PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement with a privately held captive equipment lessor to act as Primary Servicer for a U.S.-based commercial equipment lease portfolio. Terms of the servicing agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “After careful consideration, our client concluded that outsourcing the servicing of their commercial lease portfolio would be economically advantageous, while allowing our client to focus on its core competencies including designing, manufacturing and distributing industry-leading equipment in the commercial transportation sector. We are confident that PFSC’s scale, variable cost model, and expertise across the servicing continuum will benefit our client in the years to come.”
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, early and late stage collections, UCC administration, end-of-term and renewal processing, and financial and managerial reporting. Servicing is expected to commence in July 2012 once PFSC has completed the conversion of the existing portfolio.
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.