State Overtime Laws
Loan Officers, Loan Processors Denied Overtime Pay
A loan consultant or loan officer who was denied overtime pay may be able to collect up to three years of unpaid overtime if their employer violated federal or state overtime law.
In general, overtime law requires that employers pay all non-exempt employees time-and-a-half compensation for hours worked in excess of 40 in a single workweek. Therefore, unless a loan officer or loan consultant meets a specific overtime exemption, such as the executive or administrative exemption, he or she is entitled to receive overtime pay. Regardless, loan officers, loan processors and loan consultants are commonly subjected to illegal wage and hour practices, such as employee misclassification, and are often denied overtime pay.
Denied overtime as a loan officer, loan processor or loan consultant? You may be able to file a lawsuit to collect unpaid overtime. Fill out our free legal consultation form and our overtime lawyers will review your eligibility for an overtime lawsuit, at no cost to you.
Overtime Lawsuits: Loan Consultants and Loan Officers
Overtime scams are common in the financial services industry and loan officers and loan consultants are not immune from these illegal wage and hour practices. In June 2009, Washington Mutual Bank agreed to pay $38 million to settle three class action overtime lawsuits, which accused the bank of failing to pay overtime wages to nearly 4,000 loan consultants. According to the unpaid overtime lawsuit, the bank allegedly failed to pay its mortgage loan consultants and loan officers for hours worked on weekends, during meal breaks and in the mornings and evenings. JP Morgan Chase also faced a similar unpaid overtime lawsuit, which accused the financial services firm of failing to pay overtime wages to its loan officers and misclassifying them as exempt employees under federal and state overtime law. In Jan. 2010, a federal judge gave tentative approval to a $2.5 million settlement.
Additionally, in April 2010, Wells Fargo agreed to a $6.6 million settlement in a class action case which accused the company of failing to pay overtime to its mortgage loan processors. According to the unpaid overtime lawsuit, Wells Fargo mortgage loan processors were only paid for a certain number of hours per week, regardless of the number of hours actually worked. The mortgage loan processors could receive permission to collect overtime pay, but not all employees who worked more than 40 hours per week received such clearance.
Denied Overtime: Hawaii Bank Loan Officers
Loan officers employed by banks in Hawaii may be susceptible to employee misclassification or other illegal overtime practices. Like most loan officers, those employed at Hawaii banks are generally entitled to receive overtime pay when working more than 40 hours a week and cannot be legally denied time-and-a-half pay without meeting the specific criteria of an overtime exemption. If you have been denied overtime as a bank loan officer at a Hawaii bank, fill out our free case evaluation form today. Additionally, to learn more about Hawaii bank loan officers and unpaid overtime, visit our Hawaii loan officer overtime law page.
Unpaid Overtime Attorneys
Loan consultants, loan processors and loan officers who were wrongfully denied overtime pay have a legal right to file an unpaid overtime lawsuit. When successful, an overtime lawsuit can award the plaintiff with compensation for attorneys’ fees, up to three years of unpaid overtime, and an equal amount in liquidated damages. If you are interested in pursuing an overtime lawsuit, contact an overtime attorney today to discuss your eligibility for legal recourse. Our overtime lawyers are offering a free initial consultation to all potential clients, so do not hesitate to fill out our immediate case review form on the right.