Financing exam concept

TILA vs. RESPA vs. ECOA vs. TRID

Do not start with the acronym. Start with the problem. If the facts ask what credit costs, think TILA. If money changes hands for a settlement referral, think RESPA. If an applicant receives different credit treatment or a denial notice, think ECOA. If the question asks which mortgage form arrives on which clock, think TRID. That four-part split resolves most exam scenarios before the distractors get a chance to work.

Last updated: August 1, 2026

What is the difference at a glance?

Short answer: TILA and Regulation Z disclose consumer-credit cost and terms, including APR, finance charge, advertising, rescission, and many mortgage rules. RESPA and Regulation X govern federally related mortgage settlement services, referral compensation, escrow, and servicing. ECOA and Regulation B prohibit credit discrimination on specified bases and regulate application notices and valuation copies. TRID integrates selected TILA and RESPA mortgage disclosures into the Loan Estimate and Closing Disclosure. Match the issue first, then confirm coverage, form, clock, exception, and evidence.

Official section: National IV.C-D: Financing Laws and Lending Process
Broker weight: Part of 10% of the national portion
Expected scored items: The current PSI broker outline assigns about 10 of 100 scored national items to Financing

TILA vs. RESPA vs. ECOA vs. TRID exam weight
Official section	Broker weight	Expected scored items
National IV.C-D: Financing Laws and Lending Process	Part of 10% of the national portion	The current PSI broker outline assigns about 10 of 100 scored national items to Financing

This comparison reflects federal primary sources reviewed through August 1, 2026. Current Regulation Z was amended through April 8, 2026. On April 22, 2026, the CFPB issued final Regulation B amendments that took effect July 21, 2026 and removed the regulatory effects test, narrowed the discouragement provision to specified oral or written statements with discriminatory intent, and changed special purpose credit program rules. Those amendments do not permit intentional credit discrimination, erase ECOA's statutory protected bases, or change the familiar 30-day completed-application notice rule. Exact coverage and the definition of business day vary by provision, so the governing regulation and transaction facts control.

What changes from one term to the next?

Terms: TILA vs. RESPA
Difference: TILA focuses on the cost and terms of consumer credit. RESPA focuses on mortgage settlement services, referral compensation, escrow, and servicing.
Question cue: APR and rescission versus kickbacks and escrow.

Terms: TILA vs. ECOA
Difference: TILA standardizes credit information and substantive mortgage protections. ECOA protects applicants from prohibited credit discrimination and supplies application-process rights.
Question cue: What credit costs versus whether credit access was fair.

Terms: RESPA vs. ECOA
Difference: RESPA regulates mortgage settlement and servicing conduct. ECOA applies more broadly to credit and focuses on prohibited-basis treatment, notices, and valuations.
Question cue: Settlement provider referral versus applicant treatment.

Terms: TRID vs. TILA
Difference: TRID is a specific integrated disclosure framework created under TILA and RESPA authority. TILA reaches many credit subjects beyond the Loan Estimate and Closing Disclosure.
Question cue: Two mortgage forms and clocks versus the broader credit-cost law.

Terms: TRID vs. RESPA
Difference: TRID integrated selected RESPA and TILA disclosures. RESPA still independently governs Section 8, escrow, servicing, and other settlement rules.
Question cue: Disclosure form timing versus settlement and servicing conduct.

Terms: Loan Estimate vs. Closing Disclosure
Difference: The Loan Estimate provides estimated terms and costs early enough to shop. The Closing Disclosure provides final terms and costs before consummation.
Question cue: Application stage versus closing stage.

Terms: TILA rescission vs. TRID review period
Difference: Rescission is a right to cancel certain principal-dwelling credit transactions after consummation. The Closing Disclosure waiting period gives time to review before consummation.
Question cue: Cancel after signing versus review before signing.

Terms: ECOA notice vs. FCRA notice
Difference: ECOA provides action-taken reasons or access to reasons. FCRA identifies consumer-report information, its source, and report-related rights when that information contributed.
Question cue: Creditor decision reason versus consumer-report source and rights.

Terms: Settlement-service fee vs. referral fee
Difference: RESPA permits payment for actual, necessary services at a reasonable value. It prohibits payment for the referral itself in a covered transaction.
Question cue: Compensated work versus compensated steering.

Terms: Three business days vs. 30 days
Difference: TRID uses several three-business-day clocks for specified disclosures. ECOA generally uses 30 days for action on a completed application.
Question cue: Mortgage disclosure timing versus credit decision notice.

