Internal Recovery Specialist

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Who we are:

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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)

Compensation and Benefits

The base pay range for this role is listed below. Final base pay offer will be determined based on individual factors such as the candidate's experience, skills, and location.

To view all of our comprehensive and competitive benefits, visit our Benefits at SoFi page!

Pay range: $27.00 - $30.00

Payment frequency: Hourly

This role is also eligible for a bonus and competitive benefits. More information about our employee benefits can be found in the link above.

SoFi provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion (including religious dress and grooming practices), sex (including pregnancy, childbirth and related medical conditions, breastfeeding, and conditions related to breastfeeding), gender, gender identity, gender expression, national origin, ancestry, age (40 or over), physical or medical disability, medical condition, marital status, registered domestic partner status, sexual orientation, genetic information, military and/or veteran status, or any other basis prohibited by applicable state or federal law. The Company hires the best qualified candidate for the job, without regard to protected characteristics. Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records. New York applicants: Notice of Employee Rights SoFi is committed to embracing diversity. As part of this commitment, SoFi offers reasonable accommodations to candidates with physical or mental disabilities. If you need accommodations to participate in the job application or interview process, please let your recruiter know or email accommodations@sofi.com. Due to insurance coverage issues, we are unable to accommodate remote work from Hawaii or Alaska at this time.
Internal Employees

If you are a current employee, do not apply here - please navigate to our Internal Job Board in Greenhouse to apply to our open roles.