Presently, the issue of overtime pay for mortgage loan originators is in limbo. What appears clear is that the DOL will likely continue to pursue a position similar to the 2010 Interpretation.
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The DOL had not updated the duties or salary tests for many of those exemptions in decades. The "administrative" exemption recently sparked panic in the mortgage lending industry, since the DOL changed its stance and declared that the typical duties of a mortgage loan originator do not qualify those individuals for that exemption.
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A new U.S. Department of Labor rule that goes into effect later this year could mean more overtime pay for some salaried workers. But Rep. Mia Love, R-Utah, said Monday that the new rule is a slap.
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In 2006, the Wage & Hour Division issued an opinion letter approving the mortgage industry practice of classifying mortgage loan officers as exempt from the FLSA’s minimum wage and overtime requirements under the administrative exemption.
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Supreme Court: Mortgage Loan Officers Must Be Paid For Overtime Thursday, March 12, 2015 Banks and other mortgage lenders now have clarity on an issue that has caused considerable uncertainty for.
The move could affect millions of workers, including mortgage loan originators. Under current labor rules, employers don’t have to provide overtime to exempt workers making more than $23,660 a year, classifying them as salaried. This would apply to lower paid managers, administrators and to sales employees.
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Mortgage lenders had relied on previous guidance that those originators were exempt, but then had to analyze their originators’ duties to determine whether recharacterization of the originators as exempt or nonexempt was necessary. Paying overtime compensation to mortgage loan originators can be a complex and difficult task.
The Mortgage Bankers Association (MBA) reacted quickly to the publication yesterday of proposed rules governing Qualified Residential Mortgages (QRMs), the mortgages which will be exempt from the..
"Loan officers" in the residential mortgage banking industry do not qualify under the administrative exemption as exempt from the minimum wage and overtime requirements of the Fair Labor Standards Act (FLSA), according to an "Administrator’s Interpretation" issued on Wednesday, March 24, 2010 by the U.S. Department of Labor, Wage and Hour Division (DOL).