Risky refinancings deepen financial holeColumbus Dispatch, OH -Jun 2, 2008More than half of those homeowners signed loans with interest rates above 9 percent, the Dispatch analysis of Home Mortgage Disclosure Act data found. ... 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.