Fintech Nexus Newsletter (January 22, 2024): LoanDepot's Cyberattack Is Still Ongoing

Republished By Plato

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This year has not started well for loanDepot.

We first heard the news two weeks ago that the mortgage lender had suffered a cyber attack that shut down critical systems.

The incident is still ongoing and this morning we learned that, in addition to many of their systems being down, the personal information of 16.6 million people has been compromised.

Many customers were unable to process loan payments or begin a loan application. Some systems still appear to be down but the loan application process was working again this morning.

The mortgage lending industry has had a rough time in the past 18 months with rising interest rates leading to a dramatic decline in refinancing and new home loans.

This is the last thing one of the leading players needs right now.

Featured

LoanDepot says 16.6 million customers had ‘sensitive personal’ information stolen in cyberattack

By Zack Whittaker

About 16.6 million LoanDepot customers had their “sensitive personal” information” stolen in a cyberattack earlier this month, which the loan and mortgage giant has described as ransomware. The loan company said in a filing with federal regulators on Monday that it would notify the affected customers of the data breach.

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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

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