PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has been appointed by a leading U.S. financial institution as Successor Servicer and Document Custodian for a nationwide pool of land lease contracts. Terms of the agreement have not been released.
The project to move and convert portfolio data and documentation from the prior servicer’s platform began in October 2010 and PFSC went “live” as the Successor Servicer on December 1st. Under the facility, PFSC will perform all primary servicing functions, inclusive of billing, payment posting, cash reconciliations, collections, customer service, and investor/financial reporting. PFSC was also appointed Document Custodian and is responsible for management and tracking of chattel paper.
PFSC has been a leading provider of primary, backup, and successor servicing for commercial and consumer equipment finance transactions since 1992. John Enyart, President of PFSC, commented, “This transaction represents PFSC’s seventh appointment as Successor Servicer in the past two years. We are pleased that the markets we serve continue to recognize our portfolio conversion and servicing capabilities. PFSC has enjoyed a long and successful relationship with the investor in this transaction and we look forward to meeting and exceeding their expectations”.
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.