10. "The UK Mortgage Market: Taking a Longer-Term View" (Final ...California Association of Realtors, op.cit., reported the median existing home sales price in August 2007 was $589000 – or $172000 above Freddie Mac’s one-family loan limit. The loan officer's job is to help you process your application for a . 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.