Mortgage Bankers Association Human Resources Symposium 2015

September 11, 2015

Of counsel Russell Bruch will present a Regulatory Update at the Mortgage Bankers Association Human Resources Symposium.

Topics will include:

Part 1: Wage and Hour Laws and Rulings

  • Fair Labor Standards Act: DOL Wage and Hour Rulings
    • Implications of MBA Supreme Court Case on FLSA
    • Understanding the DOL’s proposed updates to the “white collar” exemption test and what employers should do in
    • light of the proposed changes
    • Available exemptions and their requirements
    • Challenges of determining overtime
    • Tracking and accounting for compensable time
    • Loan originator contract design considerations
    • Positions besides the loan officer that bring overtime challenges
    • DOL guidance released on July 15 relating to classification of independent contractors
    • State Laws: Overtime and minimum wages

Part 2: Loan Originator Compensation Rule

  • Latest developments and recent CFPB Enforcement Actions
  • Important Concerns and Issues
    • Definition of “loan originator”
    • Different commissions by loan type
    • Loan price variations
    • Loan originator clawbacks
    • Branch manager overrides
    • Compensation based on branch profitability
    • Treatment of referrals within and outside company
    • Incentives and bonuses