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Volume 2014 - Number 10

March 13, 2014

Labor Department Seeks Supreme Court Review of Loan Officer Overtime Ruling

The Department of Labor has asked the Supreme Court of the United States to review an appeals court ruling that put the kibosh on the agencyís policy that mortgage loan officers do not qualify under the administrative exemption to overtime pay. The legal question presented in Thomas E. Perez, Secretary of Labor, et al., petitioners, v. Mortgage Bankers Association, et al., is whether a federal agency must engage in notice-and-comment rulemaking before it can significantly alter an interpretation of an agency regulation. Last October, the U.S. Court of Appeals for the District of Columbia refused...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

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