1. If you have been hired as a loan officer and are paid straight commision, are you entitled to overtime pay?

2. If you work a period of time, say a month that you do not earn any money or very little money are you entitled to receive minimum wage?

We are required to call leads for our manager/owner and there are months that little to no money is made. Even though we are required to be there to call. We have to be in the office 10-7 3 days a week and 9:30-5 1 day and 10 -5 another day. Many work longer hours than this and come in on Saturday. No extra pay is ever given. Only commission on loans closed.

What are the guidelines concerning this. I've heard many things and I am in a situation as are many of my co-workers that any information would be greatly appreciated.

Thanks so much for your time.

kathy

Depending upon the work, my recollection is that loan officers may possibly be considered "statutory employees", which may exempt them from the overtime requirements.

However, this is WAY far back in time for me, so I recommend you call the federal Dept. of Labor to inquire as to your specific situation. 1-800-4USADOL.

The mortgage industry has been in general disregard of the overtime laws and many many companies have been sued and millions have been collected for employees. Our firm has handled many such cases. Generally, non-salaried loan officers would not be exempt from the overtime law unless they met the criteria for "outside sales" exempt employees. This would require spending over 50% of your time outside the office. Salaried employees need a more complicated analysis. You might check out http://getmanlaw.com/questionnaire for an automated online questionnaire that takes you through an interview automatically to help you determine entitlement to overtime pay.

Dan Getman

Dan, we discourage using these boards to solicit customers...

I apologize if it appeared that way (I do not handle cases in Kentucky). However, the mortgage industry has reaped billions of dollars in profits while in flagrant disregard of the overtime laws which have been on the books since 1938. It was a "wild west" approach that made the industry a fortune on the backs of working people, who did not get all they were entitled to. I do believe that loan officers should pursue valid claims - its their money being withheld. And the overtime law allows claims for back pay, an equal amount in liquidated damages, and costs and legal fees, all payable by the employer when the employee prevails.
Dan Getman