Bank of America Loan Officers Owed Unpaid Overtime, Lawsuit Alleges

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A lawsuit recently removed to federal court in New Jersey claims Bank of America loan officers are owed unpaid overtime wages. Filed against Bank of America Corp. and Bank of America, N.A., the case claims loan officers are wrongly exempted from receiving time-and-a-half pay for weekly hours worked over 40 as a matter of corporate policy.

The plaintiff in the case, a loan officer primarily responsible for selling mortgage loan products, says he put in 50 to 60 hours per week between August 2016 and December 2017 without receiving appropriate overtime pay. According to the lawsuit, the man’s duties were non-exempt in nature and consisted mostly of meeting with customers during regular business hours, determining their loan eligibility through the use of an automated computer system, and soliciting new customers. The case claims the plaintiff and other loan officers did not “exercise discretion and independent judgment regarding matters of significance” and did not perform work directly related to Bank of America’s general business operations.