- United Wholesale Mortgage announced plans to accept cryptocurrency for home loans this week, first for the national mortgage industry.
- The company expects to start accepting payment for a mortgage with bitcoin in the third quarter.
- It is currently weighing other digital currencies like ether.
Starting later this year, homebuyers in the US will have the option to pay for their mortgage with bitcoin as United Wholesale Mortgage, which made its public debut in January, announced its plans to accept cryptocurrency for home loans.
It is the first company to accept payment for a mortgage with bitcoin in the national mortgage industry.
Mat Ishbia, the CEO, said, “We have evaluated the feasibility, and we’re looking forward to being the first mortgage company in the US to accept cryptocurrency for mortgage payments.”
“We have been working on it, and we are excited that hopefully, in the third quarter, the company can execute for the first time in the country being a leader in technology and innovation.”
The Michigan-based mortgage company confirmed that it’s aiming to start by accepting bitcoin, though UWM is in the process of evaluating ether and other cryptocurrencies.
Ishbia, in a tweet, said, “We are evaluating the feasibility and requirements to accept cryptocurrency to settle mortgage payments.”
UWM, the US’ second-biggest mortgage lender after Quicken, the Detroit-based lending major owned by Rocket Companies, works mainly through wholesale channels. It indicates that the company employs a fleet of brokers who then connect clients to home loans.
The move to accept payment for a mortgage with bitcoin and into decentralized digital money comes at a time of increased scrutiny of crypto in the US.
Revamped crypto tax rules are a part of the 1 trillion USD infrastructure bill. In addition, financial authorities like Treasury Secretary Janet Yellen, SEC Chair Gary Gensler, and Fed Chief Jerome Powel have all recently spoken about regulating cryptocurrency.