Cyber attacks

Mr. Cooper will be filing a motion to dismiss a data breach-related class action by Sept.13, documents show.

Loandepot and Mr. Cooper said they've spent tens of millions of dollars this year following recent, major hacks.

Mr. Cooper's PII leak late last year had a significant impact on its customers. Money has been stolen, unauthorized attempts to open credit cards occurred and extensive spam campaigns have followed, a filing claims.

Mortgage companies and third-parties they partner with represent potential prime targets for certain criminal schemes due to the frequent transfer of large sums of money, cybersecurity experts say.

The title insurance giant was one of several major mortgage players to suffer a hack late last year.

While the company made headway in reducing operational costs, it incurred several million dollars worth of expenses as it dealt with the January incident.

An unnamed hacker in December "potentially removed" sensitive consumer data including Social Security numbers from the wholesale lender.

The attack is one of three major incidents the lender has suffered in the past three years.

The mortgage lender said the hack was caused by a third-party's vulnerability.

The lender had previously revealed that personally identifying information from 16.6M customers had leaked, but hadn't offered these details.

At least six legal actions are currently pending against Planet Home Lending for failing to protect customer data in November 2023.

The notorious group also allegedly targeted Academy Mortgage and Fidelity National.

Both lenders disclosed their systems were accessed and customer data was leaked.

A little over 280,000 customers had their birth dates and Social Security numbers compromised during the cyber attack.

A second class action has been filed in the state of California and more cases are brewing.

The rate of errors per loan jumped by 30% compared to the third quarter, a FundingShield report said.

Mellohome's website, the MyLoandepot customer portal and the HELOC portal have been rebooted following the cyber attack, the lender and servicer said.

All of the class actions will be consolidated into a single case under plaintiff Jennifer Cabezas, who was the first of the 20 to bring a motion against the company.

In a new filing with the Securities and Exchange Commission, the company attributed delayed transactions, loss of business to other providers and one-time expenses to reduced revenue but expected a limited effect on financial health.

Most of the legal filings accuse the title insurer and its subsidiary, LoanCare, of failing to protect the personal identifiable information of customers.