The migration from a backup servicer to a successor servicer can prove challenging. You need to ensure that your backup servicer has the people, the technology, and the product type and asset class expertise in order to make the successful transition. Perhaps most importantly, you must ensure your backup servicer has the willingness to make this transition.
In those instances where the primary servicer is no longer able or willing to perform servicing functions, PFSC will transition its role and become the successor servicer. PFSC has successfully completed this transition numerous times and institutional investors, capital providers and clients take comfort in the fact that PFSC’s core business includes primary servicing for almost every asset type. Portfolio conversions and successor servicing are core competencies at PFSC.
At PFSC, we assume a consultative role with our partners when reviewing a new transaction. We carefully review the portfolio and its attributes, the nature and scope of servicing duties, the legacy technology used to administer the portfolio and other factors. Such analysis allows PFSC to determine whether it is well qualified to act, not just as the backup servicer, but also the successor servicer if called upon.