Mr. Cooper, the largest mortgage lending servicer in the United States, recently experienced a significant cybersecurity breach, forcing the company to suspend certain IT systems, including its online payment portal.

News of the cyberattack has caught many customers off guard when they attempted to access the platform to pay their mortgages.

Some customers, who have set up automatic payments, may still be unaware of the situation. Additionally, there are likely others who are not familiar with the fact that Mr. Cooper is the entity managing their mortgage services.

Zach Kwakenat, Vice President of Mortgage Lending for Guaranteed Rate Affinity, explained, “When you’re paying off your mortgage, in most cases, that loan is going to be bought or sold to a servicer, like Mr. Cooper. Mr. Cooper is actually the largest servicer of mortgage loans across the country.”

On Thursday, Mr. Cooper provided an update on the situation, stating that on October 31, 2023, they determined that a cybersecurity incident had occurred. An unauthorized third party had accessed some of their technology systems. In response, the company initiated protocols to protect their systems and data, including shutting down certain systems as a precaution. The company emphasized their commitment to data privacy and mentioned that they have engaged leading cybersecurity experts and informed law enforcement.

Mr. Cooper assured that the incident appeared to be limited to their own systems and technology and did not impact any client or partner systems. Furthermore, they guaranteed that customers who have attempted or need to make payments will not face fees, penalties, or negative credit reporting due to the issue.

However, some customers may be unaware of these updates as certain internet browsers have blocked access to the information, flagging the connection to the site as potentially insecure.

Jacqueline Olson, Assistant Commissioner of Enforcement for the Minnesota Commerce Department, advises concerned consumers to reach out for guidance. “If consumers do have concerns or they don’t know what to do, they can certainly call the Department of Commerce,” she said.

Mic drop