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Loan Modification

: Mortgage Lender Implode-o-Meter

Loan Officer Compensation: Overtime Pay or No Overtime Pay?

By Implode-Explode Heavy Industries

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"The Mortgage Bankers Association has filed suit in federal court in an effort to reverse a March 2010 ruling by the Department of Labor (DOL) requiring that loan officers be paid overtime. That DOL Wage and Hour Division Administrators Interpretation reversed a previous opinion that MBA members had been operating under since 2006 that had exempted mortgage loan officers from the overtime provision of the Fair Labor Standards Act (FLSA.)"

Full post as published by Mortgage Lender Implode-o-Meter on January 12, 2011 (boomark / email).

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