The Mortgage Bankers Association (MBA) will present its case against the Department of Labor (DOL) to the Supreme Court. The MBA seeks to vacate and set aside the DOLs 2010 Administrative Interpretation (2010 AI) which has established mortgage loan officers are entitled to overtime pay.
· Specifically, the rule increases the minimum weekly pay required to exempt salaried workers from overtime pay from $455 per week to $913 per week. The American Action Forum already illustrated that even according to the DOL, this change will only marginally benefit workers. While the rule makes 4.2 million workers eligible for overtime pay.
The United States Supreme Court has upheld an Administrator’s Opinion issued by the United States Department of Labor stating that "typical" mortgage-loan officers are not covered by the Administrative exemption to the FLSA’s overtime requirements. The Supreme Court’s decision in Perez v. Mortg.
Co-authored by Noah A. Finkel and Abad Lopez. The demise of bank loan underwriters’ exempt status has been greatly exaggerated-at least according to a recent Sixth Circuit decision upholding the dismissal of a putative collective action against Huntington Bank. The court disagreed with underwriters who alleged that they were improperly classified as exempt and thereby wrongfully denied.
Jeb Mason – Challenges Facing President-elect Donald Trump on reforming the GSEs Mortgage fraudsters are leaving these 10 markets More on suing the mortgage fraudsters for $80bn.. These banks have cared little about the lending practices adopted by them, and reckless lending has brought about huge and unsustainable.NEW MOVES ON GSEs – American Banker’s Ian McKendry: “Senate negotiators are breaking from an emerging consensus on housing finance reform. CHANCE TO COUNTER TRUMP – NYT’s Binyamin Appelbaum: “The.
Summary of the final rule on mortgage loan originator qualification and compensation practices The mortgage market crisis focused attention on the critical role that loan officers and mortgage brokers play in the loan origination process. Because consumers generally take out only a few
obtain mortgage financing. The very people who are supposedly being helped by the proposed regulations will now be without op-tions as a result of their implementation. While I’m in agreement that there is a problem that needs fixing, this is simply not the way to proceed.
FHFA resolves 6 of 18 RMBS suits against big banks WATCH: Zillow CEO accepts ice-bucket challenge VIDEO: Watch Mark Layman CEO of Balfour Beatty Construction. – "I love the ice bucket challenge, said Mark Layman, chairman and CEO of Balfour Beatty Construction. We are a big family [at BBC] and every day members of our family are directly or indirectly being impacted by serious health issues, whether it be ALS, cancer, or other physical challenges.Bank of American took quite a hit from the Federal Housing Finance Agency in a lawsuit that ended in a $9.33 million dollar lawsuit. The FHFA, which is the agency that oversees the operations of Fannie Mae and Freddie Mac, sued Bank of America as one of the 18 entities they sued for misrepresenting mortgages.
· FLSA Hot Topic: The Fluctuating Workweek and Commission Pay. The proposal did not address the situation where a base salary meets the required minimum rate of pay and overtime compensation is paid on both the base rate plus commissions at ½ rather than 1 ½ times the regular rate. Additionally, the Department of Labor focused on “bonus.
The Supreme Court recently unanimously rejected a challenge to the validity of a 2010 interpretation by the U.S. Department of Labor (the "DOL"), which had concluded that the administrative exemption of the Fair Labor Standards Act ("FLSA") generally does not apply to mortgage-loan officers.
Barclays analyst sees housing rebound coming in 2012 Plosser sees 7% unemployment by 2012, no rebound in housing Veros sees slow housing recovery with 1.3% decline in home prices in 2012 cre portfolio managers see market turnaround in 2012