FOR IMMEDIATE RELEASE
October 25, 2016
Contact: Nathan S. Pierce
NAMB Communications Chair
NAMB Applauds the Fannie Mae and Freddie Mac for Upcoming Changes
PLANO, TX, October 25, 2016 —NAMB—The Association of Mortgage Professionals applauds recent announcements made by both Fannie Mae and Freddie Mac in regards to representation and warranty procedures. Reps and warrants are the rules under which the government-sponsored entities (GSEs) can require the repurchase of loans by lenders.Click here to read more...
Monday, October 24, 2016
This week, I am going to bring you all up to date on the “White Collar Exemptions in the Overtime final Rule” for private employers. The question is, how many of you are currently being paid for your time worked, whether it is at an hourly wage or salary as an originator? According to the Wage and Hour Division, you must be paid for your time worked, even if it is a draw against commissions. That way, even if you do not close any loans, you are paid for your time. In most cases, you are probably drawing a certain amount and are considered a salaried individual, exempt from overtime. The threshold for this amount is $455 per week, or $1,810 per month ($23,660 per year). This keeps you from having to be paid overtime for hours over 40 per week and removes you from the supervisory position of overseeing two other employees.
From John Councilman, NAMB Immediate Past President email@example.com. You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources. News From NAMB is different because we find important information that may not be reported elsewhere and we comment on why it is relevant to you, often in a fun way. Best of all, it is free to NAMB members. News From NAMB is sponsored exclusively by United Wholesale Mortgage.