Beginning later in the year, U.S. homebuyers can choose to pay their mortgage in bitcoin.
United Wholesale Mortgage made its public debut in January through a special purpose acquisition merger (SPAC). This week, the company announced that it will accept cryptocurrency for home loans. It is being called a first in the national mortgage industry.
CEO Mat Ishbia stated that the feasibility of accepting cryptocurrency for mortgage payments was being evaluated and that he is looking forward to becoming the first American mortgage company to accept it.
"That's something we've been working towards, and we're excited to hopefully execute it in Q3 before anyone else in the country, because we are a leader of technology and innovation."
CNBC reported that the Michigan-based mortgage company said it would accept bitcoin. However, UWM is still evaluating other cryptocurrency and ether.
Ishbia tweeted, "We are evaluating feasibility and requirements in order for cryptocurrency to satisfy mortgage payment,"
UWM is the second-largest mortgage lender in the country after Quicken. The Detroit-based lending company owned by Rocket Companies operates exclusively through wholesale channels. This means that UWM employs a team of brokers to connect clients with home loans.
This push for decentralized digital currency comes at a time when crypto is under increased scrutiny from all sides in America.
The $1 trillion infrastructure bill includes revised crypto tax rules. Financial authorities such as Treasury Secretary Janet Yellen and SEC Chair Gary Gensler have spoken about the topic of cryptocurrency regulation.
Uncertain if UWM will accept cryptocurrency or convert it into fiat at the time of transaction. CNBC did not receive this information immediately from the company.
