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Lawsky's DFS office looking into Ellie Mae attack

Wants to measure cost of attack on consumers, clients

cyber attack
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The New York Department of Financial Services is surveying members of the mortgage broker and banking community it regulates to determine what, if any, impact the March 31-April 1 cyber attacks had on Ellie Mae (ELLI).

A spokesman at the NY DFS couldn’t comment for the record, but told HousingWire that they are surveying mortgage brokers and bankers to see if and to what extent they were affected by the shutdown of Ellie Mae’s loan origination software platform.

Ellie Mae’s Encompass360 platform currently services 20% of all residential mortgages in the United States, and 90,000 mortgage professionals use the Ellie Mae technology to originate and fund loans.

The spokesman said DFS officials want to quantify the costs of those attacks in terms of how they affected customers and clients. They also want to determine what, if any, costs associated with those attacks might be passed through to consumers.

On March 31 and April 1, Ellie Mae's software could not close mortgages during the outage. Some suggest it was a cyberterrorist attack, but authorities have not speculated on the motivation of the attackers.

Ellie Mae said it took actions to isolate the suspicious activity and prevent future unwarranted access. There is no evidence of any data breach and the company confirmed that client data and personal borrower data remain secure.

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