Internal Recovery Specialist

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. This individual 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

• 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

• 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

• Build and maintain relationships with external debt settlement companies, ensuring clear communication and resolving any issues that may arise. Act as the point of contact for debt settlement companies to ensure timely and accurate information exchange, negotiations, and sending of settlement offers for accounts ready to be resolved

• Continuously evaluate and implement improvements in the bulk settlement process to ensure maximum efficiency

• Maintain detailed records of all interactions with debt settlement companies and customers, ensuring all actions are documented for compliance purposes

• Track the volume of settlements, the amount settled, and other relevant metrics, reporting progress to management regularly

• 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 daily 

• Review delinquent accounts daily, and maintains losses at or below established guidelines for assigned job duties 

• Develop an in-depth understanding of SoFi Recovery strategies/processes (Agency, Attorney, DSC and Debt Sales)

• Accurately documents all account activities and pertinent information including but not limited to verifications and demographic changes 

• Assist with quality control tasks as needed 

• Work closely with both peers and management to ensure consistent implementation and application of programs 

• Efficiently assess and recommend action to borrowers concerning all other loan issues 

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.

• Ability to react to change quickly and apply new processes & procedures 

• Ability to work independently with little or no supervision 

• Professional demeanor, excellent work habits are essential with excellent organization 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 

• Desire to improve borrowers’ financial situation and demonstrate the ability to make tough decisions 

• Proficiency in Microsoft Office, intermediate Excel, and 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)