PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement with a state-chartered bank to act as Primary Servicer for a U.S.-based consumer marine loan portfolio. Terms of the servicing agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “The servicing of consumer installment loans is a core competency at PFSC. After careful consideration, we are pleased that our client selected PFSC as their dedicated partner for consumer marine loan servicing, and we look forward to providing our full servicing capabilities to this important new client.”
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 payoff processing, insurance tracking and insurance claims processing, customer service, collections and problem account remediation, and financial and managerial reporting. Servicing is expected to commence in September 2012.
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.