HomeCryptoSecond largest US mortgage lender UWM dumps Bitcoin payment plans

Second largest US mortgage lender UWM dumps Bitcoin payment plans

United Wholesale Mortgage (UWM), one of many largest wholesale and buy lenders within the United States, is ditching Bitcoin (BTC) payment plans after operating a take a look at.

UWM formally introduced Thursday that the corporate has efficiently carried out its first-ever cryptocurrency mortgage pilot, accepting 5 crypto funds in October and one in September.

The agency didn’t disclose extra details about the take a look at, neither specifying what cryptocurrencies have been a part of the pilot nor what corporations have assisted the agency in finishing it.

“We’re proud to be the first mortgage lender to successfully pilot this technology and further demonstrate that we’re innovating for the long term,” UWM CEO Mat Ishbia acknowledged.

But regardless of operating the take a look at efficiently, the mortgage firm has determined to avoid Bitcoin funds, citing related points like regulation:

“Due to the current combination of incremental costs and regulatory uncertainty in the Crypto space we’ve concluded we aren’t going to extend beyond a pilot at this time.”

UWM famous that the pilot course of has helped the agency study crypto payment transactions and ready the corporate to make it obtainable “once cryptocurrency transactions become something that will propel the organization forward.” The agency famous that the lender will proceed monitoring developments within the crypto and blockchain trade for potential use sooner or later.

Related: Bacon Protocol launches decentralized mortgage platform

The second-largest mortgage lender within the United States, UWM broke the information on its plans to experiment with crypto mortgage funds in August, seeking to take a look at mortgage funds in cryptocurrencies like Bitcoin and Ether (ETH). The firm disclosed its plans along with UWM’s Q2 monetary outcomes, with the agency posting roughly $140 million in internet income. At the time of writing, UWM has not introduced its Q3 outcomes.

Cointelegraph reached out to UWM with further queries relating to the matter. This article shall be up to date pending new data.