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.
“We are evaluating the feasibility and requirements in order to accept cryptocurrency to satisfy mortgage payments.” – @Mishbia15
— United Wholesale Mortgage (@UWMlending) August 16, 2021
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.