Northland Mortgage Co. v. Royalwood Estates, Inc.

This is an action to foreclose a real estate mortgage. There is no dispute concerning the plaintiff’s right to a decree of foreclosure. The sole issue is the amount due the plaintiff. The trial court found generally in favor 'of the plaintiff. The defendant Royalwood Estates, Inc., appeals.

The plaintiff is engaged in the mortgage banking business. Its business is the origination and placement of loans as distinguished from the lending of money. The defendant Royalwood Estates, Inc., is a corporation controlled by Millard R. Seldin. Seldin and his associates are real estate developers.

In 1967,…