Why are Loan Officers and Mortgage Brokers entitled to Overtime?
Most loan officers / mortgage brokers think they are not entitled to overtime because they are paid commissions. The lawsuit alleges that the opposite is true – because the loan officers / mortgage brokers were paid commissions, they should get overtime. The lawsuit contends that the federal overtime law requires loan officers and mortgage brokers to be paid overtime because they are NONEXEMPT employees. Plaintiffs contend these individuals are nonexempt because they are paid commissions and not paid on a salary basis. Plaintiffs also contend that being paid a salary is one of the minimum requirements to be an exempt employee and to not get overtime.
