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Supreme Court: mortgage loan officers today are more likely. – The United States Supreme Court was unanimous in Perez v. Mortgage Bankers Association in affirming an DOL administrative interpretation that an individual performing the typical duties of a mortgage loan officer as described by the DOL would not be exempt from the minimum wage and perhaps more critically, from the maximum hours / overtime pay provisions of the Fair Labor Standards Act
To be considered "exempt" from the Act’s requirements, employees must meet two tests: the Salary Basis Test and the Duties Test. The Act has a number of white collar exemptions from overtime and minimum wage. Changes made to the Act in August 2004 modified these tests, compelling an examination of how to classify and pay mortgage loan officers.
The Mortgage bankers association (mba) will present its case against the Department of Labor (DOL) to the Supreme Court. The MBA seeks to vacate and set aside the DOLs 2010 administrative interpretation (2010 ai) which has established mortgage loan officers are entitled to overtime pay.
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The D.C. Circuit Court of Appeals has vacated the U.S. Department of Labor’s 2010 guidance that stated that most mortgage loan officers are not exempt from minimum wage and overtime compensation under the Fair Labor Standards Act ("FLSA"), leaving the financial services industry unsure of how to classify their mortgage loan officers.
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In its opinion, the Court also recognized that the FLSA protects employers who relied on the 2006 opinion and chose not to pay their loan officers overtime. What all of this means is, all mortgage loan officers and similar employees should be immediately re-classified as non-exempt and employers should make provisions to pay them for overtime.
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The new rule is aligned with the Consumer Financial Protection Bureau’s qualified mortgage, or QM, rule designed to protect borrowers. Loans guaranteed by Fannie Mae and Freddie Mac will automatically.