Quicken Loans employees were highly trained sales agents who deserve overtime after “pounding the phones” 60 to 70 hours per week at the online mortgage giant, a lawyer told jurors Tuesday. A trial in Detroit will determine whether more than 300 people at Michigan and Ohio call centers qualified for overtime under federal law, from spring 2002 through summer 2006. Quicken Loans calls them “mortgage bankers” who advised people about their finances and recommended certain loan programs…. In response, Quicken Loans attorney Mayer Morganroth said the employees were akin to doctors and lawyers, professionals who don’t get overtime. He said there is an overtime exemption in federal law for administrative work in the financial services sector. “Just because it’s used on occasion, that’s not the nature of the job,” Morganroth said of the word “sales.” He told jurors that employees knew they wouldn’t receive overtime but still got commissions, health insurance, 401(k) contributions and tuition reimbursement.
1 minute readQuicken Loans says it doesn’t owe overtime as trial opens
February 9, 2011, 11:48am
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
