Mortgage Loan Officers: Exempt or Not Exempt?
The Supreme Court issued a decision on March 9 that has significant impact on the banking industry regarding MLO exemption status.
This webinar provides practical guidance on lender exemption status and alternative exemptions and pay plans to reduce disruption and legal exposure.
The United States Supreme Court issued a decision on March 9 that has a very significant impact on the banking industry. The Court concluded that the Department of Labor acted properly in issuing an Administrator’s Interpretation finding that Mortgage Loan Officers were no longer eligible for the Fair Labor Standards Act administrative exemption.
Prior to this 2010 Interpretation, Mortgage Loan Officers and most community bank lenders were considered exempt from these antiquated overtime payment obligations. The Department of Labor changed its position “180 degrees” and now, unfortunately, the Supreme Court has approved that outcome. This legal interpretation impacts other positions within the industry, including Consumer Lenders, Commercial Lenders and other positions which support retail customers.
This presentation will offer practical guidance concerning lender exemption status, alternative exemptions such as the outside sales exemption and alternative pay plans to reduce the disruption and legal exposure.
- What lending positions could qualify for exempt status given the March 9 Supreme Court decision?
- What is the scope of the outside sales exemption?
- How is overtime calculated on incentive and bonus earnings?
- What compliance options are becoming most common in the industry to manage this risk?
- How will the new federal overtime exemption regulations impact this issue?
HR, senior leaders, compliance, audit and bank counsel.
Steve Greene specializes in employment litigation, employee benefit issues and compensation matters. He regularly speaks to employment lawyers and human resources professionals in the banking industry. During the past 30 years, Steve has assisted financial institutions evaluate overtime exemption compliance. He has also managed federal and state regulatory investigations and litigation across the country. His work has also included working with industry associations to influence the DOL and members of Congress.
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