Proposed overtime exemption change hurts mortgage loan originators

Paying overtime compensation to mortgage loan originators can be a complex and difficult task. They often work nonstandard schedules, seeking to be available to potential borrowers, realtors, and.

It’s about to get much easier for mortgage loan originators to switch jobs and continue originating mortgages without any license-related delays.. proposed overtime exemption change hurts.

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The immediate effect of Perez is that courts must give deference to the Administrator’s Opinion that the "typical" mortgage-loan officer is not exempt from the overtime requirements of the FLSA and should be paid overtime compensation. Companies employing those mortgage-loan officers should review the circumstances of their employment.

While these protections extend to most workers, the FLSA does provide a number of.. comments close: 09/04/2015; Document Type: Proposed Rule.. and will be posted without change to http://www.regulations.gov, including any.. Recognizing that the “increase in wage rates and salary levels” since.

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The Mortgage Bankers Association (MBA) will present its case against the Department of Labor (DOL) to the Supreme Court. The MBA seeks to vacate and set aside the DOLs 2010 Administrative Interpretation (2010 AI) which has established mortgage loan officers are entitled to overtime pay.

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Brian Jones. Doesn’t mean you have to work the overtime, but you can claim it on the time sheet. If you have a big month and knock down 10 hours or so of overtime per week, that is a substantial paycheck as the hourly rate for overtime can be pretty large. You could be looking at overtime pay at $100 to $150 an hour.

http://register.dls.virginia.gov Virginia Code Commission Virginia Register of Regulations. Mortgage Loan Originators. that changes made to the proposed.