Banking, Mortgage, and Insurance Wage Dispute Lawyers
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. Often, 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 running the business. Instead, they concentrate on selling or handling the goods or services the company sells. They work long hours and are not always paid the overtime they may be entitled to. If you think your employer is withholding pay that you’ve earned, the contact the Texas banking, mortgage, and insurance wage dispute attorneys at Leichter Law Firm PC to learn about your legal options.
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.
Frequently Asked Questions
It is not uncommon for employees in the banking and mortgage sector to be unsure of whether they should be an exempt or non-exempt employee. It is important to consult an experienced wage and overtime lawyer to discuss the specifics of your position and situation. The attorneys of Leichter Law Firm PC are always ready to listen to you and answer any questions you may have. For now, we have provided the answers to some frequently asked questions below.
How do I know if I have an overtime claim?
If you believe that your employer owes you overtime pay for hours that you worked over the standard 40-hour workweek, it is essential to consult with a knowledgeable overtime and wage claim lawyer. Your attorney will investigate your claim, evaluate the duties required of you by your employer, will consult with labor experts, and will determine if your employer failed to pay you appropriate overtime pay according to the Fair Labor Standards Act (FLSA).
Why are overtime disputes common in the banking industry?
Unfortunately, overtime disputes are widespread in the banking and lending industry. Employers often misclassify loan officers and other professionals as “exempt” when their job duties do not meet the burden of proof required by law. In other cases, employers will try to pay on a “commission-only” basis to get around overtime laws (and standard minimum-wage requirements). Finally, it is extremely common for employees in this demanding industry to work off-the-clock to get things done, without collecting the fair overtime pay they are owed.
Do I need an attorney to represent me?
If you want to maximize your chances of recovering the overtime wages that you are owed, yes. An experienced overtime lawyer knows what information to collect and how to structure your claim to present the most compelling evidence for overtime pay. You need a knowledgeable attorney on your side to help you recover what you worked so hard for. Don’t try to pursue compensation on your own…you often have only one chance to make your claim and maximize your recovery. Turn to an attorney who knows how to get the most from your claim and recover payment on your behalf.
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.