Bayview Hit With $20 Million Fine for 2021 Mortgage Data Breach

The country’s largest nonbank mortgage servicer will pay $20 million to more than 50 state regulatory agencies over a 2021 data breach that affected 5.8 million customers.

Bayview Asset Management LLC and three affiliates—Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings—will also have to update their cybersecurity programs to comply with both federal requirements and a New York Department of Financial Services regulation last updated in 2023 under the Wednesday settlement, the Conference of State Bank Supervisors said.

Bayview and its affiliates didn’t fully cooperate with an investigation into the data breach by state regulators, the CSBS said.

“The ...