search   Knowledge Bank printable version
 News
 Knowledge Bank
 Deal Information
 International
 Software
 Publications
 Industry Events
 Advocacy Forums
 Links
 Site Utilities
 Contributors
 Free Offers
 Home

Click here to
Update Registration
Information

Please be advised that the use of Securitization.net ®
is subject to the
Terms & Conditions

of use and the
Privacy Policy

Download

Best viewed in

Knowledge Bank > Transactions > Trustee and Back-Up Servicing
Select an area


PFSC introduces BackupPlus - a new standard for backup and successor servicing of asset backed portfolios
Portfolio Financial Servicing Company (PFSC) (March 25, 2002)

FOR IMMEDIATE RELEASE:

Portland, Oregon (March 25, 2002)-Portfolio Financial Servicing Company (PFSC) announced the launch of a new, standards-setting product for back-up and successor servicing of asset-backed portfolios. Available immediately, BackupPlus provides the most comprehensive, customized services and analysis available for leasing portfolios. PFSC announced that BackupPlus is being provided at the same cost as regular backup servicing for asset-backed securitizations and funding conduits. The new product complements the primary servicer's report by providing additional forecasts, highlights, and PFSC's operational, business, and financial perspectives.

According to Mr. Jerry T. Hudspeth, President and CEO of PFSC, "The current level of backup/successor servicing, both passive and "hotsite", is not sufficient to meet the industry's needs. The long-standing practice of accepting data from the primary servicer and either putting it on the shelf or giving it a cursory review or simple conversion and tracking does not match the industry's need for a heightened level of backup servicing, analysis, and review. PFSC believes it is imperative that backup and successor servicers provide a value-added product like BackupPlus to address this need. PFSC has developed the proprietary tools and has the staff experienced in servicing portfolios that allow us to quickly structure a custom program for each portfolio."

BackupPlus provides more in-depth, real-time analysis

"Lenders, rating agencies and insurers are becoming much more "hands on" with their portfolios," Mr. Hudspeth explained. "Rating agencies and insurers are mostly focused on the stability and predictability of cash flow. In addition, lenders are also requiring much more real-time analysis regarding asset type, demographics, static pools, net cash flows, customer industry trends, vendor concentrations, and residual realization projections. These increased analytical requirements are especially important for the regulated lenders and their internal reserve allocation."

Product Overview

As Backup or Successor Servicer, PFSC will immediately map and convert all portfolio data and create a portfolio unique environment on the PFSC analytical system. PFSC will then reconcile, test, and benchmark all current portfolio data using the servicer report and the servicer download files. As a result of the initial portfolio analysis, PFSC will generate a portfolio-specific program for analysis and testing of the portfolio data. PFSC will issue monthly backup servicer reports that include both data and narrative.

Typical analysis may include: reviews of servicer advances, tax collections, security deposits, write downs, payables, cash reconciliations, transaction and customer risk rating, loss and litigation recovery, residual realization, and trigger events. Analysis may also include detailed information such as demographics, or concentration in equipment types, vendors, asset locations, and customer industries. PFSC can also compare detailed portfolio data month-to-month to monitor changes in contract balances, residual values, new contracts, deleted/paid off contracts, delinquencies, and contract adjustments. PFSC may also sample selected contracts for data quality.

About PFSC

PFSC is the largest independent commercial lease and loan servicing company in the U.S. and is headquartered in Portland, Oregon. PFSC provides primary/master servicing, backup/successor servicing, and consulting for leasing portfolios. It currently services over $1.5 billion in assets. More information can be found at www.pfsc.com.

 

 

© Copyright 2014. The Mayer Brown Practices. All rights reserved.

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the “Mayer Brown Practices”). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. “Mayer Brown” and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

Legal Notices | Attorney Advertising | Site Index | Contact Webmaster

*The site links listed on this web site are for reference use only.
The firm does not necessarily sponsor, endorse or verify the accuracy of the content contained in any of these sites.