Overtime for Commissioned Employees when you look at the Financial Industry

Overtime for Commissioned Employees when you look at the Financial Industry
Breakdown of Overtime for Commissioned Financial Business Employees
The economic solutions industry, in addition to home loan industry in specific, has a tendency to spend employees by payment. This can be especially true for product product sales kind roles, such as mortgage loan officers. A guaranteed salary of $455 per week although federal regulations allow employers to exempt financial service industry workers from overtime, financial service employers must pay the white collar workers. Because of this, companies whom only pay commissions and don’t guarantee an income need to pay loan officers and comparable workers for overtime. This article answers faq’s with this subject.
Are commissioned home mortgage officers eligible to pay that is overtime?
Yes, however with an exclusion. The basic guideline is companies need to pay workers for overtime hours, unless the employee is “exempt” from overtime.