Loan Officer Practice Exam

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Which costs are included under the “Services You Can Shop For” section of a Loan Estimate?

Broker fees only
Lender processing fees
Appraisal fees
Title insurance fees

The correct answer is: Appraisal fees

The "Services You Can Shop For" section of a Loan Estimate includes costs for services where the borrower is allowed to select their own provider, typically resulting in options that may vary in price. Appraisal fees fall under this category because borrowers have the ability to shop around for an appraiser, allowing them to compare different providers' fees. This transparency in pricing is essential for helping borrowers make informed financial decisions and can lead to significant savings. Broker fees, lender processing fees, and title insurance fees, while important costs associated with the mortgage loan, are not categorized under this section because they involve more standard services that may not present as much variability in cost or provider options for the consumer.