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Precept's Frank Scavone

Some people simply know how to land on their feet. Take Frank Scavone, former COO of Nomura Capital, who within months of the business's demise in mid…

By John Salustri | Updated on April 19, 2002

Some people simply know how to land on their feet. Take Frank Scavone , former COO of Nomura Capital, who within months of the business’s demise in mid 1998 launched Precept, a mortgage exchange. Now that he is actively marketing the firm–which boasts among its senior executives fellow-Nomura refugee Kathy Corton–he sat down with GlobeSt.com to talk about the Nomura days and the impact they had on his current initiative. He noted that, as keeper of the Nomura infrastructure, he was constantly on the lookout for efficient loan-processing activity–a concern that lead directly to Precept, which he estimates should do something on the order of $300 million in business this year. With an average deal size of $12 million, Precept has garnered some of the most recognizable lenders in the business as participants–including Morgan Stanley, SalomonSmithBarney and Greenwich Capital. In terms of his days at Nomura, he recalls that the over-zealous image they had was largely erroneous, and the true nature of the firm was “misunderstood.” He explains why.

GlobeSt.com: To what extent is what you are doing now based in your experience at Nomura?

Scavone: So much. From a pure infrastructure standpoint, Nomura was a pretty amazing thing. We had the ability to process a tremendous number of loans in a very high-quality way. As COO of Nomura’s conduit program, I was responsible for that infrastructure and analyzed the most prudent ways to support the business–what’s necessary and how to make the process as efficient as possible.

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