United Wholesale Mortgage (UWM) wants to turn its plan into reality before the end of the year.
The Pontiac-based firm might be the first nationwide mortgage lender to allow customers to pay in crypto assets. The CEO of UWM stated that Bitcoin will be the first virtual currency to be accepted, but they hope to implement ether and other tokens as well.
“I think we’re starting with Bitcoin, but we’re looking at Ethereum and others. 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.”
The United Wholesale Mortgage’s ambition was announced by the CEO Mat Ishbia during the company’s earnings call about the second-quarter financial results. ‘We’re excited that hopefully (this year) we can actually execute on that before anyone in the country,” he said.
Not long ago, the opposition leading party in Spain proposed a new bill regarding crypto-assets and mortgages.
The new law would allow property owners to pay their mortgages using digital currencies. Meanwhile, the real estate sector will be able to utilize its crypto assets to invest in mortgages pools.
The 32-page paper also mentioned banks. These financial institutions will be authorized to make use of blockchain technology to manage mortgages and insurance. Smart contracts will help in these processes.