Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Every broker and loan officer I know is paid based on production, and no one receives overtime pay. Is the entire financial services industry wrong?

April 26, 2017based broker Financial Services loan officer overtime paid pay production

0

Posted

Every broker and loan officer I know is paid based on production, and no one receives overtime pay. Is the entire financial services industry wrong?

1 Answer

0

Posted

We believe so. Just because an entire industry decides not to pay certain employees overtime doesn’t mean that the industry’s pay practices are correct. For example, until 2001, most insurance companies in California did not pay their claims adjusters overtime pay. However, in Bell v. Farmers Insurance Exchange (2001) 87 Cal.App.4th 805, a California court ruled that the claims adjusters in that case were entitled to overtime pay. As a result of that case, many insurance companies in California revised their pay practices and now pay their adjusters overtime.