Cornerstone Home Lending Files Notice of Data Breach After Cybersecurity Incident at Third-Party Vendor

Console and Associates, P.C.

On April 3, 2023, Cornerstone Home Lending (“Cornerstone”), a division of Cornerstone Capital Bank, filed a notice of data breach with the Montana Attorney General’s Office after the company learned of a network security incident resulting in unauthorized actors being able to access confidential consumer data that was provided to Cornerstone. Based on the company’s official filing, the incident resulted in an unauthorized party gaining access to consumers’ names, addresses, loan numbers, and bank account information. After confirming that consumer data was leaked, Cornerstone began sending out data breach notification letters to all individuals who were impacted by the recent data security incident.

If you received a data breach notification from Cornerstone Home Lending, it is essential you understand what is at risk and what you can do about it. As we’ve discussed previously, data breaches such as this one put your sensitive information in the hands of bad actors who can use your stolen information to commit identity theft or other types of fraud. However, there are steps you can take to reduce your risk, and depending on the outcome of the pending investigation, you may also be able to pursue a data breach lawsuit against a company that leaks your information. To learn more about how to protect yourself from becoming a victim of fraud or identity theft and what your legal options are in the wake of the Cornerstone Home Lending data breach, please see our recent piece on the topic here.

What We Know So Far About the Cornerstone Home Lending Breach

News of the Cornerstone Home Lending data breach is still fresh; however, what we know at this point comes from the company’s filing with the Montana Attorney General. According to this source, on February 1, 2023, Cornerstone was notified that one of the company’s vendors had experienced a data security incident. Evidently, the vendor conducted an investigation into the incident, confirming that information belonging to certain Cornerstone patients was accessible to an unauthorized party as a result.

Upon discovering that sensitive consumer data was made available to an unauthorized party, Cornerstone Home Lending began its own review of the affected files to determine what information was compromised and which consumers were impacted. While the breached information varies depending on the individual, it may include your name, address, loan number, and bank account information.

On April 3, 2023, Cornerstone Home Lending sent out data breach letters to all individuals whose information was compromised as a result of the recent data security incident.

More Information About Cornerstone Home Lending

Founded in 1988, Cornerstone Home Lending is a consumer mortgage company based in Houston, Texas and is a division of Cornerstone Capital Bank. Cornerstone Capital Bank is a Texas-based financial institution. Cornerstone Home Lending offers homeowners a variety of loan products, including residential mortgages, FHA loans, VA loans, jumbo loans and investment property loans. Cornerstone has more than 100 locations in 18 states across the country. Cornerstone Home Lending employs more than 1,950 people and generates approximately $2.4 billion in annual revenue.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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