Skip to content
BOL Conferences
Thread Options
#2129087 - 05/03/17 10:45 PM Lenders Exempt?!!??!
dollars & sense Offline
Gold Star
Joined: Oct 2006
Posts: 344
Are your mortgage lenders classified as exempt?
We have some lenders that originate only loans to be sold on the secondary market, not held in portfolio, can I exempt them?

Return to Top
Human Resources
#2129088 - 05/03/17 11:01 PM Re: Lenders Exempt?!!??! dollars & sense
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
Under which exempt classification are you going to try to exempt them? You probably cannot use the administrative classification due to the 2010 DOL administrative rule on mortgage loan officers and the subsequent upholding of that rule by the US Supreme. Court.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2129128 - 05/04/17 01:25 PM Re: Lenders Exempt?!!??! rlcarey
HR Banker Offline
Diamond Poster
Joined: Oct 2002
Posts: 1,027
The only lenders we have as exempt are those that meet the executive exemption by managing the department and supervising 2 or more employees. Our other lenders are non-exempt and punch the time clock per the 2010 DOL rule.

Return to Top

Moderator:  Andy_Z, Gayla Sherry