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Does the mortgage industry still need Appraisal Management Companies?

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MBA wins case, revises MLO rule

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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
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