Proposed overtime exemption change hurts mortgage loan originators

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The Mortgage Bankers Association raised its forecast for loan production this year to $1.1 trillion in residential mortgage origination. lenders with hard data regarding compensation plan changes.

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The immediate effect of Perez is that courts must give deference to the Administrator’s Opinion that the "typical" mortgage-loan officer is not exempt from the overtime requirements of the FLSA and should be paid overtime compensation. companies employing those mortgage-loan officers should review the circumstances of their employment.

 · The fair labor standards act of 1938 is what establishes the minimum wage and overtime, among other rules. The overtime exemption threshold has been increased on numerous occasions in the past to keep pace with inflation. French said the upcoming rule change is unprecedented because it increases the exemption threshold at a rate never before seen.

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.

 · FLSA Hot Topic: The Fluctuating Workweek and Commission Pay. The proposal did not address the situation where a base salary meets the required minimum rate of pay and overtime compensation is paid on both the base rate plus commissions at ½ rather than 1 ½ times the regular rate. additionally, the Department of Labor focused on “bonus.

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Kaplinsky contends that when the CFPB was created, it focused on residential mortgages and issued regulations involving residential mortgage loan origination. Credit Opportunity Act. A consent.

Over the weekend, I received a copy of the proposed HUD changes that. You can read the entire document HERE Two changes jump out at me: 1. FHA will no longer approve or oversee loan correspondents.

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CA Overtime Law Explained by an Employment Lawyer Paying mortgage originators will never be the same. The Federal Reserve Board has proposed major changes as part of its Truth in Lending rules. The Dodd-Frank legislation also spells out a new set.