Job Location: Dallas, TX
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Who we are:
Shape a brighter financial future with us.
Together with our members, we’re changing the way people think about and interact with personal finance.
We’re a next-generation fintech company 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
The senior risk analyst role will lead risk management’s oversight of SoFi’s collections and recovery operations. This individual will work closely with SoFi’s risk leadership to develop and deploy collection and recovery policies and strategies, including contact and channel strategy, treatments, loss mitigation programs, external agency placements, and recall/replace strategies. The role will also have risk oversight of recovery functions such as litigation, bankruptcy, probate, asset sale, consumer credit counseling engagements, debt settlements and other recovery actions. This individual will partner with SoFi’s Operations audit and QA/QC teams on the development of exceptions reporting (control MIS) to ensure general compliance.
The Risk Management Collections and Recovery team manages strategy and policy, and partners closely with the Operations and Technology teams on implementation and execution. This team member will bring strong collections and recovery industry knowledge, and vendor portfolio management experience. They will be expected to provide meaningful insights into best practices in Collections and Recovery operations, and related regulatory developments (eg. OCC Bulletin 2020-10, OCC Bulletin 2013-29, CFPB Reg. F), and identify trends which may present opportunities or reflect gaps in SoFi’s approach.
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:
The collections and recovery strategy analyst will help SoFi improve its overall approach to loss mitigation by:
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Developing and implementing innovative loss mitigation solutions to drive efficiencies and effectiveness of our collections and recovery operations
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Lead SoFi’s defaulted loans recovery strategy. Maintain recovery models and provide general guidance for placement with recovery agencies, litigation attorneys, asset sale, and recall/replace strategies across channels.
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Partner with operations, risk infrastructure, vendor management, QA and compliance teams to ensure strategies are executed as designed and align with organizational expectations.
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Develop and maintain robust monitoring and reporting capabilities to track Collections and Recovery performance across SoFi’s lending businesses. Lead monthly review of portfolio trends, control reports, and delinquency and loss performance metrics.
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Lead oversight of risks, control, compliance and overall performance of outsourced recovery vendors. Partner with Operations team on due diligence of vendor performance through on-site operational risk audits to ensure adequate controls and alignment with contractual agreements.
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Build and maintain cross-functional partnerships and networks to contribute and drive strong execution around key business initiatives.
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Participate in creating requirements for new loss mitigation strategies; representing Risk in the development life cycle of new strategies or policies.
What you’ll need:
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The senior risk analyst will be someone with at least 5 years of collections and recovery industry experience, and highly motivated to collaboratively deliver solutions in a multi-product, nuanced regulatory environment.
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The ideal candidate will have significant vendor management experience across collections agencies, litigation and bankruptcy attorneys, probate agencies, asset sale vendors, Credit Counseling Agencies, DSAs, and other collections and recovery players.
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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.
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The candidate should have strong analytical skills to conduct tests and read test performance, and a demonstrated ability to synthesize and communicate recommendations to peers and senior management.
Why you’ll love working here:
- Competitive salary packages and bonuses
- Comprehensive medical, dental, vision and life insurance benefits
- Generous vacation and holidays
- Paid parental leave for eligible employees
- 401(k) and education on retirement planning
- Tuition reimbursement on approved programs
- Monthly contribution up to $200 to help you pay off your student loans
- Great health & well-being benefits including: telehealth parental support, subsidized gym program
- These benefits are only applicable to full time employees
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.
Due to local law, all employees who will be working from, traveling to, or attending work related meetings in our New York City office must be fully vaccinated and boosted (when eligible).
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.
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