Mortgage company launches cryptocurrency pilot program

(TNS) – United Wholesale Mortgage Holdings Corp. said Thursday it has kept its promises to accept cryptocurrencies for mortgages, but payments will not extend beyond a pilot at this time.

The Pontiac-based mortgage giant accepted its first payment in cryptocurrency in September, which it says is the first transaction of its kind in the industry. It accepted five more payments via cryptocurrencies in October, but due to the “additional costs and regulatory uncertainty” of digital currencies, the company will generally not accept Bitcoin, Dogecoin, or Ethereum at this time, has CEO Mat Ishbia said in a statement.

“We are proud to be the first mortgage lender to successfully pilot this technology and further demonstrate that we are innovating for the long term,” said Ishbia. “As we said last quarter, we were going to consider accepting the cryptocurrency and testing it to see if it’s a faster, easier and cheaper solution and thanks to members of our innovative technology team, the transactions were successful. “

A growing number of businesses are accepting cryptocurrency as a form of payment, including AT&T Inc., The Home Depot Inc., Microsoft Corp., Inc., and Starbucks Corp. Tesla Inc. also briefly accepted digital currency for payments earlier this year, but stopped in May, with CEO Elon Musk claiming this was due to the amount of energy generated by fossil fuels that crypto mining -currencies used.

Bitcoin’s value has almost doubled since the start of the year, and Ethereum and Dodgecoin have multiplied their value since January 1.

Ishbia shared UWM’s explorations to accept Bitcoin during a second quarter earnings conference call. It has around 1,200 employees in information technology, which has also helped it roll out new offerings, including Bolt, a self-service platform that allows qualified borrowers to gain initial approval. of a loan in 15 minutes, announced by the company last month.

© 2021 The Detroit News. Distributed by Tribune Content Agency, LLC.

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