The document automation company Ocrolus recently launched a new version of its fraud detection platform. Here's how it works and what other services lenders should consider.

But the shift to a purchase market means issues around employment and income verification should concern originators.

The businesses, like other victims of such incidents, have not identified the culprit nor type of attack.

The companies are the latest mortgage businesses to face class action complaints from consumers impacted by the cyberattacks.

The lender gave a $1.3 million mortgage refinance loan to a borrower based off overstated, fraudulent debt, prosecutors said.

Cybersecurity expenses and threats

A data breach in 2022 costs companies $4.35 million on average, an all-time high according to IBM research.

Borrowers condemned the company's disclosures, which came six months after the incident and omitted details about the hack and subsequent investigation.

The federal class action lawsuit is at least the third similar action within the industry over a cyberattack revelation.

The newly revealed victims were affected by the previously disclosed cyberattack, which went undetected for 41 days between September and December.

The new product is an extension of its FraudGuard offering for the first lien mortgage market.

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

The Minnesota woman altered documents and failed to file documents as promised in cheating multiple investors between 2018 and 2020.

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

The rate was 30 basis points higher compared with 2019 due to the record level of mortgage origination during the pandemic, according to Aces Quality Management.

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

A Salem, Massachusetts, man was found guilty by a federal jury in Boston of a scheme that led to more than $3.8 million in losses to lenders, the U.S. Attorney's Office announced.

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

While particularly high rates of lending have cushioned mortgage companies and banks from the impact in the past, higher rates and thin margins have made efficiency more pressing.