Mr Cooper says user data was exposed in data breach

Data Breach
Image Credit: Shutterstock (Image credit: Shutterstock)

Top US mortgage lender Mr Cooper has confirmed that “certain customer data” may have been exposed following a recent cyberattack.

Precisely which data could have been exposed remains unconfirmed as the company continues to investigate “around the clock,” but affected customers are being promised complimentary credit monitoring services in due course.

The leak relates to an October 31 “cybersecurity incident,” which was thought to have been the result of a ransomware attack, although Mr Cooper hasn’t yet confirmed the nature of the incident.

Mr Cooper data breach

In the meantime, it’s advising that customers monitor their financial accounts and credit reports, even asking the three main credit agencies to place a fraud alert on their files for extra protection. 

Other basic online cybersecurity measures are being promoted too, including changing passwords. It’s unclear whether Mr Cooper accounts can be protected with extra layers, such as two-factor authentication (2FA) – TechRadar Pro has asked the company to confirm this, which can be a surefire way of preventing unwanted access.

The lender said that customers’ rates and fees will not be impacted by the incident and that it’s “actively working to resolve the issue and restore [its] systems as soon as possible” to help customers close their loans on time.

Mr Cooper also said that, so long as November payments are received by the end of the month, customers will not incur late payment fees, penalties, or negative credit reporting.

The company, which has 4.3 million customers on the books according to its Q3 2023 financial report, released days before the attack, is on track for reaching its $1 trillion target soon – it’s now managing $937 billion in loans.

It also claims to have more favorable operating returns than many rivals, though it’s unsure how this major incident could affect its earnings in three months’ time.

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Craig Hale

With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!