Starting at the end of this year, US home buyers will be able to pay mortgages at bitcoin…
United wholesale mortgagewhat made him public debut in January Through Special Purpose Merger (SPAC), announced plans this week to accept cryptocurrency for home loans, billed as the first for the domestic mortgage industry.
“We have assessed the feasibility and look forward to becoming the first mortgage company in America to accept cryptocurrency to pay off mortgage payments,” CEO Mat Ishbia said Monday in the company’s Q2 financial results.
“This is what we are working on, and we are delighted that hopefully in the third quarter we can truly achieve this before anyone else in the country, because we are a leader in technology and innovation.”
Michigan-based mortgage company confirmed to CNBC that it intends to start by accepting bitcoins, although UWM is in the process of evaluating ether as well as other cryptocurrencies.
“We are evaluating the feasibility and requirements to accept cryptocurrency for mortgage payments,” said Ishbia in a tweet through the company account.
UWM – national second largest mortgage lender after Quicken, the Detroit credit giant owned Rocket companies – operates exclusively through wholesale channels, which means that the company hires a range of brokers who then provide home loans to clients.
The move towards decentralized digital money comes at a time of increased attention to cryptocurrency from all quarters in the US.
Updated cryptocurrency tax rules are part of the $ 1 trillion infrastructure bill, and financial bodies such as Treasury Secretary Janet Yellen, SEC Chairman Gary Gensler and Fed Chairman Jerome Powell everyone spoke recently on the topic of whether it is worth regulating cryptocurrency.
It is unclear if UWM will hold the accepted cryptocurrency or convert it to fiat currency at the time of the transaction. The company did not immediately return to CNBC with this information.