Speaking during a conference call about the firm’s Q2 results, United Wholesale Mortgage CEO Mat Ishbia outlined plans to accept crypto payments this year.

United Wholesale Mortgage (UWM), the second-largest U.S.-based mortgage lender is planning to accept cryptocurrency payments this year starting with Bitcoin (BTC).

UWM CEO Mat Ishbia revealed the crypto plans on Monday in a conference call regarding the firms’ Q2 results — with the firm posting a $138.7 million net profit for the quarter.

"We’re excited that hopefully (this year) we can actually execute on that before anyone in the country," Ishbia said.

Speaking with the Detroit Free Press on Aug. 16, Ishbia said that the move would likely happen later this quarter, or at the start of Q4, adding, “I think we’re starting with Bitcoin, but we’re looking at Ethereum and others."

We’re going to walk before we run, but at the same time, we are definitely a leader in technology and innovation and we are always trying to be the best and the leader in everything we do.

"That’s the plan. Obliviously there’s no guarantees — we’re still working through some details,” the CEO added.

UWM was the second-largest mortgage lender in 2020, originating 560,798 loans worth almost $183 billion in 2020. Quicken Loans led the pack and originated $1.1 million loans worth $314 billion.

The use of crypto in real estate purchases has a history dating back seven years, with BitPay helping facilitate the sale of a Lake Tahoe property that sold for $1.6 million in BTC in 2014, however crypto mortgage repayments appear to be a relatively new phenomenon.

In April Matrix Mortgage Global, a Toronto-based mortgage brokerage firm announced that it was accepting BTC, Ethereum (ETH), Bitcoin Cash (BCH) and several stablecoins for its services via Bitpay.

Cointelegraph reported on Aug. 4 that Spanish political party the People’s Party introduced a bill proposal that would enable property owners to pay mortgages with crypto and authorize the real estate sector to use their own cryptocurrency for mortgage purchases.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.

More Polygon News

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.

More Shiba Inu News

CRO price sees bulls using their last ammunition to attack $0.16

CRO price sees bulls using their last ammunition to attack $0.16

Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.

More Crypto.com News

Solana traders’ focus on $58 as the rally starts to slow down

Solana traders’ focus on $58 as the rally starts to slow down

Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends  Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.

More Solana News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP