Six Reactions to Prospect Mortgage's Win in Loan Officer Pay Case
February 28, 2014 3:11 PM
Prospect Mortgage recently won a jury trial by applying the outside sales exemption to a loan officer suing Prospect for minimum wage and overtime. Following are comments posted by readers, showing many, but not all, loan officers view themselves as independent contractors. Others think W-2 tax classifications by employers are at odds with that view. Image: Thinkstock.
Free Agents
"When such a person as this is taking all of the expenses and advertising, whether it be referral based or otherwise, they are most definitely considered self-employed. This is more of a win for those of us who contend we are a small business owner." Image: Fotolia.
You Eat What You Sell
"My question is what part of 100% commission this loan officer did not understand?" Image: Fotolia.
You Have to If You Work There
"Very interesting. I just started working for Prospect Mortgage. I with agree with the other followers comments. Loan officers should be treated pay-wise as independent contractors." Image: Fotolia.
A License to Be Independent
"It is unfortunate for LOs to suffer such discriminatory rules. We get certified and licensed just like Realtors or insurance agents. Why do we have to be on W-2?" Image: Thinkstock.
Doesn't that W-2 Mean Anything?
"LOs no longer paid on a 1099 basis but rather on a W-2 [are] considered an employee...and no longer an independent contractor. I believe it is this employee status that drives the originator to request a minimum hourly pay." Image; Thinkstock.
Tough Times Spurring Suits?
"I have never met a loan officer (except...in a call center)...asking to be paid...hourly...or...tied into..,hours until the economy gets tough or their employment is terminated...These people should be embarrassed for bringing these types of suits." Image: Thinkstock.
