The Supreme Court largely resolved this question in Perez v Mortgage Bankers Association (March 9, 2015), where it upheld a Labor Department regulation that loan officers were not exempt from overtime. This concluded five years or so of legal maneuvering and litigation on this issue.
But this decision will not necessarily apply to all loan officers. There will still be necessary some individualized consideration of the job and its actual duties and responsibilities. That said, the court in Davis v. JP Morgan Chase ruled that loan underwriters, who approved or denied loans in accordance with detailed guidelines provided by the bank and did not exercise significant discretion, were not exempt from overtime under the "administrative" exemption. You can read the Court's decision here.
Lexington, Kentucky overtime lawyer Robert Abell represents individuals and employees seeking to recover wages and overtime they've earned but not been paid; contact him at 859-254-7076.