On Tuesday, the Federal Reserve BoardÂ banned Daniel Brennan, a former executive atÂ Regions Bank,Â from the banking industry for allegedly paying one Regionsâ€™ loan processors to approve mortgages that did not meet Regionsâ€™ lending standards.
The ban was the result of Brennanâ€™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, Brennanâ€™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 LoansÂ as a sales manager in September 2016, just after leaving Regions Bank.
In a statement provided in response to questions about Brennanâ€™s employment at Caliber, the company confirmed that Brennan was indeed employed there, but said that he doesnâ€™t work at Caliber anymore.
According to the company, Brennanâ€™s employment at Caliber ended Tuesday.
â€œAt Caliber Home Loans we are committed to ethical behavior, transparency and helping consumers at all stages of homeownership,â€� the company said in a statement provided to HousingWire. â€œThe 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.â€�
The brief statement from the Fed stated that Brennan wrote a series of personal checks â€“ totaling just over $20,000 â€“ to a Regions loan processor, who then processed and approved loans â€œin violation of Regionsâ€™ policies.â€�
The Fed investigation found that Brennan â€œengaged in improper practices regarding residential mortgage origination,â€� and â€œengaged in unsafe and unsound practices, or breached his fiduciary duties to Regions Bank.â€�
Due to Brennanâ€™s actions, the Fed prohibited him from participating in the banking industry, and Caliber terminated his employment.
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