Loan Officer Overtime Pay Lawyer

Summary: Loan officers used to be excluded from overtime pay, but changes in federal guidance mean that many financial services workers are owed overtime wages. Contact an unpaid wages attorney if you are a loan officer concerned about overtime pay.

In the financial services industry, employees such as loan officers are often paid on a commission basis while working long hours. Most loan officers should be paid time-and-a-half for any time exceeding 40 hours in a given workweek.

A loan officer overtime pay lawyer can help if you suspect your employer is violating their obligation to pay what you deserve. Mortgage loan officers must be paid according to federal minimum wage laws and overtime provisions. Our aggressive team of attorneys can step in and stand up for your rights if you are a loan officer and believe you are the victim of wage theft.

Understanding Loan Officer Overtime Pay Requirements

Under the provisions of the Fair Labor Standards Act (FLSA), nonexempt, covered workers must be compensated for overtime hours. These workers deserve more compensation for their extra hours and should be paid 1.5 times their hourly rate for every overtime hour worked.

Prior to 2010, loan officers were categorized as administrative employees, which meant they were exempt from overtime pay requirements. However, this guideline changed in 2010 to allow most loan officers to receive overtime pay.

While that determination was highly litigated, a subsequent court decision in 2015 concluded that most mortgage loan officers should be paid overtime wages. Although there are several exemptions from overtime pay, most of these do not apply to loan officers.

If you are a loan officer who has been impacted by such a scheme and denied overtime pay by your employer, your next call should be to a qualified attorney who can investigate the situation further.

Overtime and Other Wage Violations in the Financial Services Industry

Wage violations involving overtime pay and other forms of required compensation happen all the time in the financial services industry. Financial services companies will frequently misclassify loan officers as exempt administrative employees or highly compensated employees to avoid paying overtime.

Administratively exempt employees do not have to be compensated with overtime pay. However, among numerous qualifications to be considered an administrative employee, the worker must be paid on a salary or fee basis. Their duties should also be office or non-manual work related to management or general business operations involving the use of independent judgment for key work tasks.

Most loan officers are paid on commission and operate as salespeople for mortgage lenders while performing customer service responsibilities, so the administrative exemption rarely applies. Highly compensated employees must receive a certain threshold annual compensation, with primary duties that involve office or non-manual work that is executive, administrative, or professional in nature. Loan officers usually do not fall under this exemption because their main role is sales-focused, not administrative.

In addition to blatantly failing to pay overtime and misclassifying employees, loan officers often face other violations, including:

• Miscalculations of their overtime rate
• Illegal meal break deductions
• Off-the-clock work

If you work as a loan officer and would like more information about your wage rights, an experienced overtime pay lawyer can help. You may be entitled to backpay, liquidated (double) damages, and other compensation if your employer has wrongfully denied you pay.

Reach Out to a Seasoned Loan Officer Overtime Pay Attorney

A loan officer overtime pay lawyer can help you understand your legal protections and explain your options to collect the wages you are owed. Our dedicated attorneys will leave no stone unturned to hold your employer accountable while advocating your wage rights on your behalf.

If you are a loan officer with questions about your legal entitlements to overtime pay or have experienced a violation that you need to discuss, you should speak with a reputable firm that regularly handles these matters.

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