Mortgage loan officers, like certain “outside sales” employees, are exempt from the overtime and minimum wage rules of the Fair Labor Standards Act., according to a formal opinion issued by the Department of Labor Sept. 8 in response to a mortgage industry request. The Mortgage Bankers Association asked the DOL nearly a year ago to clarify whether mortgage loan officers are excluded from overtime and minimum wage requirements under the DOL’s newly revised rules on “white collar” exemptions...