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Residential Mortgage Services will pay $1.5 million in a cybersecurity settlement with New York’s Department of Financial Services, the agency has announced.
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According to a consent order, RMS suffered a data breach but failed to disclose it to the regulator as required under state cyber rules.
RMS generated a record mortgage origination volume of $8.5 billion last year, according to a press release from the company.
Read the full announcement from New York’s Department of Financial Services.
