If you are a banking, mortgage, or insurance employee, you may be classified as an exempt employee, and for that reason you may believe you are not eligible for overtime wages. This results in many employees in the banking industry working long hours for little pay. However, many workers are legitimately non-exempt and do not know it. If you think you are exempt as a mortgage loan officer, underwriter, originator, consultant, or processor, you need to speak with a wage dispute attorney and determine if you are a misclassified worker being denied proper compensation.
Under the Fair Labor Standards Act, most exempt employees fall under the executive, administration, or professional exemption. An administrative exception would mean that in the scope of your job you can work with a discretion that can considerably impact the business. Most workers in the banking industry are more comparable to production employees because their work does not focus on running the business itself, but instead is focused on the goods and services of the company.
Therefore, many workers in the banking industry are owed for back-pay and overtime wages that they thought they did not previously qualify for. You may have worked well over forty hours a week, by being forced to clock out and finish projects, or working weekends without documenting your hours, or working through your scheduled lunch break. You can be compensated for your unpaid wages going back three years, but you need to speak with wage dispute lawyer who can analyze your case, identify your exemption status, and pinpoint where pay violations have occurred.
There are time limits on recovering back pay, so it is important to meet with an over time attorney as soon as possible to retrieve all the unpaid wages that are owed to you. At the wage dispute firm of Dunham & Jones, the initial evaluation of your case is free and confidential. Call now or fill out the contact form to schedule an appointment with an overtime lawyer. Many clients are surprised at how much money is owed them, when they originally thought they did not have a wage dispute claim against their employer. If you suspect you are being misclassified or are not being properly compensated for the hours you work, or the overtime you put in, then call right away.
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I am an associate at an accounting firm and am classified under the administrative exemption. Most of the work I do is clerical, am I really considered an exempt employee?
There is a common misconception that people working in a white-collar industry like banking are automatically exempt employees. Perhaps your employer told you that you have been classified under the administrative exemption, which means you are not entitled to overtime pay. What your employer says about your exemption, and what holds water under the FLSA, are two separate things. The Fair Labor Standards Act determines which employees are exempt based on their job duties and their salary base. If the work you typically do is clerical, then it is likely you are not truly an exempt employee.
The surest way to determine your exemption status is to speak with a qualified attorney. Wage dispute cases are complicated, and every case varies. It is important to call our offices as soon as possible if you think you may have a wage claim. The sooner you file a claim, the better chances you have of recovering your unpaid wages. You may reach us by calling or filling out a contact form. Our evaluation is free and confidential.
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Are loan officers protected under the FLSA?
According to the Fair Labor Standards Act, for a loan officer to be exempt their primary job must involve office work that is directly related to the management of the employer or its customers. Non-exempt employees are protected by the FLSA, and are entitled to overtime pay and minimum wage requirements. Loan officers can be misclassified and their status may be listed as exempt. Exemption would prevent you from receiving protection from the FLSA.
Employees are exempt based on their job duties. One cannot say that all loan officers are exempt or that all loan officers are protected by the FLSA. You would need to speak with an attorney about what your primary duties are, and through that conversation you can better evaluate your exemption status. Many loan officers are protected under the FLSA, so it is likely that you are. Very few employees are truly exempt, and many employees are improperly classified as exempt.
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I am a loan officer and my compensation is commission based. I do not receive overtime pay, is this legal?
Regardless of how you are paid, you are still entitled to overtime pay as a non-exempt employee. Even salaried employees are entitled to overtime if they are non-exempt.
Whether or not you receive overtime is dependent on your exemption status. Workers in the banking industry are often classified under the professional or administrative exemption.
Exemption status is determined by a salary test and a duty test. However, more and more employers are forcing their employees into these exemption brackets when they do not actually belong there.
Being misclassified can cost you thousands of dollars in unpaid overtime wages. It is possible to recover past wages but there are limitations and deadlines, so the sooner you file a claim, the more likely you will recover the maximum amount of past wages.
If you have a wage dispute, call now or fill out a contact form to speak with one of our hour and wage attorneys. Our evaluation is free and confidential.
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