Multiple state regulatory agencies fine mortgage company over cybersecurity violations

The Conference of State Bank Supervisors (CSBS) announced that 53 state financial regulatory agencies are taking disciplinary action against a mortgage company and its affiliates for deficient cybersecurity practices.

Bạn đang xem: Multiple state regulatory agencies fine mortgage company over cybersecurity violations

The action is against Bayview Asset Management LLC and three of its affiliates, Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings. The action is for both deficient cybersecurity practices and for not fully cooperating with state regulators following a data breach that impacted 5.8 million customers. The Bayview Companies delayed the supervisory process by failing to comply with state requests in a timely and complete manner in the early stages of the examination.

The 53 state agencies hit the company with a $20 million fine. In addition to the monetary penalty, the Bayview Companies agreed to take specified corrective actions, improve cybersecurity programs, undergo independent assessments, and provide three years of additional reporting to the states.

Xem thêm : Average mortgage rate climbs to highest point since July

The multistate effort was led by regulators in California, Maryland, North Carolina, and Washington State.

State financial regulators license and supervise more than 33,000 nonbank financial services companies through the Nationwide Multistate Licensing System (NMLS), including mortgage companies, money services businesses, consumer finance providers, and debt collectors.

Consumers who have questions about the settlement should contact their state financial regulator. Consumers can also visit NMLS Consumer Access to verify that a company is licensed to do business in their state, and they may also view past enforcement actions.