Mortgage Assistance Relief Services Rule (MARS) & BSA

Question 1

What is the purpose of the Mortgage Assistance Relief Services Rule (MARS)?

Answer 1

FTC rule to address loan modification, short sale, and foreclosure relief scams

Question 2

What does MARS ban?

Answer 2

Bans collecting fees until homeowners have acceptable written offer from lender or servicer

Question 3

What does MARS stand for?

Answer 3

Mortgage Assistance Relief Services

Question 4

What does MARS prohibit?

Answer 4

Prohibits advising consumers to discontinue communication with lenders

Question 5

What are the penalties for violating MARS?

Answer 5

Fines of $11K per occurrence and 11K per day may be incurred for violations

Question 6

What is the BAnk Secrecy Act (BSA) referred to as?

Answer 6

Anti-Money Laundering Law or BSA/AML

Question 7

What does the BSA/AML require financial institutions to report?

Answer 7

Requires financial institutions to file reports of cash transactions exceeding $10K (depositing, withdrawing, transporting)