3 quick takeaways from the mortgage conference happening right now

3 quick takeaways from the mortgage conference happening right now

Tidbits from SourceMedia Mortgage Servicing conference

Stewart Information Services 1Q earnings suffer from mortgage reductions

Posts net loss of $12.1 million

New home sales plummet 14.5% in March

Spring buying season off with a whimper
W S
Lending / The Ticker

MBA wins case, revises MLO rule

/ Print / Reprints /
| Share More
/ Text Size+

The Mortgage Bankers Association won a case against the Department of Labor that vacated a previous decision that said mortgage loan officers do not qualify under the administrative exemption to overtime pay. 

Previously, in 2006, the the standard ruling for the typical job duties of a mortgage loan officer fell within the administrative exemption to the Fair Labor Standard Act overtime requirements, according to a report from Lexology.

But despite the past definition, the Obama Administration reversed its position an declared that mortgage loan officers are not exempt under the FLSA. 

The Court of Appeals for the D.C. Circuit ruled recently that an agency cannot revise an interpretation of a rule without notice and an open comment period.



 

Source: Lexology
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus