Commonly asked overtime pay law questions about loan underwriters:
- What Is a Loan Underwriter?
- What is the Salary Range for a Loan Underwriter?
- How Many Loan Underwriters Are Nationally Employed?
- Where Are Most Loan Underwriters Employed?
- Loan Underwriter Overtime Pay Lawsuit News
- What are the Laws for Loan Underwriter Overtime Pay?
- Is a Loan Underwriter Entitled to Overtime Pay?
- Does a Company Have to Pay Overtime Wages to a Loan Underwriter?
- Loan Underwriter Overtime Pay Lawyer Review
What Is a Loan Underwriter?
Loan underwriters determine the risk involved in offering a loan to a borrower, as determined usually by credit, capacity, and collateral. Generally, loan underwriters make the final decision on whether to approve or decline a loan.
What is the Salary Range for a Loan Underwriter?
Depending on the work setting and state where loan underwriters are employed, the U.S. Bureau of Labor Statistics (BLS) noted that in 2016, loan underwriters made between $32,820 and $132,290, with the average annual salary being approximately $76,000.
How Many Loan Underwriters Are Nationally Employed?
According to the United States Department of Labor, employment estimate and mean wage estimates for this occupation is as follows:
|Employment||Employment RSE*||Mean Hourly Wage||Mean Annual Wage||Wage RSE|
*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 underwriter is as follows:
Where Are Most Loan Underwriters 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|
Loan Underwriter Overtime Pay Lawsuit News
Related Loan Underwriter Overtime Pay Lawsuit News
What are the Laws for Loan Underwriter Overtime Pay?
Most loan underwriters are protected under the Fair Labor Standard Overtime Laws (FLSA), meaning employers are required to pay them overtime for all hours worked over 40 in one week. Overtime wages must equal one and one half times the loan underwriter’s regular rate of pay.
However, although most courts agree that Loan Underwriters are entitled to overtime wages for working more than 40 hours in a work week, this is not always the case. Depending on the specific facts of the case, some Loan Underwriters may be properly classified as exempt “administrative” employees who are not entitled to overtime pay.
Courts will consider all of the following factors in deciding whether a Loan Underwriter is entitled to overtime pay: amount of compensation; pay structure (hourly wage or salary); the employer’s production requirements; how much decision-making power the Loan Underwriter has; the nature of the employer’s primary business; and the Loan Underwriter’s other job duties.
Is a Loan Underwriter Entitled to Overtime Pay?
Yes, a loan underwriter may be entitled to overtime pay if worked more than 40 hours in a single workweek.
According to the Fair Labor Standards Act (FLSA), employers are generally required to pay time-and-a-half for all overtime to loan underwriters. Additionally, overtime pay should include all required work performed in all facilities and departments, both before and after a shift, including staff meetings and required paid training.
However, some loan underwriters may fall under the “administrative” FLSA exemption, and each state has their own laws as well that may differ from the FLSA. An experienced overtime pay attorney will be able to interpret the laws as they apply to your particular case, and thereby determine if you are entitled to overtime pay.
Does a Company Have to Pay Overtime Wages to a Loan Underwriter?
In many cases, a company is required to pay overtime wages to loan underwriters as mandated in the FLSA.
However, loan underwriters can sometimes be properly classified as an exempt “administrative” employee. Whether or not a loan underwriter is exempt or is entitled to overtime pay depends on amount of compensation; pay structure (hourly wage or salary); the employer’s production requirements; how much decision-making power the loan underwriter has; the nature of the employer’s primary business; and the loan underwriter’s other job duties.
It is important to know if you fall under this exemption or not, because some employer’s will misclassify loan underwriters in an effort to avoid paying overtime wages. Because of this, it is best to consult an experienced attorney who can advise you on your case.
To determine whether you are eligible for filing a wage claim, contact our experienced Loan Underwriter 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.