Are you a Mortgage Loan Officer, Underwriter, or Processor Being Wrongly Denied Wages?
Mortgage Loan officers are routinely wrongfully misclassified as exempt employees from the minimum wage and overtime provisions of the Fair Labor Standards Act. Prior to 2010, the United States Department of Labor considered loan officers exempt employees under the FLSA’s administrative exemption. In March 2010, however, the DOL issued interpretative guidance that mortgage loan officers are non-exempt employees and entitled to overtime pay because their primary job duty is selling financial products. This decision was affirmed by the 2015 decision from the United States Supreme Court in Perez v. Mortgage Bankers Association.
Join The Mortgage Loan Officer Unpaid Wages Class Action Investigation
As interest rates continue to plummet in 2020, the mortgage industry is gearing up for an unprecedented volume of new mortgage and refinance applications. This will require mortgage loan officers to work long hours, but they are entitled to overtime pay. For example, a loan officer paid on a commission only basis, who earns a $2,000 commission in a workweek where he or she worked 50 hours, would have a regular pay rate of $40 an hour. Under the FLSA, the premium overtime pay rate for a commission employee is one-half the regular rate, or in this example $20 an hour for each overtime hour worked.
Editor’s note on the Mortgage Loan Officer Unpaid Wages Class Action Lawsuit Investigation:
This piece is written about recent troubles with Mortgage Loan Officers, Underwriters, and Processors being improperly paid. If you have gone through issues similar to what is covered above, we do ask that you contact us today! If you are considered eligible to be among the class of consumers described in the article above, you may eventually be able to participate in receiving any compensation the court may award.
If you believe that what is alleged in this piece has affected you, please don’t hesitate to reach out to us. We’d be happy to help you take a step in the right direction, fight this issue, and better enable you to join the consumer class action. If interested, please send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter or Facebook, or even connect with us directly on our website! We look forward to hearing from you all.
Similarly, please check out our current list of Class Action Lawsuits and Class Action Lawsuit Investigations, here.
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