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Loan Officer Overtime Lawsuits: Wage & Hour Laws

Loan Officer Overtime Lawsuits: Wage & Hour Laws

Commonly asked overtime pay law questions about Loan Officers:

What Is a Loan Officer?

Loan Officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans, as well as advise borrowers on financial status and payment methods.

What is the Salary Range for a Loan Officer?

Depending on the work setting and state where Loan Officers are employed, the U.S. Bureau of Labor Statistics (BLS) noted that in 2016, Loan Officers made between $32,000 and $132,000, with the average annual salary being approximately $76,000.

How Many Loan Officers Are Nationally Employed?

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

Employment Employment RSE* Mean Hourly Wage Mean Annual Wage Wage RSE
304,700 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 are as follows:

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

Where Are Most Loan Officers Employed?

According to the United States Department of Labor, states with the highest employment level in this occupation 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 $82,34-
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

Loan Officer Overtime Pay Lawsuit News

What are the Laws for Loan Officer Overtime Pay?

Under the Fair Labor Standards Act, Loan Officers are often entitled to overtime pay for all hours worked over 40 in one week. If an employer denies a Loan Officer overtime wages, it could give rise to an overtime pay lawsuit.

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 Loan Officer 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 Loan Officers. There are strict time deadlines for filing lawsuits so it is essential that you contact an attorney immediately.

Are Loan Officers Entitled to Overtime Pay?

Because Loan Officers perform essential duties such as, evaluating, authorizing, and recommending approval of commercial, real estate as well as credit loans. They often work far more than 40 hours in a workweek. Many of them are not paid overtime for these excess hours as required under the FLSA. The employer’s failure to pay required overtime to a Loan Officer can result in a lawsuit for overtime pay.

To determine whether you are eligible for filing a wage claim, contact our experienced Loan Officer 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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