UWM mortgage lenders no longer accept bitcoin payments

Mortgage lenders UWM or United Mortgage Wholesale will no longer accept Bitcoin payments mainly due to the regulatory uncertainty in the industry. So let’s read more on the latest bitcoin news today.

After two months, United Mortgage Wholesale decided to stop crypto payments due to the current regulatory uncertainty in the industry. Michigan-based wholesale lender UWM Mortgage has announced that customers will be paying for home loans in BTC, making it the first major mortgage lender in the country. The US is using a digital trick as a payment method, while later adding ETH and DOGE as options. Mat Ishbia, President and CEO of UWM, said:

“We are proud to be the first mortgage lender to successfully pilot this technology and continue to show that we are innovative over the long term.”

According to a report by CNBC, UWM stopped offering its cryptocurrency after just two months, and Ishbia announced that customer demand is not really at the desired level during this time as there is only one payment. It was done in September and five more times in October. for cryptocurrencies:

“At the end of the day there isn’t enough demand to really push the boundaries.”

The lack of a regulatory framework for cryptocurrencies is another reason the company no longer accepts them as a means of payment:

“Due to the current combination of rising costs and regulatory uncertainty in the crypto area, we have come to the conclusion that we are currently not expanding beyond testing.”

The CEO assures that the company will keep an eye on developments in the field of crypto assets and that UWM will be able to offer a payment method at its own discretion if cryptocurrencies become more popular. While most experts are urging the US Financial Regulator to enforce regulations for the crypto asset industry, as some believe the situation will continue. Last month, the CEO of Tesla advised the U.S. government not to regulate cryptocurrencies or the authorities could hinder their development, and even said that doing nothing would be the best scenario. :

“I would say do nothing. I would really say just let it fly. “