Q. Do we have to pay our mortgage loan officers overtime for any hours worked over 40 in a week?
A. Until recently, I would have answered no to this question. Conventional wisdom has always been that the FLSA’s administrative exemption covers mortgage loan officers.
However, on March 24, 2010, the U.S. Department of Labor issued a game-changing Administrative Interpretation that finds that the “typical” mortgage loan officer is a nonexempt position.
In the DOL’s words, “A careful examination of the law as applied to the mortgage loan officers’ duties demonstrates that their primary duty is making sales and, therefore, mortgage loan officers perform the production work [as opposed to administrative work] of their employers.”
Despite this pronouncement by the DOL, wage-and-hour exemptions are highly fact-specific. I suggest that you have an employment attorney examine your specific situation to determine whether your employees qualify as exempt based on their specific day-to-day job duties.
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