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America’s second largest mortgage lender will begin to accept cryptocurrencies

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United Wholesale Mortgage (UWM) is the second largest mortgage provider based in the United States. After a new plans this year receive payments by cryptocurrencies starting with BTC. UWM CEO Mat Ishbia unveiled cryptoplans in a conference call on Monday. This concerned the company’s results for the second quarter. The company reported net income of $ 138.7 million for the quarter.

Ishbia in an interview with the Detroit Free Press on Aug. 16 he said that this step is likely to occur this quarter or on at the beginning of the 4th quarter and added: “I think we’re starting with BTC but we are looking at ETH and other cryptocurrencies. “

UWM was the second largest mortgage lender in 2020 and provided 560,798 loans worth nearly $ 183 billion. Quicken Loans was the first to lend $ 1.1 billion in loans worth $ 314 billion.

BTC as the future of the mortgage market?

The use of cryptocurrencies in the purchase of real estate has a history of several years. BitPay helped facilitate the sale of the Lake Tahoe property, which was sold for $ 1.6 million in BTC in 2014. However, crypto-mortgage repayments are a relatively new phenomenon.

As early as April, Matrix Mortgage Global, a Toronto-based mortgage brokerage company, announced that it accepts BTC, ETH, BCH and several stablecoins for its Bitpay services.

Even the Spanish People’s Party has introduced a bill that would allow property owners to pay mortgages with a cryptocurrency and allow the real estate sector to use its own cryptocurrency to buy a mortgage.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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