What law required that disclosures under TRID be integrated?

The Dodd-Frank Act is the legislation that mandated the integration of disclosures under the TILA-RESPA Integrated Disclosure (TRID) rule. This act was signed into law in 2010 in response to the financial crisis, with a primary goal of enhancing consumer protection in financial transactions, including mortgage lending.

The TRID rule, which took effect in October 2015, combines the existing disclosures required by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into two forms: the Loan Estimate and the Closing Disclosure. This integration aims to simplify the borrowing process, making it easier for consumers to understand the costs associated with their mortgage loans and to compare offers from different lenders.

The Dodd-Frank Act provides the regulatory framework under which the Consumer Financial Protection Bureau (CFPB) operates, allowing it to implement and enforce these streamlined disclosure requirements. By requiring that these disclosures be unified under a single set of documents, the Dodd-Frank Act enhances clarity and transparency in the mortgage process, improving the overall consumer experience.