Loan Officers Eligible for Overtime Pay

April 2, 2010 at 8:54 pm Leave a comment

On March 24, the Department of Labor (DOL) issued an Administrator’s Interpretation concluding that the typical mortgage loan officer does not qualify under the administrative employee exemption to the Fair Labor Standards Act’s overtime requirements and, thus, is eligible for overtime pay.  To fall within the exemption, the employee’s primary duty must be related to the management or general business operations.  The DOL’s conclusion is based on the finding that a typical mortgage loan officer’s primary duty is making sales of loan products.  Such duty involves the production work of their financial institution employers and is unrelated to the internal management or general business operations of the institutions.   

A complete copy of the Administrator’s Interpretation can be found here.

Entry filed under: Executive Compensation.

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