TILA vs. RESPA vs. ECOA vs. TRID tested distinctions
Terms	Difference	Question cue
TILA vs. RESPA	TILA focuses on the cost and terms of consumer credit. RESPA focuses on mortgage settlement services, referral compensation, escrow, and servicing.	APR and rescission versus kickbacks and escrow.
TILA vs. ECOA	TILA standardizes credit information and substantive mortgage protections. ECOA protects applicants from prohibited credit discrimination and supplies application-process rights.	What credit costs versus whether credit access was fair.
RESPA vs. ECOA	RESPA regulates mortgage settlement and servicing conduct. ECOA applies more broadly to credit and focuses on prohibited-basis treatment, notices, and valuations.	Settlement provider referral versus applicant treatment.
TRID vs. TILA	TRID is a specific integrated disclosure framework created under TILA and RESPA authority. TILA reaches many credit subjects beyond the Loan Estimate and Closing Disclosure.	Two mortgage forms and clocks versus the broader credit-cost law.
TRID vs. RESPA	TRID integrated selected RESPA and TILA disclosures. RESPA still independently governs Section 8, escrow, servicing, and other settlement rules.	Disclosure form timing versus settlement and servicing conduct.
Loan Estimate vs. Closing Disclosure	The Loan Estimate provides estimated terms and costs early enough to shop. The Closing Disclosure provides final terms and costs before consummation.	Application stage versus closing stage.
TILA rescission vs. TRID review period	Rescission is a right to cancel certain principal-dwelling credit transactions after consummation. The Closing Disclosure waiting period gives time to review before consummation.	Cancel after signing versus review before signing.
ECOA notice vs. FCRA notice	ECOA provides action-taken reasons or access to reasons. FCRA identifies consumer-report information, its source, and report-related rights when that information contributed.	Creditor decision reason versus consumer-report source and rights.
Settlement-service fee vs. referral fee	RESPA permits payment for actual, necessary services at a reasonable value. It prohibits payment for the referral itself in a covered transaction.	Compensated work versus compensated steering.
Three business days vs. 30 days	TRID uses several three-business-day clocks for specified disclosures. ECOA generally uses 30 days for action on a completed application.	Mortgage disclosure timing versus credit decision notice.

How does the distinction change the answer?

APR does not match the note rate

Scenario: A buyer asks why the disclosed APR exceeds the mortgage's stated interest rate because points and specified prepaid credit costs are included in the standardized measure.

The issue is the disclosed cost of consumer credit.
APR and finance-charge rules sit in TILA and Regulation Z.
No referral, discrimination, or disclosure-delivery problem appears.

Answer: TILA is the primary law because the issue is APR and credit cost.

Gift card for a title referral

Scenario: A title company gives an agent a $100 gift card for each buyer sent to the company in transactions involving federally related mortgage loans.

The gift card is a thing of value.
The agreement links that value to settlement-service referrals.
Renaming it a marketing reward does not turn the referral into an actual service.

Answer: RESPA Section 8 is the primary rule and the arrangement is a prohibited referral kickback on these facts.

Denied because of public assistance income

Scenario: A creditor rejects an otherwise qualified applicant solely because part of the applicant's qualifying income comes from a public-assistance program.

The conduct concerns how the creditor evaluates an applicant.
Receipt of public-assistance income is an ECOA prohibited basis.
The creditor may evaluate reliable amount and continuity consistently, but may not reject income solely because it comes from that protected source.

Answer: ECOA and Regulation B are the primary authorities.

All six items arrive on Monday

Scenario: For a covered purchase loan, the creditor receives the consumer's name, income, Social Security number for credit, property address, value estimate, and requested amount on Monday, then asks for tax returns on Tuesday.

The six defined application items were complete on Monday.
Tax returns can be needed for underwriting but are not a seventh TRID trigger item.
The creditor generally must deliver or mail the Loan Estimate by the third applicable business day after Monday.

Answer: TRID's Loan Estimate clock began when the sixth item arrived Monday.

Seller credit changes after disclosure

Scenario: The parties add a seller credit after the buyer receives the Closing Disclosure. The APR remains accurate, the product does not change, and no prepayment penalty is added.

The disclosure must accurately reflect the transaction.
A corrected Closing Disclosure may be required.
None of the three events that restart the pre-consummation waiting period occurred.

Answer: Correct the Closing Disclosure, but do not automatically restart the three-business-day wait.

Denial based partly on a credit report

Scenario: A lender denies a completed mortgage application within 30 days, and information in a consumer report contributed to the decision.

ECOA governs action taken and the statement of specific reasons or right to obtain them.
FCRA separately governs notice tied to use of consumer-report information.
The two duties can coexist in one communication or coordinated notices if all legal content is present.

Answer: Apply ECOA and FCRA together; TRID does not replace either adverse-action duty.

The I-S-S-U-E law test

Identify the conduct: price disclosure, settlement referral, applicant treatment, application notice, form delivery, servicing, escrow, or rescission.
Stage the event: advertising, inquiry, application, underwriting, pre-consummation, consummation, post-closing servicing, default, or payoff.
Select the primary law: TILA for credit cost, RESPA for settlement and servicing, ECOA for credit access and procedure, or TRID for integrated forms and clocks.
Use the correct clock: three days after application, seven days before consummation, three days before consummation, 30 days after completed application, or another provision-specific deadline.
Evaluate coverage and exceptions: consumer purpose, closed end, real property, principal dwelling, federally related mortgage, protected basis, actual service, or excluded loan type.
Evidence the answer: identify the form, notice, receipt method, written reason, fee agreement, service performed, referral link, valuation copy, or transaction record.

Law or framework: TILA
Primary job: Disclose and regulate consumer-credit cost and terms
Regulation: Regulation Z
Classic exam trigger: APR, finance charge, advertising, rescission

Law or framework: RESPA
Primary job: Regulate mortgage settlement services and servicing
Regulation: Regulation X
Classic exam trigger: Kickback, fee split, escrow, servicing

Law or framework: ECOA
Primary job: Protect equal credit opportunity and application rights
Regulation: Regulation B
Classic exam trigger: Protected basis, adverse action, valuation copy

Law or framework: TRID
Primary job: Integrate early and final mortgage disclosures
Regulation: Regulations Z and X authority
Classic exam trigger: Loan Estimate, Closing Disclosure, timing

TILA, RESPA, ECOA, and TRID comparison
Law or framework	Primary job	Regulation	Classic exam trigger
TILA	Disclose and regulate consumer-credit cost and terms	Regulation Z	APR, finance charge, advertising, rescission
RESPA	Regulate mortgage settlement services and servicing	Regulation X	Kickback, fee split, escrow, servicing
ECOA	Protect equal credit opportunity and application rights	Regulation B	Protected basis, adverse action, valuation copy
TRID	Integrate early and final mortgage disclosures	Regulations Z and X authority	Loan Estimate, Closing Disclosure, timing

Where do similar terms create traps?

Trap: Treating TRID as a standalone statute
Correction: TRID integrates specified TILA and RESPA disclosures and is implemented principally through Regulation Z's mortgage disclosure rules.

Trap: Calling every mortgage disclosure a RESPA form
Correction: Identify the actual form and rule. Loan Estimate and Closing Disclosure requirements are centered in Regulation Z, although TRID rests on both statutes.

Trap: Using RESPA for APR questions
Correction: APR, finance charge, amount financed, and credit advertising are classic TILA and Regulation Z subjects.

Trap: Using TILA for a settlement kickback
Correction: Referral fees and unearned fee splits involving covered settlement services point to RESPA Section 8.

Trap: Using the Fair Housing Act list for ECOA
Correction: ECOA includes marital status, age with capacity, public-assistance receipt, and good-faith exercise of specified consumer-credit rights. Familial status and disability are Fair Housing Act categories, not words in ECOA's statutory list.

Trap: Assuming the 2026 Regulation B amendment permits intentional discrimination
Correction: The amendment removed the regulation's effects test and revised discouragement and special-purpose-program provisions. ECOA still prohibits intentional discrimination on its statutory bases.

Trap: Adding a seventh item to delay the Loan Estimate
Correction: Documents may be needed for underwriting, but the TRID application trigger contains only the six defined information items.

Trap: Charging an appraisal fee before intent to proceed
Correction: For a covered TRID loan, only a bona fide and reasonable credit-report fee may generally be charged before the consumer receives the Loan Estimate and indicates intent to proceed.

Trap: Using one business-day definition everywhere
Correction: The Loan Estimate mailing deadline can use the creditor-open definition, while several pre-consummation receipt rules use the specific calendar definition that excludes Sundays and federal legal public holidays.

Trap: Restarting the Closing Disclosure wait for every correction
Correction: A new three-business-day wait is limited to an inaccurate APR, changed loan product, or newly added prepayment penalty.

Trap: Giving a purchase borrower three days to rescind after closing
Correction: TILA's familiar rescission right generally does not apply to the residential mortgage transaction used to acquire or initially construct the principal dwelling.

Trap: Assuming one law excludes all others
Correction: The same loan can require TRID forms, ECOA notices, FCRA notices, RESPA disclosures, and TILA substantive protections at different stages.

