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:
- Did you work as a Loan Officer?
- Did you work primarily from inside an office?
- Were you paid commission only?
- Was your primary duty selling loans?
- 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.