Proposed overtime exemption change hurts mortgage loan originators

The Supreme Court Decides: The DOL’s Interpretation Regarding Pay for Mortgage Loan Officers Is Enforceable. The 2010 Administrator’s Interpretation withdrew and reversed the DOL’s earlier 2006 Opinion Letter establishing the DOL’s position at that time that mortgage (and other) loan officers typically were properly paid as "administrative exempt" employees, not subject to the timekeeping, minimum wage and overtime requirements of nonexempt employees.

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The 2006 opinion letter interpreted DOL’s own regulations and concluded that typical loan officers were exempt from Fair Labor Standards Act (FLSA) requirements for overtime. the Community Mortgage.

Additionally, the CFPB clarifies the nature of the small servicer exemption and proposes technical revisions to the exemption. The proposed changes. mortgage broker can work as a real estate agent..

Factors that might cause such differences include, but are not limited to: the ability of the Company, the Bank, MVB Mortgage, and MVB Insurance to successfully execute business plans, manage risks,

The effect of this ruling is the immediate removal of any remaining doubt: mortgage loan originators are not exempt from provisions of the FLSA, and their employers must comply with applicable requirements established for certain sales employees, including the payment of minimum wage and overtime compensation.

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 · Currently, salaried employees making more than $23,660 annually are exempt from the DOL requirement that employers pay time-and-a-half for each hour over 40 hours weekly. The final rule, with several key changes to the proposed rule, will extend overtime pay protections to over 40 million American workers.

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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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Proposed overtime exemption change hurts mortgage loan originators. Labor’s 2010 guidance that stated that most mortgage loan officers are not exempt from minimum wage and overtime compensation under the Fair Labor Standards Act ("FLSA"), leaving the financial services industry unsure of.