Byrd v. Crosstate Mortgage & Investments, Inc.

By Judge Randall G. Johnson

These two cases, which involve similar facts and questions of law, are before the court on each defendant’s demurrer and plea of the statute of limitations. In Byrd v. Crosstate, plaintiffs’ motion for judgment alleges that Crosstate acted as a mortgage broker in securing a consumer loan for the plaintiffs in the amount of $14,000. The broker’s agreement provided for the broker’s receiving a fee, which was to be paid out of the prepaid finance charge, of not more than 2% of the principal amount of the loan. In reality, however, Crosstate received a fee of 8.9% of…