What rule governs advance fee collection for mortgage modification services?

The MARS Rule, or the Mortgage Assistance Relief Services Rule, specifically governs the practices of companies that provide mortgage modification services. This rule was established to protect consumers from deceptive practices in the mortgage modification industry. One of the key provisions of the MARS Rule is that it prohibits advance fees for mortgage modification services. This means that companies cannot charge consumers upfront fees before providing any services related to modifying their mortgage loans. The intent of the rule is to prevent consumers from being scammed by businesses that promise to help them but charge high fees without delivering on their promises.

The other rules listed, such as RESPA, Dodd-Frank, and Fair Housing, address different aspects of mortgage lending and consumer protection. RESPA focuses on disclosures and practices related to real estate settlement and mortgage transactions. The Dodd-Frank Act is a comprehensive legislative response to the financial crisis that includes various consumer protections, but it does not specifically regulate advance fees for mortgage modification services. The Fair Housing Rule is concerned with preventing discrimination in housing and ensuring equal opportunities in homeownership, rather than dealing with mortgage modification practices. Thus, the MARS Rule is the applicable regulation for advance fee collection in the context of mortgage modification services.