On March 24, 2010, the Wage and Hour Division of the U.S Department of Labor issued Administrator’s Interpretation No. 2010-1, regarding the applicability of the administrative employee exemption of the Fair Labor Standards Act, 29 U.S.C. §213(a)(1), to mortgage loan officers. It is the Administrator’s interpretation that employees who perform the typical job duties of a mortgage loan officer, as described in Administrator’s Interpretation No. 2010-1, do not qualify as bona fide administrative employees exempt under § 213(a)(1) of the Fair Labor Standards Act(“Act”). Unless exempt, employees covered by the Act must receive overtime pay for hours worked over 40 in a workweek at a rate not less than one and one-half times their regular rates of pay.
