Mortgage Loan Officers and Brokers Need to be Paid Overtime

If you are a mortgage loan officer or broker then the United States Supreme Court just handed down a very important decision that could impact how much you are paid.

In 2006 the G.W. Bush controlled Department of Labor issued a rule stating mortgage brokers were exempt from the requirements of the Fair Labor Standards Act under the Executive Exemption. In 2010 the Department of Labor, now controlled by President Obama, changed the rule to make mortgage brokers once again eligible for overtime pay.

Of course, the Mortgage Bankers Association sued the Department of Labor saying changing the rules (in the exact same way as President Bush did in 2006) was illegal.

A unanimous Supreme Court held the change was legal and the Department of Labor’s decision can be enforced.

If you are a mortgage loan officer or broker and your primary duty is making sales on behalf of your employer, then you quite possibly deserve to be paid overtime when you work over 40 hours in a week.

Leave a Reply

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload CAPTCHA.