What Is TRID (TILA-RESPA Integrated Disclosure)?
TRID (TILA-RESPA Integrated Disclosure): Federal rules requiring the Loan Estimate and Closing Disclosure, and the three-day review before closing.
Also called: Know Before You Owe
TRID stands for the TILA-RESPA Integrated Disclosure rule. Issued by the Consumer Financial Protection Bureau and also called "Know Before You Owe," it combines disclosures required by the Truth in Lending Act and the Real Estate Settlement Procedures Act.
Key requirements
- Loan Estimate: delivered within three business days of application
- Closing Disclosure: received at least three business days before closing
- Fee tolerances: limits on how much fees can increase between the two
- New three-day wait if the APR rises beyond tolerance, the loan product changes or a prepayment penalty is added
Which loans it covers
Most closed-end consumer mortgages secured by real property. It doesn't cover HELOCs, reverse mortgages or business-purpose loans such as most DSCR loans.