About the position
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.
Responsibilities
- 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
Requirements
- 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-haves
- 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)
