LoanDepot Reports Massive Data Breach, 16.6 Million Consumers’ Information Compromised

In a recent development, LoanDepot, a prominent retail mortgage lender based in Foothill Ranch, California, filed a notice of a data breach with the Securities and Exchange Commission on January 22, 2024. The company revealed that a cyberattack had occurred, allowing unauthorized access to its IT network.

Following a thorough investigation, LoanDepot commenced the notification process, sending out letters to all individuals whose sensitive information was compromised in the breach. The incident, which began on January 8, 2024, prompted LoanDepot to take its systems offline to minimize the impact and secure confidential data.

As of the latest update on January 22, 2024, certain systems remain offline as the company grapples with the aftermath of the cyberattack. The breach affected 16.6 million consumers, and although the leaked data types are undisclosed in the SEC filing, LoanDepot assures affected individuals of notifications and offers free credit monitoring services.

Founded in 2010, LoanDepot, Inc. is the fifth-largest retail mortgage lender and the second-largest nonbank retail originator in the United States, serving over 27,000 customers monthly. The company provides various mortgage options, including adjustable-rate mortgages, fixed-rate mortgages, FHA loans, jumbo loans, VA loans, and 203k loans, employing more than 6,000 people and generating approximately $698 million in annual revenue.

Consumers impacted by the data breach are advised to stay vigilant, and a data breach lawyer can provide assistance in understanding the risks and exploring legal options to prevent fraud or identity theft. LoanDepot maintains a dedicated webpage to keep consumers informed about the ongoing investigation and the progress in restoring its systems.

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