Second-largest U.S. mortgage lender expects to accept bitcoin by year’s end: CEO

United Wholesale Mortgage (UWM), formerly known as United Shore Financial, the largest U.S. mortgage lender with a loan volume of about $ 183 billion in 2020, today announced plans to begin accepting cryptogeld payments by the end of 2021.

Top American Mortgage Lenders. Picture: Bankrate
Chief executive Mat Ishbia first reported the impending move during an earnings call on Monday, according to a report by the Detroit Free Press.

“Hopefully (this year) we’re happy to be able to start this before anyone else in the country,” he said.

UWM wants to add support to Bitcoin first, but Ethereum and other subsources are also on the table, Ishbia told the publication.

“I think we’re starting with Bitcoin, but we’re looking at Ethereum and others. We’ll run before we run, but we’re also definitely a leader in technology and innovation, and we always try to be the best and the leader in everything we do, ” he explained.

Crypto and mortgage
Meanwhile, crypto-friendly companies and platforms have been expanding in the mortgage industry decidedly over the past few years.

For example, Mogo, a Canadian digital payments company registered on Nasdaq in March, expanded its bitcoin Cashback rewards program to include mortgage loans.

“Unlike traditional rewards programs, bitcoin rewards have a unique feature of the asset class that can increase over time— $ 3,100 invested in bitcoin 5 years ago would be worth more than $ 350,000 today,” said David Feller, the company’s chief executive.

In 2019, actor Brock Pierce (famous for the movie” mighty ducks”) also made headlines after taking out the world’s first bitcoin-backed mortgage to buy a house in Amsterdam.

“The opportunity to borrow crypto assets gives you the opportunity to choose if you want to buy property. I was able to stick to my cryptography and arrange a transaction at Fiat, ” Pierce said.

And if crypto continues to gain momentum around the world, it may only be a matter of time

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