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PFSC Appointed Backup Servicer for Merchant Cash Advance Securitization Facility

June 05, 2014, 06:00 AM
Filed Under: Industry News
Related: PFSC, Securitization

Portfolio Financial Servicing Company (“PFSC”) announced that it has entered into a definitive agreement to act as Backup and Successor Servicer for a securitized pool of merchant cash advance loans. PFSC has worked with the issuer for the past four years, leading to PFSC’s appointment as Backup Servicer under the issuer’s first rated and securitized facility.

PFSC has been a leading provider of primary, backup, and successor servicing for commercial and consumer finance transactions since 1992. John Enyart, President of PFSC, commented, “PFSC has worked with the issuer across multiple credit facilities and we are delighted to again be working with the issuer on their first rated and securitized facility. Year-to-date, PFSC has been engaged as the backup and successor servicer for five distinct rated and securitized credit facilities, a testament to PFSC’s backup and successor servicing capabilities.”

Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the investors and issuer. As provided for in the transaction documents, PFSC would assume successor servicing duties should certain substantive events occur.

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. and Canada. 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.

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