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Originators return to Bush-era overtime rules

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Mortgage Professional America | 10 Jul 2013, 06:00 AM Agree 0
An appeals court has reversed a 2010 decision that guaranteed mortgage officers could not be denied overtime pay
  • John Deleva | | 10 Jul 2013, 09:24 AM Agree 0
    When ideology enters into agency rule making the outcome is flawed and always subject to attack. While ideology left or right should not be considered sinister it sure can make a mess of public policy at times.
  • margo | | 11 Jul 2013, 06:44 AM Agree 0
    why shouldnt production staff be entitled to overtime if they work all those hours and are required to do it they should be paid from a person who has been in the industries for 43 years i know how many hours production works much more then mangement that get the big money because there taking it from the workers
  • Dan | | 12 Jul 2013, 11:42 AM Agree 0
    A small subset of Loan Originators(LO) might benefit from the overtime pay, but LOs paid on commission do not. Simply said, a commission paid LO wants the ability to work ovetime when because that means they will earn more commissions. If commission paid LOs are deemed non-exempt, the employers will (and have) forbid overtime or severely restrict it, in order to keep expenses under control. The result of the "non-exempt" ruling is that it reduced most LO's earning potential. Lets take a poll and see how many LOs think the DOL's ruling was a good idea. The problem here is that the DOL fails to understand that there are different kinds of LOs (because they didn't ask). It might well be that some should or could be non-exempt, but most if not all the LOs I know are sales people and relationship managers. The current DOL interpretation makes it harder for those LOs to feed their family.
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