Cryptocurrency Payment Takes Market by Storm! The Second Largest Mortgage Broker in the US Announces Acceptance of Bitcoin Payments in the Third Quarter

The second largest mortgage broker in the United States, United Wholesale Mortgage, announced that it will begin accepting cryptocurrency as payment for mortgages starting in the third quarter of this year, marking the first Bitcoin application in the U.S. mortgage industry. The company is also considering adding more different digital currencies.

Paying Mortgage with Bitcoin

United Wholesale Mortgage Stock Code: UWMC announced this week that they will be accepting cryptocurrency as a payment option for home loans in the third quarter. The company's CEO, Mat Ishbia, stated, "We've done the due diligence, and we are looking to be the first mortgage company in America to accept cryptocurrency. We may also be the first company in the world to do so."

According to United Wholesale Mortgage, UWM stated that they will first accept Bitcoin and are also evaluating the acceptance of Ethereum and other cryptocurrencies. It is currently unclear whether UWM will hold the cryptocurrencies or convert them into fiat currency upon receipt of payment.

Significant Mortgage Market to Boost Crypto Payment Applications

According to a survey, the total amount of U.S. mortgages in the second quarter of 2021 was $10.44 trillion, with 30-year fixed rates around 3%, making it a significant market and a major loan category for American households. If cryptocurrency investors are willing to use investment gains to pay off loans, it would be a significant boon for the Bitcoin payment application market.