2010.
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.