- SPAC was the first in the industry to start receiving cryptocurrency.
- Thus, home buyers in the United States will be able to pay their mortgages in digital currency.
United Wholesale Mortgage (UWM), the second largest mortgage lender in the United States, has announced its desire to receive payments in (BTC). The US Mortgage Bank wants to take a bite of the cryptocurrency pie at a time when cryptocurrency regulations seem to be expanding its acceptance in the country.
The UWM announcement is an additional boost for BTC, hovering above $ 46,000 since last week. The company plans to accept payments in bitcoin starting in the third quarter of this year. It could also lead to the emergence of other highly leveraged cryptocurrencies.
At the end of the year, American home buyers will also be able to pay their mortgages in digital currency. United Wholesale Mortgage is a mortgage lender associated with mortgage brokers and financial institutions that offer home loans.
The announcement of the company, which went public in January with the largest SPAC offering in history, was made by its CEO, Mat Ishbia, on Monday when he announced the company’s second-quarter results.
“We have assessed the viability and hope to be the first mortgage company in the United States to accept cryptocurrency for mortgage payments,” he said.
“This is what we are working on, and we are delighted that hopefully in the third quarter we will be able to do this before anyone else in the country, because we are leaders in technology and innovation.” In statements to CNBC, he confirmed that UWM, the second largest lender in the US after Quicken, will accept payments in bitcoin, but is also evaluating the possibility of accepting other cryptocurrencies, including ether.
The CEO of UWM said on his Twitter account that the company is always “looking for new technologies to facilitate mortgages for our partner brokers and their clients.” He followed this up with a tweet from the company’s account, which said:
“We are assessing the feasibility and requirements for accepting cryptocurrencies for mortgage payments.”
On the other side
- We will see shortly if UWM decides to keep BTC as an asset on its balances or to revert to fiat currencies immediately.
Why should you care?
The adoption of BTC by the US mortgage lending giant comes at a time when cryptocurrency is facing the biggest regulatory progress in the country; immediately after it was included in the Senate Infrastructure Bill.
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