Overtime For Loan Officers Now Means More Pay

Currently the Fair Labor Standards Act allows loan officers to work overtime without being paid. Such a ruling is a huge benefit to managers but not as much for loan officers themselves. Even with the lobbying of several organizations such as the Mortgage Banker's Association, the exemption for loan officers was overruled. MBA senior executive Steve O'Connor commented on the ruling by saying 'It has been, and remains our contention that those who fall into the category of mortgage loan officers described in the opinion spend a majority of their time performing exempt administrative or executive duties; thus they should be exempt from FLSA coverage." Nonetheless the Department of Labor's reversal of their 2006 decision should bring a lot of change and adjustments to the industry.