Proposed overtime exemption change hurts mortgage loan originators

New federal overtime rules for salary employees In Casas, loan originators asserted they were entitled to overtime compensation from the defendants under the FLSA, requiring the court to decide whether the plaintiffs were exempt from FLSA overtime pay provisions. The court found that because "Conseco’s primary business purpose [was] to design, create and sell home lending products," the mortgage loan officers’ primary duty was to sell those lending products on a day-to-day basis, not " ‘the running of [the] business [itself.

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IN THE MIDST OF A RECORD YEAR FOR ORIGINATIONS, worrying about whether originators are getting paid sufficiently for their overtime strikes one. organizations that support the changes. Others.

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In a unanimous decision, the U.S. Supreme Court held in the Perez case that the U.S. DOL could change its mind about whether mortgage loan officers are entitled to overtime pay [under the administrative exemption of the federal Fair Labor Standards Act (FLSA)].

Topics addressed by the questions include the shopping process, factors regarding the consumer’s selection of the mortgage lender and mortgage loan, the application process, satisfaction with the.

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If tomorrow’s jobs data is much stronger than expected, the pain will only continue. looks like the time to act on doing a loan is NOW, not in a week or two!" -Ted Rood, Senior Originator, Wintrust.

The general rule is that employers must pay employees for overtime hours, unless the employee is "exempt" from overtime. The United States Department of Labor ("DOL"), which regulates overtime compensation allows an exemption for loan officers, but only if the employer pays the loan officer a salary of $455.00 or more each week.

risks related to recent and proposed changes in the mortgage banking industry, including the risk that we may be required to repurchase mortgage loans sold to third parties and the impact of the.

In its opinion, the Court also recognized that the flsa protects employers who relied on the 2006 opinion and chose not to pay their loan officers overtime. What all of this means is, all mortgage loan officers and similar employees should be immediately re-classified as non-exempt and employers should make provisions to pay them for overtime.