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Seyfarth Shaw LLP | USA | 18 Jan 2011

Mortgage banking association sues DOL over mortgage loan officer classification

In the ongoing battle between the Department of Labor and the financial industry over the exempt status of mortgage loan officers, the Mortgage Bankers' Association (MBA) struck the latest blow by filing suit seeking to vacate the DOL's recent Administrator's Interpretation (AI) declaring that mortgage loan officers, in general, do not qualify for the administrative exemption to the FLSA's overtime requirements.

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