Hot off the press: LoanDepot’s cyberattack, still ongoing, in Fintech Nexus Newsletter

This year has not started well for LoanDepot. The mortgage lender suffered a cyber attack two weeks ago that shut down critical systems, and the incident is ongoing. In addition to system outages, it has been revealed that the personal information of 16.6 million people has been compromised. The breach has affected customers’ ability to process loan payments or apply for new loans. The attack comes at a challenging time for the mortgage lending industry, which has already faced difficulties due to rising interest rates and a decline in refinancing and new home loans.