Partners Anthony Sharett and Matt Hoyt will present the webinar, “Perez v. Mortgage Bankers Association: What Does This Decision Mean to MLO Compensation?” on April 28 for the Ohio and New York Mortgage Bankers Association.
In 2006 the U.S. Department of Labor issued an opinion that loan officers are exempt from the payment of overtime under the Administrative Exemption. Four years later, the Department withdrew the opinion. The MBA has since sued in both the District Court and the Supreme Court, and lost. However, loan officers may still be exempt, including under the Outside Sales Exemption and the Highly Compensated Employee Exemption. Sharett and Hoyt will discuss:
- Fair Labor Standards Act Rule Summary
- Outside Sales Exemption
- Highly Compensation Employee Exemption
- Strategic Approach to Loan Officer Compensation