The HUD-1 Form, also known as the Uniform Settlement Statement, is used to itemize all charges imposed upon a borrower and seller for a real estate transaction, keeping them informed during the closing process.
TILA-RESPA Integrated Disclosures (TRID), established in 2015 under the Dodd-Frank Wall Street Reform and Consumer Protection Act, streamlined and simplified existing mortgage disclosure forms. By integrating the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), TRID aimed to ensure borrowers receive clearer, more concise information about their mortgage details and associated costs.
