How do the costs of using a mortgage broker compare to using a loan officer?

When you use a mortgage broker, you pay a loan-specific fee for the service of finding lenders or loans, and that fee may be paid by you or by the lender. A loan officer is paid by the lending institution that employs the officer, with pay structured as a salary, a fixed amount per loan, a fixed percentage of the loan amount, or a combination. Federal law prohibits compensation that varies based on the terms of the mortgage.