Mortgage loan officers and their employers are dangling in the wind after a federal appellate court upended a prior Department of Labor ruling that classified mortgage loan officers as non-exempt employees entitled to overtime pay.
Until more clarity surfaces, mortgage firms are most likely to follow the Department of Labor’s 2010 interpretation of a rule governing loan officer compensation. The 2010 rule re-classified loan officers as non-exempt employees who are eligible for overtime.
via Court ruling on loan officer overtime pay throws industry in limbo | HousingWire.
