Summary of Overtime for Commissioned Financial Business Employees
The economic solutions industry, and also the mortgage industry in particular, has a tendency to spend workers by payment. That is especially real for product sales kind jobs, such as for instance home loan loan officers. A guaranteed salary of $455 per week although federal regulations allow employers to exempt financial service industry workers from overtime, financial service employers must pay the white collar workers. Because of this, companies whom only pay commissions and don’t guarantee an income need to pay loan officers and employees that are similar overtime. This article answers faq’s with this subject.
Are commissioned home mortgage officers eligible to overtime pay?
Yes, however with an exclusion. The basic guideline is that companies need to pay workers for overtime hours, unless the employee is “exempt” from overtime. The usa Department of work (“DOL”), which regulates overtime compensation permits an exemption for loan officers, but as long as the boss will pay the loan officer an income of $455.00 or even more every week. (more…)