Proposed overtime exemption change hurts mortgage loan originators

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The D.C. Circuit Court of Appeals has vacated the U.S. Department of Labor’s 2010 guidance that stated that most mortgage loan officers are not exempt from minimum wage and overtime compensation under the Fair Labor Standards Act ("FLSA"), leaving the financial services industry unsure of how to classify their 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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The move could affect millions of workers, including mortgage loan originators. Under current labor rules, employers don’t have to provide overtime to exempt workers making more than $23,660 a year, classifying them as salaried. This would apply to lower paid managers, administrators and to sales employees.

Kaplinsky contends that when the CFPB was created, it focused on residential mortgages and issued regulations involving residential mortgage loan origination. Credit Opportunity Act. A consent.

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

The Department of Labor in March proposed a new threshold for overtime eligibility. The proposal leaves untouched standards that have been in place since 2010, which make mortgage loan officers eligible for overtime pay. Currently, certain employees that make at least $455 per week ($23,600 per year) are exempt from overtime pay, which is paid at 1.5 times the employee’s regular rate of pay.

The DOL had not updated the duties or salary tests for many of those exemptions in decades. The "administrative" exemption recently sparked panic in the mortgage lending industry, since the DOL changed its stance and declared that the typical duties of a mortgage loan originator do not qualify those individuals for that exemption.

Texas judge issues injunction, blocking overtime pay law A permanent change in the terms of a loan (either term, interest rate, or both) in response to a borrower’s long-term inability to make payments. standards for the licensing and registration of mortgage loan originators in the SAFE Act was to:. uniform standards for the licensing and.

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