Lakeview Loan Servicing Agrees to $26M Settlement Over 2021 Data Breach Lakeview Loan Servicing LLC, along with affiliates Bayview Asset Management LLC, Pingora Loan Servicing LLC, and Community Loan Servicing LLC, has reached a $26 million settlement to resolve a class action lawsuit stemming from a data breach in October 2021. The incident exposed the personally identifiable information (PII) of up to 5.8 million current and former customers, with plaintiffs alleging the companies failed to implement adequate security measures. Eligibility and Compensation Class members include U.S. residents who received a breach notification from any of the involved companies. California residents at the time of the breach may qualify for additional benefits. Compensation options include: - Out-of-pocket reimbursement: Up to $5,000 for documented expenses related to identity theft, credit freezes, or fraud, with a $5 million cap across all claims. - Pro rata cash payments: A share of remaining settlement funds, with California residents eligible for double the amount. - Credit monitoring: One year of free CyEx Financial Shield Total services. Settlement Fund Allocation The $26 million fund covers: - Up to $8.67 million in attorneys’ fees. - $165,000 in service awards for 22 class representatives. - Administrative costs, credit monitoring, and out-of-pocket claims. Key Deadlines - Claim submission: June 22, 2026. - Opt-out deadline: June 11, 2026. - Final fairness hearing: July 2, 2026. - Payouts: Expected approximately 75 days after court approval. The defendants deny wrongdoing but settled to avoid prolonged litigation. The breach, occurring on October 11, 2021, remains a significant example of financial sector cybersecurity risks.

The Washington State Office of the Attorney General reported on March 18, 2022, that Lakeview Loan Servicing, LLC experienced unauthorized access to its file servers from October 27, 2021, to December 7, 2021, affecting a total of 156,630 Washington residents. The compromised information included names, Social Security numbers, driver's license numbers, financial and banking information, and full dates of birth.