Home Lending Specialist Overtime Pay Wage & Hour Laws
Home Lending Specialist Overtime Lawsuits: Wage & Hour Laws

Home Lending Specialist Overtime Lawsuits: Wage & Hour Laws

Commonly asked overtime pay law questions about home lending specialists:

What Is a Home Lending Specialist?

Loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. They also advise borrowers on financial status and payment methods.

What is the Salary Range for a Home Lending Specialist?

Depending on the work setting and state, the U.S. Bureau of Labor Statistics (BLS) noted that in 2016, 80% of loan officers made between $32,820 to $132,290, with the average annual salary being approximately $63,650.

How Many Home Lending Specialists Are Nationally Employed?

According to the United States Department of Labor, employment estimate and mean wage estimates for loan officers are as follows:

Employment Employment RSE* Mean Hourly Wage Mean Annual Wage Wage RSE
305,700 1.1% $36.67 $76,260 0.5%

*RSE: The relative standard error (RSE) is a measure of the reliability of a survey statistic. The smaller the relative standard error, the more precise the estimate.

According to the United States Department of Labor, the percentile wage estimates for a loan officer is as follows:

Percentile 10% 25% 50% (Median) 75% 90%
Hourly Wage $15.78 $21.68 $30.60 $44.53 $63.60

Where Are Most Home Lending Specialists Employed?

According to the United States Department of Labor, states with the highest employment level of loan officers are as follows:

State Employment Employment Per Thousand Jobs Location Quotient Hourly Mean Wage Annual Mean Wage
California 38,100 2.39 1.10 $40.92 $85,110
Texas 22,400 1.91 0.88 $39.59 $82,340
Florida 21,060 2.56 1.18 $39.81 $82,790
Illinois 13,380 2.27 1.04 $35.66 $74,180
North Carolina 12,690 3.00 1.38 $35.00 $72,800

Home Lending Specialist Overtime Pay Lawsuit News

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Is a Home Lending Specialist Entitled to Overtime Pay?

Yes, you may be entitled to overtime pay as a home lending specialist if you worked more than 40 hours in a single work week. If you believe you have been denied wage benefits, it is important to consult an experienced unpaid overtime lawsuit attorney about your possible case.

Home lending specialists are often required to conduct business from early in the day until late at night, especially before closing important deals. Many specialists are “on call” and must be available at almost any time of day for clients, banks, and supervisors. There also many after work day meetings that take place to get documents signed or to meet with new prospective clients.

Can a Home Lending Specialist File an Unpaid Overtime Lawsuit?

Yes, a home lending specialist may be able to file an unpaid overtime lawsuit unless otherwise exempt by the Fair Labor Standards Act (FLSA). According to the FLSA, home lending specialists often work far more than 40 hours in a workweek, but many of them are not paid overtime as required under the law.

If you believe you have been denied overtime pay, your best option is to contact an experienced attorney who can advise you of your rights under the FLSA and state laws. By talking to one of our experienced unpaid overtime lawsuit attorneys we can tell you whether you may be entitled to file a claim eliminating a lot of work if you were to represent yourself.

There are strict time limitations for filing a claim so it is important that you discuss your case in a timely manner. If you wait too long, you may lose your ability to recover some or all of your back pay. An experienced home lending specialist overtime pay attorney can determine whether you are entitled to overtime wages based upon your job description, job duties, rate of pay, and number of hours worked.

Some states have their own overtime pay laws that may be slightly different from the FLSA with respect to overtime pay for home lending specialists. An experienced overtime pay attorney can determine whether you are entitled to overtime wages based upon your job description, job duties, rate of pay, and number of hours worked. There are strict time deadlines for filing lawsuits so it is essential that you contact an attorney immediately.

To determine whether you are eligible for filing a wage claim, contact our experienced home lending specialist overtime pay lawyers at (855) 754-2795 for a Free Consultation to discuss your case or complete the Free Unpaid Overtime Case Review Form on this page. We will discuss your situation and determine if you have a claim. If you are owed unpaid wages, we will represent you under our No Fee Promise, which means there are never any legal fees or costs unless you receive a settlement.

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