Mortgage Loan Officers and Mortgage Originators
Mortgage originators (often called “loan officers”, “account executives”, or other titles) are routinely paid on a mixed commission, or commission plus draw, commission with an hourly floor, or even a salary basis. As the industry has experienced extensive financial shrinkage, banks and mortgage brokers have begun shorting loan officer pay in a variety of unlawful ways. Very commonly, loan officers are not 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. Currently Getman, Sweeney & Dunn is handling a lawsuit against Waterstone Mortgage Corporation for its failure to pay overtime and minimum wage and has also recently concluded a $6.25 million dollar settlement with Key Bank’s subsidiary Key Mortgage Corp. for the same violations.
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.