Mortgage Events This Week

[Caroline Gerardo]

Couple things in mortgage news:

NPR ran a story this week about #veterans not getting the forbearance promises made and they are in foreclosure.

Eight days later the VA halted, stopped foreclosures for #VA loans until May 2024 to get this fixed.

https://cgbarbeau.blogspot.com/2023/11/va-stops-foreclosures...

Mr Cooper now seeing class action lawsuits from not having adequate security measures.

Mr. Cooper, a mortgage loan servicer with over four million customers, was the victim of a cyberattack on October 31, 2023. The attack compromised customer data and caused service disruptions. Hackers were able to access certain systems, which Mr. Cooper shut down. The company is sending notices to affected customers and offering free credit monitoring. Customers have filed class-action lawsuits against Mr. Cooper, accusing the company of negligence and breach of contract. The full impact of the attack will depend on the length of the disruptions, the magnitude of the breach, and potential reputational damage.