Proposed overtime exemption change hurts mortgage loan originators

Foreclosure starts reach lowest level since 2005  · Both early-stage and serious delinquencies fell from April, as did loans in active foreclosure, bringing total non-current inventory – all loans past due, including foreclosures – to its lowest point since early 2005 Foreclosure starts also fell month-over-month to 39,000, the fewest of any month in more than 18 years

The DOL had not updated the duties or salary tests for many of those exemptions in decades. The "administrative" exemption recently sparked panic in the mortgage lending industry, since the DOL changed its stance and declared that the typical duties of a mortgage loan originator do not qualify those individuals for that exemption.

Overtime Income to Qualify for a Mortgage. Overtime is in the news a lot lately. So it seems like a good time to discuss overtime and how it affects buying a home. A recent CNN Money article by Jeanne Sahadi called "New rule expands overtime pay to millions of workers" explains the big rule changes.

First American: Mortgage rates champion growth in potential existing home sales First American: Mortgage rates champion growth in potential existing home sales posted on May 20, 2019 by admin in News In April, potential existing-home sales increased 0.1% from the previous month, according to First American’s Potential Home Sales Model.

Total mortgage banking activity which is comprised of sold loans was the change. origination activity also had an adverse effect on the net interest margin due to a $52 million decline in the.

To be considered "exempt" from the Act’s requirements, employees must meet two tests: the Salary Basis Test and the Duties Test. The Act has a number of white collar exemptions from overtime and minimum wage. Changes made to the Act in August 2004 modified these tests, compelling an examination of how to classify and pay mortgage loan officers.

A creditor shall report, on a semi-annual basis, to the Division of Banks the final outcome of each mortgage loan modification on all mortgage loans for which the creditor sent to a borrower a notice of the right to request a modified mortgage loan.

Former MBA Chairman David Kittle joins ComplianceEase The Mortgage Collaborative President David G. Kittle Issues. – SAN DIEGO, Calif., April 20, 2017 (SEND2PRESS NEWSWIRE) — On behalf of its network of lenders, David G. Kittle, CMB, president and vice chairman, The Mortgage Collaborative, has issued the following statement on the Mortgage Bankers Association’s (MBA) release of its GSE Reform proposal, "GSE Reform: Creating a Sustainable, More Vibrant Secondary Mortgage Market":

"Final Rules On Mortgage Loan Originator Compensation And Qualifications" published by the Mid-South regulatory compliance group.. congress passed the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) in 2008 requiring loan originators to be licensed or registered and to pass.

In 2006, the Wage & Hour Division issued an opinion letter approving the mortgage industry practice of classifying mortgage loan officers as exempt from the FLSA’s minimum wage and overtime requirements under the administrative exemption.

Presently, the issue of overtime pay for mortgage loan originators is in limbo. What appears clear is that the DOL will likely continue to pursue a position similar to the 2010 Interpretation.

Servicing units feel the squeeze, bleed jobs Servicing units feel the squeeze, bleed jobs Step one: Republicans begin fight for Dodd-Frank replacement The presidency of Barack Obama began at noon EST on January 20, 2009, when Barack Obama was inaugurated as the 44th President of the United States, and ended on January 20, 2017.Obama, a Democrat, took office following a decisive victory.Credit Plus launches new loan quality control program Credit Plus Inc. announced that it will be offering QC Review, a new loan quality control program, which allows lenders to perform quality assurance checks to meet their own policies and procedures.Clear Capital: Momentum continues to build for housing recovery Housing continues to make steady gains, especially during a time when the market needs it the most-winter, according to Clear Capital’s March Market Report. As recorded through it’s Home Data Index (HDI), Clear Capital has shown home prices have risen 6.1% annually through February 2013.