DC Circ. Nixes DOL's Change To Loan Officer OT Status

Law360, New York (July 2, 2013, 3:09 PM EDT) -- The D.C. Circuit on Tuesday struck down the U.S. Department of Labor's 2010 reclassification of mortgage loan officers as eligible for overtime pay, finding that the agency must engage in formal rulemaking to make such a change. 

The appeals court ruled in favor of the Mortgage Bankers Association which challenged the DOL's decision to flip its position on mortgage loan officers' overtime status in 2010 through an administrative interpretation. The administrative interpretation withdrew a Bush-era opinion letter suggesting most loan officers were covered by the administrative exemption...
To view the full article, register now.