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Largest Mortgage Lender, UWM is planning to accept bitcoin

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Indrani bose Follow

INDIA

Aug, 21 2021

Aug, 21 2021

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On Monday CEO of Pontiac-based company United Wholesale Mortgage (UWM) Mat Ishbia in a conference call related to the firms’ Q2 results declared their future plan for accepting one or more cryptocurrency payments starting with Bitcoin BTC by the end of the year, 2021.

This step taken by UWM, previously known as United Shore Financial will be making it the first major nationwide mortgage lender. AS per the CEO, UWM could start accepting Ethereum and other altcoins later this quarter or in the fourth quarter. The announcement of crypto acceptance was made by the CEO in the middle of the company's earnings call about its second-quarter financial results. Though a record volume of mortgage business done by UWM but the profit was low due to shrinking margins that are impacting all of the mortgage industry.

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

Other mortgage firm accepting crypto currency

The unique characteristics of Bitcoin rewards being an asset class that can rise in value over time enable to use it in purchase real estate. in 2014 Lake Tahoe property was sold for $1.6 million in BTC with BitPay helping facilitate.

In March to include mortgages Canadian Nasdaq-listed digital payments company Mogo extended its Bitcoin cashback rewards program. In April an announcement of accepting BTC, Ethereum (ETH), Bitcoin Cash (BCH) and several stablecoins for its services via Bitpay was made by a Toronto-based mortgage brokerage firm Matrix Mortgage Global.

Some Consumer companies accepting Bitcoin

This month AMC Entertainment announced their plans for a bitcoin payment option for movie tickets. Sandwich chain Quiznos announced their acceptance of bitcoin soon for bitcoin purchases in the Denver, Colorado area.


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Indrani bose

CBW - External Analyst

INDIA

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