TILA vs. RESPA vs. ECOA vs. TRID trap corrections
Trap	Correction
Treating TRID as a standalone statute	TRID integrates specified TILA and RESPA disclosures and is implemented principally through Regulation Z's mortgage disclosure rules.
Calling every mortgage disclosure a RESPA form	Identify the actual form and rule. Loan Estimate and Closing Disclosure requirements are centered in Regulation Z, although TRID rests on both statutes.
Using RESPA for APR questions	APR, finance charge, amount financed, and credit advertising are classic TILA and Regulation Z subjects.
Using TILA for a settlement kickback	Referral fees and unearned fee splits involving covered settlement services point to RESPA Section 8.
Using the Fair Housing Act list for ECOA	ECOA includes marital status, age with capacity, public-assistance receipt, and good-faith exercise of specified consumer-credit rights. Familial status and disability are Fair Housing Act categories, not words in ECOA's statutory list.
Assuming the 2026 Regulation B amendment permits intentional discrimination	The amendment removed the regulation's effects test and revised discouragement and special-purpose-program provisions. ECOA still prohibits intentional discrimination on its statutory bases.
Adding a seventh item to delay the Loan Estimate	Documents may be needed for underwriting, but the TRID application trigger contains only the six defined information items.
Charging an appraisal fee before intent to proceed	For a covered TRID loan, only a bona fide and reasonable credit-report fee may generally be charged before the consumer receives the Loan Estimate and indicates intent to proceed.
Using one business-day definition everywhere	The Loan Estimate mailing deadline can use the creditor-open definition, while several pre-consummation receipt rules use the specific calendar definition that excludes Sundays and federal legal public holidays.
Restarting the Closing Disclosure wait for every correction	A new three-business-day wait is limited to an inaccurate APR, changed loan product, or newly added prepayment penalty.
Giving a purchase borrower three days to rescind after closing	TILA's familiar rescission right generally does not apply to the residential mortgage transaction used to acquire or initially construct the principal dwelling.
Assuming one law excludes all others	The same loan can require TRID forms, ECOA notices, FCRA notices, RESPA disclosures, and TILA substantive protections at different stages.

Can you separate the terms in a new fact pattern?

These questions are original study items aligned to the published outline. They are not copied, recalled, or predicted PSI questions.

1. A lender advertises a low interest rate but omits additional triggered credit terms required by federal disclosure rules. Which law is most directly implicated?

TILA
RESPA
ECOA
Sherman Act

Show answer and explanation

Answer: TILA

TILA and Regulation Z govern consumer-credit advertising and the additional disclosures triggered by specified advertised terms.

2. A settlement provider pays a broker for each buyer referred in a covered mortgage transaction, and the broker performs no service for the payment. Which law is primary?

RESPA
ECOA
TILA rescission
Regulation C

Show answer and explanation

Answer: RESPA

RESPA Section 8 targets a thing of value given under an agreement for settlement-service referrals and unearned fee splits.

3. A creditor denies a completed application because of the applicant's marital status. Which law is primary?

ECOA
TRID
RESPA
CERCLA

Show answer and explanation

Answer: ECOA

Marital status is an ECOA prohibited basis, and Regulation B governs the creditor's action and notice.

4. Which event, by itself, requires a new three-business-day Closing Disclosure waiting period?

The loan product changes from fixed rate to adjustable rate
The seller credit increases
A recording fee decreases
A spelling error is corrected

Show answer and explanation

Answer: The loan product changes from fixed rate to adjustable rate

A product change is one of the three restart events. The other two are an inaccurate APR and addition of a prepayment penalty.

5. A consumer receives a Closing Disclosure three business days before consummation. Which statement is best?

The period is for pre-consummation review, not a universal right to cancel after closing
The consumer always has three more days after closing to rescind a purchase mortgage
RESPA prohibits the creditor from correcting any fee
ECOA requires the loan to be approved

Show answer and explanation

Answer: The period is for pre-consummation review, not a universal right to cancel after closing

The TRID waiting period and TILA rescission are different concepts with different timing, purpose, and coverage.

Where do these ideas appear on the outline?

Topic: TILA and Regulation Z
What to know: Truth in Lending Act, consumer credit, creditor, finance charge, annual percentage rate, amount financed, total of payments, payment schedule, advertising, rescission, ability to repay, high-cost mortgage, higher-priced mortgage, appraisal, loan originator, servicing statement, and closed-end disclosure
Best exam move: Choose TILA when the core question is the standardized cost, term, advertisement, underwriting duty, or rescission right of consumer credit.

Topic: TILA cost vocabulary
What to know: Interest rate, note rate, APR, finance charge, prepaid finance charge, points, mortgage insurance, amount financed, total interest percentage, payment, comparison, disclosure, and tolerance
Best exam move: APR is a standardized credit-cost measure and is not automatically identical to the note's interest rate.

Topic: TILA rescission
What to know: Principal dwelling, security interest, nonpurchase transaction, three business days, notice, material disclosure, midnight, cancellation, funds, security release, residential mortgage transaction exemption, refinance, existing creditor, new advance, and emergency waiver
Best exam move: Test the purpose and collateral before choosing rescission; a normal purchase-money mortgage does not carry the familiar three-day TILA cancellation right.

Topic: RESPA and Regulation X
What to know: Real Estate Settlement Procedures Act, federally related mortgage loan, settlement service, title, closing, escrow, servicing, transfer notice, error resolution, information request, force-placed insurance, loss mitigation, referral, fee, thing of value, kickback, split, unearned fee, and affiliated business arrangement
Best exam move: Choose RESPA when the issue concerns settlement-service referrals, servicing conduct, or escrow administration.

Topic: RESPA Section 8
What to know: Fee, kickback, thing of value, agreement, understanding, referral, incident to settlement business, federally related mortgage loan, fee split, actual service, goods, facilities, reasonable market value, cooperative brokerage, mortgage broker, sham service, and duplicate fee
Best exam move: Trace value, agreement, and referral. A real service can be paid at reasonable value, but a payment for steering settlement business is the problem.

Topic: Affiliated business arrangements
What to know: Ownership interest, provider relationship, written disclosure, estimated charges, timing, required use, consumer choice, return on ownership, payment, actual services, separate provider, and Section 8 exception
Best exam move: Common ownership is not automatically illegal, but the arrangement must satisfy disclosure, no-required-use, and compensation conditions.

Topic: ECOA and Regulation B
What to know: Equal Credit Opportunity Act, applicant, prospective applicant, creditor, any aspect of credit, consumer credit, business credit, application, evaluation, terms, servicing, collection, revocation, prohibited basis, intentional discrimination, notice, and record
Best exam move: Choose ECOA for unequal credit treatment, prohibited-basis statements, application procedure, action notice, or valuation-copy rights.

Topic: ECOA protected bases
What to know: Race, color, religion, national origin, sex, marital status, age with capacity, public-assistance income, good-faith exercise of Consumer Credit Protection Act rights, income evaluation, spouse information, signature, and consistent underwriting
Best exam move: Use ECOA's own statutory list rather than borrowing the Fair Housing Act list or adding income source as a universal protected class.

Topic: ECOA action taken
What to know: Completed application, 30 days, approval, counteroffer, denial, adverse action, incomplete application, notice, specific reasons, right to reasons, creditor identity, ECOA notice, and record retention
Best exam move: A completed application generally starts the 30-day action-notice clock, not a TRID three-business-day clock.

Topic: ECOA valuation copies
What to know: Application, first lien, dwelling, appraisal, automated valuation, written valuation, notice of right, free copy, promptly on completion, three business days before consummation, waiver, at or before consummation, and withdrawal
Best exam move: Choose ECOA when an applicant asks for a copy of a first-lien dwelling appraisal or other written valuation.

Topic: TRID identity
What to know: TILA-RESPA Integrated Disclosure rule, integrated forms, Regulation Z, Regulation X, Loan Estimate, Closing Disclosure, Good Faith Estimate, HUD-1, early TIL, final TIL, mortgage shopping, comparison, and consummation
Best exam move: Treat TRID as an integrated disclosure framework under TILA and RESPA, not as an unrelated fourth lending statute.

Topic: TRID coverage
What to know: Closed-end consumer credit, real property, cooperative unit, purchase, refinance, vacant land, construction-only, covered subordinate lien, home-equity loan, HELOC exclusion, reverse mortgage exclusion, chattel dwelling exclusion, and qualifying housing-assistance exception
Best exam move: Confirm transaction coverage before applying Loan Estimate and Closing Disclosure rules.

Topic: Six-item application
What to know: Name, income, Social Security number to obtain credit report, property address, estimated property value, mortgage amount sought, receipt, creditor, broker, no seventh item, application date, and disclosure trigger
Best exam move: Once all six items arrive for a covered transaction, the creditor cannot add tax returns or a signed contract as a new trigger requirement.

Topic: Loan Estimate clocks
What to know: Deliver or mail, third business day after application, receive, seventh business day before consummation, creditor-open definition, specific business-day definition, revised estimate, changed circumstance, intent to proceed, credit-report fee, and no other early fee
Best exam move: Keep the three-day mailing deadline separate from the seven-day pre-consummation receipt rule and identify the correct business-day definition.

Topic: Closing Disclosure clocks
What to know: Consumer receipt, three business days, consummation, calendar method, corrected disclosure, APR inaccurate, product change, prepayment penalty added, new waiting period, nonmaterial correction, seller disclosure, and settlement agent
Best exam move: Restart the three-business-day wait only for the three listed material changes.

Topic: Forms that can coexist
What to know: Loan Estimate, Closing Disclosure, ECOA notice, FCRA notice, affiliated-business disclosure, servicing disclosure, escrow notice, appraisal copy, intent to proceed, rate-lock agreement, and state form
Best exam move: One event can trigger duties under several laws; selecting one correct law does not cancel every other applicable disclosure.

