Mortgage servicer Mr. Cooper has confirmed that customer data was compromised in a recent cyberattack. The company says it is still investigating the full extent of the breach, but has not yet disclosed what kind of data was exposed.
The cyberattack occurred on October 31, and Mr. Cooper immediately shut down its systems to limit the damage. The company says it has been working around the clock with cybersecurity experts to resolve the issue as soon as possible.
In a news release on Thursday, Mr. Cooper said it will cover late fees and penalties for customers who were unable to make their mortgage payments on time due to the attack. The company will also send notices in the coming weeks to customers affected by the hack and offer them free credit monitoring.
Advice for Consumers
There are a few things consumers can do to protect themselves in the event of a cyberattack on their mortgage lender or servicer:
- Keep an eye on your credit report. You can check your credit report for free once a year from each of the three major credit bureaus. Look for any unauthorized accounts or changes to your credit history.
- Monitor your bank accounts. Review your bank statements carefully for any unauthorized transactions.
- Consider cyber protection software. There are a number of software programs available that can help protect your computer from malware and other threats.
The cyberattack on Mr. Cooper is a reminder that even large, well-established companies are not immune to cyberattacks. Consumers should take steps to protect their personal and financial information, both online and offline.
Mr. Cooper is the third-largest mortgage servicer in the United States, with over 4.3 million customers. The company provides mortgage servicing services to borrowers who have loans through a variety of lenders.
The cyberattack on Mr. Cooper is the latest in a string of high-profile attacks on financial institutions. In recent months, hackers have targeted companies such as Equifax, Capital One, and JPMorgan Chase.
The FBI is investigating the cyberattack on Mr. Cooper. The agency is urging consumers to be vigilant and to report any suspicious activity to their bank or mortgage lender immediately.