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Mortgage brokers sued for overtime, FLSA violations

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in Compensation and Benefits,Human Resources

The U.S. Labor Department sued Alliance Mortgage Group and Credit Financial Services for allegedly owing more than $239,000 in back pay to about 200 loan officers it misclassified as exempt under the Fair Labor Standards Act (FLSA).

The loan officers should have been classified as hourly employees but earned only monthly commissions, resulting in an hourly wage sometimes below the federal minimum wage, according to the Labor Department. Payments owed to 51 loan officers in the company's West Palm Beach and Boca Raton offices range from $150 to about $2,150.

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