What does the acronym TRID stand for?

The acronym TRID stands for TILA-RESPA Integrated Disclosure. This regulation, which was implemented as part of the Dodd-Frank Act, combines the disclosure requirements of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into a single, streamlined report. This integration aims to provide borrowers with clearer and more concise information regarding the mortgage lending process, closing costs, and the terms of their loan, thereby enhancing consumer understanding and protecting them from deceptive practices.

The other options do not accurately reflect the TRID regulation. For instance, the first choice incorrectly suggests a focus strictly on real estate rather than integrating the specific federal acts. The third option presents a misleading combination of terms that do not correspond to any widely recognized regulation. Lastly, the fourth choice introduces concepts that do not relate to the specific consumer finance protections established under TRID. Understanding TRID is essential for mortgage loan originators as it impacts how they disclose financial information to borrowers.