- Official section
- National IV: Financing
- Broker weight
- 10% of the national broker portion
- Expected scored items
- Financing accounts for about 10 of 100 items
Illinois exam glossary
TILA-RESPA Integrated Disclosure
TRID is a timing system as much as a forms system. The six-piece application starts the Loan Estimate clock. The Loan Estimate supports shopping. The Closing Disclosure supports final review. Revised disclosures handle valid changes, but only three specific changes restart the last three-day wait.
Last updated: August 1, 2026
What does this exam area cover?
Short answer: TRID integrates federal mortgage disclosures into the Loan Estimate and Closing Disclosure for most closed-end consumer loans secured by real property or a cooperative unit. A six-piece application triggers the Loan Estimate, generally due within three general business days and at least seven specific business days before consummation. The consumer generally receives the Closing Disclosure three specific business days before consummation. TRID also restricts upfront fees, controls estimate revisions, groups charges into tolerance categories, and requires cures for tolerance violations.
This guide follows the PSI Illinois Candidate Information Booklet effective June 24, 2026 and current Regulation Z sections 1026.2, 1026.19, 1026.37, and 1026.38 as amended through April 8, 2026, all checked through August 1, 2026. The CFPB's July 9, 2026 request for information seeks public input but did not itself change the rule. Construction phases, timeshares, corrected disclosures, seller forms, assumptions, housing assistance, cooperatives, electronic delivery, and annual thresholds require additional fact-specific review.
What is on the official outline?
- Topic
- Expand the acronym
- What to know
- TILA, RESPA, integrated disclosure, Regulation Z, Regulation X, CFPB, Loan Estimate, Closing Disclosure, former GFE, HUD-1, and Truth in Lending disclosure
- Best exam move
- TRID is the integrated disclosure framework, not a third federal statute.
- Topic
- Test loan coverage
- What to know
- closed-end, consumer purpose, real property, cooperative unit, purchase, refinance, construction, vacant land, subordinate lien, dwelling, and creditor
- Best exam move
- Begin with closed-end consumer credit and the real-property or cooperative security interest.
- Topic
- Identify excluded products
- What to know
- HELOC, reverse mortgage, chattel dwelling, mobile home, no real property, five-or-fewer creditor, housing assistance, partial exemption, and other disclosure form
- Best exam move
- No TRID form does not mean no federal disclosure duty.
- Topic
- Recognize the application
- What to know
- name, monthly income, Social Security number, credit report, property address, estimated value, loan amount sought, six pieces, additional information, and receipt
- Best exam move
- Once all six items arrive, the creditor cannot delay the clock by demanding a seventh item.
- Topic
- Deliver the Loan Estimate
- What to know
- three business days, deliver, mail, application, creditor, mortgage broker, good faith, transaction terms, closing costs, shopping, and retention
- Best exam move
- The creditor remains responsible even when a mortgage broker provides the form.
- Topic
- Apply the seven-day wait
- What to know
- Loan Estimate, delivery or mailing, seven business days, consummation, Saturday, Sunday, federal holiday, waiver, bona fide emergency, and timeshare
- Best exam move
- The seven-day period starts on delivery or mailing and uses the specific business-day definition.
- Topic
- Restrict early fees
- What to know
- Loan Estimate receipt, intent to proceed, bona fide credit report fee, application fee, appraisal fee, underwriting fee, payment method, check, card number, and authorization
- Best exam move
- Before receipt and intent, only a bona fide reasonable credit-report fee can generally be imposed.
- Topic
- Separate intent from acceptance
- What to know
- intent to proceed, written, oral, email, consumer, creditor record, loan approval, rate lock, contract, fee authority, and estimate expiration
- Best exam move
- Intent permits the process and fees to continue; it is not final loan approval or a rate lock.
- Topic
- Provide the shopping list
- What to know
- required service, consumer may shop, written list, provider, contact, at least one, three business days, separate document, settlement service, and tolerance
- Best exam move
- For each shoppable required service, the creditor gives at least one available provider on the written list.
