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Loan officers and overtime pay under the FLSA

Are you a bona-fide loan officer? The wage laws may tell a different story.
As a loan officer your typical duties may include contacting potential customers, reviewing financial information and selling loan products to clients. You may be working under the assumption that you are exempt from being paid overtime because you are an administrative employee. Do you know how the Department of Labor defines this exemption? We do. And you may not fall under it after all.

Straight from the horse’s mouth: Loan Officers and the FLSA.
The FLSA states that in order to be exempt as a loan officer your primary job must involve office work directly related to the “management or general business operations of the employer or the employer’s customers.” If this doesn’t sound at all like the work you do then you should probably be receiving overtime pay if you work more than 40 hours a week.

Case in Point
A former loan officer filed a wage and hour lawsuit against a bank claiming that he is owed overtime under the Fair Labor Standards Act. The former employee alleges that he and other employees often stayed over 40 hours a week to complete their tasks, and also claims that the employer paid by commission only and the loan officers never received premium pay for working more than 40 hours a week.

I am a loan officer paid on commission – am I eligible to receive overtime pay?

Unless you fall under a true exemption under the wage and hour law (Fair Labor Standards Act) you are eligible for overtime pay as a commissioned employee. There are certain exemptions for under the laws, but employers frequently misuse them and deny employees their federally mandated overtime pay. The best solution is to contact our office so that one of our attorneys can review your case for free. Your actual job duties and compensation determine if you are exempt.

Employers use lots of scams to avoid paying employees their due wages across every industry. It is a violation of federal wage laws if you are a non-exempt employee and your employer does not pay you overtime pay. You can learn all the hidden secrets your employer doesn’t want you to know by ordering a free copy of our book, The 10 Biggest Mistakes that can Hurt Your Wage and Overtime Claim. You can also call our office at 888-449-2068 for a free case review.

If you have questions about the wage and hour laws you can order our free book, The 10 Biggest Mistakes that can Hurt Your Wage and Overtime Claim today. 

• Not sure if you’re exempt? Read our article to learn your status.

Kennedy Hodges LLP does not represent the case above, but we have helped hundreds of employees across all industries to recover back pay from their employers.