Just a couple of months ago Jerome Powell the Chair of the Federal Reserve emphatically declared that cryptocurrency has failed to be useful in everyday transactions.
Powell’s over confident statements are blowing right back up in his face after the United States’ second largest mortgage lender has announced that they will accept payment by Bitcoin.
United Wholesale Mortgage in a press release officially announced that they will accept Bitcoin payments for home loans.
The move by United Wholesale Mortgage will finally silence the crypto naysayers who constantly argued “you can’t buy a house with cryptocurrency”.
$UWMC wants to become the first 🇺🇲 #mortgage lender to accept payment in #cryptocurrency.
United Wholesale Mortgage is the 2nd largest US mortgage lender. 😮
Will their #stock recover from its -44% YTD loss when they start accepting #Bitcoin? 👀 pic.twitter.com/4DyrB5aA38
— Delta Investment Tracker (@get_delta) August 18, 2021
United Wholesale Mortgage – UWM, Michigan-based lender plans to accept cryptocurrency payments, starting with bitcoin later this year, according to the announcement during an earnings call on Monday by the CEO. pic.twitter.com/AXy49IvZMf
— Andiswa khumalo (@danny22245) August 18, 2021
CNBC got the scoop too:
Starting later this year, U.S. homebuyers will have the option to pay for their mortgage in bitcoin.
United Wholesale Mortgage, which made its public debut in January via a special purpose acquisition (SPAC) merger, announced plans this week to accept cryptocurrency for home loans, in what is being billed as a first for the national mortgage industry.
“We’ve evaluated the feasibility, and we’re looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments,” CEO Mat Ishbia said in the company’s second quarter earnings call on Monday.
“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.”
The Michigan-based mortgage company confirmed to CNBC that it’s aiming to start by accepting bitcoin, though UWM is in the process of evaluating ether and other cryptocurrencies as well.
The second-largest mortgage lender in the United States will begin accepting #bitcoin from their clients—Everyone wants your #bitcoinhttps://t.co/I1hnuNPTlN
— Documenting Bitcoin 📄 (@DocumentingBTC) August 20, 2021
Yahoo News had more details to share:
The leading mortgage lender in the U.S., United Whole Mortgages, has announced a plan to accept bitcoin (BTC) payments.
This past week, United Wholesale Mortgage (UWM) revealed its plan to accept BTC for payments. CEO Mat Ishbia said these plans should come to fruition by the end of the year. If so, this would make UWM the first major nationwide mortgage lender to offer such a service.
Ishbia said the company is excited to offer crypto options for mortgage payments before anyone else in the country.
United Mortgage will only accept BTC as of now but the mortgage lender is also reportedly looking into accepting Ethereum and possible alt coins such as Dogecoin and Shina Inu as well.
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