Bulletin: SLS2023016

Dear Associates:

Stewart Title Guaranty Company has been made aware of a cyber security incident involving lender and servicer Mr. Cooper. Through various outlets including its website (https://incident.mrcooperinfo.com/), Mr. Cooper has confirmed the cyber-attack. However, the information regarding scope, impact, and remedy from Mr. Cooper has been limited. Most importantly, Mr. Cooper has stated that it cannot process payments (and therefore mortgage payoffs) until the issue is resolved.

Effective immediately:

A. Payoffs to Mr. Cooper.

For transactions involving payoff of a loan where Mr. Cooper is the payee, servicer, or lender:

1. If the payoff letter from Mr. Cooper was received by you on or before October 30, 2023, you may rely on the payoff letter and send your payoff check (via overnight delivery) as instructed in the payoff letter. Prior payoff letters from Mr. Cooper require payment by cashier’s check. Payoffs should not be made by wire, even if the instructions permit or require a wire. Review all instructions carefully.
   
   Please continue to follow up regarding receipt of the appropriate release/satisfaction.
2. If you do not have a payoff letter from Mr. Cooper received by you on or before October 30, 2023, you should not close the transaction without approval from a Stewart Title Guaranty Company underwriter.

B. New loans where Mr. Cooper is the new lender.

For transactions where Mr. Cooper is the new insured lender, you may close the transaction if you have received closing instructions and loan proceeds from Mr. Cooper authorizing you to close, fund, and record the mortgage.

Additional guidance will be issued as more information is obtained.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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