What are the TRID forms?

What are the TRID forms?

• A. Loan Estimate (LE) and Closing Disclosure (CD)
• B. Truth in Lending Statement (TIL) and Settlement Statement
• C. Credit Score Disclosure and Appraisal Disclosure
• D. Mortgage Disclosure Document

Answer: (A)

TRID bundles TILA and RESPA disclosures into two standard forms: the Loan Estimate and the Closing Disclosure. The Loan Estimate is given early in the process to outline the loan terms and estimated costs, helping borrowers compare offers from different lenders. The Closing Disclosure is provided later and shows the final terms and actual costs; it must be received at least three business days before closing so the borrower has time to review. These forms replaced older documents, aiming for clearer, more consistent disclosures. The Truth in Lending Statement comes from a separate TILA requirement and is not part of TRID, and the Settlement Statement (HUD-1) was replaced by the Closing Disclosure, so it isn’t a current TRID form. Other names like Credit Score Disclosure or Appraisal Disclosure are not TRID forms either.

TRID bundles TILA and RESPA disclosures into two standard forms: the Loan Estimate and the Closing Disclosure. The Loan Estimate is given early in the process to outline the loan terms and estimated costs, helping borrowers compare offers from different lenders. The Closing Disclosure is provided later and shows the final terms and actual costs; it must be received at least three business days before closing so the borrower has time to review. These forms replaced older documents, aiming for clearer, more consistent disclosures. The Truth in Lending Statement comes from a separate TILA requirement and is not part of TRID, and the Settlement Statement (HUD-1) was replaced by the Closing Disclosure, so it isn’t a current TRID form. Other names like Credit Score Disclosure or Appraisal Disclosure are not TRID forms either.