Rules for Mortgage Loan Officers

Answered by:

Question:

Recently the Department of Labor came out with rules regarding mortgage loan officers. We currently have an employee whose primary job is in commercial lending. He also does some mortgage lending on the side. Would we have to evaluate his salary as a part of the new rules? Because he doesn't primarily work with mortgages, would he be exempt from this?

Answer:

I believe that you will find that it is the principal actions of the loan officer that need to be weighed. The fact that he deals with mortgages or commercial loans really has no bearing. The DOL just happened to use mortgage loan officers in the ruling.

First published on BankersOnline.com 9/06/10