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Proposed overtime exemption change hurts mortgage loan originators

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. it may hurt employee morale and consequently productivity. The net economic effect of the Proposed Rule will be to take. Predicted changes in implicit wage rates are. Similarly, the National Association of Home.. 910, Loan counselors and officers, 2.

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Secondly, there are many federal and state labor law requirements that must be considered. For example, the federal Fair labor standards act (flsa), and most state labor laws, prohibit any deduction from the pay of non-exempt employees (most mortgage loan officers) that is not specifically authorized by statute or regulation and that reduces the employee’s compensation below the applicable.

FLSA - Salaried Exempt Employees, part 1 Section 13(a)(1) of the Fair Labor Standards Act permits exemption of employers of. old), Fleming announced a hearing on proposed changes to the regulation.. In his review of the evidence, Stein took pains to distinguish between the.. and therefore the mortgage industry "has long held that loan officers are exempt.

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Within the past few years, there have been significant legal developments concerning mortgage loan originators and overtime payments. The most recent development occurred on February 28, 2014.

FLSA Background. Under the FLSA, the general rule is that non- exempt employees in the United States must be paid at least the federal minimum wage for all hours worked and overtime pay at time and one-half the regular rate of pay for all hours worked in excess of 40 hours per workweek.

That change brought the registration of mortgage lenders and mortgage brokers, as well as the licensing of mortgage loan originators, HUD Proposed Rule Demands.

Department of Labor Proposes New overtime salary thresholds. recharacterization of the originators as exempt or nonexempt was necessary. Paying overtime compensation to mortgage loan originators can be a complex and difficult task.. mortgage lending industry, since the DOL changed its stance and declared that.

"Final Rules On Mortgage Loan Originator Compensation And Qualifications" published by the Mid-South Regulatory Compliance Group.. Congress passed the Secure and Fair Enforcement for Mortgage licensing act (safe Act) in 2008 requiring loan originators to be licensed or registered and to pass.

Mortgage Lenders Of America Hit With FLSA Suit. Fair Labor Standards Act by not paying loan originators, who sell loans over the phone, for hours in excess of 40 a week.. plaintiffs’ lawyer.

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