Loan Officer Compensation: Overtime Pay or No Overtime Pay?

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Posted To: MND NewsWire

The Mortgage Bankers Association has filed suit in federal court in an effort to reverse a March 2010 ruling by the Department of Labor (DOL) requiring that loan officers be paid overtime . That DOL Wage and Hour Division Administrators Interpretation reversed a previous opinion that MBA members had been operating under since 2006 that had exempted mortgage loan officers from the overtime provision of the Fair Labor Standards Act (FLSA.) FLSA, which was originally enacted in 1938, requires that employers covered by the statute pay overtime wages to employees who work more than 40 hours per week unless they are specifically exempted. Such an exemption applies to employees operating in a bona fide administrative capacity. The regulations defining FLSA requirements have been periodically revised...(read more)

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Source: www.mortgagenewsdaily.com

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