What do home buyers and agents need to know about TRID in NYC?

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I keep hearing about TRID and how there are new rules and regulations in place post the Great Financial Crisis of 2007 to 2008. How does TRID affect both agents and buyers and what are the most important things we need to know?

Just looking for usable facts, I'm sure there are thousands of pages of regulations.

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Banks now have to test whether borrowers can afford a loan before giving it to them. There's something called the Quality Mortgage process, which basically means banks have to follow a bunch of regulations to make sure loans they make are Quality Mortgages. This includes checking to make sure that the borrower's debt to income ratio is 43% or less, and making loan estimates and disclosures easier to understand.

They also have to give a closing disclosure now (vs HUD-1 statement 3 years ago). This closing disclosure is given to the seller at close, but is given to the buyer/borrower 3 days in advance of closing. The borrower must acknowledge it for the loan to fund.

Essentially you don't have any more of the old days where banks were making NINJA loans (no income, no job, no assets) and teachers making $30,000 a year were lying and saying they made $1 million and banks were simply taking their word for it with a straight face.