WESTPORT, CT-The commercial mortgage-backed securities market is back, with investment levels not seen since the last market peak. Issuance in the first half of 2013 is expected to top $39 billion, compared to about $15 billion during the same period last year.

Yet, analysts are already expressing concern that underwriting standards are starting to ease, and may continue to slip. Can institutional investors take advantage of the favorable conditions without worrying about the potential downside of an overheated market? Yes—if they put the right practices in place to minimize exposure to risk.

Delinquencies on CMBS 2.0 (post-2009) loans have held at a low 0.03% overall, according to Fitch Ratings Index Report. However, investors also know that loans can go south; Fitch reports that there are $9.3 billion in delinquent loans that have already matured, and another $20.9 billion in current delinquencies on loans maturing after 2013, most of them originated during the last market upsweep.