DC Circuit Invalidates U.S. Department of Labor Interpretation Regarding Mortgage Loan Officer Eligibility for Overtime Pay

more+
less-

In recent years, financial companies have faced uncertainty over wage requirements for mortgage loan officers because the U.S. Department of Labor has taken inconsistent positions on whether they are eligible for overtime pay.

The DOL initially issued an opinion letter on September 8, 2006, stating that loan officers typically qualify as exempt from overtime pay under the administrative exemption. After a change of administrations, the DOL reversed itself on March 24, 2010, and issued an administrator’s interpretation withdrawing its 2006 opinion and stating oppositely that loan officers typically do not qualify for that exemption.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Buchalter Nemer | Attorney Advertising

Written by:

more+
less-

Buchalter Nemer on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×