Mortgage Loan Officers - Unpaid Overtime

According to the U.S. Department of Labor, "Mortgage Loan Officers" are not exempt from being paid overtime.  This new ruling was issued on March 31, 2010, and affects thousands of mortgage loan officers nationwide.  Here is an excerpt from the ruling:

"Based on the Wage and Hour Division’s significant enforcement experience in the application of the administrative exemption, a careful analysis of the applicable statutory and regulatory provisions and a thorough review of the case law that has continued to develop on the exemption, the Administrator is issuing this interpretation to provide needed guidance on this important and frequently litigated area of the law. Based on the following analysis it is the Administrator’s interpretation that employees who perform the typical job duties of a mortgage loan officer, as described below, do not qualify as bona fide administrative employees exempt under section 13(a)(1) of the Fair Labor Standards Act, 29 U.S.C. § 213(a)(1)."

Also included in the ruling are "mortgage loan representatives," "mortgage loan consultants, and "mortgage loan originators."

If you are a mortgage loan officer, mortgage loan representative, mortgage loan consultant, or mortgage loan originator, and you are not being paid overtime for your work in excess of 40 hours per week, you may be entitled to compensation.  For further details, and to speak to an attorney, you are encouraged to contact the law firm of Audet & Partners, LLP.  You may contact us via the simple and secure email form on the right side of this page, or you may call us toll-free at 1.800.965.1461.

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