loan officer

Subscribe to loan officer

The exempt status of loan officers continues to make headlines as the Mortgage Bankers Association presses for Supreme Court affirmance of its successful challenge to a DOL opinion regarding the applicability of the administrative exemption to those workers.  A new court decision highlights the fact intensive nature of exemption inquiries, and also the potentially misleading…

Adding to his string of summary judgment opinions regarding the applicability of the outside sales exemption to mortgage loan officers employed by Prospect Mortgage, Eastern District of Virginia Judge James C. Cacheris issued another opinion granting summary judgment to Prospect because the Plaintiff’s deposition testimony established that he was “customarily and regularly” away from Prospect’s…

Following-up on his decision on January 7th granting summary judgment to Prospect Mortgage regarding the applicability of the outside sales exemption to one loan officer, Judge James C. Cacheris of the Eastern District of Virginia has issued two more decisions on similar motions for summary judgment by the employer, granting a second one and…

While much litigation has concerned the applicability of the administrative exemption to loan officers, culminating in the Court of Appeals for the D.C. Circuit’s invalidation of the Department of Labor’s interpretation that they do not qualify for that exemption, loan officers with appropriate job duties and responsibilities may also qualify for the outside sales…

On March 24, 2010, Nancy J. Leppink, the Deputy Administrator for the Wage and Hour Division of the United States Department of Labor, issued an “Administrator’s Interpretation” stating that employees who perform the typical job duties of a mortgage loan officer generally do not meet the prerequisites for the administrative exemption under the FLSA.   The issuance…