Proposed overtime exemption change hurts mortgage loan originators

The Federal Housing Administration is clarifying its rules to ease compliance concerns and encourage more banks and lenders to participate in its mortgage lending. Among the proposed changes are.

DOL Sets Salary Levels for Overtime Requirements. The "administrative" exemption recently sparked panic in the mortgage lending industry, since the DOL changed its stance and declared that the typical duties of a mortgage loan originator do not qualify those individuals for that exemption. Although that interpretation was challenged,

If tomorrow’s jobs data is much stronger than expected, the pain will only continue. looks like the time to act on doing a loan is NOW, not in a week or two!" -Ted Rood, Senior Originator, Wintrust.

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US Department of Labor explains new overtime exemption rules 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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The U.S. Supreme Court has decided that the federal Department of Labor’s (DOL’s) March 24, 2010, Administrator’s Interpretation that mortgage loan officers typically must be paid as nonexempt employees under the federal Fair Labor Standards Act (FLSA) is enforceable.

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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.

In recent years, lenders have shied away from the Federal Housing Administration’s mortgage program. took issue to the FHA’s proposed changes to its Defect Taxonomy, stating that it “continues to.

Change Your Mind About mortgage loan originators July 08, 2013 Last week, a unanimous panel of the D.C. Circuit Court of Appeals vacated a 2010 Department of Labor Administrator Interpretation (AI) in which the DOL had stated that mortgage loan originators are non-exempt, but instead must be paid minimum

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.

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The general rule is that employers must pay employees for overtime hours, unless the employee is "exempt" from overtime. The United States Department of Labor ("DOL"), which regulates overtime compensation allows an exemption for loan officers, but only if the employer pays the loan officer a salary of $455.00 or more each week.

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