Author Question: Describe the requirements the 2009 changes to RESPA imposed.[br][br][b][color=#7BCCB5]Question ... (Read 74 times)

EAugust · **on:** Jun 24, 2018

Describe the requirements the 2009 changes to RESPA imposed.

Question 2

Bruce Rankin owns real estate in rural Platt County, Illinois, that is zoned for agricultural use. He has lived there since 1959 and operates a business from his house known as Williams Trigger Specialties. Rankin, a federally registered gunsmith, works on firearm firing mechanisms. Also located on the property, which has also been there since 1959, is a firing range. Rankin allows his friends to use the firing range in addition to using it himself. He does not permit strangers to use it. In the last several years, he has also permitted various law-enforcement agencies to use the range for training, practice, and qualification. The Champaign Police Department Strategic Weapons and Tactics (SWAT) team, consisting of 12 people, has used the range 10 to 15 times in the last year. Rankin has never charged a fee for use of the range. He has, however, considered putting his range to commercial use at some time in the future. Rankin is almost always present when the range is used by private individuals other than law-enforcement agencies. There has never been an injury or near injury or complaint to Rankin about the range or its use. The Kolstads and Hayses lived with the noise from the gunshots, but on October 4, 1988, they became alarmed when the new noise of rapid short bursts of gunfire sounded. Kolstad recognized the noise as the firing of automatic weapons. Both neighbors became concerned about their safety and filed suit for an injunction to halt the use of the property as a firing range. Should the court issue an injunction? Should it be an absolute prohibition on operation of the range or something less?

helenmarkerine · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

a. RESPA now requires advance disclosures of closing costs under the GFE that must come within 10 of the actual costs.
b. The YSP must also be disclosed.

c. The borrower must have 10 days to shop around on the terms.

d. The GFE follows a plain English format and follows a question and answer approach to revealing the terms of the loan.

Answer to Question 2

The discussion should focus on nuisance, which can be noises as well as dangers. There should also be a discussion of how courts will try to balance interests, such as placing time restrictions on when the shooting can occur. The court might also require safety precautions, such as a fence or barriers. The commercial use could be a stretch in terms of the balancing rights, but the court has to consider the interests of the two property owners. There is also a moving to the nuisance issue.