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Monthly Archives: August 2016

New Changes to the Federal Fair Labor Standard Act’s Overtime Regulations

Posted on Aug 26, 2016 in Real Estate

Changes to the Federal Fair Labor Standards Act’s overtime regulations will go into effect on December 1, 2016. The changes focus primarily on updating salary and compensation levels for Executive, Administrative, and Professional workers exempt from the Act. Establishing that an employee is exempt from the Fair Labor Standards Act’s minimum wage and overtime requirements involves assessing how the employee is paid, how much the employee earns, and whether the employee primarily performs the type of job duties that Congress meant to exclude from the law’s overtime protections.  In order for an exemption to apply, an employee’s specific job duties […]

Residential Loan Closings Under the TRID Rules

Posted on Aug 11, 2016 in Real Estate

On October 3, 2015, the Consumer Financial Protection Bureau (“CFPB”) implemented a new rule combining the mortgage disclosures borrowers receive when applying for a mortgage and those they receive at the closing table. For more than thirty years, the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”) were separately administered. In 2010, Congress directed the CFPB to create rules and model disclosures that combine the required disclosures under TILA and RESPA into an integrated disclosure for mortgage loan transactions. Consumers currently receive different but overlapping federal disclosure forms with the terms and costs of mortgage […]