The mortgage banking industry recently declared victory in the wake of a federal appeals court decision to overturn a previous court ruling, which had upheld a 2010 administrative interpretation by the Department of Labor that mortgage loan officers are entitled to overtime pay. In Mortgage Bankers Association v. Seth D. Harris, acting secretary of U.S. Department of Labor, a three-judge panel from the U.S. Court of Appeals for the District of Columbia reversed a lower court’s decision denying the MBA’s motion for summary judgment. At the same time, the appellate court remanded the case to the district court with instructions to vacate the DOL’s 2010 interpretation of the administrative exemption under the Fair Labor Standards Act (FLSA). The court, however, left...