Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Second largest US mortgage lender accepting Bitcoin: 'We’re just giving options'

Second largest US mortgage lender accepting Bitcoin: 'We’re just giving options'

United Wholesale Mortgage CEO says Bitcoin payments won't create added risk for the company

United Wholesale Mortgage CEO Mat Ishbia discussed his plans to accept Bitcoin and other cryptocurrencies as payment as soon as the third quarter on "Varney & Co." Wednesday, noting that the move won't create added risk for the company.

‘'We’re just giving options," Ishbia told host Stuart Varney.

The second-largest mortgage lender in the country first announced its plans to accept cryptocurrency for mortgage loans last week during the company’s earnings call, Bitcoin.com reported.

"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 reportedly said during the call.

Speaking with Varney on Wednesday, Ishbia said United Wholesale Mortgage is not only going to accept Bitcoin, but is also looking into possibly accepting Ethereum and other cryptocurrencies as well.

He stressed, however, that "we’re not going to do every single coin."

"We’re going to do it the right way for consumers and for our business, and we think it’s a positive move in the right direction," Ishbia said.


Ishbia noted his company is not directly connected to customers but instead works with mortgage brokers to connect customers and loans.

"People do want this," he told Varney, adding that his company has been getting "a lot of requests" and even more since he made the announcement last week.

Ishbia said United Wholesale Mortgage is investigating how to implement cryptocurrency payments in "a safe and positive way for consumers," adding that the company is "partnering with regulators and agencies."

"Someone has got to lead the way," he said.

"We’ll get through it and then others can follow," he added. "It will be good for consumers at the end of the day."
Bitcoin prices rose past $50,000 earlier this week as adoption by corporations and the wider public gathers pace.

Bitcoin was trading lower Wednesday at around $48,937 per coin Wednesday afternoon, according to Coindesk. Rival Ethereum was trading around $3,237.

Ishbia explained United Wholesale Mortgage won’t hold on to the digital assets accepted as payment and is exploring how to immediately exchange the cryptocurrencies for cash.

"We’re not looking to be Bitcoin investors or hold on to it," he stressed, noting the company will not take on the extra risk.


"We’re not going through the process where we hold on to Bitcoin or Ethereum and all these different things," Ishbia said. "We’re a successful, profitable company. We don’t need extra risk on our balance sheet."

Meantime, lower mortgage rates are boosting interest in buying a home.

Demand for mortgage applications increased 1.6% in the past week, according to the Mortgage Bankers Association's (MBA) weekly survey.

MBA’s associate vice president of economic and industry forecasting, Joel Kan, attributed the slight decline in mortgage rates to the rise in COVID-19 cases in several states, which started "to dampen economic activity."

He noted that the 30-year fixed rate decreased for the first time in three weeks.

The rate for a 30-year fixed-rate mortgage dropped to 3.03% from 3.06%.

In April, Office space provider WeWork announced it will begin accepting payments for select cryptocurrencies and partner with Coinbase and Bitpay to facilitate transactions.

Two months later, Sheetz, a popular convenience store, announced it will use digital payment platform Flexa to allow customers to purchase store items or fill up their gas tanks using cryptocurrencies, including Bitcoin.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
×