What is TRID?


TILA RESPA Integrated Disclosures (TRID) also knows as the Know Before you Owe rule took effect on October 3, 2015. The rule is designed to help borrowers understand the terms of their home financing transaction including how much cash will be needed at closing to cover prorated taxes, first month's interest, and other settlement costs.


Let's break down the disclosures:

  • An Loan Estimate or LE will be issued no later than three business days after receiving the application
  • A Closing Disclosure or CD must be received by the borrower no lather than three business days before consummation
  • Revised LEs and CDs will be issued with the rate is locked, or if certain terms and conditions of the loan change