Judge Reggie Walton in U.S. District Court for the District of Columbia has rejected a Mortgage Bankers Association challenge to an “Administrator’s Interpretation” by the U.S. Department of Labor that loan officers in the mortgage banking industry generally do not qualify as exempt employees under the administrative exemption of the federal Fair Labor Standards Act. The ruling, if left intact, is seen as a victory for mortgage loan officers and a loss for those that employ them. Last year, the MBA pressed for the court’s review of the 2010 Administrator’s Interpretation, asserting...