Proposed overtime exemption change hurts mortgage loan originators

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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Supreme Court: Mortgage Loan Officers Must Be Paid For Overtime Thursday, March 12, 2015 Banks and other mortgage lenders now have clarity on an issue that has caused considerable uncertainty for.

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.

As expected, this decision caused the mortgage industry to collectively reel in pain, as it has been. unless the [federal] overtime exemptions are explicitly broadened to cover mortgage loan.

“The financial markets will be skewed in favor of financial institutions rather than consumers,” if the proposed changes. could be hurt because the deduction for state and local taxes will be.

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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.

By Mary M. Krakow. This article first appeared in the July 2015 issue of the Minnesota Bankers Association’s monthly newsletter. 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.

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Change will come about when people don’t need what the government is offering. The solution is to help Americans hang on to more of the money that comes to them and the good news is that mortgage.

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Sixth Circuit Confirms Exempt Status of Mortgage Loan Originators.. Quicken had not paid overtime, relying on the administrative exemption from the overtime requirements of the FLSA.