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#2129087 - 05/03/17 10:45 PM Lenders Exempt?!!??!
dollars & sense Offline
Gold Star
Joined: Oct 2006
Posts: 338
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?

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Human Resources
#2129088 - 05/03/17 11:01 PM Re: Lenders Exempt?!!??! dollars & sense
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,965
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.
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#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.

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