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Mortgage

Former Regions Bank exec banned from FDIC-insured banks for skirting mortgage rules

UPDATED: Daniel Brennan accused of violating Regions policies

[Update 1: Daniel Brennan is no longer employed at Caliber Home Loans. See link below for the full details.]

[Update 2: Lead sentence reworded for clarification.]

The Federal Reserve Board announced Tuesday that it is banning a former executive at Regions Bank from working at FDIC-insured banks for allegedly giving personal checks to one of the bank’s loan processors in violation of Regions’ policies.

According to the Fed, Daniel Brennan was employed by Regions as a mortgage production manager and vice president of the bank between June 30, 2009 and June 1, 2016.

During that time, Brennan allegedly wrote a series of personal checks – totaling $20,195 – to a Regions loan processor, “in violation of Regions' policies,” the Fed said.

An 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.”

Therefore, the Fed is prohibiting Brennan from working at FDIC-insured banks.

The Fed’s related consent order does not provide any additional detail on what specifically led to Brennan’s banishment or how long his banishment is scheduled to last.

While the Fed banned Brennan from working at FDIC-insured banks on Tuesday morning, Brennan still appeared to be employed within the business, at least as of Tuesday evening.

A review of Brennan’s identification page with the Nationwide Multistate Licensing System shows that Brennan is no longer employed by Regions Bank but is still working within the mortgage business.

According to Brennan’s NMLS page (confirmed by matching the NMLS ID# listed on Brennan’s Regions Bank profile to the NMLS database), Brennan left Regions Bank in September 2016 and began working at Caliber Home Loans as a sales manager in the same month.

An article published in the Miami Herald on Nov. 21, 2016 also shows that someone named “Dan Brennan” joined nonbank Caliber Home Loans as a sales manager in the Coral Gables, Florida area. The article states that that Brennan joined Caliber from Regions, where he was a production manager.

On Wednesday, Caliber confirmed that Brennan was indeed employed there, but said in a statement that he doesn’t work at Caliber anymore.

According to the company, Brennan’s employment at Caliber ended Tuesday. For the full story, click here.

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