The second largest mortgage lender in the US will accept payments in cryptocurrency this year



United Wholesale Mortgage (UWM), the second largest mortgage lender in the US, plans to accept payments in cryptocurrencies this year, starting with Bitcoin (BTC).

UWM CEO Mat Ishbia announced plans for the cryptocurrency on Monday during a conference call on the companies’ second quarter results, with the company reporting $ 138.7 million in net profit for the quarter.

“We are very pleased that (this year) we can actually accomplish this before anyone else in the country,” Ishbia said.

Detroit Free Press performance on August 16, Ishbia said that this move is likely to happen later this quarter or early in the fourth quarter, adding, “I think we’re starting with Bitcoin, but we’re looking at Ethereum and others.”

“We’re going to walk before the run, but at the same time we are definitely a leader in technology and innovation, and we always strive to be the best and leaders in everything we do.”

“This is the plan. It is clear that there are no guarantees – we are still working on some details, ”added the CEO.

UWM was the second largest mortgage lender in 2020, issuing 560,798 loans worth nearly $ 183 billion in 2020. Quicken Loans topped the package and provided $ 1.1 million in loans worth $ 314 billion.

Usage cryptocurrency when buying real estate has a seven-year history, with the help of BitPay promote the sale of real estate on Lake Tahoe, which was sold for $ 1.6 million in bitcoins in 2014, however crypto mortgage payments seem to be a relatively new phenomenon.

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In April, Matrix Mortgage Global, a mortgage brokerage firm based in Toronto announced that it accepts BTC, Ethereum (ETH), Bitcoin Cash (BCH) and several stablecoins for its services through Bitpay.

Cointelegraph reported on August 4 that the Spanish political party, the People’s Party, has introduced a bill that will allow property owners Pay your mortgage with cryptocurrency and allow the real estate sector to use its own cryptocurrency to buy mortgages.