{"id":11216,"date":"2021-08-19T08:00:54","date_gmt":"2021-08-19T08:00:54","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/?p=11216"},"modified":"2021-08-19T08:00:54","modified_gmt":"2021-08-19T08:00:54","slug":"this-year-the-second-largest-us-mortgage-lender-will-accept-cryptocurrency-payments","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/this-year-the-second-largest-us-mortgage-lender-will-accept-cryptocurrency-payments\/","title":{"rendered":"This Year, The Second Largest US Mortgage Lender will Accept Cryptocurrency Payments"},"content":{"rendered":"

United Wholesale Mortgage CEO Mat Ishbia announced plans to accept cryptocurrency payments starting with Bitcoin <\/a>this year during a conference call about the company’s second-quarter earnings.<\/p>\n

The Second Largest US Mortgage Lender will accept Cryptocurrency Payments<\/strong><\/h3>\n

United Wholesale Mortgage (UWM), the second-largest mortgage lender in the United States, plans to accept cryptocurrency payments starting with Bitcoin<\/a> this year (BTC).<\/span><\/p>\n

On Monday, UWM CEO Mat Ishbia unveiled the crypto intentions during a conference call to discuss the firm’s Q2 results, which included a $138.7 million net profit.<\/span><\/p>\n

“We\u2019re excited that hopefully (this year) we can actually execute on that before anyone in the country,” Ishbia said.<\/span><\/p>\n

On Aug. 16, Ishbia told the Detroit Free Press that the change will most likely happen later this quarter or at the start of Q4, adding, “I think we’re starting with Bitcoin<\/a>, but we’re looking at Ethereum and others.”<\/span><\/p>\n

We\u2019re 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.<\/span><\/p>\n

“That\u2019s the plan. Obliviously there are no guarantees \u2014 we\u2019re still working through some details,\u201d the CEO added.<\/span><\/p>\n

In 2020, UWM was the second-largest mortgage lender, with 560,798 loans totaling almost $183 billion. Quicken Loans came out on top, with $1.1 billion in loans valued at $314 billion.<\/span><\/p>\n

The use of cryptocurrency in real estate transactions has a seven-year history, with BitPay assisting in the 2014 sale of a Lake Tahoe house for $1.6 million in BTC, but crypto mortgage repayments appear to be a relatively new phenomenon.<\/span><\/p>\n

Matrix Mortgage Global, a Toronto-based mortgage brokerage firm, announced in April that it would take Bitcoin<\/a> (BTC), Ethereum (ETH)<\/a>, Bitcoin Cash (BCH)<\/a>, and various stablecoins through Bitpay for its services.<\/span><\/p>\n

According to Cointelegraph, the People’s Party of Spain filed a legislative proposal on Aug. 4 that would allow property owners to pay their mortgages in cryptocurrencies and allow the real estate sector to utilize its own cryptocurrency for mortgage acquisitions.<\/span><\/p>\n