Proposed overtime exemption change hurts mortgage loan originators

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While servicers have admitted there was procedural misconduct in the shoddy paperwork submitted to courts, they claim the proposed. Comstock Mortgage is setting up a forum where several wholesale.

 · The Department of Labor proposed a change to the language of 29 C.F.R. § 778.114 that would have permitted bonus and incentive or premium payments to be included in the amount that must be sufficient to provide compensation to the employee at a rate not less than the applicable minimum wage under the fluctuating workweek method. 73 F.R. 43654.

The SAFE Act encourages states to participate in the Nationwide Mortgage Licensing System and Registry, and requires states to have in place, by law or regulation, a system for licensing and registering loan originators that meets the requirements of sections 1505, 1506, and 1508(d) of the SAFE Act.

The D.C. Circuit Court of Appeals has vacated the U.S. Department of Labor’s 2010 guidance that stated that most mortgage loan officers are not exempt from minimum wage and overtime compensation under the Fair Labor Standards Act ("FLSA"), leaving the financial services industry unsure of how to classify their mortgage loan officers.

In Casas, loan originators asserted they were entitled to overtime compensation from the defendants under the FLSA, requiring the court to decide whether the plaintiffs were exempt from FLSA overtime pay provisions. The court found that because "Conseco’s primary business purpose [was] to design, create and sell home lending products," the mortgage loan officers’ primary duty was to sell those lending products on a day-to-day basis, not " ‘the running of [the] business [itself.

In its opinion, the Court also recognized that the FLSA protects employers who relied on the 2006 opinion and chose not to pay their loan officers overtime. What all of this means is, all mortgage loan officers and similar employees should be immediately re-classified as non-exempt and employers should make provisions to pay them for overtime.

Fannie Mae: There are more potential homebuyers out there But, if you’re a seasoned buyer is there still help out there. the label “first-time buyer” encompasses more than just someone who has never owned a home. According to Fannie Mae, a first-time.

 · The Fair Labor Standards Act of 1938 is what establishes the minimum wage and overtime, among other rules. The overtime exemption threshold has been increased on numerous occasions in the past to keep pace with inflation. French said the upcoming rule change is unprecedented because it increases the exemption threshold at a rate never before seen.

Principal reductions factor in heavily: HAMP report DeMarco won’t allow principal reduction on Fannie, Freddie loans.. this analysis does not factor in the moral hazard risk. To qualify for a principal reduction under HAMP, borrowers must be.

The Nationwide Mortgage Licensing System & Registry (NMLS) has released a proposed rule for public comment that would allow for the reporting of state regulatory actions against companies and.

Radian launches homeownership pilot program in Tucson FHA to raise insurance premiums in April FHA mortgage premium to rise on April 1 – Here’s the timing: FHA will raise the annual mortgage insurance premium on most loans that have a case number starting april 1 or later. To get a case number before the april 1 deadline and avoid the.Biography surveys were emailed to nearly 900 Hawaii executives in August. Of those, we received information to print 364 biographies. Information submitted was edited for conciseness, clarity and.