AWACSMortgage compliance intelligence from Flightline

CSBS · Press Release State Regulators Levy $20 Million Penalty on Nation’s Largest Nonbank Mortgage Servicing Company · Published

State Regulators Levy $20 Million Penalty on Bayview Companies for Cybersecurity Deficiencies

Fifty-three state financial regulatory agencies took coordinated enforcement action against Bayview Asset Management LLC and three affiliates, imposing a $20 million fine for deficient cybersecurity practices and incomplete cooperation with regulators after a data breach affecting 5.8 million customers. The companies agreed to corrective actions, cybersecurity program improvements, independent…

InformationalNo effective date statedChecks passed· adjusted automaticallyRead the release ↗ (opens in a new tab)

Key figures

From the source
$20 million Civil monetary penalty5,800,000 Customers impacted by data breach53 State regulatory agencies participating

Loan impact

From the release text · verified

Applies to: Enforcement action against Bayview Asset Management LLC, Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings; no new requirements for other lenders or servicers.

Affected area
Enforcement
Applicability confidence
Verified: every row above is supported by the source text
Supporting quotes from the release
  • affected areas“The $20 million fine and corrective plan underscore the importance of meeting state requirements to protect consumer data and complying with state supervisory demands.”

What to do

AWACS interpretation · not source language

What to review: This is an enforcement press release with no mandatory changes and no new requirements for other lenders or servicers, so read it as informational: it applies to Bayview Asset Management LLC, Lakeview Loan Servicing, Community Loan Servicing and Pingora Holdings, and it underscores the importance of meeting state requirements to protect consumer data and complying with state supervisory demands.

Source and record

Version 1 · archived

Checks passed

  • Schema valid
  • Effective quotes verbatim
  • Document ID appears in the source
  • Doc id matches catalog
  • Mandatory status is backed by requirement language
  • Mandatory entries have requirement language
  • Published on present
  • Controlled vocabulary
  • No placeholder tokens
  • Source link resolves
  • Loan impact quotes verbatim
  • Loan impact vocabulary
  • Changes quoted
  • Impact type consistent
  • Every required change is backed by obligation language
  • Only new or tightened changes are marked required
  • Loan impact covers every required change
  • Quotes are complete sentences
  • Unflagged must
  • Diff complete
  • Mandatory date resolved
  • Audience verbatim
  • Scope residential
  • Out of scope
  • Published in window
  • Interpretation schema valid
  • Interpretation separate

Adjusted automatically

  • Title or summary shortened