UWM Completes Test Of Cryptocurrency Mortgage Payments
United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.
UWM used these payments as a model to better assess scaling cryptocurrency payments for consumers, according to the company. However, plans to expand beyond the pilot program have been put on hold.
“As we said last quarter, we were going to look into accepting cryptocurrency and test it to see if it’s a faster, easier, and cheaper solution. Due to the current combination of incremental costs and regulatory uncertainty in the Crypto space we’ve concluded we aren’t going to extend beyond a pilot at this time,” said Mat Ishbia, president and CEO of UWM.
According to UWM, the test-and-learn process was conducted to help the company prepare for cryptocurrency transactions once it becomes more feasible. UWM says it will continue to monitor cryptocurrency, the use of blockchain technology, and opportunities for future use.
UWM recently introduced BOLT, a self-service platform that provides the ability to get initial approval for qualified borrowers in 15 minutes, and Virtual E-Close, an online mortgage experience that the company says eliminates wet signing any documents.