This short article first starred in the July 2015 problem of the Minnesota Bankers Association’s month-to-month publication.
The U.S. Supreme Court has determined that the Department that is federal of (DOL’s) March 24, 2010, Administrator’s Interpretation that home mortgage officers typically needs to be compensated as nonexempt employees underneath the federal Fair Labor guidelines Act (FLSA) is enforceable. (Perez v. Mortgage Bankers Ass’n). Which means, unless an exclusion is applicable, home loan (along with other) loan officers must, like all nonexempt employees, keep a period record of them all worked, receive at least minimal wage for each and every hour worked, and get paid overtime for many hours worked over 40 in a work week. Continue reading “The Supreme Court Decides The DOL’s Interpretation Regarding Pay for Mortgage Loan Officers”