DOL's Loan Officer Status Change Violates APA, DC Circ. Told

Law360, New York (December 6, 2012, 5:10 PM EST) -- The U.S. Department of Labor violated its fundamental rules of procedure in reclassifying mortgage loan officers as eligible for overtime pay, a real estate finance industry group told the D.C. Circuit on Wednesday, arguing that a trial court's ruling backing the agency's decision should be overturned.

In its opening brief with the appellate court, the Mortgage Bankers Association said that the Washington federal court erred in throwing out the group's challenge to the validity of a DOL edict holding that mortgage loan officers are not exempt...
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