American brokers could claim overtime in future

by AB23 Jun 2014
Mortgage brokers in the United States may be able to claim overtime pay in future, should a lawsuit be successful.
The US Supreme Court has agreed to hear an appeal from former mortgage brokers for online mortgage giant Quicken Loans, who claim the lender owes them overtime pay for their work in the last decade.
The justices said last week they will review a lower court ruling in favour of Quicken. The case will be argued later this year, reported Associated Press.
At the heart of the brokers’ grievance are rules put in place by the US Department of Labor – which were changed twice in a four-year period that spanned the Bush and Obama administrations.
In 2006, the Department of Labor said the mortgage brokers were like executives and thus not covered by the overtime provision. In 2010, the department reversed itself.

If the new case was successful, it would make the mortgage brokers eligible for overtime pay under federal labour law.