The bad news: it's much harder to qualify for a refinanced loan these days. credit, or a home ... What's more, the borrowers who need to refinance ... California Association of Mortgage ...CNN Money - NEW YORK (CNNMoney.com) -- The good news: mortgage rates are down. The loan officer's job is to help you process your application for a mortgage. To see if you're suitable a certain mortgage product, they will look into your personal credit account and start the approval process for your transaction.