Westlake Portfolio Management (WPM) on Tuesday announced the successful transfer and onboarding of a $235 million FinBe portfolio, which closed on Aug. 1.

Since the transfer, WPM said it has received positive customer feedback and exceeded expectations for customers establishing recurring payments within the first 30 days.

Key highlights of the move included:

—$235 million total portfolio transferred, including $90 million active and $145 million charged off

—2 active loan pools included in the transfer; $76 million ABS pool and approximately $14 million unencumbered loan pool

—45-day transition period from start to finish

—Positive customer feedback following the transfer

—Recurring payment setup exceeded expectations within the first 30 days

—Continued focus on servicing continuity and portfolio performance

According to a news release, the transition was structured so that ABS bondholders are not expected to experience disruption to their investment or portfolio performance as a result of the servicing transfer.

“Todd (Laruffa) and the WPM team have been true professionals across the board and have validated my decision to move our portfolio to WPM for servicing,” FinBe CEO Scot Seagrave said in the news release. “Their team has been great to work with, and the communication has been above and beyond. I expect the collections and customer service experience for our customers will not miss a beat.”

WPM provides servicing solutions across customer service, collections, payment processing, repossession management, remarketing, and compliance oversight for a variety of consumer asset classes. Its technology and operational infrastructure are designed to support efficient portfolio transitions and ongoing performance across diverse portfolios.

“Our focus was to provide a seamless customer experience while maintaining consistent servicing performance for all stakeholders,” said Laruffa, who is vice president of Westlake Portfolio Management. “Our team’s ability to complete this transition within a condensed timeframe demonstrates the strength of WPM’s servicing platform and onboarding capabilities.”

For more information about Westlake Portfolio Management and its servicing solutions, visit www.wpmservicing.com.