The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

Politics & MoneyMortgageReal Estate

Equifax agrees to pay up to $700 million for data breach

Credit reporting agency settles federal and state probes into 2017 mega-hack

Equifax, one of the nation’s top three credit reporting agencies, agreed to pay up to $700 million to settle federal and state investigations into the 2017 hack that exposed Social Security numbers and other personal data of almost half the population of the U.S.

“Companies that profit from personal information have an extra responsibility to protect and secure that data,” Federal Trade Commission Chairman Joe Simons said in a statement. “Equifax failed to take basic steps that may have prevented the breach.”

The settlement requires Equifax to pay at least $575 million that includes $300 million for credit monitoring services, $175 million to states and $100 million in penalties to the Consumer Financial Protection Bureau. Another $125 million could be added to that if the initial amount is not enough to cover consumers' losses, bringing the total potential tab to up to $700 million.

Regulators accused Equifax of failing to patch a known security flaw that enabled hackers to swipe about 147 million names and dates of birth, 145.5 million Social Security numbers and 209,000 payment card numbers and expiration dates in 2017. It was one of the largest data breaches in U.S. history.

The FTC also said Equifax stored Social Security numbers and other consumer data in plain text files, which makes them more vulnerable to criminal activity. As part of the deal, Equifax agreed to meet a set standard for security systems and protocols.

"This comprehensive settlement is a positive step for U.S. consumers and Equifax as we move forward from the 2017 cybersecurity incident and focus on our transformation investments in technology and security as a leading data, analytics, and technology company," Equifax CEO Mark W. Begor said in a statement. 

Equifax said in May it had set aside $690 million in the first quarter to cover losses from the data breach. Begor said then that the company expects those funds to go toward losses connected with a “potential global resolution of the consumer class-action cases and the investigations by certain federal and state regulators.” According to the company, that amount did not include the company’s legal and professional services expenses.

The settlement will make available a total of $425 million for the time and money consumers spent to protect themselves from potential threats of identity theft, as well as losses stemming from identity theft, CFPB Director Kathleen Kraninger said in a statement. 

“We encourage consumers impacted by the breach to submit their claims in order to receive free credit monitoring or cash reimbursements,” she said.

Information on submitting claims, including payment of $25 an hour for up to 20 hours consumers may have spent dealing with the breach, can be found at To check your eligibility, click here. To file a claim, click here.

The FTC also set up a "whistleblower" email address for Equifax employees to report violations of the agreement:

The regulator said it "encourages Equifax employees who believe the company is failing to adhere to its data security promise to email the FTC."

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

William Raveis ain’t no stinkin’ iBuyer

Like others, resi brokerage & lender William Raveis is happy to buy your home. But its new program doesn’t mean it’s an iBuyer.

Apr 09, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please