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Summary of Overtime for Commissioned Financial Business Employees

The economic solutions industry, while the home loan industry in specific, has a tendency to spend workers by payment. This really is specially real for product product sales kind roles, such as for instance mortgage 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 just pay commissions plus don’t guarantee an income need to pay loan officers and comparable workers for overtime. This article answers faq’s with this topic.

Are commissioned home mortgage officers eligible to pay that is overtime?

Yes, however with an exclusion. The general guideline is 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 only when the boss will pay the mortgage officer an income of $455.00 or even more every week. (altro…)