Recent Circuit Court of Appeals Ruling Vacates U.S. DOL’s MLO Administrator Interpretation

A recent court decision vacates the Department of Labor’s Administrator Interpretation on Mortgage Loan Originators. The weekly Compliance Report has details.

Most Mortgage Loan Officers Must be Paid Overtime

A U.S. District judge in Washington, D.C., recently upheld the DOL administrative interpretation that says mortgage loan officers are not exempt from overtime under the Fair Labor Standards Act, a ruling that will impact many credit unions.