Recently, the U.S. Department of Labor (DOL) issued the first ever "Administrator's Interpretation," finding that loan officers are not exempt from overtime pay under the administrative exemption to the Fair Labor Standards Act. Similarly, many companies have reclassified loan officers to now be non-exempt.
To learn more about reclassification, click here. What this means is if you were working as a loan officer making sales from primarily inside the office, you are likely entitled to overtime pay. Nichols Kaster, PLLP has recovered over $100 million for loan officers over the past decade. Our fight for loan officers contributed significantly to this important decision. We have previously represented loan officers against dozens of mortgage companies and banks. If you worked as a loan officer within the last three years and were not paid for overtime hours worked, contact us for a free consultation at (877) 344-4628 or dnelson@nka.com.
