United Wholesale Mortgage to Start Accepting Bitcoin as Payment in the Months Ahead August 19, 2021 August 19, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsAugust 19, 2021 by Kelly Cromley

United Wholesale Mortgage to Start Accepting Bitcoin as Payment in the Months Ahead

Starting this year, the second-largest U.S.-based mortgage lender, United Wholesale Mortgage (UWM), will begin accepting cryptocurrency payments, and they will start with Bitcoin (BTC). During a conference call on Monday, UWM CEO Mat Ishbia disclosed the company’s crypto plans. The firm posted a net profit of $138.7 million for the second quarter.

“We’re thrilled that maybe (this year) we’ll be able to implement it ahead of anybody else in the nation,” Ishbia added.

Ishbia told the Detroit Free Press on August 16 that the shift will most probably occur sometime this quarter or at the beginning of Q4, noting, “I believe we’re beginning with Bitcoin, but we’re exploring Ethereum and other altcoins.”

“We’ll take our time, but we’re certainly a forerunner in technology and development, and we’re constantly striving to be the finest and the best in whatever we do.”

“That is the strategy. Naturally, there is no certainty – we are still sorting on some specifics,” the CEO said. In 2020, UWM was the second-largest mortgage lender, issuing 560,798 loans for over $183 billion. Quicken Loans topped the group, with $1.1 million loans totaling $314 billion created.

The usage of cryptocurrency in real estate transactions has a legacy, with BitPay assisting in the sale of a Lake Tahoe home for $1.6 million in BTC, seven years back, but cryptocurrency based mortgage repayments seem to be a fairly recent occurrence.

Matrix Mortgage Global, a Toronto-based mortgage brokerage company, stated in April that it will take BTC, Ethereum (ETH), Bitcoin Cash (BCH), and other stablecoins through Bitpay for its facilities.

On August 4, the People’s Party of Spain presented a proposed law that would allow property owners to make mortgage payments using cryptocurrencies and permit the real estate industry to utilize their own crypto token for mortgage acquisitions.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.