Proposed overtime exemption change hurts mortgage loan originators

Section 13(a)(1) of the Fair Labor Standards Act permits exemption of employers of. old), Fleming announced a hearing on proposed changes to the regulation.. In his review of the evidence, Stein took pains to distinguish between the.. and therefore the mortgage industry "has long held that loan officers are exempt.

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It’s about to get much easier for mortgage loan originators to switch jobs and continue originating mortgages without any license-related delays.. Proposed overtime exemption change hurts.

Several large retail mortgage. overtime. Today most call center lenders pay their loan officers minimum wage and calculate overtime based on the total compensation paid (minimum wage and.

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Department of Labor Proposes New Overtime Salary Thresholds. recharacterization of the originators as exempt or nonexempt was necessary. Paying overtime compensation to mortgage loan originators can be a complex and difficult task.. mortgage lending industry, since the DOL changed its stance and declared that.

In a unanimous decision, the U.S. Supreme Court held in the Perez case that the U.S. DOL could change its mind about whether mortgage loan officers are entitled to overtime pay [under the administrative exemption of the federal fair labor standards act (flsa)].

The Mortgage Bankers Association (MBA) will present its case against the Department of Labor (DOL) to the Supreme Court. The MBA seeks to vacate and set aside the dols 2010 administrative interpretation (2010 AI) which has established mortgage loan officers are entitled to overtime pay.

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Brian Jones. Doesn’t mean you have to work the overtime, but you can claim it on the time sheet. If you have a big month and knock down 10 hours or so of overtime per week, that is a substantial paycheck as the hourly rate for overtime can be pretty large. You could be looking at overtime pay at $100 to $150 an hour.

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Freedom Mortgage Corporation is a national, full service mortgage banker with retail, wholesale, correspondent and commercial origination and servicing operations, originating in all 50 states.

"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).

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