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Should loan officers be exempt from wage and hour laws?

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Mortgage Professional America | 08 Oct 2014, 07:46 AM Agree 0
The U.S. Supreme Court will decide this term whether the Obama administration should have put a formal notice when it changed mortgage mortgage officer labor laws
  • Drago | | 08 Oct 2014, 10:39 AM Agree 0
    The amount of overtime required just to do the job right cannot be accurately measured , but be assured many people are working a lot more hours for free then ever before. And it is happening due to all the new regulations dumped on the banks. You can't do in 40 hours what you could do prior.
    So unless a lot of these regulations can be rolled back, it's only going to continue to get worse.
    Then your mortgage officer will be originator, processor, and part underwriter, every mortgage will take much longer to do.

    No question compensation will have to change if the industry is to survive and keep knowledgeable people who can get mortgages closed.

    Otherwise we are in for another mortgage mess not to far down the road.
  • Gordon Schlicke | | 08 Oct 2014, 12:29 PM Agree 0
    A congressman/senator must call for a hearing on "unfairness in mortgage regulation." The hearing will bring in experts who demonstrate by actual case example what happens in the field. Two or more of the pols decide to write and promote legislation correcting this and create a level playing field. It must go to several committees before being voted upon. Within two or three years a vote may be taken. But this is America. In order to get this done someone must come up with several million dollars so those who vote on the issue can be re-elected. It doesn't stop there because you aren't going to get into the right offices. Lobbyists do that. These are people who used to work in congress but retired. Yes, this sounds cynical. But it is precisely what banks do to escape the clutches of regulators. This is America and it doesn't look like it's going to change soon.
  • HR | | 15 Oct 2014, 06:50 AM Agree 0
    Drago...working for "free"? really? What about all the stuff employees get that employers don't have to give them? Paid time off? breaks? subsidized insurance premiums? and the list goes on. That costs employers dollars... not to mention the employees that spend oodles of time on the Internet while at work, or talking to their kids about football practice that night.... and THAT list goes on. We are talking a bank here....not a 24/7 operation that works it's employees to death.
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