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