Over 20 years in secured lending and loan collection. It was clear up front what bank was doing the underwriting and would own the paper (at least until it could be packaged). But, in fact, they set it up as a loan from the broker with an immeidate assignment. At the time, my assumption was that the lending bank wanted to try to avoid any agency liability for anything the guy might have said or promised. But the deal itself was fairly transparent.
The "broker" it appears was actually a correspondent lender, therefore acting as a banker himself.