LoanDepot, a US retail mortgage lender, deals with a cyberattack

LoanDepot, a US retail mortgage lender, deals with a cyberattack
LoanDepot, a US retail mortgage lender, deals with a cyberattack

LoanDepot, an American retail mortgage provider, is still recovering from a cyberattack that delayed loan processing and phone support.

LoanDepot, a retail mortgage lender in the United States, is still recovering after a cyberattack that disrupted loan processing and phone support.

The company stated in a filing with the Securities and Exchange Commission on Monday that data was encrypted by an “unauthorized third party” who broke into corporate networks. It was stated that certain unidentified systems were shut down in order to contain the situation.

LoanDepot, the Irvine, California-based corporation, said it had informed law authorities and was still determining the impact of the attack on its bottom line.

“We are working quickly to understand the extent of the incident and taking steps to minimize its impact,” the business stated.

The incident appeared to be a ransomware assault, but business spokesman Jonathan Fine refused to confirm or deny that possibility. The onslaught appears to have started over the weekend.

LoanDepot did not indicate when or whether any company or customer data was stolen during the break-in. Typically, ransomware hackers take data before launching malware that scrambles data with encryption. The perpetrators can thus extort the target, even if it is capable of quickly restoring its networks from backups.

On its website, LoanDepot informed clients that recurring automated payments were being processed and that they could make payments by phone.

LoanDepot, which was founded in 2010, bills itself as the nation’s fifth-largest retail mortgage lender, with over $140 billion in outstanding loans and 6,000 employees serving over 27,000 consumers each month.

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