DOL Blasts Bankers' Precedent In Loan Officer OT Row

Law360, New York (February 20, 2013, 10:28 PM EST) -- The U.S. Department of Labor on Friday pressed the D.C. Circuit to affirm a ruling upholding the agency's reclassification of mortgage loan officers as eligible for overtime pay, saying the precedent that the industry group challenging the change is citing for support should be overturned.  

The agency filed its final brief in the Mortgage Bankers Association's appeal of a Washington federal court's determination that the DOL had not violated the Administrative Procedures Act when it flipped its position on mortgage loan officers' overtime status in 2010...
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