DOL Changes Guidance Regarding Mortgage Loan Officers

Posted on April 13, 2010 by Tom Crane

 Periodically, the Department of Labor issues guidance on interpretation of the regulations and statutes regarding the Fair Labor Standards Act.  The FLSA is the statute hat requires overtime pay and payment of minimum wage.  The DOL has issued an opinion recently stating that it now believes mortgage loan officers are not exempt employees and are, therefore, entitled to overtime pay.  According to one commentator, this new interpretation will apply to employees who work primarily in the employer's place of business and to employees who do not engage in cold-calling, contacting potential customers.  If you think you may have employees who fit these criteria, you should seek guidance regarding changes to be made as soon as possible. 

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Comments (2) Read through and enter the discussion with the form at the end
Mortgage Repossessions - August 9, 2010 6:10 AM

Excellent blog. I found it very informative. Thanks for this blog.
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susan cripllar

tom crane - August 16, 2010 12:36 PM

Thanks!

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