Which statement is true about TRID forms?

Which statement is true about TRID forms?

• A. TRID forms include LE and CD
• B. TRID forms include TIL and LAR
• C. TRID forms include only one form
• D. TRID forms are never combined

Answer: (A)

TRID stands for the TILA-RESPA Integrated Disclosure rule, which requires two specific forms to be used for mortgage loans: the Loan Estimate and the Closing Disclosure. The Loan Estimate is provided within three business days after you submit an application and lays out the loan terms, projected payments, and estimated closing costs so you can compare offers. The Closing Disclosure is given at least three business days before you close and shows the final terms and the final closing costs. These two forms are designed to work together: the final numbers on the Closing Disclosure should align with the estimates on the Loan Estimate (with any required re-disclosures if terms or costs change). Other options describe older disclosures or incorrect counts, so they don’t reflect what TRID uses.

TRID stands for the TILA-RESPA Integrated Disclosure rule, which requires two specific forms to be used for mortgage loans: the Loan Estimate and the Closing Disclosure. The Loan Estimate is provided within three business days after you submit an application and lays out the loan terms, projected payments, and estimated closing costs so you can compare offers. The Closing Disclosure is given at least three business days before you close and shows the final terms and the final closing costs. These two forms are designed to work together: the final numbers on the Closing Disclosure should align with the estimates on the Loan Estimate (with any required re-disclosures if terms or costs change). Other options describe older disclosures or incorrect counts, so they don’t reflect what TRID uses.