Q. I always thought that mortgage loan officers were exempt professional employees. Now I heard otherwise. Are mortgage loan officers exempt from therequirements?
A. Not anymore. Up until recently, the U.S. Department of Labor (DOL) took the position that mortgage loan officers could qualify as exempt from the FLSA overtime requirements under the “administrative employee” exemption. In a recent administrator’s interpretation, however, the DOL came to the opposite conclusion.
The DOL’s new position is that mortgage loan officers are primarily responsible for the sale of mortgage loans rather than performing work that is directly related to theand general business operations of the employer or the employer’s customers.
While the DOL noted that it is possible for a mortgage loan officer to still acquire exempt status under limited circumstances (for example, providing advice to business customers seeking to purchase a building for office space or a warehouse for storage of finished goods), typical mortgage loan officers no longer qualify as administrative employees exempt from theovertime requirements.
- 10 Secrets to an Effective Performance Review
- At-Will exception protects employees who refuse illegal order … if it's actually illegal
- Flying pocketknife cuts into heart of employer's policy
- An easy way to head off retaliation claims: Keep past performance reviews
- You can enforce a reasonable dress code