The Industry Remains in Constant Turmoil Over Whether or Not Loan Officers Deserve Overtime
June 9, 2006
Washington Mutual is the latest lender to be sued by its loan officers, who are charging that the company failed to pay overtime wages. Employees from New York, California and Illinois also say that WaMu failed to pay the federal minimum wage. The complaint, filed in New York federal court, says that the lender’s “home loan consultants” may not be paid for work on a loan if it is not approved. “This practice violates the…