United Wholesale Mortgage – the second largest mortgage lender in the USA – is aiming to become the first to adopt cryptocurrency mortgage payments.
By stepping forward as the first major player in the industry to embrace cryptocurrencies United Wholesale Mortgages (UWM) hopes to position itself as the provider of choice for the rapidly-growing group of Americans turning to cryptocurrencies as a store for their savings.
UWM provided more than $183bn in mortgage loans in 2020. Adoption of Bitcoin (BTC) for payments would mark a real turning point in the cryptocurrency’s statutre as a legal tender – and indeed as a threat to the USD.
Cryptocurrency mortgages have become a hot topic of interest in recent years, this is perhaps in part due to the rise in demand from retail crypto investors with 14% of Americans now holding crypto assets, and more than 100 million crypto users worldwide.
Speaking to the press, Mat Ishbia (the CEO of United Wholesale Mortgages), said the move was aimed at putting UWM at the front of innovation in financial technologies ensuring it continuously pursued market-leading offers for customers.
“We’re 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.”
Meanwhile, Spanish lawmakers have begun discussing regulatory measures that they hope will bring about a suitable framework for the introduction of cryptocurrency-backed mortgages which would also see BTC operated as a legal tender.
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