The Federal Reserve Board staff’s verbal interpretation of the loan originator compensation rule is greatly appreciated but mortgage lenders would rather have those opinions and advice in writing, according to the Mortgage Bankers Association. Meetings between members and officials of the MBA and Fed staff regarding...

In March 2010, the U.S. Department of Labor’s Wage and Hour Division issued Administrator’s Interpretation (AI) No. 2010-1, an analysis which found that mortgage loan officers do not fall under the scope of the administrative exemption from overtime pay and therefore should be...