Idaho Joins $20 Million Multistate Data Breach Settlement with Nation’s Largest Nonbank Mortgage Servicing Company

Wednesday January 8, 2025

The Idaho Department of Finance and 52 state financial regulatory agencies have taken coordinated action against mortgage company Bayview Asset Management LLC, and three of its affiliates, Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings (collectively the Bayview Companies), for deficient cybersecurity practices and failing to comply with their examination authority following a data breach that impacted 5.8 million customers.

The $20 million settlement and corrective plan is the first collective multistate enforcement action by state regulators for a mortgage company data breach.  The enforcement action underscores the importance of meeting state requirements to protect consumer data and complying with state supervisory demands.

View full press release.