Mortgage Loan Officers and Mortgage Originators
Mortgage officers (often called “loan officers,” “loan originators,” or other titles) are routinely paid on a commission, commission plus draw, commission with an hourly floor, or even a salary basis. It is all to common for banks and mortgage brokers to short loan officer pay in a variety of unlawful ways. For example, loan officers aren’t allowed to record all the hours that they work. Also, they are not reimbursed for extensive expenses, such as travel, phone, home office, trainings, etc. Mortgage sales staff, who work from call centers are generally not exempt under any FLSA exemption. Even loan officers who are called outside sales staff are frequently not exempt from the FLSA overtime pay requirement, since they do not routinely consummate sales outside of a home or branch office, but only do promotional work outside the office.
Getman, Sweeney & Dunn has successfully handled numerous cases for mortgage loan officers. Despite years of back pay lawsuits, this industry continues to fail to abide by its obligation to pay loan officers overtime and even minimum wage, as required by law. If you work in this industry and would like to speak with us about whether you were paid all wages you were owed, please send us the information needed by filling out the Industry Inquiry form.
If you work in this industry and would like to speak with us about whether you were paid all wages you were owed, please send us the information needed by filling out the Industry Inquiry form.