One of the Largest Mortgage Lenders to Accept Bitcoin Payment from Q3 2021
United Wholesale Mortgage, the second-largest mortgage lender in the U.S., will accept Bitcoin for home loans from Q3 2021.
According to the CEO, the firm has done its groundwork. Their feasibility study revealed that it was safe to accept Bitcoin to satisfy mortgage payments. This revelation came during last week's earnings call.
Therein, the lender said it was also assessing whether it would accept other high-value, liquid cryptocurrencies like ETH. Doing so would qualify the lender as the first mortgage firm in the U.S. to green-light BTC as a reliable and alternative payment method.
Even so, the firm hasn't clarified whether it shall keep BTC as it is or convert it to fiat on receipt. At the same time, the lender didn't reveal its partnering custodian.
This is a massive development for Bitcoin—a coin that has evolved to serve as digital gold and internet-native money over the years. Unlike fiat, BTC transactions are settled instantaneously, relatively cheap, and, most importantly, globally accessible, promoting financial inclusion.
It is yet another endorsement from an institution coming at a time when the U.S. SEC might approve the first Bitcoin ETF for the first time in its history.