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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Solana price eyes a return to $120 as confidence in SOL fades

Solana price continues to face some strong technically and fundamentally bearish scenarios. In addition, concerns about Solana’s network stability and scalability remain. Those concerns continue to weigh in on the bearish price action ahead.

More Solana news

MATIC on the march to $3 but must hold this support zone or face strong selling pressure

MATIC price action has fallen below the rising wedge for the second time in January; the first occurrence was on January 8. The Kijun-Sen is the final support zone, and if it fails, MATIC could drop 20%. The recent fundamentals are bullish.

More Polygon news

Top 3 Price Prediction: Crypto market seems ready to rally

Bitcoin price continues to sit on top of the neckline of a head-and-shoulders pattern, generating anxiety amongst bulls and bears alike. Ethereum price is testing the daily Tenkan-Sen as a support zone that could turn into a higher low.

More Bitcoin news

Dogecoin liquidity deepens as DOGE goes live on Thorchain

Thorchain announced earlier today that the Dogecoin liquidity pool is live on the decentralized liquidity network. As on-chain activity would increase, the deep liquidity fuels a bullish narrative for Dogecoin price. 

More Dogecoin News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis

BTC

ETH

XRP