Precept, Oakland, Calif., has announced the development of a commercial mortgage origination systemand said it has started accepting deals. Precept is an exchange designed for brokers, mortgage lenders, and borrowers.Both Standard & Poor's and Morgan Stanley have made investments in Precept,the company said. Morgan Stanley has agreed to act as a "market maker," effectively ensuring that therewill be bids on certain types of loans. S&P has approved Precept's underwriting process and agreed to providean independent assessment of underwritten cash flow for loans auctioned on the system. The company's website addressis http://www.preceptmortgage.com.
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