Later this year, the Wholesale mortgage lender will start taking Bitcoin and cryptocurrency payments.
Mat Ishiba, the CEO of United Wholesale Mortgage, announced on a quarterly results call late Monday afternoon that the company would start taking Bitcoin and other cryptocurrencies before the end of the year.
Ishiba then elaborated on what he said on the call with the Detroit Free Press, indicating that the company will begin with Bitcoin before expanding to other cryptos such as Ethereum and possibly more.
She further added, “That’s something that we’ve been working on, and we’re excited that hopefully, in Q3, we can actually execute on that before anyone in the country because we are a leader in technology and innovation.”
United Wholesale Mortgage is the first big mortgage lender to go in this direction. According to its website, the company has been the top wholesale lender for six years in a row, and its business accounts for 20% of the market share in the industry.
Ishiba told the Detroit Free Press that while there is no certainty and the company is still working out the intricacies, they are committed to making crypto payments a reality.
WHY UWM LOOKING TO START CRYPTO PAYMENTS?
In 2014, a $1.6 million sale of land in Lake Tahoe for a building site was one of the first cryptocurrency-related home purchases in the United States. Payment was made in Bitcoin to complete the transaction .
The severely regulated and risk-averse mortgage business, on the other hand, has yet to adopt Bitcoin. Fannie Mae and Freddie Mac , the two government-sponsored businesses that dominate the industry’s secondary market, will not accept any digital asset transactions.
The news spreaded like a bush fire and shared by various twitter users.
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