Starting later this year, US home buyers will have the option to pay their mortgage in bitcoin.
United Wholesale Mortgage, which made its public debut in January through a special purpose merger (SPAC), announced plans this week to accept cryptocurrency for home loans, in what is billed as a first for the national mortgage industry.
“We have evaluated feasibility and we look forward to becoming the first mortgage company in America to accept cryptocurrency to meet mortgage payments,” CEO Mat Ishbia said Monday in the company’s second-quarter earnings call.
“That’s something we’ve been working on and we’re excited to hopefully be able to do that in the third quarter before anyone in the country does, because we’re a leader in technology and innovation.”
The Michigan-based mortgage company confirmed to The Washington City Times that it aims to begin accepting bitcoin, although UWM is also evaluating ether and other cryptocurrencies.
“We are evaluating the feasibility and requirements to accept cryptocurrency to meet mortgage payments,” Ishbia said in a tweet via the company’s account.
UWM — the nation’s second-largest mortgage lender after Quicken, the Detroit-based credit giant owned by Rocket Companies — operates exclusively through wholesale channels, meaning the company employs a fleet of brokers who then connect customers with home loans.
The push towards decentralized digital money comes at a time of heightened control of crypto from all sides in the US.
Revamped crypto tax rules are part of the $1 trillion infrastructure bill, and financial authorities such as Treasury Secretary Janet Yellen, SEC Chair Gary Gensler and Fed chief Jerome Powell have all recently discussed whether or not to regulate cryptocurrency.
It is unclear whether UWM will keep the cryptocurrency it accepts or convert it to fiat at the time of transaction. The company did not immediately get back to The Washington City Times with that information.