Topic: Coverage exclusions and overlap
What to know: Consumer purpose, business purpose, dwelling, principal dwelling, real property, federally related mortgage, open-end credit, closed-end credit, purchase, refinance, reverse mortgage, creditor threshold, settlement provider, and applicant
Best exam move: Do not assume every law covers every loan merely because real estate appears in the facts.

Topic: Broker exam boundaries
What to know: General explanation, no legal conclusion, no credit approval promise, no undisclosed referral value, affiliated relationship, protected applicant information, deadline tracking, lender communication, settlement provider choice, document delivery, and referral to creditor or attorney
Best exam move: Explain the process accurately, disclose relationships, reject prohibited referral value, protect applicant data, and leave underwriting and legal conclusions to authorized parties.

TILA vs. RESPA vs. ECOA vs. TRID complete outline
Topic	What to know	Best exam move
TILA and Regulation Z	Truth in Lending Act, consumer credit, creditor, finance charge, annual percentage rate, amount financed, total of payments, payment schedule, advertising, rescission, ability to repay, high-cost mortgage, higher-priced mortgage, appraisal, loan originator, servicing statement, and closed-end disclosure	Choose TILA when the core question is the standardized cost, term, advertisement, underwriting duty, or rescission right of consumer credit.
TILA cost vocabulary	Interest rate, note rate, APR, finance charge, prepaid finance charge, points, mortgage insurance, amount financed, total interest percentage, payment, comparison, disclosure, and tolerance	APR is a standardized credit-cost measure and is not automatically identical to the note's interest rate.
TILA rescission	Principal dwelling, security interest, nonpurchase transaction, three business days, notice, material disclosure, midnight, cancellation, funds, security release, residential mortgage transaction exemption, refinance, existing creditor, new advance, and emergency waiver	Test the purpose and collateral before choosing rescission; a normal purchase-money mortgage does not carry the familiar three-day TILA cancellation right.
RESPA and Regulation X	Real Estate Settlement Procedures Act, federally related mortgage loan, settlement service, title, closing, escrow, servicing, transfer notice, error resolution, information request, force-placed insurance, loss mitigation, referral, fee, thing of value, kickback, split, unearned fee, and affiliated business arrangement	Choose RESPA when the issue concerns settlement-service referrals, servicing conduct, or escrow administration.
RESPA Section 8	Fee, kickback, thing of value, agreement, understanding, referral, incident to settlement business, federally related mortgage loan, fee split, actual service, goods, facilities, reasonable market value, cooperative brokerage, mortgage broker, sham service, and duplicate fee	Trace value, agreement, and referral. A real service can be paid at reasonable value, but a payment for steering settlement business is the problem.
Affiliated business arrangements	Ownership interest, provider relationship, written disclosure, estimated charges, timing, required use, consumer choice, return on ownership, payment, actual services, separate provider, and Section 8 exception	Common ownership is not automatically illegal, but the arrangement must satisfy disclosure, no-required-use, and compensation conditions.
ECOA and Regulation B	Equal Credit Opportunity Act, applicant, prospective applicant, creditor, any aspect of credit, consumer credit, business credit, application, evaluation, terms, servicing, collection, revocation, prohibited basis, intentional discrimination, notice, and record	Choose ECOA for unequal credit treatment, prohibited-basis statements, application procedure, action notice, or valuation-copy rights.
ECOA protected bases	Race, color, religion, national origin, sex, marital status, age with capacity, public-assistance income, good-faith exercise of Consumer Credit Protection Act rights, income evaluation, spouse information, signature, and consistent underwriting	Use ECOA's own statutory list rather than borrowing the Fair Housing Act list or adding income source as a universal protected class.
ECOA action taken	Completed application, 30 days, approval, counteroffer, denial, adverse action, incomplete application, notice, specific reasons, right to reasons, creditor identity, ECOA notice, and record retention	A completed application generally starts the 30-day action-notice clock, not a TRID three-business-day clock.
ECOA valuation copies	Application, first lien, dwelling, appraisal, automated valuation, written valuation, notice of right, free copy, promptly on completion, three business days before consummation, waiver, at or before consummation, and withdrawal	Choose ECOA when an applicant asks for a copy of a first-lien dwelling appraisal or other written valuation.
TRID identity	TILA-RESPA Integrated Disclosure rule, integrated forms, Regulation Z, Regulation X, Loan Estimate, Closing Disclosure, Good Faith Estimate, HUD-1, early TIL, final TIL, mortgage shopping, comparison, and consummation	Treat TRID as an integrated disclosure framework under TILA and RESPA, not as an unrelated fourth lending statute.
TRID coverage	Closed-end consumer credit, real property, cooperative unit, purchase, refinance, vacant land, construction-only, covered subordinate lien, home-equity loan, HELOC exclusion, reverse mortgage exclusion, chattel dwelling exclusion, and qualifying housing-assistance exception	Confirm transaction coverage before applying Loan Estimate and Closing Disclosure rules.
Six-item application	Name, income, Social Security number to obtain credit report, property address, estimated property value, mortgage amount sought, receipt, creditor, broker, no seventh item, application date, and disclosure trigger	Once all six items arrive for a covered transaction, the creditor cannot add tax returns or a signed contract as a new trigger requirement.
Loan Estimate clocks	Deliver or mail, third business day after application, receive, seventh business day before consummation, creditor-open definition, specific business-day definition, revised estimate, changed circumstance, intent to proceed, credit-report fee, and no other early fee	Keep the three-day mailing deadline separate from the seven-day pre-consummation receipt rule and identify the correct business-day definition.
Closing Disclosure clocks	Consumer receipt, three business days, consummation, calendar method, corrected disclosure, APR inaccurate, product change, prepayment penalty added, new waiting period, nonmaterial correction, seller disclosure, and settlement agent	Restart the three-business-day wait only for the three listed material changes.
Forms that can coexist	Loan Estimate, Closing Disclosure, ECOA notice, FCRA notice, affiliated-business disclosure, servicing disclosure, escrow notice, appraisal copy, intent to proceed, rate-lock agreement, and state form	One event can trigger duties under several laws; selecting one correct law does not cancel every other applicable disclosure.
Coverage exclusions and overlap	Consumer purpose, business purpose, dwelling, principal dwelling, real property, federally related mortgage, open-end credit, closed-end credit, purchase, refinance, reverse mortgage, creditor threshold, settlement provider, and applicant	Do not assume every law covers every loan merely because real estate appears in the facts.
Broker exam boundaries	General explanation, no legal conclusion, no credit approval promise, no undisclosed referral value, affiliated relationship, protected applicant information, deadline tracking, lender communication, settlement provider choice, document delivery, and referral to creditor or attorney	Explain the process accurately, disclose relationships, reject prohibited referral value, protect applicant data, and leave underwriting and legal conclusions to authorized parties.

