BlogTalkRadio Podcast – Apr 26, 2010

2017-12-20T17:34:18+00:00 April 28th, 2010|Categories: BlogTalkRadio Podcasts|Tags: , , , , , , , , , , , |

Mitch Kider, Weiner Brodsky Sidman Kider PC, was back by popular demand. Last week’s topic of paying overtime to loan originators created many questions which Mitch this week tried to answer.  The majority of the questions had to do with (a) what options are available to consider loan originators exempt from overtime; and (b) if they, in fact, cannot be considered exempt, when do they need to begin paying OT and how do they do it. No one liked the answers given.  The recent reversal of opinion by the Department of Labor says that loan originator duties no longer qualify originators as exempt under the administrative exemption.  The outside sales exemption will not apply to most originators as they, too often, work from their office or home office.  Mitch made the case for originators to be considered exempt under the professional exemption.  This will become more and more applicable as the recently implemented  loan officer licensing and certification laws kick in.  Someone in the industry will need to work with the Department of Labor to determine if loan originators then should be exempt under the professional exemption.  If the DOL agrees, we may have the answer we want, loan originators [...]

BlogTalkRadio Podcast – Apr 19, 2010

2017-12-20T17:34:18+00:00 April 22nd, 2010|Categories: BlogTalkRadio Podcasts|Tags: , , , , , , , , , , , , , , , , , , , , |

MBS prices are down 3/32nds this morning.  Leading Indicators were released at 10:00 a.m. et and were a little stronger than expected.  Last week was another good week for mortgage rates.  Mortgage rates fell about 10 basis points during the week.  The Fed Beige Book painted a pretty picture for mortgage rates, slow growth and low inflation.  CPI confirmed the low inflation part as it reported prices in March rose at a 1.1% annual rate.  Volatility continued during the week.  Volatility has persisted since the end of the MBS purchase program on March 31st.  As the Fed is no longer a consistent big buyer, the market is functioning more naturally and that includes reacting more significantly to economic announcements and changing sentiment. Mitch Kider, of Weiner Brodsky Sidman Kider PC, joined the show to discuss the result of a recent Department of Labor ruling which changes an interpretation of labor laws as it relates to loan originators (LOs) and overtime.  The new ruling overrides previous rulings that allowed LOs to be exempt from overtime as they were considered to be performing administrative duties.  Now their duties are not considered administrative and the labor laws says, if they do not meet [...]