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 and loan transactions to act as Primary Servicer for a U.S.-based commercial equipment finance portfolio. Terms of the servicing agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “After several months of due diligence, our client concluded that PFSC was the preferred partner for the outsourcing of their lease and loan administration. We are pleased to be able to provide our full servicing capabilities to this client, who was seeking a robust servicing solution as well as enhanced data and general ledger reporting.”
In its capacity as Primary Servicer, PFSC will be responsible for substantially all servicing functions, including contract boarding, invoicing and ACH processing, payment posting, modification and renewal processing, sales/use and personal property tax billing and reporting, insurance tracking and insurance claims processing, vehicle titling, UCC administration, collections and problem account remediation, and financial and managerial reporting. Servicing is expected to commence in August 2011.
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