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Security

Mortgage Giant Mr. Cooper Shuts Down Systems Following Cyberattack (securityweek.com) 30

An anonymous reader quotes a report from SecurityWeek: Mortgage giant Mr. Cooper on Thursday announced that it has shut down certain systems after falling victim to a cyberattack, which resulted in its operations being suspended. The attack occurred on October 31 and prompted an immediate response, including containment measures that involved taking down some systems. The shutdown, the company says in an incident notice on its website, prevents it from processing customer payments temporarily, but such operations will resume as soon as systems are restored. Mr. Cooper says it is currently investigating the potential compromise of customer data, and that it will notify all those whose data might have been impacted by the attack. Headquartered in the Dallas, Texas, area, Mr. Cooper is one of the largest mortgage servicers in the US, with approximately 4.3 million customers. While it remains unclear what kind of cyberattack hit Mr. Cooper's systems, the mortgage and loan giant did confirm that customer data was compromised. However, banking information does not appear to be impacted. "Mr. Cooper does not store banking information related to mortgage payments on our systems. This information is hosted with a third-party provider and, based on the information we have to date, we do not believe it was affected by this incident," the company added.

According to TechCrunch, citing a filing with the U.S. Securities and Exchange Commission, Mr. Cooper said it "expects to incur up to $10 million in additional vendor costs during its fiscal fourth quarter, adding that it does not expect a material impact to its business."
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Mortgage Giant Mr. Cooper Shuts Down Systems Following Cyberattack

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  • I don't like the way they named their company
    • Re:Name (Score:5, Funny)

      by dgatwood ( 11270 ) on Thursday November 09, 2023 @07:14PM (#63994509) Homepage Journal

      Sounds like a company I'd like to hang with.

      • Re: (Score:3, Insightful)

        Never heard of this company and not sure exactly why this article has appeal on /.
        • by Entrope ( 68843 )

          They suffered a massive security compromise of their Internet-facing system, which once upon a time would have meant they were a trendy tech company and any self-respecting technophile would have at least pretended to know and care which technological boundaries this company was pushing.

          But today? The 1990s called and want their News For Nerds back.

    • I guess it's supposed to sound folksy and friendly but yeah, it's really kinda dumb.

    • It may be lame, but they have a LOT of loans.

      It beats the name of 5th 3rd Bank [53.com], or X!

    • Unfortunately, they have my mortgage. And I told them when they changed it from Nationstar that it was a STUPID STUPID name that was just inviting fraud and ridicule. Of course, they couldn't care less.
      • by Hank21 ( 6290732 )

        Unfortunately, they have my mortgage. And I told them when they changed it from Nationstar that it was a STUPID STUPID name that was just inviting fraud and ridicule. Of course, they couldn't care less.

        Nationstar? That is/was a MUCH better name. Like, an actual LEGIT name. WTF Did they change it?

        • Who knows? Maybe one of their execs had a fetish for the 80s sitcom.
        • by HBI ( 10338492 )

          Nationstar was nondescript, I think that was the point of the change. Someone wanted unique branding, so they called themselves Mr. Cooper.

          I've had two brushes with this servicer. In both cases, they werent a terrible servicer. Their IT wasn't all that great, but that's not uncommon in this sector.

        • Unfortunately, they have my mortgage. And I told them when they changed it from Nationstar that it was a STUPID STUPID name that was just inviting fraud and ridicule. Of course, they couldn't care less.

          Nationstar? That is/was a MUCH better name. Like, an actual LEGIT name. WTF Did they change it?

          If you really want to know, it is because they are (were?) a collection agency. They want to escape their sordid past.

      • Wells Fargo sent me a letter a few days ago saying that they were selling my mortgage to Mr. Cooper. I thought, "I don't know the guy and why does he want my loan?". I scrutinized the letter to insure it wasn't a scam. Now this. Other than the goofy name change, how is the company?

        • Re:Name (Score:4, Insightful)

          by dszd0g ( 127522 ) on Friday November 10, 2023 @03:13AM (#63995045) Homepage

          I had an "is this a scam?" reaction when I got a letter from Mr. Cooper earlier this year saying they were buying my loan from Home Point.

          Mr. Cooper's Web site is pretty bad; I am not surprised that it was hacked. For the first month after my loan was transferred, their Web site said something like "online payments coming soon" and I had to mail a check the first month (was the first time in a long time I actually had to mail a bill).

          From reviews, their customer service is awful, but I haven't tried to use it myself. It seems like every time my loan gets sold it goes to a company that spends even less on operational costs and customer service.

          It really sucks how our loans are sold to crappy companies with 1 star ratings and we don't have any say in the matter.

          • by Bahbus ( 1180627 )

            If your loan is sold to someone else without your knowledge, that should be their own problem. If someone else buys my debt without my knowledge or my agreement, I'm not paying them. They aren't who I agreed to pay, so I'm not paying them. It's not my problem anymore anymore.

        • Other than the goofy name change, how is the company?

          It started as a collection agency. You tell me how the company is and if you don't use the words 'slimy' and 'underhanded', you are not using valid verbiage.

        • My experience with them went like this:
          1. They bought my load from some other company (I don't recall which).

          2. They pushed offer after offer to me.

          3. After realizing that I wasn't buying anything, they sold the mortgage on to another bank.

          • "3. After realizing that I wasn't buying anything, they sold the mortgage on to another bank."

            Yeah. Long ago I used to wonder why loan portfolios got bought and sold. I had assumed it was some "high finance/tax" reasons. Then I got bombarded with ads from the new company "and their affiliates" and grew to know The Truth.

  • I remember hanging with him.

  • Understandable (Score:5, Informative)

    by ninjaadmin ( 896197 ) on Thursday November 09, 2023 @07:39PM (#63994553)
    This is probably retaliation for their shitty interface that bombs you with refinance ads even though your current rate is only 2.5%
    • Hackers these days don't do it for glory or revenge. They do it for just one thing: Money. They want to steal, and sell, personal information to the highest bidder.

  • My wife and I had to lock down our credit reports with the bureaus in 2020 when we sold our house and someone tried to use our address as a drop for unemployment benefits and other financial applications. We fortunately had a mail hold we placed the week before the house hit the market so we were able to intercept everything that came in. The state unemployment agency didn't give a damn and just told us to destroy the cards. They didn't even want to know the names of the people who had been compromised.
    • At least our reports are still locked down because these guys couldn't even properly calculate the escrow amount needed to cover taxes so now we have to make up the shortfall over the next year since it took them most of the year to fix the issue.

      That happens to me pretty much EVERY year. Understandable that they can't predict how much the greedy f**ks at the insurance company & county tax bureaus are going to increase their costs. What gets me is that EVEN WHEN I MAKE AN EXTRA PAYMENT FOR THE PROJECTED SHORTFALL, they *still* raise my monthly payment. I wish they'd sell my loan to some other company that actually has a clue.

  • Our mortgage was sold to NationStar, probably the worst mortgage company in existence at the time. Many, many horror stories out there, but we didn't seem to have any trouble with them.

    They decided to rebrand as "Mr. Cooper" and my tagline for them was "The mortgage company so bad we had to rename ourselves."

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