[candiodari]

Generally for a loan there's a set of roles, each of which is different and perhaps not entirely independent, but mostly.

Negotiations would be done by the "servicer" of the loan, who gets to charge a fee for this. There is also the "originator" of the loan (think the website where the person taking out the loan clicked on the affiliate link, but in meatspace). The "owner" of the loan is generally considered to be the person who currently puts up the (remaining) principal.

Each of these roles may or may not change hands as a result of a transaction, but generally only the risk role changes.

There is a large business "originating" loans, and over time during the credit cycle the business becomes originating ever more risky loans until the whole thing blows up and we get into panic, tighten lending standards (overtighten, generally), and go back into the business of loosening up.