Banking, Mortgage, and Insurance Wage Disputes
Banking, mortgage, and insurance employees are often classified as exempt employees and do not receive additional money for the overtime hours they work. However, many of these employees are actually nonexempt employees who are legally entitled to receive additional pay for the overtime hours they work. This fact is often true even if the employee receives a salary. Oftentimes, mortgage loan officers, underwriters, originators, consultants, and processors do not receive the compensation they legally earned. The same is true for many employees in the insurance industry, especially when their jobs involve selling products offered by their employer.
According to the Fair Labor Standards Act, most exempt employees receive executive, administration, or professional exemptions. Many employers in the financial and insurance industries wrongfully classify their employees as exempt under the administrative exemption. However, an administrative exception means that in your position the decisions you make involve the actual running of the business. Workers in banking and insurance are often more similar to production employees. The focus of their work is usually unrelated to actually running the business. Instead, they concentrate on selling or handling the goods or services the company sells.
Receiving Overtime and Back Pay
Many individuals working in the banking and insurance industries are entitled to back pay and overtime wages. Some reasons you may be entitled to back pay include:
- If you worked over forty hours per week
- Your employer forced you to clock out but continue to work on projects
- You worked weekends without compensation
- You worked through your scheduled lunch break
In fact, you could recover twice the amount of your unpaid overtime even if you did not keep track of your hours. The Texas wage dispute and overtime attorneys at the Leichter Law Firm PC want to help you receive the compensation you deserve.
Consult with a Texas Wage Dispute Attorney
If you work in the banking, mortgage, or insurance industry and worked over 40 hours per week without receiving additional compensation, speak with a qualified overtime attorney today. Our Board Certified Employment Law Specialist can tell you whether you are entitled to compensation for unpaid overtime or additional money for liquidated damages.
Remember, you can go back up to three years to collect your money. You may even recover lost wages from former employers. Contact the attorneys at the Leichter Law Firm PC by calling (956) 205-0884 today to discuss your situation and legal options.