January 23, 2024 at 12:12PM
Approximately 16.6 million people had their personal information stolen in a ransomware attack on mortgage lender loanDepot. The attack forced the company to shut down systems and caused delays in payment history. The company has confirmed it will notify individuals impacted and provide free credit monitoring. This is loanDepot’s second data breach in less than a year.
From the meeting notes, it is clear that loanDepot recently experienced a ransomware attack, resulting in the compromise of personal information for approximately 16.6 million individuals. The attack forced the company to shut down some systems and led to the unavailability of various online portals, impacting services such as recurring automatic payments and payment history. The company has confirmed that it was a ransomware attack and has been working to restore its loan origination and servicing systems.
In response to the breach, loanDepot plans to notify affected individuals and provide them with free credit monitoring and identity protection services. It is important to note that sensitive customer financial and bank account information may have been accessed, making those affected potential targets for phishing attacks and identity theft attempts.
Furthermore, it is revealed that this is not the first data breach for loanDepot, as they previously disclosed another breach in May 2023 resulting from a cyberattack in August 2022. The company is a major U.S. nonbank mortgage lender with a large number of employees and a significant loan portfolio.
Overall, these meeting notes highlight the severity of the recent ransomware attack on loanDepot and emphasize the potential risks and impacts on affected individuals.