Recovery Operations Senior Analyst
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The Recovery Operations Senior Associate is a critical member of SoFi’s Recovery Operations team responsible for managing our post charge-off vendor relationships across Agency collections, Debt Sales, and Litigation. This individual will assist the team’s leadership in monitoring external collection agency compliance with SoFi’s Recovery strategies, policies. and compliance expectations.
The role will also lead the build-out and documentation of an extensive set of internal control measures and reporting aimed at instilling operational accuracy and diligence in all of our Recovery processes. This individual will partner with SoFi’s Operations audit and QA/QC teams on drafting detailed SOPs and performance reporting (Control MIS) on the Recovery process.
The role requires a strong background and understanding of collections and recovery operations, knowledge and exposure to Control and Compliance in collections, and experience in vendor oversight and operations risk management.
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:
Partner with the Collections and Recovery Strategy team in establishing monthly Recovery goals for the collection agencies and litigation firms working SoFi paper.
Prepare and present regular performance updates of our Recovery streams across key success metrics, and compare against Plan and Forecast. Create and maintain detailed reporting on Recovery agency collections and Debt buyer sales, broken out by emerging segments like Debt Settlement accounts etc.
Partner in the monthly creation of the Bill of Sale for debt sales, and the provision of all media required for placements and debt sales (via Convoke); including statements, CMAs, and notification of sale letters.
Lead the ideation and formal build-out of a robust control infrastructure for Recovery operations. This will require partnering with Ops Risk Control in drafting the framework for new controls and updating existing policies and procedures to align with the framework. This individual will partner with relevant areas of the Lending Business to identify process and procedure issues, and areas of opportunity for introducing strong control risk management as it relates to Recovery Operations.
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.
Oversee the daily management, research inquiries, media requests, support services and repurchase request of Recovery agencies and Debt buyer
What you’ll need:
5+ years of collections and recovery industry experience, including working on developing and deploying control reporting.
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). The candidate should be comfortable leading test creations 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
Nice to have:
People leadership experience, specifically managing a recovery collections team working financial services consumer debt
Leading or working on an Internal Recovery Unit (IRU)
Experience managing a lender’s engagement with Debt Settlement Companies (DSA / DSC)