November 10, 2023 at 05:00PM
Mr. Cooper, the largest home loan servicer in the US, has discovered evidence of customer data being exposed during a recent cyberattack. The company is still investigating the extent of the compromised data and will provide affected customers with more information in the coming weeks. Mr. Cooper assures customers that their financial information was not accessed as it is stored with a third-party provider. The company has not disclosed whether a ransom demand was made by the attackers. Mr. Cooper advises customers to monitor their credit reports and bank accounts and report any suspicious activity. The security breach led to the shutdown of IT systems, phone lines, support chatbot, and the online payment portal. The company is working to resolve the issue and is not charging fees or penalties for late payments. Mr. Cooper has a customer base of 4.1 million and manages loans totaling $937 billion.
During the meeting, Mr. Cooper, the largest home loan servicer in the United States, reported that they had discovered evidence of customer data being exposed during a cyberattack that was disclosed on October 31. They mentioned that the nature of the compromised data is still being investigated and that affected customers will receive more information in the following weeks. Mr. Cooper emphasized that the attackers did not have access to customers’ financial information since it is not stored on their systems. The company also mentioned that they are unaware of any ransom demands made by the attackers. They advised affected customers to monitor their credit reports and bank accounts for any suspicious activity and to promptly report any unauthorized incidents to their bank. In addition, customers were urged to place a ‘fraud alert’ on their credit bureau files and be notified of any attempts to open new accounts using their Social Security number. The October 31 security breach resulted in Mr. Cooper shutting down IT systems, including phone lines, support chatbot, and the online payment portal. The company assured customers that they will not incur fees or negative impacts due to the system outage and promised to provide regular updates. Mr. Cooper, which was formerly known as Nationstar Mortgage LLC, is a mortgage lending company based in Dallas, Texas, with approximately 9,000 employees. They have a customer base of 4.1 million and manage loans totaling $937 billion, according to their Q3 2023 results reported in October.