HUD Study. This is not a surprise to consumer advocates but it tends to contradict the story told by mortgage brokers and their lobbyists. There's a shocker! The study by the Department of Housing & Urban Development's former chief economist, Susan Woodward, looked at 7,560 FHA-insured traditional 30-year fixed-rate loans placed during May and June, 2001. The study compared the closing costs incurred by consumers who went directly to a lender and those who went through a mortgage broker. It found that the average fees for the loan through a broker were $4,000, while they were only $3,150 when the loan went directly through the lender.