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Stock impact report

What to do when your mortgage servicer gets hacked [Yahoo! Finance]

Mr. Cooper Group Inc. (COOP) 
Last mr. cooper group inc. earnings: 4/30 07:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
That harsh reality was underscored by the news that hackers hit two large mortgage servicers in rapid succession. In December, Mr. Cooper said thieves had gained access to information about 14.7 million borrowers. Then, in January, LoanDepot disclosed a hack involving 16.6 million customers. Back-to-back attacks on similar companies are a hallmark of the hacker playbook, says James Lee, chief operating officer at the nonprofit Identity Theft Resource Center. Scammers typically focus their efforts on a corner of the financial industry. “If they're successful, they'll mine that vein for a while,” says Lee. In other words, scammers likely are targeting other mortgage servicers , the companies that collect your monthly payments and manage your escrow for property taxes and insurance. The reason is obvious: Mortgage servicers store vast amounts of sensitive data, including Social Security numbers and bank account data, along with borrowers' addresses and property details. If your mor Show less Read more
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