Loan Officer Lawsuit FAQs

All too often, loan officers employed by banks, mortgage companies and other financial institutions are wrongfully denied overtime pay when they work more than 40 hours per week.  Failing to pay overtime is a rampant problem in this industry.

The United States Department of Labor (DOL) defines a loan officer as someone that evaluates, authorizes or recommends approval of commercial, real estate or credit loans.  In addition, a loan officer may advise borrowers on financial status and payment methods and includes mortgage loan officers and agents, collection analysts, loan servicing officers and loan underwriters.  The DOL has stated that typical loan officers are entitled to minimum wage and overtime wages.  Likewise, loan offices are entitled to a guaranteed minimum wage and overtime under state wage laws.

Here are some common questions and answers regarding Loan Officer Lawsuits:

What defines a Loan Officer?  
A Loan Officer is someone who evaluates, authorizes or recommends approval of commercial, real estate or credit loans.  In addition, a loan officer may advise borrowers on financial status and payment methods and includes mortgage loan officers and agents, collection analysts, loan servicing officers and loan underwriters.

I work in inside sales.  Am I entitled to overtime?  
If your primary job duty is selling loans from inside an office, you are most likely entitled to overtime pay when you work 40 or more hours in any given workweek.  This is true even if you spend some of your work time outside the office.

I’m classified as exempt but only get paid commission.  Am I entitled to overtime?   
You have most likely been misclassified and are entitled to unpaid minimum wages and overtime.

I’m an hourly employee but my employer didn’t track my overtime work.  What are my rights?  
All employers are required by law to record overtime hours for non-exempt employees.  If you worked more than 40 hours in any given workweek, you are entitled to overtime pay.

What does “off-the-clock” mean?  
Off-the-clock refers to any time worked by a non-exempt employee that wasn’t recorded and compensated.  Common types of off-the-clock work include:

  • Unpaid pre-shift preparation – booting computers, checking emails, reviewing client files or calculating figures
  • Unpaid post-shift preparation – returning to another site to drop off documents or equipment
  • Unpaid administrative work – completing paperwork, meeting with management or attending training on employee time
  • Unpaid rework – redoing a project or correcting errors on employee’s time
  • Waiting for work – time between assignments or tasks should be paid

How do I know if I have a case?  
If you answer yes to any of the following questions you may have a claim to unpaid minimum and/or overtime wages:

  1. Did you work as a Loan Officer?
  2. Did you work primarily from inside an office?
  3. Were you paid commission only?
  4. Was your primary duty selling loans?
  5. Did you work off-the-clock without pay?

The attorneys at Stephan Zouras, LLP will help you determine whether you have a claim.   Please contact us for more information.

How much will it cost me to file a lawsuit? 
At Stephan Zouras, LLP we work on a contingency fee basis, meaning as a client you never pay any attorney fees or costs unless we recover money damages on your behalf.  With a successful outcome, we receive a court-approved percentage of the recovery which is outlined in our attorney-client agreement.

How much should I expect to recover?  
Once a successful outcome has been achieved, your total award will be based on your time worked.  In addition to all unpaid wages, you may be eligible to recover double (or “liquidated”) damages, back interest, attorney’s fees and costs.

Is there a deadline to file a lawsuit?  
Yes.  There is a statute of limitations, which is either two or three years under federal law depending on whether the violation was “willful.”  Individual states also have their time limits for bringing claims under their wage laws.  Because we represent clients across the United States, the legal team at Stephan Zouras, LLP can help you determine the applicable statute(s) of limitation for your case.

Why should I choose Stephan Zouras, LLP as my legal counsel?  
We are aggressive advocates who are committed to recovering unpaid wages, overtime pay and other damages for our clients. We strive to maximize our clients’ recovery while attending to their individual needs.  Our track record of success speaks for itself.  For our loan officer clients alone, we have won a $9 million verdict after a two-week jury trial and have multiple settlements in the seven figures.  Contact us for a free and confidential consultation to learn more about your rights.

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The law firm, Stephan Zouras, handled a matter for me that was very problematic - I cannot be too specific because of the nondisclosure agreement, but suffice it to say that they came through for me FAR beyond my expectations - TWICE, in TWO separate cases. I will DEFINITELY use them in the future if I ever have any similar cases against unfair employers. Anyone that thinks attorneys are not accessible needs to hire this firm. Every staff member (Kerry, Ryan, many others) was polite, and professional, understanding, kind, and sympathetic. Thanks again, to all of you on my settlement!

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Jim Zouras is a dedicated and caring professional who fights for the rights of ordinary people. Throughout what could have been a difficult process, I always felt Jim “had my back” and was looking out for my best interests.

