mortgage loan officers

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Co-authored by Noah A. Finkel and Abad Lopez

The demise of bank loan underwriters’ exempt status has been greatly exaggerated—at least according to a recent Sixth Circuit decision upholding the dismissal of a putative collective action against Huntington Bank. The court disagreed with underwriters who alleged that they were improperly classified as exempt and thereby wrongfully denied overtime pay. Instead,…
Continue Reading Classifying a Loan Underwriter as Exempt Is a Risk Worth Taking, Says Sixth Circuit

Authored by Barry Miller

On Monday, the Supreme Court issued its ruling in Perez v. Mortgage Bankers Association, examining the validity of the Department of Labor’s 2010 Administrator’s Interpretation on the application of the FLSA’s administrative exemption to mortgage loan officers. As noted in our previous post, the D.C. Circuit struck down the Administrator’s Interpretation because the DOL…
Continue Reading Supreme Court Holds that Flip-Flopping Alone Does Not Invalidate DOL’s Guidance on Exempt Status of Mortgage Loan Officers

Co-authored by Barry Miller and Taron Murakami

On Monday, the Supreme Court heard arguments in a pair of cases addressing the Department of Labor’s reversal in its position regarding the exempt status of mortgage loan officers.  The Justices’ questions reflected concern about the DOL flip-flopping on this issue, but they also expressed a reticence to issue a broad ruling that…
Continue Reading Angst, Administration and Interpretation: Supreme Court Hears Arguments on DOL’s Flip-Flopping on Exempt Status of Mortgage Loan Officers

DC Seal.bmpAuthored by Alex Passantino

Take a step with us into the way-back machine.  In 2006, the Wage & Hour Division issued an opinion letter approving the mortgage industry practice of classifying mortgage loan officers as exempt from the FLSA’s minimum wage and overtime requirements under the administrative exemption.  In 2010, WHD flip-flopped.  It issued the first-ever Administrator Interpretation…

Continue Reading Change Don’t Come Easy: DOL’s Switch in Interpretation Requires Full-Blown Rulemaking