Mortgage

Title corporations step in to assist victims of the Cloudstar ransomware assault. Fannie Mae expects decrease rates of interest to spice up mortgage lending in 2H and extra of the highest information of the week

Companies across the mortgage settlement spectrum are pulling together to help Cloudstar customers get back up and running after a ransomware attack that crippled one of its largest providers.

Cloudstar, which acts as a container for the data generated by the title production software, was shut down by the attack on July 16. It is unknown how many closings could be affected, however, according to information on the American Land Title Association website, Cloudstar has six data centers in the US with more than 42,000 users.

"We hired outside experts to help us with our recovery efforts and we also informed law enforcement agencies," said a Cloudstar spokesman. "Due to the nature of this attack, our systems are currently inaccessible and although we are working 24/7, we do not have a definitive recovery schedule."

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