US Second Largest Mortgage Firm Stops Accepting Crypto Payments

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2021-10-16 19:07:32

United Wholesale Mortgage (UWM), the second largest mortgage lender in the United States, has announced that it has stopped accepting cryptocurrencies for home loans.

US Second Largest Mortgage Firm Stops Accepting Crypto Payments

In August, the company said it plans to accept Bitcoin payments through a pilot program to gauge demand for the service. However, it seems that things are not going well and UWM has decided to stop accepting cryptocurrency payments. The company’s CEO Mat Ishbia said:

Due to the current combination of rising costs and regulatory uncertainty in the crypto space, we have concluded that UWM will not expand beyond the pilot program at this time.

The Pontiac-based company began trading on the New York Stock Exchange in January following a merger with Gores Holdings IV, a special purpose acquisition company (SPAC) with a valuation of 16 $1.1 billion combined.

Although United Wholesale Mortgage has tried a variety of coins such as Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) and worked with a number of different borrowers to evaluate the crypto lending process, according to the report. Statistics report that only six homeowners participate in the program, which is too small a number.

However, with Bitcoin’s explosive growth rate and the current market as a whole, and its growing adoption on a large scale, it is likely that areas such as real estate mortgages will also gradually connect. more closely related to the crypto sphere.

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