Employee Applicant Privacy Notice
Who we are:
Shape a brighter financial future with us.
Together with our members, we’re changing the way people think about and interact with personal finance.
We’re a next-generation financial services company and national bank using innovative, mobile-first technology to help our millions of members reach their goals. The industry is going through an unprecedented transformation, and we’re at the forefront. We’re proud to come to work every day knowing that what we do has a direct impact on people’s lives, with our core values guiding us every step of the way. Join us to invest in yourself, your career, and the financial world.
The Role:
SoFi is launching the Internal Recovery Unit within our Recovery Operations team. The IRU team is seeking employees who are passionate about servicing our members and have the skills and experience to deliver outstanding results. The Internal Recovery Specialist will service charged off accounts and provide options to our members to help them resolve their delinquent loans. Additionally, the Internal Recovery Specialist is responsible for improving recovery rates by creating a partnership with our members and negotiating settlements while exploring repayment options that work for our members and still meet our business requirements.
What You’ll Do:
Independently review Post Charge Off Accounts and settlement requests
Manage all process tasks and functions associated with the IRU
Processing of payments, establishing payment plans and tracking, noting account activity
Develop an in-depth understanding of SoFi Recovery strategies/processes (Agency, Attorney, DSC and Debt Sales)
Work with colleagues on the 3rd Party Oversight Team (3PO) to help execute against SoFi’s 3rd party collections and recovery strategy including account management, reporting, and vendor performance management
Participate in internal audits and external exams as needed
Assist across the department with administrative tasks related to loan servicing, including forbearance decisions, fraud investigations, Capital Markets research requests, loan-level testing, and reporting in accordance with policy and guidance, efficiently assess and recommend action concerning loan settlement offers
Continue to develop efficient procedures around recommended best practices, company guidelines and federal regulations
Work closely with both peers and management to ensure consistent implementation and application of programs
Identify, escalate and propose recommended solutions concerning potential issues or risks with the process, implementation or application efficiencies
Review, monitor, and engage with a high volume of members per day
Review delinquent accounts daily, and maintains losses at or below established guidelines for assigned job duties
Accurately documents all account activities and pertinent information including but not limited to verifications and demographic changes
Meet individual and departmental objectives set by department management
Efficiently assess and recommend action to borrowers concerning all other loan issues
Make recommendations to management for loans needing additional attention
Strives to continuously improve the quality and productivity of work
What You’ll Need:
1 year of Personal Loan Collections experience
2 years general customer service experience
Loan Review/Funding experience strongly preferred
Excellent written communication skills are required to answer questions and communicate issues clearly & concisely to associates, customers as well as management
Ability to react to change quickly and apply new processes & procedures
Ability to work independently with little or no supervision
Professional demeanor and excellent work habits are essential
Exceptional organizational skills and attention to detail
Ability to successfully adapt and adjust to changes in business, regulatory, and economic environments
Firm understanding of personal finance and credit industry best practices
Intermediate Excel skills and general computer literacy
Ability to work under tight deadlines and exhibit grace under pressure
Desire to improve borrowers’ financial situation and demonstrate the ability to make tough decisions
Proficiency in Microsoft Office, Google and ability to learn proprietary systems
Nice To Have:
6 months to a year of experience working in late -stage/backline personal loans collections
Skilled in developing both external and internal content such as customer communications and the development of procedures and work documents
Skilled in root cause analysis and problem resolution with both quantitative and qualitative data
Demonstrates a strong understanding of regulations associated with collections (FCRA, FDCPA, UDAAP)