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I worked with Andy Ficzko, an associate of Stephan Zouras. I cannot thank the team, especially Andy, enough for helping me to settle a dispute that I had for a few years. I didn't know where to go and am so thankful that I was directed to use this group. Andy worked hard and was persistent in getting a settlement for me. He always kept me in the loop, did what was in my best interest and never gave up. After years in this dispute, it only took a few short months for Andy to help me walk away with a win. He worked hard to help me and I am so appreciative to him! This is the best group around! Thank you and here's to continued success!!

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Ryan represented me and my co-workers as part of a large class-action lawsuit against our former employer for multiple violations of labor law. I did not choose him myself, but am so glad somebody found him because he is one of the best attorneys I've ever met. He is dedicated and driven by a sense of moral justice which is increasingly uncommon in any industry today. When working with me, he was incredibly professional combining a sense of empowerment and ferocity in his approach. He is sensitive to his clients' needs and is able to craft a deadly offense while maintaining only the position that his client(s) desire. He ensures that his clients get a stellar advocate in court who will serve as their voice. He won our case resulting in recompense for hard-working people who were unfairly denied pay for work they performed for their company across the course of several years. If you are looking for an OUTSTANDING attorney, Ryan Stephan is your guy.

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I couldn't have been happier with Ryan Stephan. I handle securities administrative work and it's difficult to find someone to help when I need advice and legal assistance. Ryan is not only knowledgeable but communicative and responsive. I'm grateful to have him in my corner and highly recommend him and his firm.

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Stephan Zouras law firm is one of the best. My personal experience with Teresa and the firm was phenomenal. Teresa always kept me informed and genuinely showed she cared. I would recommend this firm and Teresa to anyone looking for honest people that will fight for you and go the extra mile.

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I worked with Jim Zouras and it was a pleasure. He told us what to expect and what NOT to expect, and that is exactly how things happened. He talked to me like I had a brain but was not a lawyer and I appreciated that. Hope I never need him again but would hire him again in a second.

- April W.

I was always kept in the loop with my suit, and their persistence has paid off in the long run. I would recommend this firm to anyone looking to do a class action lawsuit. Ryan and the staff at Stephan Zouras are the best!

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I was a part of a class action suit which Teresa Becvar handled. Numerous times I had questions and Teresa always returned my phone calls or emails quickly. She was courteous and knowledgeable and encouraging. I am feeling so blessed with the outcome of our lawsuit and I appreciate everything STEPHAN ZOURAS LLP, ATTORNEYS AT LAW DID FOR ME.

- Erika

If you need a hard-working, detailed, compassionate and cooperative class action attorney, this is your guy [Andy Ficzko]! He keeps in constant contact so you are always in the loop. No question goes unanswered and he makes you feel valued. Unlike some lawyers, he is not pretentious, but very professional and thorough. He handled my case seamlessly and it only required one visit to his office. From beginning to end, my case was completed in about 11 months. I am very happy with the outcome of my case!

- Cheryl

Ryan worked me while I was part of class action against a former employer who was in violation of various labor laws. He was very pleasant to work with. My overall experience with the firm was very positive and I highly recommend him and his team.

- Hassan

Jim Zouras and the legal team at Stephan Zouras did a thorough and outstanding job recovering overtime wages against a former employer. The case was handled as a class action, and Jim and his staff were complete professionals in promptly responding to calls, emails, answering questions, and keeping all of us informed throughout the process. They are dedicated to their work and exceeded our expectations. I would gladly recommend their services to anyone having issues with their employer.

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A great firm to deal with - very personable. Kept up to date on the case and always gave me options. Ryan, his staff and the receptionist were all very nice and helpful at all times. Very satisfied with the results of the case. If you ever need an attorney he will be there for you and walk you through it.

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I worked with Jim Zouras as well as Teresa Becvar in a class action and won with a settlement that benefited a large group of fellow former employees. Communication was always very good and they were always helpful in answering any questions as well as preparing me for what was coming and what to expect.

- Ryan

This review is long overdue but my sentiments are still as overwhelmingly positive and strong for the firm-especially Ryan, Haley and Emily many months later. From day one Ryan made me feel like my case was his most important case, that I was not who was wrong, and that more than anything they were on my side. Their firm and the way they listen and make you feel is why I imagine one would go into practicing law. During my deposition the court reporter even commented how nice Ryan was- there is no need to be a jerk to get what you want. I'm not saying I would do this again but if Ryan and Haley were on my team I would not hesitate. In the end it was not like TV but Ryan is a true Hollywood hero in my world! And Haley a virtual rising star. I am forever grateful for them and helping me close an ugly chapter in my life.

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Let me say I've sought out the assistance of this firm on three different occasions and I was never let down. This last time around it was a bit more involved with frequent visits and conference calls. When I tell you that they are great people to work with you can bet on it. Andy, Ryan and Anna were always on top of the matter along with updates all the time. They are awesome at what they do and I would STRONGLY RECOMMEND this firm to address your needs. Thanks again team for believing in me and seeing me through it all.

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