United Wholesale Mortgage plans to be the first mortgage lender in America to accept cryptocurrency payments from borrowers. The alternative currency acceptance could come as early as the third quarter, UWM Chairman and CEO Mat Ishbia said on the lender’s quarterly earnings call on Monday.
“We’ve evaluated the feasibility and we’re looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments,” Ishbia said. “That’s something that we’ve been working on, and we’re excited that in Q3 we can actually execute on that before anyone in the country.”
The crypto bombshell was just one of the many bold proclamations Ishbia made on the call. He also provided details on “pricing adjustments” from Fannie Mae and Freddie Mac that have dinged some nonbank lenders of late, when top-performing retail LOs will make the switch to the broker channel, and why its competitors will suffer greatly once rates climb.
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