Search
 

On-Site Coverage: CUs Looking at Status of Loan Originators

WASHINGTON — Credit union mortgage lenders are having to wrestle with how they will employ and pay their mortgage loan originators after a ruling from the Department of Labor that mortgage originators are not exempt from wage and hour laws.

By David Morrison | Updated on May 09, 2011

WASHINGTON — Credit union mortgage lenders are having to wrestle with how they will employ and pay their mortgage loan originators after a ruling from the Department of Labor that mortgage originators are not exempt from wage and hour laws.

Kris Kelly, an attorney with K&L Gates, told CU mortgage executives attending ACUMA’s Regional Workshop in Washington DC that credit unions and other mortgage lenders used to consider mortgage originators as administrative employees and thus exempt from wage and hour laws that require time-and-a-half pay rates for work exceeding 40 hours per week, but an administrative interpretation from the Department of Labor that loan originators did not fall into that exempt category has thrown the question into confusion. Loan originators have generally been paid a salary plus a commission.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.