– Mr. Cooper’s automated phone systems and website are functioning again after a cybersecurity incident.
– The cyberattack disrupted loan payments, but servicing operations were restarted on November 4.
– Mr. Cooper is still investigating the incident and believes that certain customer data may have been exposed.
– The company will send notices to affected customers and provide complimentary credit monitoring services.
– Customers are advised to report any unusual activity and update passwords frequently.
– Some customers complained about not receiving confirmation after making large mortgage payments.
– Late fees or penalties will not be incurred if payments are made by the end of November.
– Mr. Cooper does not expect the incident to have a significant impact on its business or financial results.
– The company reported $275 million in net income in the third quarter.
– Operational impacts will be limited to the fourth quarter.
The automated phone systems and website of lender and servicer Mr. Cooper are running again following a cybersecurity incident that forced the company to lock down certain technology systems.
On Oct. 31, the company suffered a cyberattack that disrupted loan payments. Mr. Cooper restarted servicing operations on Nov. 4 by taking customer calls and payments, remitting to investors and onboarding new loans.
Mr. Cooper’s investigations into the cyberattack are still ongoing, but the company believes that certain customer data was exposed. Mr. Cooper had 4.3 million customers by the end of Sept. 30.
“We are continuing to investigate precisely what information was exposed. In the coming weeks, we will mail notices to any affected customer and provide them with complimentary credit monitoring services,” Mr. Cooper said on its website.
Mr. Cooper advises customers to report any unusual activity to their financial institution and update their passwords frequently to prevent any potential fraud.
Customers had hammered its social media accounts with complaints of not being able to get a confirmation after making a large mortgage payment.
As long as customers make their payments by the end of November, no late fees or penalties will incur, the company said.
In an 8-K filing, Mr. Cooper said it does not believe this incident will have a material adverse effect on its business, operations or financial results.
Operational impacts will be limited to the fourth quarter, according to the company.
Property Chomp’s Take:
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Mr. Cooper is back in action now! They have managed to restart their servicing operations as of November 4th. This means they are once again taking customer calls and payments, remitting to investors, and even onboarding new loans. It’s great to see them getting back on track, isn’t it?
However, the investigations into the cyberattack are still ongoing, and Mr. Cooper believes that some customer data may have been exposed. With 4.3 million customers by the end of September, this is definitely a matter of concern. But worry not, because Mr. Cooper has got you covered. They will be sending out notices to any affected customers and providing them with complimentary credit monitoring services. It’s always good to take precautions when it comes to your personal information, right?
In the meantime, Mr. Cooper advises its customers to report any unusual activity to their financial institution and update their passwords frequently to prevent any potential fraud. It’s always better to be safe than sorry, especially in today’s digital world.
Speaking of customer concerns, many people took to Mr. Cooper’s social media accounts to express their frustrations over not receiving confirmation after making large mortgage payments. But here’s the good news: as long as customers make their payments by the end of November, no late fees or penalties will be incurred. That’s definitely a relief for those who were worried about the impact of the disruption on their finances.
Now, let’s talk about the business side of things. In an 8-K filing, Mr. Cooper stated that they do not believe this cyberattack incident will have a material adverse effect on their business, operations, or financial results. That’s definitely reassuring for their stakeholders. In fact, Mr. Cooper delivered an impressive $275 million in net income in the third quarter, compared to $142 million in the second quarter. So, despite the operational impacts in the fourth quarter, the company remains optimistic about its future.
All in all, it’s great to see Mr. Cooper back on track and serving its customers again. Cybersecurity incidents can be quite disruptive, but it’s important for companies to take swift action, address the issue, and ensure the safety of their customers’ data. So, if you’re a Mr. Cooper customer, make sure to stay vigilant, report any suspicious activity, and keep those passwords updated. Stay safe out there!