Proposed overtime exemption change hurts mortgage loan originators

Today, the U.S. Supreme Court rendered a decision that will have a profound impact on lending institutions and the methods in which they compensate their loan origination staff. The Court considered legal issues associated with the U.S. Department of Labor’s administrative rulemaking and guidance related to the issue of whether loan originators are exempt under the Fair Labor Standards Act.

 · According to the MBA, the lending industry has relied on the 2006 DOL opinion letter and the underlying regulations indicating that a loan officer can qualify for the administrative exemption under the FLSA. MBA claims that the abrupt reversal of this ruling subjects mortgage lenders to.

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The Supreme Court recently unanimously rejected a challenge to the validity of a 2010 interpretation by the U.S. Department of Labor (the "DOL"), which had concluded that the administrative exemption of the Fair Labor Standards Act ("FLSA") generally does not apply to mortgage-loan officers.

 · Ohio Consolidates its Mortgage Finance Licensing Laws into a new Residential Mortgage Lending Act Blog Consumer Financial Services Review. “Attempting to obtain” or “assisting in obtaining” a mortgage loan will include referring a borrower to a mortgage lender, soliciting or offering to solicit a mortgage loan on behalf of a borrower, or negotiating or offering to negotiate the terms or conditions.

There is an attack underway on the smaller lenders in the reverse mortgage industry, says Jeff Lewis, Chairman of Generation Mortgage, in his conversation with RMD. According to Lewis, the proposed.

The Mortgage Bankers Association (MBA) will present its case against the Department of Labor (DOL) to the Supreme Court. The MBA seeks to vacate and set aside the dols 2010 administrative interpretation (2010 AI) which has established mortgage loan officers are entitled to overtime pay.

In its opinion, the Court also recognized that the FLSA protects employers who relied on the 2006 opinion and chose not to pay their loan officers overtime. What all of this means is, all mortgage loan officers and similar employees should be immediately re-classified as non-exempt and employers should make provisions to pay them for overtime.

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The core requirements for a loan. exemption (>70 or 80 LTV and 28/36 ratios). But unfortunately, HUD is continuing to shy away from increasing its market share (by increasing mortgage insurance.