Final answer:
Closing agent fees, when chosen by the borrower, are not included in finance charge calculations under TILA, which otherwise includes broker fees, private mortgage insurance, and other related costs.
Step-by-step explanation:
When calculating finance charges in compliance with TILA (Truth in Lending Act), all of the following are included, except for closing agent fees when the borrower chooses the closing agent. TILA is a federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost.
Finance charges typically include interest, service charges, credit report fees, broker fees, and private mortgage insurance premiums. However, if the borrower has the option to pick their own closing agent and they do so, the fees charged by this agent are not included in the finance charge calculations under TILA.