White-Collar Overtime Exemption for Mortgage Loan Officers Currently being Hotly Contested

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The Federal District Court for the Eastern District of Michigan is set to decide a hot-button wage-and-hour topic next month that could eventually affect all banks and credit unions in both Tennessee and Kentucky. Several years ago, in Henry v. Quicken Loans, Inc., Ryan Henry, a former loan consultant for Quicken, filed a collective action complaint against the company on behalf of himself and all other loan officers working for the company, alleging that Quicken unlawfully withheld overtime pay for all time worked over 40 hours per week.

More specifically, Henry alleged that Quicken’s practices violated the Fair Labor Standards Act (“FLSA”), 29 U.S.C. § 207(a)(1), as the loan officers’ primary responsibilities involved the “selling” of mortgage loans. As a result, if the loan officers’ primary duties involved “sales,” they could not be considered exempt administrative employees, and would thus be entitled to back pay for overtime wages.

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Published In: Administrative Agency Updates, Labor & Employment Updates, Residential Real Estate Updates, Securities 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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