PONTIAC, Mich.–United Wholesale Mortgage said it plans to begin accepting crypto payments later this year.
According to CEO Mat Ishbia, United Wholesale Mortgage (UWM), which is the second-largest United States-based mortgage lender, will start accepting cryptocurrency payments this year starting with Bitcoin.
The plans were announced by Mat Ishbia during a conference call regarding the firm’s Q2 results at which it said it posted $138.7 million in net profits for the quarter.
“We’re excited that hopefully (this year) we can actually execute on that before anyone in the country,” Ishbia said.
Ishbia told the Detroit Free Press the move would likely happen later this quarter, or at the start of Q4, adding, “I think we’re starting with Bitcoin, but we’re looking at Ethereum and others.
‘Walk Before We Run’
"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,” said Ishbia. “That’s the plan. Obliviously there’s no guarantees — we’re still working through some details.”
UWM was the second-largest mortgage lender in 2020, originating 560,798 loans worth almost $183 billion.
In April of this year, Matrix Mortgage Global, a Toronto-based mortgage brokerage firm, announced it was accepting BTC, Ether Bitcoin Cash and several stablecoins for its services via BitPay.