Recovery Operations Manager
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 fintech company 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 Recovery Operations Manager will lead a team responsible for managing SoFi’s post charge-off external vendor relationships across Agency collections, Debt Sales, and Litigation. This individual will ensure SoFi’s Recovery policies, strategies, and overall playbook for the post charge-off space are adhered to, and all necessary operational controls are in place and monitored. They will work closely with SoFi’s risk strategy team to review and assess the performance of our approach across the different recovery streams, and execute test and learn scenarios, or make recommendations on enhancements that may benefit the business.
The role will also have operational risk oversight of recovery functions including litigation, bankruptcy, probate, asset sale, consumer credit counseling engagements, debt settlements and SoFi’s Internal Recovery Unit. This individual will partner with SoFi’s Operations audit and QA/QC teams on the development of reporting (Control MIS) to ensure general compliance.
This team member will bring strong collections and recovery industry knowledge, and vendor management experience. They will be expected to provide meaningful insights into best practices in Collections and Recovery operations, and related regulatory developments (eg. OCC Bulletin 2020-10, OCC Bulletin 2013-29, CFPB Reg. F), and identify trends which may present opportunities or reflect gaps in SoFi’s approach.
By joining SoFi, you'll become part of a forward-thinking company that is transforming financial services for the better. We offer the excitement of a rapidly growing startup with the stability of an industry leading leadership team.
What you’ll do:
The Recovery Operations Manager will lead SoFi’s engagement with external agencies working our charged-off accounts. This individual will:
- Manage a team tasked with ensuring external agencies and attorneys are working within the guidance of SoFi’s Recovery playbook; implementing desired strategies to drive performance while offering our members a quality customer experience.
- Act as a conduit between SoFi’s strategy team and our external vendors; assist with conducting periodic tests to optimize our recovery performance. Work with the SoFi team and vendors to analyze test results, and facilitate rollout, as desired.
- Draft Strategy change-briefs and Business Requirement Documents for any proposed change that requires management approval or engineering execution.
- Prepare and present regular performance updates of our Recovery streams across key success metrics, and compare against Plan and Forecast.
- Partner with SoFi’s Risk teams in developing robust oversight of risks, controls, and compliance of our recovery vendors.
- Establish regular reviews of vendor due diligence through on-site operational risk audits to ensure adequate controls and alignment with contractual agreements.
- Review SoFi’s customer complaints at the different vendors, and partner with them in the identification, tracking and resolution of customer issues and concerns.
- Participate in the capacity planning process; review vendor’s headcount needs against projected volumes to ensure adequate coverage in support of SoFi’s strategic objectives and OKRs.
What you’ll need:
- 10+ years of collections and recovery industry experience, including hiring and managing collection teams, and creating and implementing operational processes.
- The ideal candidate will have significant vendor management experience across collections and recovery agencies, litigation and bankruptcy attorneys, probate, debt buyers, Credit Counseling Agencies, DSAs, and other collections and recovery players.
- Highly motivated to collaboratively deliver solutions in a multi-product environment. Excellent analytical and data manipulation skills (excel pivot tables, power point, SQL a plus). Ability to read, understand, and leverage large data sets in crafting a narrative. The candidate should be comfortable running tests on various hypotheses at the vendor, reading their performance, and making recommendations on implementation.
- Strong communication skills (must be comfortable building presentations in PowerPoint or GoogleSlides, and presenting), and excellent organizational and time management skills.
- An understanding of the various regulatory policies guiding the consumer collection and recovery industry, including FDCPA, TCPA, UDAAP, FCRA, Reg B., CFPB Reg. F, OCC Bulletin 2020-10, OCC Bulletin 2013-29 etc.
- Experience building robust controls across collections and recovery operations
- A team leader, able to motivate and develop their staff. Intellectually curious, consistently probing for answers and better ways of doing things.
- Bachelor’s degree
Nice to have:
- Master’s degree
- Experience leading or working on an Internal Recovery Unit (IRU)
- Experience managing a lender’s engagement with Debt Settlement Companies (DSA / DSC)