United Wholesale Mortgage accepts Bitcoin and other cryptocurrencies

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From the end of the year, US homebuyers have the option to pay off their mortgages with Bitcoin.

United Wholesale Mortgage, which made its public debut in January due to a merger of a Special Purpose Acquisition Company (SPAC), announced plans to accept mortgage cryptocurrencies this week. First in the mortgage industry nationwide.

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

“This is something that we have been working on, and as leaders in technology and innovation, we hope to be able to do it faster than anyone in the country in the third quarter. “

Michigan mortgage lenders have confirmed to CNBC that they aim to start accepting Bitcoin, but UWM is also evaluating Ethereum and other cryptocurrencies.

“We are evaluating the feasibility and requirements for accepting cryptocurrencies to meet mortgage payments.” Ishbia said in a tweet Via your corporate account.

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

Pushes towards decentralized digital currency are occurring as the scrutiny of cryptocurrency from all sides of the United States increases

The revised crypto-tax rules are part of the $ 1,000 billion infrastructure bill, and financial authorities such as Treasury Secretary Janet Yellen, SEC Chairman Gary Gensler and the Reserve Board Federal Jerome Powell are all cryptocurrencies. I recently spoke about whether to regulate.

It is not clear whether UWM will keep the cryptocurrency it accepts or convert it to fiat at the time of the transaction. The company did not immediately return the information to CNBC.



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