Data security

The data breach, which occurred over a two-day period last December, is the largest disclosure by a mortgage lender this year.

In response to a raft of recent data breaches, mortgage lenders are implementing a number of measures to protect their clients and themselves.

The incident at the mortgage fintech occurred late last year as a spate of attacks rocked other housing lenders.

Pingora Loan Servicing still hasn’t disclosed the full scope of last fall’s hack impacting at least 169,000 customers across four states.

Several federal agencies have recently stepped up requirements on banks to notify regulators and the public when they fall victim to cybersecurity incidents.

Increased cybersecurity spending puts an extraordinary squeeze on smaller firms that struggle to maintain revenues amid the origination slowdown.

Cybercriminals can leverage the workflow of the digital firms against them by tossing a plethora of stolen credentials at an online loan application until they secure approvals, according to one expert.

With large banks establishing strong security infrastructure, cybercriminals are eyeing smaller and mid sized companies as their next victims.

Although no attacks have been tied to the country so far, professionals say the industry already beset by heightened fraud risk is a ripe target.

An incident at American Financial Resources compromised the information of 216,645 borrowers, the company acknowledged.