Proposed Interest Rate Hike Sends Banking and Mortgage Industry Scrambling to Secure Deals

For homebuyers, a fraction of a percent rate increase could equal thousands of dollars paid in home mortgage interest. And while the home loan process can be anxious enough for homebuyers, banking and mortgage account managers and loan processors can also feel the heat while finalizing a transaction.

Getting a deal done can sometimes hinge on loan rates for a specific day and before a deadline. With rates approaching an expected hike, more account managers and loan processors are dealing with the influx of customer demands for loans. Even a simple refi could be a pressure-cooker situation for people in the banking and mortgage industry.

The result, for many of these account managers, loan officers, mortgage associates, loan processors, title and account reps, and other banking and loan industry workers are longer workdays and weekend hours dedicated to finalizing the deal.   This type of work can wreak havoc on a typical 8-hour day, 40-hour week schedule, as employees adopt a “whatever it takes” mentality to get the deal sealed.

Employers often overlook labor laws like the Federal Labor Standards Act (FLSA). Employers must pay minimum wage, and overtime pay may not be less than one and one-half times an employee’s regular rate of pay after 40 hours of work in a workweek. Employees also cannot be subjected to missed meal periods and rest breaks, or made to work off the clock.

Another big problem in the loan and banking industry are unreimbursed business expenses. Employees are entitled to be reimbursed for expenses, such as vehicle and cell phone costs, incurred while performing their job duties – like talking with clients. Most people are unaware that they are entitled to recover unreimbursed expenses dating back up to four years, with interest.

If you’ve experienced missed breaks or unpaid overtime, or you often find yourself racking up hours of unpaid work in the direction of a supervisor; you may be eligible to seek compensation for that time.

Please contact Carter Law Firm to get employment law guidance.