The Supreme Court recently unanimously rejected a challenge to the validity of a 2010 interpretation by the U.S. Department of Labor (the "DOL"), which had concluded that the administrative exemption of the Fair Labor Standards Act ("FLSA") generally does not apply to mortgage-loan officers.
mortgage loan officers Are Not Exempt From Overtime Pay, Declares DOL. The U.S. Department of Labor has declared that mortgage loan officers are not exempt from the minimum wage and overtime requirements of the Fair Labor Standards Act (FLSA). Reversing and withdrawing two prior opinion letters on the subject,
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Mortgage loan officers are eligible for overtime pay, the Supreme Court has determined in a ruling that mortgage industry stakeholders say could impose challenging requirements on lenders. The Supreme Court’s decision does apply to loan officers who deal with reverse mortgages, a Mortgage Bankers Association (MBA) spokesman confirms to RMD.
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Change Your Mind About Mortgage Loan Originators July 08, 2013 Last week, a unanimous panel of the D.C. Circuit Court of Appeals vacated a 2010 Department of Labor Administrator Interpretation (AI) in which the DOL had stated that mortgage loan originators are non-exempt, but instead must be paid minimum
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For more information and to learn how you can change your cookie settings, Department of Labor Proposes New Overtime Salary Thresholds. eligibility for overtime (and minimum wage) to certain previously exempt employees.. Paying overtime compensation to mortgage loan originators can be a.
The U.S. Supreme Court has decided that the federal Department of Labor’s (DOL’s) March 24, 2010, Administrator’s Interpretation that mortgage loan officers typically must be paid as nonexempt employees under the federal fair labor standards Act (FLSA) is enforceable.
the Trump administration appeared to make a change to the definition of “mortgagor,” amending a passage in the National Housing Act to emphasize that it does not apply to “the successors and assigns.