Regions Subpoenaed by HUD OIG

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MORTGAGE EXPERT
11 · 06 · 13

A subpoena has been received by Regions Financial Corp. The company’s mortgage practices on conventional and government-insured loans are being investigated.

Regions recently received a subpoena from the Office of Inspector General of the Department of Housing and Urban Development.

The Birmingham, Ala.-based financial institution said that the subpoena from the HUD OIG relates to its mortgage-related practices.

The action was disclosed in its Form 10-Q with the Securities and Exchange Commission.

According to the filing, the mortgage practices that are being investigated include those on loans insured by the Federal Housing Administration.

Regions said it is cooperating with the inquiry.

“While the final outcome of litigation and claims exposures or of any inquiries is inherently unpredictable, management is currently of the opinion that the outcome of pending and threatened litigation and Inquiries will not have a material effect on Regions’ business, consolidated financial position, results of operations or cash flows as a whole,” the SEC filing stated.

The filing indicated that Region’s third-party mortgage servicing portfolio was $28.234 billion as of Sept. 30.

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