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

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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.

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Topics:  Advisory Opinions, DOL, Mortgage Loan Originators, Statutory Interpretation, Unpaid Overtime

Published In: Finance & Banking Updates, Labor & Employment Updates, Residential Real Estate Updates

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.

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