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PFSC Selected as Backup Servicer, Custodian for Equipment Lease, Loan Portfolio

January 08, 2016, 07:00 AM
Filed Under: Industry News

Portfolio Financial Servicing Company (“PFSC”) announced that it has entered into a definitive agreement to act as Backup and Successor Servicer as well as Document Custodian for a commercial equipment lease and loan portfolio under the terms of a new warehouse credit facility. PFSC has provided ongoing services to the originator for approximately ten years.

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, “We are pleased to have been selected as the backup and successor servicer as well as custodian for this substantial warehouse facility. Most important is the fact that our client continues to leverage PFSC’s servicing and custodian expertise after almost a decade of working together. We sincerely appreciate our client’s ongoing commitment to PFSC and the confidence the warehouse lender has placed in our capabilities.”

Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the warehouse lender and client. PFSC will also receive, certify and retain each original document package for the benefit of the warehouse lender. 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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