Judge OKs DOL's Change In Loan Officers' OT Status

Law360, New York (June 7, 2012, 9:50 PM EDT) -- In a blow the mortgage industry, a Washington federal judge ruled Wednesday that the U.S. Department Of Labor acted within its discretion when it reclassified mortgage loan officers as eligible for overtime pay in 2010, a move that spawned numerous class actions.

U.S. District Judge Reggie B. Walton held that the agency had not violated the Administrative Procedures Act when it flipped its position on mortgage loan officers' overtime status. It was an administrative interpretation that withdrew a Bush-era opinion letter suggesting most loan officers were...
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