Officials at PW Funding Inc., an apartment lending specialist in Mineola, N.Y., say the multifamily mortgage business is ripe for consolidation.

"Everyone I talk to involved in commercial mortgage finance, and multifamily in particular, is convinced to varying degrees that the Internet is going to change the way we do business," said William T. Hyman, chief operating officer of PW Funding, a former PaineWebber unit that has originated $500 million over the last two years.

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