- Topic
- Apply zero tolerance
- What to know
- creditor fee, mortgage broker fee, affiliate, transfer tax, required service, cannot shop, disclosed charge, increase, cure, and permitted revision
- Best exam move
- Absent a valid revised baseline, the applicable zero-tolerance charges cannot increase at consummation.
- Topic
- Apply 10% aggregate tolerance
- What to know
- recording fee, required service, consumer may shop, provider list, listed provider, aggregate total, ten percent, individual increase, decrease, cure, and comparison
- Best exam move
- Compare the category total, not each fee separately, for the 10 percent test.
- Topic
- Apply no numerical tolerance
- What to know
- prepaid interest, property insurance, escrow deposit, optional service, shoppable service, off-list provider, property tax, homeowner association, good faith, and best information
- Best exam move
- No numerical cap does not authorize careless or knowingly inaccurate estimates.
- Topic
- Recognize a changed circumstance
- What to know
- extraordinary event, inaccurate relied-on information, new information, credit quality, appraisal, title issue, property use, loan amount, and eligibility
- Best exam move
- The event must affect settlement charges or eligibility and fit the regulatory definition.
- Topic
- Issue a revised estimate
- What to know
- three business days after knowledge, valid reason, affected charge, supporting documentation, four business days before consummation, receipt, Closing Disclosure, and baseline
- Best exam move
- Revise promptly and only to the extent the permitted reason actually caused the change.
- Topic
- Deliver the Closing Disclosure
- What to know
- consumer receipt, three business days, consummation, creditor responsibility, settlement agent, final terms, itemized costs, cash to close, loan calculations, and confirmations
- Best exam move
- The creditor must ensure timely receipt even when the settlement agent helps prepare or deliver the form.
- Topic
- Use the specific business day
- What to know
- calendar day, Saturday, Sunday, federal legal public holiday, receipt presumption, electronic delivery, evidence, mailing, and waiting period
- Best exam move
- For the Closing Disclosure wait, Saturday counts unless it is a federal holiday.
- Topic
- Restart only for three changes
- What to know
- inaccurate APR, tolerance, loan product change, fixed to adjustable, prepayment penalty added, corrected disclosure, new three-day wait, and consummation
- Best exam move
- Memorize APR, product, penalty; other corrected items generally do not restart the entire wait.
- Topic
- Correct other changes
- What to know
- seller credit, walk-through, tax proration, utility proration, recording fee, payment, cash to close, typo, corrected Closing Disclosure, consummation, and post-consummation
- Best exam move
- Give the corrected form on time, but do not invent a restart trigger.
- Topic
- Cure tolerance violations
- What to know
- creditor payment, consumer refund, 60 calendar days, corrected disclosure, zero tolerance, ten-percent aggregate, excess, documentation, and post-closing
- Best exam move
- A timely cure can reimburse the excess and correct the Closing Disclosure after consummation.
- Topic
- Separate consummation and settlement
- What to know
- contractually obligated, state law, signing, closing, funding, disbursement, recording, possession, rescission, and calendar
- Best exam move
- TRID waiting periods run to consummation, which is determined under applicable state law, not simply the recording date.
Which distinctions produce the most mistakes?
- Terms
- TRID vs. TILA
- Difference
- TILA is the statute. TRID is the integrated mortgage-disclosure framework implemented mainly through Regulation Z.
- Question cue
- Broad credit law versus disclosure system.
- Terms
- Loan Estimate vs. Closing Disclosure
- Difference
- The Loan Estimate supports early shopping with estimated terms. The Closing Disclosure supports final review of actual transaction terms.
- Question cue
- Estimate early versus final before consummation.
- Terms
- Application vs. prequalification
- Difference
- A TRID application exists when the six defined pieces are submitted. Prequalification is an informal label that does not override receipt of those items.
- Question cue
- Federal data trigger versus marketing stage.
- Terms
- Intent to proceed vs. loan approval
- Difference
- Intent authorizes continuation and applicable fees. Approval is the creditor's underwriting decision.
- Question cue
- Keep processing versus accept credit risk.
- Terms
- General vs. specific business day
- Difference
- General means a day the creditor is open for substantially all functions. Specific means every calendar day except Sunday and federal legal holidays.
- Question cue
- Office schedule versus federal calendar.
- Terms
- Delivery vs. receipt
- Difference
- Delivery is when the creditor sends or hands over the form. Receipt is when the consumer obtains it or is presumed to obtain it under the rule.
- Question cue
- Sent versus received.
- Terms
- Zero tolerance vs. 10% aggregate
- Difference
- Zero-tolerance charges cannot increase absent a valid revision. The 10 percent category permits aggregate increase up to its limit.
- Question cue
- No increase versus group ceiling.
- Terms
- No tolerance vs. no good-faith duty
- Difference
- No numerical tolerance permits actual variation. It does not remove the duty to estimate using the best information reasonably available.
- Question cue
- Flexible result versus careless estimate.
- Terms
- Changed circumstance vs. market increase
- Difference
- A changed circumstance must fit the regulatory event or information test. A provider simply raising price does not automatically qualify.
- Question cue
- Defined cause versus ordinary cost growth.
- Terms
- Revised Loan Estimate vs. corrected Closing Disclosure
- Difference
- A revised Loan Estimate can reset estimates before the Closing Disclosure when permitted. A corrected Closing Disclosure updates final information under its own timing rules.
- Question cue
- Revised estimate versus corrected final.
- Terms
- Consummation vs. recording
- Difference
- Consummation occurs when the consumer becomes contractually obligated on credit under state law. Recording gives public notice of an instrument.
- Question cue
- Credit obligation versus land-record filing.
- Terms
- Three-day CD review vs. rescission
- Difference
- CD review occurs before consummation. Rescission, when applicable, runs after consummation and excludes purchase mortgages.
- Question cue
- Review first versus cancel qualifying credit later.
The T-R-I-D check
- Test the transaction: confirm closed-end consumer credit secured by real property or a cooperative unit and check exemptions.
- Recognize the application: mark the date all six pieces arrived and calculate the Loan Estimate deadline under the general business-day rule.
- Inspect estimates: classify each charge as zero, 10 percent aggregate, or no numerical tolerance and document provider-shopping rights.
- Deliver and update: track intent to proceed, fees, seven-day wait, valid revision reasons, Closing Disclosure receipt, restart triggers, consummation, and cures.
- Event
- Loan Estimate delivery or mailing
- Deadline
- Within 3 days after application
- Business-day rule
- General creditor-open definition
- Event
- Loan Estimate before consummation
- Deadline
- At least 7 days before
- Business-day rule
- Specific calendar definition
- Event
- Revised Loan Estimate receipt
- Deadline
- At least 4 days before consummation
- Business-day rule
- Specific calendar definition
- Event
- Closing Disclosure receipt
- Deadline
- At least 3 days before consummation
- Business-day rule
- Specific calendar definition
- Event
- Tolerance cure
- Deadline
- Within 60 calendar days after consummation
- Business-day rule
- Calendar days
How do the rules work in scenarios?
Six pieces start the clock
Scenario: On Monday, a creditor receives a borrower's name, monthly income, Social Security number for credit, property address, value estimate, and requested loan amount.
- All six application elements have arrived.
- The creditor cannot wait for tax returns or the purchase contract to recognize the application.
- If its offices perform substantially all functions Monday through Friday, Thursday is the third general business day.
Answer: The Loan Estimate must be delivered or mailed no later than Thursday.
Fee restriction
Scenario: Before delivering a Loan Estimate, a lender asks the consumer to pay a $600 appraisal fee and a $35 credit-report fee.
- The consumer has not received the Loan Estimate or indicated intent to proceed.
- A bona fide reasonable credit-report fee can fit the limited exception.
- The appraisal fee cannot generally be imposed yet.
Answer: The $35 credit-report fee may be allowed; the $600 appraisal fee is premature.
Calculate the CD waiting period
Scenario: The consumer receives the Closing Disclosure in person on Thursday. No federal holiday occurs, and consummation is planned for Monday.
- Friday is business day one.
- Saturday is business day two.
- Sunday is excluded, and Monday is business day three.
Answer: Consummation may occur on Monday under the stated timing facts.
Loan product change restarts waiting
Scenario: After the initial Closing Disclosure, the creditor changes the loan from a fixed-rate mortgage to an adjustable-rate mortgage.
- Fixed to adjustable is a loan-product change.
- A corrected Closing Disclosure is required.
- The consumer must receive it and complete a new three-specific-business-day waiting period.
Answer: The product change restarts the three-day wait.
Tax proration does not restart waiting
Scenario: A final walk-through and updated county figure change the seller-buyer tax proration after the Closing Disclosure.
- The proration must be corrected on the final disclosure.
- It is not an inaccurate APR, product change, or added prepayment penalty.
- The creditor can provide a corrected Closing Disclosure at or before consummation under the applicable rule.
Answer: Correct the form, but do not restart the full waiting period solely for this proration.
Ten-percent aggregate test
Scenario: Listed-provider shoppable services and recording fees were estimated at $2,000 total and cost $2,230 without a valid revision.
- Ten percent of $2,000 is $200.
- The permitted aggregate is therefore $2,200.
- Actual charges exceed that amount by $30.
Answer: The creditor must cure the $30 excess if all stated charges belong in that tolerance bucket.
No numerical tolerance still requires good faith
Scenario: A creditor intentionally understates prepaid interest even though the rate and expected consummation date are known.
- Prepaid interest generally has no numerical tolerance.
- The estimate still must use the best information reasonably available and be made in good faith.
- The absence of a percentage cap does not authorize deliberate understatement.
Answer: The estimate can violate the good-faith standard despite being in a no-tolerance category.
What are the common exam traps?
- Trap
- Calling TRID a separate statute
- Correction
- It is an integrated disclosure framework implemented mainly through Regulation Z.
- Trap
- Using TRID forms for a HELOC
- Correction
- HELOCs use separate open-end Regulation Z disclosures.
- Trap
- Demanding a purchase contract before recognizing an application
- Correction
- Receipt of the six defined pieces starts the Loan Estimate clock.
- Trap
- Using only weekdays for every deadline
- Correction
- The seven-day and Closing Disclosure waits count Saturdays unless a federal holiday.
- Trap
- Charging an appraisal fee before Loan Estimate and intent
- Correction
- Only a bona fide reasonable credit-report fee fits the ordinary early-fee exception.
- Trap
- Calling intent to proceed loan approval
- Correction
- It authorizes continuation and fees but does not decide underwriting.
- Trap
- Calling a Loan Estimate a rate lock
- Correction
- The form states whether the rate is locked and the lock's timing; delivery alone does not lock it.
- Trap
- Applying 10% to each fee separately
- Correction
- That tolerance is tested across the applicable category in aggregate.
- Trap
- Treating no tolerance as permission to guess
- Correction
- All estimates remain subject to the good-faith and best-information standards.
- Trap
- Revising estimates whenever a provider raises price
- Correction
- The revision needs a regulatory reason that actually caused the increased charge.
- Trap
- Sending a revised LE after the Closing Disclosure
- Correction
- The creditor cannot issue a revised Loan Estimate on or after providing the Closing Disclosure.
- Trap
- Restarting the CD wait for every change
- Correction
- Only inaccurate APR beyond tolerance, loan-product change, or added prepayment penalty triggers the new wait.
- Trap
- Calling the CD wait a right to rescind
- Correction
- It is a pre-consummation review period, not a post-closing cancellation right.
- Trap
- Using recording as consummation
- Correction
- Consummation depends on when the consumer becomes contractually obligated under applicable state law.
- Trap
- Treating a pending rulemaking request as current law
- Correction
- The July 2026 CFPB request sought information and did not amend TRID by August 1, 2026.
Can you answer these original practice questions?
These questions are original study items aligned to the published outline. They are not copied, recalled, or predicted PSI questions.
1. What does TRID integrate?
- TILA and RESPA mortgage disclosures
- ECOA and CERCLA
- The deed and appraisal
- Zoning and building codes
Show answer and explanation
Answer: TILA and RESPA mortgage disclosures
The two principal forms are the Loan Estimate and Closing Disclosure.
2. How many defined data pieces create a TRID application?
- Four
- Five
- Six
- Ten
Show answer and explanation
Answer: Six
The creditor cannot add a seventh piece to delay the federal clock.
3. When is the Loan Estimate generally due?
- Within three general business days after application
- At consummation only
- Thirty days after appraisal
- After final approval only
Show answer and explanation
Answer: Within three general business days after application
It also must be delivered or mailed at least seven specific business days before consummation.
4. Which fee can generally be imposed before LE receipt and intent to proceed?
- A bona fide reasonable credit-report fee
- The appraisal fee
- The underwriting fee
- The full origination charge
Show answer and explanation
Answer: A bona fide reasonable credit-report fee
Other fees ordinarily wait until both required events occur.
5. Which day usually counts in the Closing Disclosure waiting period?
- Saturday
- Sunday
- Every federal holiday
- No calendar day
Show answer and explanation
Answer: Saturday
The specific definition excludes Sundays and federal legal public holidays.
6. Which change restarts the Closing Disclosure waiting period?
- The loan product changes from fixed to adjustable
- A tax proration changes
- The seller credit decreases slightly
- A typo in the broker address is corrected
Show answer and explanation
Answer: The loan product changes from fixed to adjustable
Inaccurate APR beyond tolerance and addition of a prepayment penalty are the other two triggers.
7. How is the 10 percent tolerance tested?
- Across the applicable charges in aggregate
- Against each individual fee only
- Against the loan amount
- Against the appraisal value
Show answer and explanation
Answer: Across the applicable charges in aggregate
Individual items can move more or less as long as the applicable total stays within the permitted increase.
8. Can a revised Loan Estimate be issued after the Closing Disclosure?
- No
- Yes, at any time
- Only after recording
- Only by the real estate broker
Show answer and explanation
Answer: No
Later corrections use the Closing Disclosure process.
9. Does intent to proceed guarantee loan approval?
- No
- Yes
- Only for FHA
- Only in Illinois
Show answer and explanation
Answer: No
Underwriting and property approval remain separate.
10. What did the CFPB's July 9, 2026 mortgage RFI do?
- Requested public information without itself changing TRID
- Repealed the Closing Disclosure
- Changed the application to seven pieces
- Eliminated all waiting periods immediately
Show answer and explanation
Answer: Requested public information without itself changing TRID
A request for information is part of policy development, not a final amendment.
How should you study this area?
- Session
- Session 1
- Focus
- Test coverage and application
- Proof you are ready
- Classify 30 covered and excluded loans, then identify the exact date all six application pieces arrived in 20 timelines.
- Session
- Session 2
- Focus
- Master business days
- Proof you are ready
- Calculate 35 Loan Estimate, seven-day, revised-estimate, Closing Disclosure, mailing, holiday, and consummation deadlines.
- Session
- Session 3
- Focus
- Classify tolerances
- Proof you are ready
- Sort 50 lender, broker, affiliate, title, appraisal, recording, prepaid, escrow, insurance, optional, and off-list charges.
- Session
- Session 4
- Focus
- Control revisions
- Proof you are ready
- Audit 30 changed-circumstance, consumer-request, rate-lock, expiration, construction, cost-increase, and late-revision facts.
- Session
- Session 5
- Focus
- Review the forms
- Proof you are ready
- Annotate every Loan Estimate and Closing Disclosure section using current CFPB samples and reconcile two full transactions.
- Session
- Session 6
- Focus
- Run T-R-I-D
- Proof you are ready
- Audit two Illinois closings, score at least 90 percent on the questions, and explain every missed distractor.
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.
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Questions students ask about TRID: Illinois Real Estate Exam Guide
What does TRID mean?
TRID means TILA-RESPA Integrated Disclosure. The CFPB combined four older federal mortgage disclosures into two main forms for most covered closed-end consumer mortgages: the Loan Estimate and Closing Disclosure. TRID is not a separate act of Congress. Its operative rules appear mainly in Regulation Z, with related RESPA and Regulation X requirements.
Which loans does TRID cover?
TRID generally covers closed-end consumer credit secured by real property or a cooperative unit. Common examples include purchase mortgages, refinances, construction-only loans, vacant-land loans secured by real property, and many subordinate liens. Coverage and partial exemptions require careful review. The rule does not turn every loan connected with a home into a TRID transaction.
Which loans are not covered by TRID?
TRID does not use the Loan Estimate and Closing Disclosure for home-equity lines of credit, reverse mortgages, or credit secured by a mobile home or another dwelling that is not also real property. Certain creditors making five or fewer covered mortgages in a year and qualifying housing-assistance loans can receive specified exemptions. Other TILA or RESPA disclosures may still apply.
What six pieces create a TRID application?
A TRID application contains the consumer's name, monthly income, Social Security number to obtain a credit report, property address, estimated property value, and mortgage amount sought. Once the creditor receives those six pieces, the Loan Estimate clock begins. The creditor can request more information but cannot redefine application to delay the federal deadline.
When is the Loan Estimate due?
The creditor must deliver or mail the Loan Estimate no later than the third general business day after receiving the application and no later than the seventh specific business day before consummation. For the first deadline, a business day is one on which the creditor's offices are open for substantially all business functions. The seven-day rule counts Saturdays but excludes Sundays and federal legal holidays.
Can a lender charge fees before the Loan Estimate?
Generally, the creditor or another person cannot impose a fee before the consumer receives the Loan Estimate and indicates an intent to proceed. A bona fide and reasonable credit-report fee is the main exception. The consumer cannot be forced to pay an appraisal, application, underwriting, or other fee to receive the Loan Estimate.
When is the Closing Disclosure due?
The consumer must receive the Closing Disclosure no later than three specific business days before consummation. For this waiting period, business day means every calendar day except Sunday and federal legal public holidays. If it is not delivered in person, receipt is presumed three business days after delivery or mailing unless the creditor has evidence of earlier actual receipt.
Which Closing Disclosure changes restart the three-day waiting period?
A new three-business-day waiting period is required if the disclosed APR becomes inaccurate beyond the Regulation Z tolerance, the loan product changes, or a prepayment penalty is added. Other changes generally require a corrected Closing Disclosure at or before consummation but do not restart the full wait. A lower cash-to-close number alone is not one of the three restart triggers.
What are TRID fee tolerances?
TRID compares specified estimated charges with actual charges. Certain creditor, broker, affiliate, and required nonshoppable fees generally have zero tolerance. Recording fees and required shoppable services from the written provider list generally share a 10 percent aggregate tolerance. Prepaid interest, property insurance, escrow deposits, optional services, and qualifying off-list shoppable services generally have no numerical tolerance, although estimates must still be in good faith.
Can the lender revise a Loan Estimate whenever costs rise?
No. A revised Loan Estimate can reset the comparison baseline only for permitted reasons such as a valid changed circumstance, consumer-requested change, rate lock, expiration after the consumer did not timely indicate intent, or certain delayed-construction timing. The creditor generally must issue the revision within three business days after learning enough to establish the reason and cannot issue it after the Closing Disclosure.
Are these official PSI questions or TRID advice?
No. The questions are original. Primary sources were checked through August 1, 2026, including the current PSI Illinois outline and Regulation Z as amended April 8, 2026. The CFPB opened a mortgage-rule request for information on July 9, 2026, but no resulting TRID amendment was in force by the cutoff. This is exam education, not disclosure or compliance advice.
Primary sources
- PSI Illinois Candidate Information Booklet effective June 24, 2026
- Consumer Financial Protection Bureau, current Regulation Z section 1026.2 application and business-day definitions
- Consumer Financial Protection Bureau, current Regulation Z section 1026.19 TRID timing, fees, tolerances, revisions, and corrections
- Consumer Financial Protection Bureau, current Regulation Z section 1026.37 Loan Estimate content
- Consumer Financial Protection Bureau, current Regulation Z section 1026.38 Closing Disclosure content
- Consumer Financial Protection Bureau, current TILA-RESPA Integrated Disclosure compliance resources
- Consumer Financial Protection Bureau, official current Loan Estimate and Closing Disclosure forms and samples
- Consumer Financial Protection Bureau, July 9, 2026 request for information on TRID, rescission, and mortgage credit
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.