The Manhattan Mortgage Company, Inc. originated over $3.8 billion in 2001, their 16th year in business. Specializing in 1-4 family property, condo, and co-op residential loans, The Manhattan Mortgage Company (TMMC) has plenty to boast about. It’s a large company with more than 85 loan originators. Melissa Cohn, president and CEO, was #2 by dollar amount and #12 by volume on M.O.M.’s Top 200 list. Manhattan Mortgage has a successful Web site that has both streamlined internal processes as well as increased originations for the company.

Phil Figler, the person responsible for maintaining TMMC’s online presence, was also in charge of developing the Web site four years ago. Today, he manages the site operationally and strategically which includes managing the leads coming in from the site, keeping the rates current and updated, handling all site glitches, responding to Web site inquiries, marketing the site, and creating new features.

Although TMMC is a big company, many of Figler’s techniques and strategies can be used by smaller mortgage companies seeking a successful online campaign.

According to Figler, Manhattan Mortgage started its Web site presence to tap into the dot com phenomena several years back. "We feel that an online presence is essential in this industry where potential borrowers are seeking information 24/7," says Figler. "In addition, it is an important marketing tool."

"We decided on a look and format that we wanted to portray, as well as the type of online services that we wanted to offer. These decisions were made after looking at many competing mortgage sites, as well as financial news sites. Our goal was to incorporate the best features from each of these sites into our own."

An example of a recent and successful addition is "RateWatch—a feature which allows borrowers to sign up for a daily rate e-mail subscription. "In the past 12 months," says Figler, "our RateWatch subscriptions have increased exponentially." Currently we have close to 2,000 potential borrowers signed up to receive these daily e-mails."

When asked about the intent of the TMMC site, Figler responds, "The simple answer is to improve the efficiency of the company. In addition to generating an ever-increasing volume of new originations, more originators within the company are utilizing the site to complement and improve the servicing of their clients."

As with other successful online mortgage companies, Figler’s focus is on creating more business and business efficiencies—not just generating traffic. A common misconception is that a Web site will magically generate tons of new business. But that won’t happen if there isn’t a core business already running—a Web site by itself is simply a tool to help a broker do more—faster and with less effort.

"We do not consider our web business to be a separate profit center for the company," says Figler. "It is integrated into the overall business, and is an important marketing avenue." He explains that the Web site benefits the loan officers both by allowing them to work with their borrowers online as well as make the process faster. "Our site has been evolving into more of a support role for the entire company. It has streamlined the process by having the borrowers apply online with the ability to specify their respective loan officers. They are able to get pre-qualified, as well as track rates via our RateWatch e-mail service. Rates provided are property-type and loanamount specific and [this service] allow(s) the individual loan officer to remain involved in the transaction from beginning to end." Figler continues, "Borrowers can also keep up on current financial news related to the mortgage industry, as well as read commentary by the president of our company."

With regards to directing traffic to their site, Figler’s strategy matches that of other successful mortgage Web site marketers—research different ways of advertising; try new avenues, and monitor the results. He admits that driving true prospective borrowers to the site is a tough task. "It’s relatively easy to drive sheer numbers of viewers to the site," he says, "but the goal is to market to the serious prospects, and not the masses."

So, how does he do it? "We have tested various means of driving traffic to our site over the years, from links on real estate sites, to banners on online newspaper sites, to posting rates on portals specifically created for the mortgage industry. We have been vigilant in monitoring which sites have been working for us, and increasing our exposure on these sites, while at the same time discontinuing relationships with sites that are not generating sufficient traffic to our site. The key has been to identify our target audience, and to focus our marketing efforts towards them."

Figler knows that while driving traffic to the site is important, once there, the visitor’s experience is paramount. "The feedback that we have received tells us that we have one of the most accurate, well designed, informative, and easy-to-use sites out there," he says. "We are often complimented on the speed in which we respond to inquiries and applications, as well as the fact that the rates that we post online are real and current."

When asked what he would recommend to originators considering getting a Web site, Figler answers, "Focus on who your target customer is and direct your marketing efforts there. Also, don’t underestimate the cost involved in creating, marketing, and supporting a unique Web site."

After four years of building an online presence, Figler recognizes the Web site as an integral part of TMMC’s future. "It’s becoming an ever greater resource for the entire company. The trend of potential borrowers gathering information online will continue to accelerate. I expect that we’ll see a growing acceptance on the part of borrowers of actually applying for mortgage loans over the Internet. This has not yet reached the levels predicted several years ago, but the percentage of online originations continues to grow."