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Jerod discusses the importance of understanding the definition of an application in relation to TRID (TILA-RESPA Integrated Disclosure) and other regulations. He explains that there are three different regulations that use the term application but define it differently. Jerod emphasizes that when auditing loan files, it is crucial to document application dates and consider the different definitions. He concludes by mentioning that application dates need to be clearly documented and accounted for in the audit process.
