We know that many of you are aware of the U.S. Supreme Court's decision in Perez v. Mortgage Bankers Association. The Court held that the U.S. Department of Labor was not required to follow notice and comment procedures in reversing its interpretation of whether mortgage loan officers are exempt employees under the administrative employee exemption of the Fair Labor Standards Act (FLSA).

That ruling does not necessarily mean, however, that mortgage loan officers may not be exempt from the overtime pay provisions of the FLSA in other circumstances. Indeed, several recent federal court cases in Virginia outline a different exemption that may be available.