Caliber Home Loans fires mortgage exec after Fed banned banker from industry – HousingWire


On Tuesday, the Federal Reserve Board banned Daniel Brennan, a former executive at Regions Bank, from the banking industry for allegedly paying one Regions’ loan processors to approve mortgages that did not meet Regions’ lending standards.

The ban was the result of Brennan’s alleged conduct while he was employed by Regions as a mortgage production manager and vice president of the bank between June 30, 2009 and June 1, 2016.

As HousingWire reported Tuesday, Brennan’s employment at Regions ended in 2016, but HousingWire can now confirm that Brennan continued to work in the mortgage business, albeit for a different company, until news of his Fed banishment broke on Tuesday.

A HousingWire investigation revealed that Brennan began working at Caliber Home Loans as a sales manager in September 2016, just after leaving Regions Bank.

In a statement provided in response to questions about Brennan’s employment at Caliber, the company confirmed that Brennan was indeed employed there, but said that he doesn’t work at Caliber anymore.

According to the company, Brennan’s employment at Caliber ended Tuesday.

“At Caliber Home Loans we are committed to ethical behavior, transparency and helping consumers at all stages of homeownership,� the company said in a statement provided to HousingWire. “The actions of Mr. Brennan violated company disclosure requirements and what Caliber Home Loans stands for and he is no longer employed at Caliber Home Loans.�

The brief statement from the Fed stated that Brennan wrote a series of personal checks – totaling just over $20,000 – to a Regions loan processor, who then processed and approved loans “in violation of Regions’ policies.�

The Fed investigation found that Brennan “engaged in improper practices regarding residential mortgage origination,� and “engaged in unsafe and unsound practices, or breached his fiduciary duties to Regions Bank.�

Due to Brennan’s actions, the Fed prohibited him from participating in the banking industry, and Caliber terminated his employment.

Enjoyed Post? Give it a share..



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *