LESSER KNOWN ESCROW
AND SETTLEMENT ACRONYMS
TILA is the Truth in Lending Act
RESPA is the Real Estate Settlement Procedures Act.
TRID is the Combined the TILA/RESPA Integrated Disclosure rule, is also known as TRID As of October 3rd 2015, the Closing Disclosure is the new document that replaces the HUD-1 and the final TILA disclosure.
CFPB: The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Mandated by Dodd Frank, Congress established the CFPB to protect consumers by carrying out federal consumer financial laws. Other functions of the CFPB include researching consumer behavior, to monitoring financial markets for new risks to consumers, and promoting financial education.
SSAE 18 (before May 1, 2017 known as SSAE 16 and formerly known as SAS 70). SSAE 18 includes more controls and is much more stringent than SSAE 16.
SOC (Stands for Service Organization Controls) SOC 1 & SOC 2 reports focus solely on controls at a service organization and specifically address the ongoing six key system attributes: Security, availability, processing integrity, confidentiality, privacy and financial reporting.
The Truth in Lending Act (TILA) of 1968 is United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Real Estate Settlement Procedures Act (RESPA) was designed to protect potential homeowners and enable them to become more intelligent consumers. RESPA requires that lenders provide greater amounts of information to prospective borrowers at certain points in the loan settlement process.