Major US Mortgage Lenders Plan To Accept Bitcoins By The End Of The Year



General manager United wholesale mortgage (UWM) says the company intends to start accepting cryptoassets for payments by the end of the year.

According to report According to the Detroit Free Press, UWM CEO Matt Ishbia says the Pontiac-based company is in the process of allowing bitcoins for payments, making it the first major national mortgage lender to do so.

Last Monday (August 16) during YWM Profit and loss statement for the 2nd quarter of 2021Ishbia said:

We have assessed the feasibility and hope to be the first mortgage company in America to accept cryptocurrency for mortgage payments. This is what we are working on and we are very pleased that hopefully in the third quarter we can even implement this before anyone else in the country, because we are a leader in technology and innovation.

Ishbia said his company could start accepting bitcoins as early as the end of the current fiscal quarter, with the option of adding Ethereum and “others” in the future. The CEO said that UWM sees itself as a leader in technology and innovation and intends to continue this trend with cryptoassets.

He made a caveat that although UWM plans to accept Bitcoin this year, there were “no guarantees” and that the company was still working out some details.

The Bitcoin announcement came in the middle of the company’s second-quarter financial results, which included a record volume of the mortgage business. In the second quarter of 2021, the company closed mortgage loans totaling $ 59.2 billion, up from $ 49.1 billion in the previous quarter.

Despite the jump in volumes, earnings for the quarter fell from 2.19% to 0.81%, and Ishbia attributed this trend to a decline in margins that affected the entire industry.

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The views and opinions expressed by the author or any people mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets carries the risk of financial loss.

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