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Mortgage Bankers Win Appeal in LO OT Case

DC appeals court requiring rulemaking process

July 3, 2013

By Mortgage Daily staff

A federal appeals court has ruled that conflicting government interpretations on overtime compensation requirements for mortgage loan originators need to be resolved through the formal rulemaking process.

The Mortgage Bankers Association sued the Department of Labor in January 2011 under the Administrative Procedure Act seeking to set aside the department's Wage and Hour Division Administrator's Interpretation No. 2010-1 from March 24, 2010.

The industry had been relying on a 2006 opinion letter from the Labor Department that interpreted the department's own regulations and concluded that typical loan officers were exempt from Fair Labor Standards Act requirements for overtime payments under the "administrative exemption."

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Related:
Government Sued Over LO OT Ruling (Jan. 12, 2011)
A federal lawsuit has been filed against the government over the reversal of its position on originator overtime.

OT Still Dominates Mortgage Employment Litigation (Aug. 20, 2012)
As mortgage employers continue to battle lawsuits filed by loan originators who allege unpaid overtime, a court decision to keep a related regulation in place is being appealed. But even if the appeal is successful, lenders still face similar lawsuit being filed by underwriters. Other recent court decisions in mortgage employment lawsuits involve mortgage branching, commissions on originations and losses in 401(k) plans.

Mortgage Employment News | Employment Index | Employment Statistics | Recruiting Newsletter
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Financial Regulation News | Mortgage Regulations | Financial Regulation Newsletter
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