If mortgage industry veterans Marvin I. Moskowitz and Richard G. Thornberry are right, the Internet is about to do for mortgage lending what the telephone did in the 1980s.

Mr. Moskowitz and Mr. Thornberry, who together held senior posts at Prudential Home Mortgage and Citicorp Mortgage in the 1980s and 1990s, are back in business, this time heading up Nexstar Financial, an Internet mortgage company that officially opened for business in June.

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