Generally, jobs held while in college are not given as much weight as full-time post graduation positions. However, your position sounds like it entails a lot of responsibility, autonomy, and decision making. You should definitely highlight these skills when writing your resume and when you discuss the loan officer job in essays/interviews. Also, emphasize any attributes that made you the best candidate for this particular position.

Thanks for the answer. I hope that having this job helps me out in my job search after college.

I also have another question. I am currently working for a startup social networking site. It is expected to do very well in the market. I don't want to give too much information about it because the site hasn't launched yet. It is expected to launch in a couple weeks. If this startup company does well, I will stay on and work for the company after I graduate, while holding down a regular job. I was wondering how this would look in my MBA applications because I did not stàrt the company but have been heavily involved with the 6 person team that has been developing this company. Thanks again, look forward to your response.