Client Alert: Mortgage Loan Officers Eligible for Overtime Pay
The Wage and Hour Division of the U.S. Department of Labor recently concluded that "typical" mortgage loan officers are not exempt employees under the Fair Labor Standards Act. This means that if the duties of your loan officers match those of the "typical" loan officer, those employees must be paid at least minimum wage (currently $8.25 per hour in Illinois), be paid overtime (which requires new record keeping) and be provided with work breaks.
Barack Ferrazzano's Compensation and Employment Group has issued the Client Action Alert below to discuss the DOL's Interpretation and its impact on our clients' operations. Please click below to view the Client Action Alert.