Senior Director, Risk Management - Home Loans

Risk
Lewisville, Texas

Description

Who we are

SoFi is a digital personal finance company whose mission is to help its members achieve financial independence to realize their ambitions, whether that be to buy a house one day, start a family on their own terms or be debt free. We aim to be at the center of our members’ financial lives, and to help every member Get Their Money Right®. By joining SoFi, you’ll become part of a forward-thinking company that is transforming financial services by embracing technology to build innovative loan products, investment tools, and more. One of the fastest growing fintech companies, we’ve grown from 250 employees in 2015 to over 1,500 employees today, and are well on our way to reaching 1 million members. With offices across the US, we offer the excitement of a rapidly growing startup with the stability of a seasoned management team and some of the best talent around. As an employer, we strive to hire employees who are committed to both our company’s mission and our desire to build the best culture in the world. If you are driven, passionate about what you do, and excited about the SoFi mission, we would love to hear from you.

The role

SoFi's U.S. Risk Management team has responsibility for ensuring growth in lending and other member related activities are consistent with the firm’s risk appetite.  The team holistically manages enterprise, credit, deposit products, fraud prevention, portfolio management, collection/recovery strategies, infrastructure, and business operating risks. In addition, Risk Management directly manages enterprise partners, ensures strong compliance with regulations, acts as a multi-layered second line of defense in oversight of business operations, and works to ensure risk policies enable a member-first experience.

Director / Senior Director, Risk Management - Home Loans will have responsibility for partnering with SoFi Home Loans Business Unit, Capital Markets, Finance, Operations, Legal, Compliance, and Third-Party Partners to lead intra and interdepartmental relationships.  This role will ensure the risk function is enabling the franchise to succeed in the immediate and long-term.

Key oversight Responsibilities and tasks include:

  • Act as our Head of Credit for Home Loans - overseeing our dramatically growing home lending business - 5x growth year over year - enabling responsible growth and a digital first member experience.

  • You will be responsible for developing/refining policy overlays, ensuring strong collateral/appraisal management, and fulfillment/servicing oversight standards.

  • Primary architect in assessing products within our risk appetite and future product suite to meet the needs of Members - examples may include jumbo loans, alt-prime, Non-QM, HEL/Home Equity Loans, HELOC/Home Equity Line of Credit, or wealth management Asset Dissipation Loans.

  • Expertise in MSR/Mortgage Servicing Rights, MERS/Mortgage Electronic Registrations Systems

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:

  • Lead… you will be the senior risk officer supporting the Home Loans business working closely with business unit leadership to develop/execute a cohesive strategy, build risk organizational talent, and ensure risk management interests are top-of-mind

  • Innovate... we need you to bring your brightest ideas to build a digital first Home Loans platform that incorporates best practices from your experience but also is focused on you building innovative solutions with our business unit and product teams that transform the home loans experience with best-in-class NPS/Net Promoter Score.

  • Data Driven… architect robust credit, risk, and underwriting metrics as part of PQR/Portfolio Quality Review leveraging our world class Global ACoE/Analytics Center of Excellence.  Leverage Risk Analytics and Forecasting team to develop comprehensive loss forecasting, stress testing (CCAR/CECL), and ACL/Allowance for Credit Losses (for assets held).  Define integrated Capital Plan for Home Loans business.

  • Challenge Status Quo… buildout comprehensive policies and standards for SoFi's fraud/underwriting framework across all channels including identification, credit policy framework, and production risk controls… enabling us to go from good to great!  Ensure that Home Loan policies are in full compliance with SoFi corporate policies and governing regulations.

  • Effective Challenge… define, in partnership with Enterprise Risk Management, the Risk Appetite Statement for Home Loans and more broadly the overall Risk Appetite Framework and monitoring.  

  • Optimize… Ensure optimal infrastructure in place to scale the Home Loans business unit with a focus on risk decisioning, operational risks, and control infrastructure.  Work closely with Business Unit leadership to evaluate fulfillment partner capabilities or suitability of vendors.

  • Risk Controllership... ensure oversight of delegation of authority, credit exceptions, accreditation/development for underwriters on a continuous basis, ensure underwriter level performance monitoring.  Work with 2nd LOD Quality Control function to ensure sampling performance compliance and GSE underwriting defect monitoring/reporting.

  • Engage Regulatory Partners… substantial experience in engaging regulators with integrity and subject matter expertise - including both state and federal examiners - as part of regular field examinations, CAP/Corrective Action Plans, and MRA/Matters Requiring Attention remediation activities.  

  • Strong Controls and Governance… ensure business compliance with establishing CAP/Corrective Action Plans with Issue Governance; defect remediation of regulatory and non-regulatory defects with owners; timely issue remediation sustainability monitoring.  

  • Be a Risk SME… Serve as a subject matter risk expert for Home Loans and our ambassador to GSEs, HUD, investors, bank, and warehouse partners.

  • Drive Performance Outcomes... Architect defensible changes to credit policy and present data driven proposals for consideration by Credit Committee and/or Enterprise Risk Committee.    

  • Build the Bench... Bring your network to SoFI!  Be the inspiration for our rapidly growing team and promoting data-led practices. Share your broad experience across the organization and help us scale our diverse high performance team!


What you’ll need:

Nice to have:

  • Advanced Degree

  • SCO/Senior Credit Officer (Consumer Mortgage) authority at OCC regulated institution

  • Licensed Appraiser

Level Note: Candidate depth of progressive leadership experience, complimentary functional experience in Home Loans (ie: Compliance, Operations, Fulfillment, Underwriting, Appraisal Management, Servicing), overall demonstrated span of control, and regulated organizational complexity (ie: Regulatory Examination, MRIA/MRA remediation experience) will ultimately determine leveling of role as Director or Senior Director. 


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

  • Employer paid lunch program (except for remote employees)

  • Fully stocked kitchen (snacks and drinks)

SoFi does not seek salary history information from job applicants.

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.

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