Do Employees Who Perform The Typical Job Duties of a Mortgage Loan Officer Qualify for Overtime?
It was determined by the U.S. Department of Labor on March 24, 2012, that employees who perform the job duties of a mortgage loan officer do not qualify as administrative employees exempt under section 13(a)(1) of the Fair Labor Standards Act, 29 U.S.C. § 213(a)(1).
In other words, this decision means that loan officers and underwriters working in the mortgage industry are not, and may have never been, overtime exempt. Given the sheer number of hours that mortgage brokers have worked since 2008, employers may be shocked to realize the amount of compensation that their employees are rightfully owed.
If you are a loan officer, underwriter or mortgage industry employee who does not currently receive overtime, we advise you to contact an experienced employment attorney to discuss the details of your claim. You may find that you are entitled to reparations for overtime hours for which you never received payment.
Contact us to discuss your potential case.