What significant change was introduced by TRID regarding disclosure forms?

The significant change introduced by TRID (TILA-RESPA Integrated Disclosure Rule) is the consolidation of the Loan Estimate and Closing Disclosure forms. This reform was implemented to create a more streamlined and user-friendly experience for consumers during the mortgage process. Under TRID, the Loan Estimate provides borrowers with essential loan information early in their application process, and the Closing Disclosure contains the final terms and costs of the loan before closing.

By merging these two key documents, TRID aims to enhance consumer understanding and facilitate better decision-making. This consolidation helps ensure that borrowers receive consistent information about their mortgage costs and terms, reducing confusion that can arise from having multiple disclosures with varying details. The overall intent of TRID is to improve transparency and protect consumers in real estate transactions, making it easier for them to compare offers and avoid costly surprises at closing.