What is the primary purpose of the TILA-RESPA Integrated Disclosure (TRID)?

The primary purpose of the TILA-RESPA Integrated Disclosure (TRID) is to combine two existing forms—the Truth in Lending Act (TILA) disclosure and the Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate—into a unified format for mortgage transactions. This integration streamlines the mortgage process, aiming to make it easier for consumers to understand the terms and costs associated with their loan.

By consolidating the information into a more straightforward structure, TRID enhances transparency and allows consumers to make more informed decisions when selecting a mortgage. It not only aids borrowers in comparing loan offers but also helps to ensure that they are fully aware of their obligations and the costs involved in completing a mortgage transaction. This simplification serves to alleviate confusion and make the process more consumer-friendly, which is a central goal of the TRID regulation.