InterFirst Unveils MOAI, a Groundbreaking Web-Based Service for Mortgage Professionals

Strategic Insights -

At the National Association of Mortgage Brokers annual convention in 1998, InterFirst Wholesale Mortgage Lending showcased MOAI (Mortgages On-Line at InterFirst), a web-based service designed exclusively for mortgage brokers, bankers, and correspondent lenders. This innovative platform enabled mortgage professionals to access up-to-the-minute pricing and loan status information in real-time, streamlining the loan processing workflow and offering a competitive advantage in the industry. InterFirst pledged to offer MOAI free to its clients nationwide, with dedicated account executives assisting in establishing relationships and providing access to the system.

Key Takeaways:

  • MOAI is a web-based service designed to help mortgage professionals process loans quickly and efficiently, with real-time access to pricing and loan status information.
  • InterFirst plans to offer MOAI free to its clients nationwide, with dedicated account executives assisting in establishing relationships and providing access to the system.
  • MOAI uses state-of-the-art encryption and an authentication process including user certificates to limit access to the system.
  • The initial rollout of MOAI offers four key functions: accessing loan status information, submitting rate locks electronically, receiving daily production reports, and providing on-line reference information.
  • InterFirst anticipates adding additional functions, including electronic loan submissions and automation of funding and closing requests.
  • Willie Newman, director of wholesale mortgage lending at InterFirst, emphasized that MOAI will give customers a competitive advantage and improve their profitability through technology-driven tools.

Statistics:

  • InterFirst Wholesale Mortgage Lending services $398 billion in mortgage transactions nationwide.
  • The company plans to maintain a leadership position in the industry through innovative online services like MOAI.
  • MOAI's initial rollout focuses on four key functions, with additional features planned for future development.
  • InterFirst will assist its clients in establishing MOAI relationships, providing easy access to the system through a PC-facilitated Internet connection.

Sources:

  • "InterFirst Wholesale Mortgage Lending today previewed MOAI(SM) (Mortgages On-Line at InterFirst), its premier Web-based service..."

(BUSINESS WIRE, June 22, 1998)

  • "InterFirst account executives will assist in establishing MOAI relationships so that clients can access MOAI simply by logging on to the site through any PC that supports the Internet."

(BUSINESS WIRE, June 22, 1998)

  • "MOAI uses state-of-the-art encryption and an authentication process including user certificates to limit access to the system."

(BUSINESS WIRE, June 22, 1998)

  • "Through tools only technology can provide, mortgage professionals using MOAI can better service their own customers and ultimately become more profitable."

(BUSINESS WIRE, June 22, 1998)