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Volume 2014 - Number 25

June 26, 2014

SCOTUS Agrees to Review DOL’s Flip-Flop Interpretation of Regulations Regarding Overtime Eligibility of Loan Officers

The U.S. Supreme Court has agreed to consolidate and review two related cases regarding the Department of Laborís 2010 regulatory interpretation under the Fair Labor Standards Act (FLSA) that mortgage loan officers are not exempt from minimum wage and overtime requirements. A SCOTUS opinion would put to rest a dispute among the circuit courts as to whether the Department of Labor must engage in notice-and-comment rulemaking in order to significantly alter a previous interpretation of the FLSA. The high courtís decision will certainly impact...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

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