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The Role:
The Senior Manager, Internal Recovery Operations for SoFi’s Internal Recovery Unit (IRU) will lead collection activities on post charge-off Personal Loan and Credit Card accounts. This individual will manage the execution of SoFi’s Recovery playbook - a bifurcated approach that combines direct engagement with Debt Settlement Companies (DSC) with omnichannel call center collections.
This person will support the continuing growth of SoFi’s DSC roster, managing the recruitment and onboarding of new DSCs (targeting those with sizable market share). This individual will ensure formal NDAs and data security agreements are in place, partnering with our engineering team to provide proper SFTP and ShareFile protocols. This individual will own the bi-weekly collation of active DSC inventory to scrub against SoFi’s Lending portfolio (the primary way we identify members working with DSCs).
This person will also lead SoFi’s collection activities on non-DSC accounts. They will ensure their agents abide by SoFi’s Recovery operations policies and procedures, including the establishment and review of operational controls. They will work closely with SoFi’s Collections strategy team to review strategy results and execute test-and-learn scenarios to optimize our portfolio performance.
A strong candidate will benefit from a seasoned understanding of consumer lending, collections and recovery, and vendor management. They will be expected to offer meaningful insights on best practices in the industry, and have a view on regulatory standards (eg. OCC Bulletin 2020-10, OCC Bulletin 2013-29, FDCPA, CFPB Reg. F).
The successful candidate should be comfortable navigating the different streams of recovery operations, including litigation, bankruptcy, probate, debt sale, and consumer credit counseling agency management.
What You’ll Do:
The Senior Manager, Internal Recovery Operations will lead our direct engagement with DSCs representing charged-off SoFi accounts, and collection activities on non-DSC accounts. This individual will:
- Execute a collections strategy that combines omnichannel call center collections with direct engagement with Debt Settlement Companies (DSC) representing SoFi members.
- Drive the expansion of SoFi’s DSC partnerships, coordinating the onboarding of market share leaders.
- Manage day-to-day operations of a collections team. Recruit, onboard, train and support collection agents. Set performance goals, track progress and deliver reviews.
- Draft strategy change-briefs and Business Requirement Documents for proposed initiatives requiring management approval or engineering execution.
- Prepare and present regular performance updates on our Recovery operations, across key success metrics (compared against Plan and Forecast).
- Partner with SoFi’s Risk teams in developing robust oversight of risks, controls, and compliance of our recovery vendors.
- Review customer complaints emanating from your unit and craft resolutions.
- Manage the capacity planning process for the IRU, work with Workforce Management on the proper staffing of the IRU
- Implement proper controls for all areas of the IRU.
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 vendor management experience across collections and recovery agencies, Debt Settlement Agencies, Litigation and Bankruptcy attorneys, Probate, Debt buyers, and CCCS agencies.
- 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 is required
Nice To Have:
- Master’s degree
- Contract management
- Experience manipulating large data sets
