What is the purpose of a TILA-RESPA Integrated Disclosure (TRID)?

The TILA-RESPA Integrated Disclosure (TRID) was designed primarily to inform consumers about the costs associated with their mortgage. Specifically, it combines the disclosure forms from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into a single, streamlined format. This allows borrowers to better understand the terms of their loan, including interest rates, loan amounts, and estimated closing costs.

By providing this clear and concise information, TRID aims to enhance transparency in the mortgage process, helping consumers make more informed decisions regarding their financial obligations. The streamlined nature of these disclosures helps ensure that crucial information is easily accessible, reducing confusion during the home-buying process.

The other options focus on aspects that are pertinent to the mortgage process but do not encapsulate the primary function of TRID. For instance, while simplifying loan applications and expediting loan processing may be beneficial outcomes, they are not the main purpose of TRID. Similarly, gathering borrower financial information is an important step in the mortgage process but is not the focus of the TRID disclosures.