Republican members of the House and the Senate have introduced legislation that would nullify the Department of Labor’s much-anticipated white-collar overtime exemption rule now under review at the Office of Management and Budget. Introduced jointly by GOP members of the House Committee on Education and the Workforce and the Senate Committee on Health, Education, Labor and Pensions, the bill would stop the DOL’s proposed expansion of mandatory federal overtime pay in its tracks. The bill, Protecting Workplace Advancement and Opportunity Act, would provide...

“Look, it’s March of an election year. And it’s not like he was going to get a lot done," said one observer regarding Stegman's departure.

Meanwhile, we’re told that WJB’s woes can be traced to more than just TRID errors…

The Fair Labor Standards Act spells out the basis for an administrative exemption from overtime pay.

What does a depository do if it has a mortgage with a TRID error?

With commercial banks continuing to pare back their role in the mortgage market, nonbanks are aggressively hiring top performers.

The mortgage chiefs at “marketplace” lender SoFi were at the recent ABS Vegas show talking up their business with other lenders...

DeMarco, by the way, called on Congress to take a “thoughtful” review of the FHA program and Ginnie Mae’s role in housing finance.

Anupam Agarwal, CIO of Western Asset Mortgage Capital, noted: “Well, that unicorn doesn’t exist.”

Loan underwriters who claimed they were improperly classified as exempt and thereby wrongfully denied overtime pay lost on appeal after a federal appeals court determined they were administrative employees “helping run or service a business” as opposed to engaging in loan production. The ruling by the U.S. Court of Appeals for the Sixth Circuit stands in stark contrast to the Second Circuit’s 2009 opinion in a similar case, which held that underwriters are administrative workers who are eligible for overtime pay if they engage in production activities, industry attorneys said. In Lutz v. Huntington Bancshares, Inc., the bank’s underwriters primarily reviewed...