United Wholesale Mortgage to start declining cryptocurrency payment

United Wholesale Mortgage to start declining crypto payments

One of the United States’ biggest mortgage providers, United Wholesale Mortgage (UWM), has announced that it would start declining cryptocurrency as a means of payment, just six weeks after launching a pilot program to begin accepting them as a means of payment.

The announcement read in part, “United Wholesale Mortgage (UWM), the #1 wholesale and purchase lender in America, announced it has successfully evaluated and accepted the first-ever cryptocurrency mortgage payment in September and five more cryptocurrency mortgage payments in October from borrowers.”

“These transactions are not only the first of their kind for UWM but also the entire mortgage industry. UWM used these payments as a model to better assess scaling cryptocurrency payments for consumers.”

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However, Mat Ishbia the President and CEO of UWM, said that the company is not going to extend the acceptance of cryptocurrency payment beyond this time, due to incremental cost issues and regulatory concerns.

He said, “We’re proud to be the first mortgage lender to successfully pilot this technology and further demonstrate that we’re innovating for the long term. As we said last quarter, we were going to look into accepting cryptocurrency and test it to see if it’s a faster, easier, and cheaper solution, and thanks to our innovative technology team members, the transactions were successful.

“Due to the current combination of incremental costs and regulatory uncertainty in the Crypto space we’ve concluded we aren’t going to extend beyond a pilot at this time.”

The company stated that the test-and-learn process has helped it be the first to make cryptocurrency transactions possible and has prepared the company to make it available once cryptocurrency transactions become something that will propel the organization forward.

 

Author: Greg