Real Estate Settlement Procedures Act commonly known as RESPA governs the mortgage and residential real estate closing industry. It is intended to prevent kickbacks & unnecessary costs. In addition it gives consumers buyers and sellers full disclosure of the costs for a transaction it was originally enforced by the Department of Housing and Urban Development.
The Truth in Lending Act known as TILA governs all types of credit and lending industries. It requires the disclosure of credit terms, costs of credit, calculations, and a projected payment schedule. It was originally enforced by the Federal Reserve Board.
Congress passed the Wall Street Reform and Consumer Protection Act (commonly known as Dodd-Frank) which went into effect July 2010. The law created the Consumer Financial Protection Bureau or CFPB, and moved enforcement of RESPA to this new Bureau. The law also mandated that the two sets of disclosures be combined into one Integrated Disclosure.
TRID= TILA-RESPA Integrated Disclosures.