Proposed overtime exemption change hurts mortgage loan originators

Other positions that probably don’t fit within the exemption include mortgage loan originators, customer service representatives and insurance adjustors. To fall under the administrative exemption, an employee must have the primary duty of performing office or nonmanual work related to the employer’s management or general business operations.

Co-authored by Noah A. Finkel and Abad Lopez. The demise of bank loan underwriters’ exempt status has been greatly exaggerated-at least according to a recent Sixth Circuit decision upholding the dismissal of a putative collective action against Huntington Bank. The court disagreed with underwriters who alleged that they were improperly classified as exempt and thereby wrongfully denied.

To be considered "exempt" from the Act’s requirements, employees must meet two tests: the Salary Basis Test and the Duties Test. The Act has a number of white collar exemptions from overtime and minimum wage. Changes made to the Act in August 2004 modified these tests, compelling an examination of how to classify and pay mortgage loan officers.

 · Effective December 1, 2016, the standard salary level at which most “white collared” salaried employees are eligible for overtime pay under the Fair labor standards act increases from $23,660 to $47,476.

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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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The United States Supreme Court has upheld an Administrator’s Opinion issued by the United States Department of Labor stating that "typical" mortgage-loan officers are not covered by the Administrative exemption to the FLSA’s overtime requirements. The Supreme Court’s decision in Perez v. Mortg.

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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PHH is a mortgage loan originator and a trader in mortgage loans originated. alleging that PHH had violated the anti-kickback provisions of the Real Estate Settlement Procedures Act (RESPA), 12 U.S.