United Wholesale Mortgage reveals results of cryptocurrency pilot scheme

Find out if UWM will continue to accept Bitcoin and other cryptos

United Wholesale Mortgage reveals results of cryptocurrency pilot scheme

United Wholesale Mortgage's trial run of accepting cryptocurrency as mortgage payment was a success, but the mega wholesaler decided not to push beyond the pilot phase – for now.

The mortgage giant said Thursday that it accepted its first crypto mortgage payment transaction – which it claims is a first of its kind in the industry – in September. UWM also accepted five more payments through digital currencies in October, according to its release.

"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," said Mat Ishbia, president and CEO of UWM. "As we said last quarter, we were going to look into accepting cryptocurrency and test it to see if it's a faster, easier, and cheaper solution, and thanks to our innovative technology team members, the transactions were successful."

Read more: United Wholesale Mortgage's Mat Ishbia to test water with cryptocurrency

However, Ishbia made it clear that the firm is not going to extend the pilot at this time due to the "incremental costs and regulatory uncertainty" of cryptocurrencies.

The Pontiac-based company said that it will continue to monitor cryptocurrency and blockchain technology for future opportunities.

"UWM has been a leader in technology for years because we never stop pushing the envelope and challenging the status quo on what makes the loan process faster, easier and cheaper for independent mortgage brokers and borrowers," Ishbia said.

"Our most recent roll-out of BOLT is a prime example of that and will change the mortgage game in a significant way moving forward. Our team of nearly 1,200 technology experts will continue to build out elite, state-of-the-art tools that will help independent mortgage brokers win."