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Question 1 of 6

1. Question
RECORDKEEPING AND COMPLIANCE REQUIREMENTS

A MARS provider deletes signed borrower agreements and related documents six months after services are completed.

Why could this violate MARS rules?
- A) MARS providers must retain contracts between consumers and MARS providers for 24 months from the date the records are created
- B) Contracts may only be retained by mortgage servicers
- C) Federal law prohibits maintaining borrower agreements after closing
- D) Consumer contracts must be destroyed within one year
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Question 2 of 6

2. Question
RECORDKEEPING AND COMPLIANCE REQUIREMENTS

A mortgage assistance company fails to retain emails and written correspondence exchanged with consumers before borrowers signed service agreements.

Why could this violate MARS rules?
- A) Written communications may only be maintained by attorneys
- B) MARS providers are prohibited from keeping borrower correspondence
- C) MARS providers must retain copies of written communications with consumers occurring before agreements are entered into
- D) Only communications after closing must be retained
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Question 3 of 6

3. Question
RECORDKEEPING AND COMPLIANCE REQUIREMENTS

During a regulatory audit, a MARS provider cannot produce records showing borrower contact information, payments received, or the mortgage assistance services provided.

Why could this violate MARS rules?
- A) Consumer files containing names, contact information, payments made, and MARS services provided must be retained
- B) Consumer information may never be retained by MARS providers
- C) Only lenders may maintain borrower payment records
- D) Borrower files are required only for FHA loans
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Question 4 of 6

4. Question
RECORDKEEPING AND COMPLIANCE REQUIREMENTS

A foreclosure rescue company cannot produce copies of its advertisements, sales scripts, training manuals, or websites during a compliance investigation.

Why could this violate MARS rules?
- A) Marketing materials are exempt from recordkeeping requirements
- B) MARS providers must retain copies of sales scripts, training materials, commercial communications, websites, weblogs, and other marketing materials
- C) Only government agencies may retain mortgage advertising records
- D) Sales scripts must be destroyed after employee training is completed
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Question 5 of 6

5. Question
COMPLIANCE MONITORING REQUIREMENTS

A MARS provider never reviews employee telephone calls or monitors independent contractors communicating with borrowers.

Why could this violate MARS rules?
- A) MARS providers must take reasonable steps to monitor employees and independent contractors for compliance, including monitoring communications with consumers
- B) Employee monitoring is prohibited by federal law
- C) Only mortgage servicers may review consumer communications
- D) Contractors are exempt from compliance monitoring requirements
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Question 6 of 6

6. Question
COMPLIANCE MONITORING REQUIREMENTS

A mortgage assistance company has no formal process for handling borrower complaints or correcting employee misconduct discovered during investigations.

Why could this violate MARS rules?
- A) Consumer complaints may only be investigated by HUD
- B) MARS providers are prohibited from taking corrective action against employees
- C) MARS providers must establish procedures for receiving, investigating, and responding to consumer complaints and taking corrective action when necessary
- D) Borrowers may not submit complaints regarding mortgage assistance services
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