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UWM Holdings Corp Plans to Accept Crypto for Mortgage Payment this Year

Annie Li   Aug 19, 2021 08:25 1 Min Read


   

Headquartered in Pontiac, MI. UWM Holdings Corp, a large-scale wholesale mortgage lender in the United States, said it plans to accept cryptocurrency to satisfy mortgage payment this year.

United Wholesale Mortgage (UWM), the nation's largest home mortgage loan wholesale company, underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks, and local credit unions.

On Monday UMW second-quarter results announcement, UWM CEO Mat Ishbia said the company is actively evaluating the feasibility and requirements to accept cryptocurrencies as payments.

Mat Ishbia said in an interview that the firm might start accepting cryptocurrency payments at the end of this quarter, or the beginning of the fourth quarter, if possible, he said:

"I think we’re starting with Bitcoin, but we’re looking at Ethereum and others."

The CEO added that this move is still under discussion, but plans cannot be guaranteed.

"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."

Last year, UMW Holdings Corp purchased a blank capital company backed by billionaire Alec Gores for $16 billion and officially listed on the Nasdaq exchange in the form of a Special-Purpose Acquisition Company (SPAC).

UMW's net profit for the quarter was $138.7 million. The stock price of UWM Holdings Corporation under the tick (UWMC) has risen after the market, up 1.78%, and now is trading at $7.44.


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