RELEASE: State joins $20 million multistate settlement against Bayview Asset Management
FOR IMMEDIATE RELEASE
January 9, 2025
Contact: Andrea Brown
andrea.brown@rld.nm.gov
State joins $20 million multistate settlement against Bayview Asset Management
Settlement comes after mortgage company failed to comply with regulators after data breach
SANTA FE — This week, the New Mexico Financial Institutions Division and financial regulatory agencies from 52 other U.S. jurisdictions announced they have taken coordinated action against mortgage company Bayview Asset Management LLC and three of its affiliates for deficient cybersecurity practices and failing to comply with their examination authority following a data breach that impacted 5.8 million customers.
Bayview Asset Management LLC is known as the Bayview Companies and is comprised of:
Lakeview Loan Servicing
Community Loan Servicing
Pingora Holdings
The $20 million settlement and corrective plan is the first collective multistate enforcement action by state regulators for a mortgage company data breach. The enforcement action underscores the importance of meeting state requirements to protect consumer data and complying with state supervisory demands.
“In the wake of a data breach, it is vital that companies collaborate closely with state regulators to ensure transparency, accountability, and swift action. By working together, we can better safeguard consumer trust and strengthen protections against future threats,” said New Mexico Financial Institutions Division Director Mark Sadowski.
State regulators in California, Maryland, North Carolina, and Washington led the multistate effort, which found that Bayview Companies’ information technology and cybersecurity practices did not meet federal or state requirements. Furthermore, the Bayview Companies delayed the supervisory process by failing to comply with state requests in a timely and complete manner in the early stages of the examination.
In addition to the monetary penalty, the Bayview Companies have agreed to take specified corrective actions, improve cybersecurity programs, undergo independent assessments, and provide three years of additional reporting to the states.
State financial regulators license and supervise more than 33,000 nonbank financial services companies through the Nationwide Multistate Licensing System (NMLS), including mortgage companies, money services businesses, consumer finance providers, and debt collectors.
New Mexico residents who have questions about the settlement should contact the New Mexico Financial Institutions Division at 505-476-4885 or online at www.rld.nm.gov/financial-institutions . Residents can also visit NMLS Consumer Access to verify that a company is licensed to do business in New Mexico, and they may also view past enforcement actions.
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ABOUT NMRLD:
The New Mexico Regulation and Licensing Department regulates more than 400,000 individuals and businesses in 35 industries, professions, and trades across the state. Its goal is to assure that New Mexicans receive quality services from qualified individuals and businesses while also ensuring a fair and prompt administrative process.
Andrea Brown | Communications Director
Office of the Superintendent
5500 San Antonio Dr NE | Albuquerque, NM 87109
Andrea.Brown@rld.nm.gov | www.rld.nm.gov
(505) 819-1822
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