How do you make the distinction stick?

Session: Session 1
Focus: Give each law one job
Proof you are ready: Sort 40 fact phrases into TILA, RESPA, ECOA, TRID, overlap, or none and explain the issue rather than relying on the acronym.

Session: Session 2
Focus: Map law to regulation
Proof you are ready: Recite TILA to Z, RESPA to X, ECOA to B, and explain why TRID is an integrated framework rather than a separate letter regulation.

Session: Session 3
Focus: Master application and disclosure clocks
Proof you are ready: Build 20 timelines using the six application items, three-day Loan Estimate delivery, seven-day minimum, Closing Disclosure receipt, and restart events.

Session: Session 4
Focus: Separate fair credit from settlement conduct
Proof you are ready: Solve 20 scenarios involving protected bases, action notices, valuation copies, referrals, fee splits, actual services, and affiliated businesses.

Session: Session 5
Focus: Practice overlapping duties
Proof you are ready: For 15 loan files, identify every applicable form and notice without assuming that the first correct law displaces the others.

Session: Session 6
Focus: Run the I-S-S-U-E test
Proof you are ready: Score at least 90% and state conduct, stage, primary law, clock, coverage, and evidence for every missed question.

TILA vs. RESPA vs. ECOA vs. TRID focused study plan
Session	Focus	Proof you are ready
Session 1	Give each law one job	Sort 40 fact phrases into TILA, RESPA, ECOA, TRID, overlap, or none and explain the issue rather than relying on the acronym.
Session 2	Map law to regulation	Recite TILA to Z, RESPA to X, ECOA to B, and explain why TRID is an integrated framework rather than a separate letter regulation.
Session 3	Master application and disclosure clocks	Build 20 timelines using the six application items, three-day Loan Estimate delivery, seven-day minimum, Closing Disclosure receipt, and restart events.
Session 4	Separate fair credit from settlement conduct	Solve 20 scenarios involving protected bases, action notices, valuation copies, referrals, fee splits, actual services, and affiliated businesses.
Session 5	Practice overlapping duties	For 15 loan files, identify every applicable form and notice without assuming that the first correct law displaces the others.
Session 6	Run the I-S-S-U-E test	Score at least 90% and state conduct, stage, primary law, clock, coverage, and evidence for every missed question.

Do not count recognition as mastery. Close the notes and explain the rule, apply it to a new fact pattern, and identify why each distractor fails.

Turn the comparison into a test-day decision

From concept to decision

Drill this topic, then review the explanation

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Questions students ask about TILA vs. RESPA vs. ECOA vs. TRID

What is the easiest way to distinguish TILA, RESPA, ECOA, and TRID?

