We Meant What We Said: DC Circuit Won’t Revisit Loan Officer Classification

As you may recall, the DOL threw the mortgage industry into a tizzy when it issued a sweeping Administrator Interpretation in 2010 that reversed its prior opinion letters and announced its view that mortgage loan officers were not exempt from the minimum wage and overtime requirements of the FLSA (at least under the administrative exemption).  Since then, there’s been much uncertainty and costly litigation concerning the proper classification of loan officers.

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