Commonly asked overtime pay law questions about mortgage brokers:
- What Is a Mortgage Broker?
- What is the Salary Range for a Mortgage Broker?
- How Many Mortgage Brokers Are Nationally Employed?
- Where Are Most Mortgage Brokers Employed?
- Mortgage Broker Overtime Pay Lawsuit News
- What are the Laws for Mortgage Broker Overtime Pay?
- Mortgage Broker Overtime Pay Lawyer Review
What Is a Mortgage Broker?
Typically, mortgage brokers perform duties related to the purchase, sale or holding of securities. A mortgage brokers act as an intermediary who finds a bank or direct lender that will provide the specific loan an individual is seeking.
What is the Salary Range for a Mortgage Broker?
Depending on the work setting and state, the U.S. Bureau of Labor Statistics (BLS) noted that in 2016, 80% of mortgage brokers made between $33,000 to $76,000, with the average annual salary being approximately $49,200.
How Many Mortgage Brokers Are Nationally Employed?
According to the United States Department of Labor, employment estimate and mean wage estimates for mortgage brokers are as follows:
- Employment: 59,820
- Employment RSE*:2.3%
- Mean Hourly Wage: $25.18
- Mean Annual Wage: $52,380
*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 mortgage broker is as follows:
- 10% Percentile: $15.91
- 25% Percentile: $19.29
- 50% Percentile (Median): $23.65
- 75% Percentile: $29.39
- 90% Percentile: 36.73
Where Are Most Mortgage Brokers Employed?
According to the United States Department of Labor, states with the highest employment level of mortgage brokers are as follows:
|State||Employment||Employment Per Thousand Jobs||Location Quotient||Hourly Mean Wage||Annual Mean Wage|
Mortgage Broker Overtime Pay Lawsuit News
LOS ANGELES — In a major ruling for bank employees across the country, the U.S. Ninth Circuit Court of Appeals ruled mortgage underwriters may not be classified as “administrative” workers and are therefore due overtime pay when they work more than 40 hours in a single week.
What are the Laws for Mortgage Broker Overtime Pay?
Under the Fair Labor Standard Act (FLSA), mortgage brokers are often entitled to overtime wages.
Not all Mortgage Brokers are entitled to overtime pay, however. Depending on the specific facts of the case, some mortgage brokers may be properly classified as exempt employees who are not entitled to overtime pay.
Courts will consider all of the following factors in deciding whether a mortgage broker is entitled to overtime pay: amount of compensation; pay structure (hourly wage or salary); the employer’s production requirements; whether the employer conducts some portion of its business as a direct lender; whether the mortgage broker works as an “inside” or “outside” salesperson; the exact nature of the employer’s business; and the percentage of time the mortgage broker spends performing other job duties.
When a mortgage broker is correctly classified as non-exempt under the FLSA, an employer’s failure to pay required overtime to a manager can result in a lawsuit for overtime pay.
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 mortgage broker 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 mortgage brokers. 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 Mortgage Broker 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.