Give each one a primary job. TILA explains the cost and terms of consumer credit. RESPA regulates mortgage settlement services and servicing practices. ECOA protects equal access and procedural fairness across credit transactions. TRID is the integrated mortgage disclosure framework that produces the Loan Estimate and Closing Disclosure under TILA and RESPA authority.

What regulation implements each federal lending law?

TILA is implemented by Regulation Z, RESPA by Regulation X, and ECOA by Regulation B. TRID is not a fourth standalone statute with its own letter regulation. It is the TILA-RESPA Integrated Disclosure rule, with its central closed-end mortgage disclosure requirements located in Regulation Z and related RESPA provisions in Regulation X.

Is TRID the same as TILA or RESPA?

No. TRID integrates specified disclosures required by TILA and RESPA for covered transactions. It replaced the early Truth in Lending disclosure and Good Faith Estimate with the Loan Estimate, and it replaced the final Truth in Lending disclosure and HUD-1 with the Closing Disclosure for covered loans. TILA and RESPA still govern many subjects outside those two forms.

When must the Loan Estimate be delivered?

For a covered TRID loan, the creditor generally must deliver or place the Loan Estimate in the mail no later than the third business day after receiving the six application items. The consumer must also receive it no later than the seventh business day before consummation. Those two rules use different regulatory business-day definitions.

What six items create a TRID application?

The six items are the consumer's name, income, Social Security number to obtain a credit report, property address, estimate of the property's value, and mortgage loan amount sought. Once a creditor has all six for a covered transaction, it cannot demand an extra document as a seventh item merely to delay the Loan Estimate clock.

When must the consumer receive the Closing Disclosure?

The consumer generally must receive the Closing Disclosure at least three business days before consummation. A corrected disclosure restarts that waiting period only when the APR becomes inaccurate, the loan product changes, or a prepayment penalty is added. Other changes can require correction without starting a new three-business-day wait.

Which law prohibits mortgage referral kickbacks?

RESPA Section 8 and Regulation X prohibit giving or accepting a fee, kickback, or thing of value under an agreement or understanding for the referral of settlement-service business involving a federally related mortgage loan. They also prohibit splitting a charge except for services actually performed. A payment label does not save a prohibited referral arrangement.

Which law requires an adverse-action notice?

ECOA and Regulation B govern a creditor's notice of action taken, including adverse action. For a completed application, the creditor generally must notify the applicant within 30 days. The notice must state specific principal reasons or explain the applicant's right to request them. FCRA can require a separate notice when consumer-report information contributed to the decision.

Does TILA's three-day right of rescission apply to a home purchase mortgage?

Generally no. TILA rescission commonly applies to certain nonpurchase consumer-credit transactions secured by the consumer's principal dwelling, such as a qualifying home-equity loan or refinance. A standard residential mortgage transaction used to acquire or initially construct the principal dwelling is exempt from that rescission right.

Are these official PSI exam questions?

No. They are original questions aligned to the Illinois broker outline effective June 24, 2026. The current PSI bulletin and primary CFPB materials, including Regulation B's July 21, 2026 amendments and Regulation Z's April 8, 2026 version, were reviewed through August 1, 2026.

Primary sources

The current official outline controls the tested scope. Statutes, regulations, and official agency materials control when a general study rule and a jurisdiction-specific rule differ.

Editorial status

Checked against primary sources

The Pass Illinois editorial team last checked this guide on August 1, 2026. Every practice question is an original study item, and the source links above let you verify the rules that support the lesson.

Read our editorial and corrections process

TILA vs. RESPA vs. ECOA vs. TRID

What is the difference at a glance?

What changes from one term to the next?

How does the distinction change the answer?

APR does not match the note rate

Gift card for a title referral

Denied because of public assistance income

All six items arrive on Monday

Seller credit changes after disclosure

Denial based partly on a credit report

The I-S-S-U-E law test

Where do similar terms create traps?

Can you separate the terms in a new fact pattern?

1. A lender advertises a low interest rate but omits additional triggered credit terms required by federal disclosure rules. Which law is most directly implicated?

2. A settlement provider pays a broker for each buyer referred in a covered mortgage transaction, and the broker performs no service for the payment. Which law is primary?

3. A creditor denies a completed application because of the applicant's marital status. Which law is primary?

4. Which event, by itself, requires a new three-business-day Closing Disclosure waiting period?

5. A consumer receives a Closing Disclosure three business days before consummation. Which statement is best?

Where do these ideas appear on the outline?

How do you make the distinction stick?

Turn the comparison into a test-day decision

Drill this topic, then review the explanation

What should you study next?

Questions students ask about TILA vs. RESPA vs. ECOA vs. TRID

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