Which of the following statements describes the purpose of the TILA-RESPA Integrated Disclosure (TRID)?

The purpose of the TILA-RESPA Integrated Disclosure (TRID) rule is to aid borrowers in understanding the loan transaction process by using clear and readily understandable language in the Loan Estimate (LE) and Closing Disclosure (CD) forms. TRID simplifies and standardizes the mortgage disclosure process, making it easier for borrowers to understand the costs, terms, and potential risks of their loan.

TRID does not provide a cooling-off period (A) or prevent loan terms from changing (C), but it requires transparency and clarity in disclosure.

References:

TILA-RESPA Integrated Disclosure Rule (TRID), 12 CFR §1026.19

CFPB Guidelines on TRID compliance