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Question 1 of 10
1. Question
MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) REGULATION O
A company charges a homeowner a fee to negotiate with the lender for a reduction in the borrower interest rate, principal balance, and monthly mortgage payment.
Why would this activity fall within the definition of a Mortgage Assistance Relief Service?
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Question 2 of 10
2. Question
MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) REGULATION O
A distressed borrower hires a company to obtain temporary payment relief from the mortgage servicer while the borrower recovers from a financial hardship.
Which MARS activity does this describe?
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Question 3 of 10
3. Question
MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) REGULATION O
A foreclosure rescue company advertises that it can help homeowners extend the time available to cure a mortgage default and reinstate a loan before foreclosure occurs.
Which MARS activity does this describe?
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Question 4 of 10
4. Question
MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) REGULATION O
A company charges borrowers a fee to negotiate removal of a balloon payment obligation and obtain a waiver of an acceleration clause in a mortgage note.
Why is this activity regulated under MARS?
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Question 5 of 10
5. Question
MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) REGULATION O
A company advertises services to negotiate short sales and deeds-in-lieu of foreclosure for homeowners facing financial hardship.
Why would these services fall under MARS Regulation O?
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Question 6 of 10
6. Question
MORTGAGE ASSISTANCE RELIEF SERVICES (MARS) REGULATION O
A business advertises foreclosure rescue assistance and arranges loan modification services for struggling homeowners in exchange for compensation.
Under MARS rules, how would this business be classified?
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Question 7 of 10
7. Question
PROHIBITED REPRESENTATIONS
A foreclosure rescue company tells homeowners that they should stop communicating directly with their lender because only the company can negotiate effectively with the servicer.
Why could this violate MARS rules?
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Question 8 of 10
8. Question
PROHIBITED REPRESENTATIONS
A mortgage relief company guarantees that it can obtain a loan modification for every borrower who enrolls in its program.
Why could this representation violate MARS rules?
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Question 9 of 10
9. Question
PROHIBITED REPRESENTATIONS
A company advertises that it can stop foreclosure and complete a loan workout within three days for all consumers.
Why could this advertisement violate MARS rules?
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Question 10 of 10
10. Question
PROHIBITED REPRESENTATIONS
A for-profit mortgage relief company uses advertisements implying that it is endorsed by a federal housing agency when no such relationship exists.
Why could this violate MARS rules?
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