Supreme Court Set to Decide if Mortgage Loan Officers Are Entitled to Overtime Pay
Whether or not mortgage loan officers are entitled to overtime pay is an unsettled issue under the Fair Labor Standards Act. At one point, mortgage loan officers were deemed exempt “administrative” workers. However, a 2010 interpretation of the US Department of Labor suggested that this exemption did not apply, an interpretation that has since been challenged in court and is now pending before the US Supreme Court in the case of Mortgage Bankers Association v. Harris, No. 12-5246 (D.C. Cir. July 2, 2013).
In the Sept/Oct. 2014 edition of the Maine Banker magazine, Verrill Dana lawyer Janet Britton discusses the uncertain history behind this provision, and why financial institutions should pay careful attention to the October 2014 term of the US Supreme Court.