Cohen Takes Control of Precept

Precept Mortgage, the commercial mortgage loan origination and online loan auction dot-com that has been seeking business partners, has entered into a 10-year licensing agreement with Cohen Financial.Steve Spayer, director of brand management with the Chicago-based Cohen Financial, told MortgageWire that the agreement with Precept allows Cohen the "exclusive use" of Precept's systems, protocol and people. Cohen is still in the process of re-evaluating Precept's business and it might take another three months before it decides exactly how it is going to use the tie-up. Precept, which was set up in early 2001, was not able to generate sufficient business activity in its primary business lines. Lack of acceptance among commercial mortgage lenders and life insurance companies appears to have been a major stumbling block for the company. Cohen first formed an alliance with Precept in May of 2001, which was supposed to send approximately $5 billion in commercial loans through Precept by 2006. Precept's website address is http://www.preceptmortgage.com. Cohen Financial can be found on the Web at http://www.cohenfinancial.com.