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


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.

Please see full alert below for more information.

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

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.

© Miller & Martin PLLC | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »