LoanDepot Details

LoanDepot

Irvine, California • 10000 employees • Financial Services

United States

Industry

Financial Services

Security Incidents

loanDepot, Inc. is a nonbank holding company that focuses primarily on mortgage and non-mortgage lending products. Founded in 2010 by Anthony Hsieh, the company's primary purpose is to provide home purchase and refinance loans, personal loans, and home equity products. loanDepot differentiates itself through a strong digital presence and tech-enabled lending processes, intending to make loan applications more accessible and efficient for consumers.

Notable milestones for loanDepot include its rapid growth, making it one of the largest nonbank mortgage lenders in the United States. In 2021, th...
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Security Incidents

LoanDepot Breach of Jan 2024

Severity Score

High

Type

Ransomware Attack

Summary

In early January 2024, LoanDepot experienced a ransomware attack that led to the encryption of data, prompting the company to take certain systems offline. In the ensuing weeks, they disclosed that the data of over 16 million individuals might have been compromised. The compromised data included personal information such as names, addresses, email addresses, phone numbers, dates of birth, Social Security numbers, and financial account numbers.

LoanDepot's latest financial statements report nearly $27 million in related expenses. This figure includes costs for investigating and remediating the...
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Severity

The recent cyber security incident resulted in the potential compromise of personally identifiable information for over 16 million individuals, including highly sensitive data like Social Security numbers and financial account details. The financial toll on LoanDepot was substantial, with nearly $27 million already spent on investigation, remediation, and various legal fees, alongside an additional $25 million earmarked for class action litigation, showing significant long-term financial implications.

Although no source code or proprietary intellectual property was stolen, the severity of th...
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Impact

This attack resulted in the potential compromise of personally identifiable information (PII) for over 16 million individuals, including names, addresses, email addresses, phone numbers, dates of birth, Social Security numbers, and financial account details.

The financial toll on LoanDepot was substantial, with nearly $27 million in expenses related to investigation, remediation, customer notifications, identity protection services, legal and professional fees, and litigation settlements. Additionally, the company has earmarked $25 million for class action litigation linked to the incident, h...
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