This company wants you to pay your mortgage with crypto

[ad_1]

United Wholesale Mortgage (UWMC) strives to enable customers to make their monthly mortgage payments using crypto, ready to join entities as diverse as Square, AMC and the Dallas Mavericks.

UWM CEO Mat Ishbia told Yahoo Finance Live it’s all about staying innovative and following customer trends.

“We do a lot of things on the tech side that people don’t understand because they think the mortgage is old and dormant,” he said. “Everyone likes to do things the way they always have. We are considering the best way to proceed. “Almost a million consumers pay UWM every month. We have a lot of consumers who have a lot of crypto. They would like to be able to transfer it, how do we do that? ”

Ishbia pitched the idea during the company’s recent earnings conference call, telling analysts that UWM aims to introduce the ability for customers to pay with crypto in the third quarter.

“Adoption” is a buzzword frequently cited by crypto bulls as a key to helping prices rise, a sort of virtuous circle in which more and more companies accept bitcoin as a form of payment, which increases pricing and ownership and convince other companies to join us. Adoption can also refer to financial institutions that are embarking on crypto investing.

Companies doing business in crypto or holding it on balance sheets have faced challenges. Square said in early August that it took a $ 65 million depreciation charge related to the decline in the value of its bitcoin holdings. Price volatility is one of the reasons other companies have avoided it, and Ishbia said he doesn’t plan to hold onto any crypto UWM may collect.

“We’re not looking to be a crypto investor. What we’re looking to do is provide access to our clients, so we’re going to convert it to cash and figure out how to do it in the most appropriate way. time, ”he said.

Bitcoin prices have rebounded over the past month, holding above $ 45,000, which some analysts see as a key technical level. That’s still a far cry from its highs of over $ 60,000 in April.

The story continues

Julie Hyman is the co-host of Yahoo Finance Live, weekdays 9 a.m. to 11 a.m. ET. Follow her on Twitter @juleshyman and read her other stories.

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube and reddit.

For more information on cryptocurrency, see:

What is Dogecoin? How to buy it

Ethereum: What is it and how do you invest in it?

The 21 best crypto leaders to watch in the second half of 2021

[ad_2]