PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement with a privately held technology lessor to act as Primary Servicer for a U.S.-based commercial technology finance portfolio. Terms of the servicing agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “The servicing of technology leases is well suited to PFSC as we are accustomed to managing the transaction life cycle of such contracts, including the innovative structures and technology upgrade and refresh activity that frequently occurs with technology-centric leases. We are pleased to be able to provide our full servicing capabilities to this client, who was seeking a robust and flexible invoicing scheme as well as comprehensive reporting capabilities.”
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, UCC administration, end-of-term and renewal processing, and financial and managerial reporting. Servicing is expected to commence in October 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