What must be included in the mortgage broker fee agreement?

The correct choice involves the requirement for the mortgage broker fee agreement to include the total estimated charges and an itemization of those charges. This is essential because it ensures transparency between the broker and the client, allowing the borrower to understand what specific fees they will incur as part of the mortgage process. By providing a detailed breakdown of costs, the borrower can make informed decisions and compare offers from different brokers, leading to a clearer understanding of the financial obligations involved.

In contrast, while typical interest rates may be a relevant factor in determining the overall cost of borrowing, they do not directly pertain to the broker fee agreement itself. Deposit amounts required are also important in the mortgage process but fall outside the scope of what needs to be delineated in the fee agreement. Income verification documentation is a necessary part of the overall mortgage application process, but it is not included in the broker fee agreement, as it pertains more to the lender's requirements for assessing a borrower's ability to repay the loan.