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The #1 wholesale and purchase lender in America, United Wholesale Mortgage (UWM) has announced it has successfully evaluated and accepted the first-ever cryptocurrency mortgage payment in September and more than five cryptocurrency mortgage payments in October from borrowers.
Not only for UWM but for the whole mortgage industry, these transactions are the first of their kind.
These payments were used by UWM as a model to improve assess scaling cryptocurrency payments for consumers.
Mat Ishbia, president and CEO of UWM said, “We’re proud to be the very first mortgage lender to successfully operate this technology and further show that we’re innovating for the long term.”
“We were planning on accepting cryptocurrency as we said in the last quarter and test it to see if it’s a faster, easier, and cheaper solution, and thanks to our innovative technology team members, the transactions were victorious.
Due to the present combination of incremental costs and narrow uncertainty in the Crypto space we’ve concluded we aren’t going to extend beyond a pilot at this time.”
This test-and-learn procedure has helped the company be the first to make this type of transaction take place and prepare UWM to make it obtainable once cryptocurrency transactions become something that will propel the organization forward.
UWM will continue to observe cryptocurrency, the use of blockchain technology, and openings for future use.
Reference Source: AITHORITY
