These FTC Mortgage Assistance Relief Services (MARS) disclosures were put out for Florida Realtors(R) but I'm sure you can adapt them for your use as well. These documents were provided by the Florida Association of REALTORS(R). The package also includes an opinion from NAR and the complete FTC MARS Rule. I hope this helps.

Mortgage Assistance Relief Services MARS

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Comment by Rita Legan CDPE (440) 227-4461 on March 19, 2011 at 10:05am

NAR sent out a sample MARS Disclosure, as always asking agent's and brokers to check with their attorneys when drafting new disclosures.


The following disclosure is made pursuant to the Federal Trade Commission’s MARS Rule (16 C.F.R. §322 et seq.).


You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us

(insert amount or method for calculating the amount) for our services.

(Name of brokerage)

If you stop paying your mortgage, you could lose your home and damage your credit rating.

______________________________ _____________________

(Broker’s name) Date


(Firm name)

_________________ _____________________

Seller Date

_________________ _____________________

Seller Date

is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Comment by Kevin - Greenville, SC on March 19, 2011 at 9:17am


The Question - Are Real Estate Agents Furnishing MARS?

The issue regarding real estate agents and the new FTC MARS Rule (as in Mortgage Assistance Relief Services) is that there is no clear cut rule.  The Commission states in footnote 126 of the Rule that an exemption for real estate agents is not necessary because real estate agents customarily assist consumers in selling or buying homes and perform functions such as listing homes for sale, showing homes, and finding desirable homes for consumers.  Although the Commission realized that these services may be performed when a home is in foreclosure or will be a short sale, those circumstances do not change the "traditional character" of what services the real estate agent is performing. (see page 75102 for the footnote).


Comment by Bill Travis on March 7, 2011 at 6:23pm
Thanks Chris
Comment by Chris Black on March 7, 2011 at 6:09pm

Hi Bill,

To me, this is one of the oddities of the rule, especially as it relates to REALTORS and our title industry.  Based on the supplemental legislative materials, that section is clearly for an amount that a consumer would be paying for "Mortgage Assistance Relief Services."  If one is going to make the disclosure, then the assumption would be that they are charging for those services.  In our case (as a title insurance agent assisting in the lender's lien release(s)), we have designed our disclosures to reflect the title-related charges in seciton 1100 of the settlement statement which would accompany any such disclosure.  I would presume that the safest bet would be to disclose the amount of your commission which, technically, would be payable from the seller's side of the ledger.

Comment by Bill Travis on March 7, 2011 at 5:37pm

On the Disclosure for Offer From Lender Part 1 where it states "if you accept the offer you have to pay us _____"...

Is this the amount that is shown on the listing agreement, which is actually paid by the lender?

Comment by Jim Schneider on February 27, 2011 at 4:45pm
One requirement of this ruling was to present a disclosure created by the bank or servicer outlining the differences between the original loan and the "modification" has anyone either received this from banks or had them refuse to produce it?
Comment by Brigitte Powell on February 26, 2011 at 4:02pm
thank you Bryant. Our VAR form does disclose the caveats to the Seller, so am not sure if we are ok. Will check on it on Monday.
Comment by Donna Paul on February 26, 2011 at 6:48am
Thanks for the insight on this one Bryant.


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