Skip to main content

UWM Completes Test Of Cryptocurrency Mortgage Payments

Navi Persaud
Oct 14, 2021
Photo of cryptocurrency coins and a cell phone.

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.

Published
Oct 14, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021