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United Wholesale Mortgage accepts Bitcoin and other cryptocurrencies

Starting later this year, US homebuyers have the option to pay their mortgages with Bitcoin.

United Wholesale Mortgage, which made its public debut in January due to the merger of a special purpose acquisition company (SPAC), announced plans to accept mortgage cryptocurrencies this week. First in the mortgage industry nationwide.

“We evaluated the feasibility and look forward to becoming the first mortgage company in the United States to accept cryptocurrencies to meet mortgage payments,” said CEO Matt Ishbia on Monday. Said in the announcement of financial results for the second quarter of.

“It’s something we’ve been working on, and as we are leaders in technology and innovation, we hope we can actually do it faster than anyone else in the country in the third quarter.”

Michigan-based mortgage lenders have confirmed to CNBC that they are aiming to start by accepting Bitcoin, but UWM is also evaluating Ethereum and other cryptocurrencies.

“We are assessing the feasibility and requirements to accept cryptocurrencies to meet mortgage payments.” Ishbia said in a tweet Through your company account.

UWM – the second largest mortgage lender in the country after Detroit-based lender Quicken, owned by Rocket Companies – works only through wholesale channels. In short, the company employs a fleet of brokers that connect customers to mortgages.

Pushes to decentralized digital money occur when cryptocurrency scrutiny from all sides of the United States is increasing

The revised crypto tax rules are part of the $ 1 trillion infrastructure bill, and financial authorities such as Treasury Secretary Janet Yellen, SEC Chair Gary Gensler, and Federal Reserve Board Jerome Powell are all cryptocurrencies. I recently talked about the topic of whether to regulate.

It’s unclear whether UWM will hold the cryptocurrency it accepts or convert it to fiat at the time of the transaction. The company didn’t immediately return the information to CNBC.



United Wholesale Mortgage accepts Bitcoin and other cryptocurrencies

Source link United Wholesale Mortgage accepts Bitcoin and other cryptocurrencies

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