LoanCare Suffers Major Data Breach: Over 1.3 Million Affected

What You Need to Know

Over 1.3 million individuals had their sensitive personal information potentially exposed in a data breach at LoanCare, LLC, after an unauthorized actor accessed and may have exfiltrated data including names from its parent company, Fidelity National Financial, Inc. on November 19, 2023.

  • Company Name: LoanCare, LLC
  • Date Filed: November 2023
  • Number of People Affected: Over 1,300,000 individuals
  • Data Breached: Name (Other data unspecified)

Who’s Affected & What Data Was Breached

Affected Customers

The data breach at LoanCare, LLC impacted sensitive personal identifiable information belonging to over 1.3 million individuals.

Compromised Data

Sensitive personal identifiable information of LoanCare customers may have been accessed and potentially exfiltrated due to the data breach which occurred on November 19, 2023. However, specific details of the data that was compromised were not provided in the available information.

LoanCare, LLC Data Breach Summary

Background on the Breach Event

In November 2023, a significant data security incident was identified involving LoanCare, LLC. It was discovered that an unauthorized party had potentially gained access to sensitive personal identifiable information belonging to customers of LoanCare.

Breach Discovery and Company Response

LoanCare learned of the breach through its parent company, Fidelity National Financial, Inc. The unauthorized access occurred specifically on November 19, 2023. LoanCare has initiated an investigation to understand the full scope of the breach and started notifying affected individuals.

Information Potentially Exposed

During the incident, sensitive personal identifiable information of LoanCare customers may have been compromised. However, the specific details of the information types that were exposed have not been disclosed publicly.

Notification to Impacted Individuals

LoanCare has begun the process of informing customers whose information might have been involved in the data breach. The notifications are an effort to alert individuals so they can take protective measures against potential identity theft or fraud.

Steps for Affected Individuals

LoanCare has provided recommendations for those who received a notice about the breach. The advised course of action includes reviewing the breach notification letter thoroughly, enrolling in complimentary credit monitoring services if offered, changing online account passwords and security questions, regularly monitoring account statements and credit reports, and setting up a temporary fraud alert with credit bureaus.

Ongoing Developments

The breach investigation is ongoing as LoanCare and its parent company work to ascertain the full impact and implement measures to prevent future incidents. Affected customers are urged to stay vigilant and follow the guided steps to safeguard their personal information.

About LoanCare, LLC

Company Overview

LoanCare, LLC is a prominent financial services firm specializing in servicing solutions for the mortgage industry. Founded in 1983, it has established a strong presence and is now recognized as a top-tier subservicing provider within the United States.

Services Provided

LoanCare offers a diverse set of services that are essential for mortgage lending and servicing. This includes full-service and interim subservicing of loans, dealing with both traditional and special loan situations, as well as facilitating mortgage servicing, recapture, and cross-selling opportunities.

Customer Base

LoanCare’s customer base is comprised mainly of mortgage holders across all 50 states. With the handling of over 1.2 million loans, their clients range from individual homeowners to larger institutions looking for robust servicing of their mortgage portfolios.

Operations and Reach

Operating from its headquarters in Virginia Beach, Virginia, LoanCare administers approximately $390 billion in loan balances. The company’s vast operations necessitate a sizable workforce; hence, it employs over 1,000 individuals to manage its extensive servicing duties.

Role in the Mortgage Ecosystem

By working with various stakeholders in the mortgage industry, LoanCare plays a critical role in managing the lifecycle of mortgage loans. Their services are designed to ease the administrative burden on lenders and to ensure that borrowers receive comprehensive support throughout the tenure of their loans.