UWM, America’s second largest mortgage lender, abandons Bitcoin payment plan

United Wholesale Mortgage (UWM), one of the largest wholesale and purchase lending institutions in the United States, is giving up Bitcoin (Bitcoin) Payment plan after running the test.

UWM official Announce On Thursday, the company successfully conducted its first cryptocurrency mortgage loan pilot, accepting five crypto payments in October and one in September.

The company did not disclose more information about the test, nor did it specify which cryptocurrencies were part of the pilot, nor did it specify which companies assisted the company in completing the test.

UWM CEO Mat Ishbia said: “We are proud to be the first mortgage lender to successfully pilot this technology and further prove that we are innovating in the long term.”

However, despite the success of the test, the mortgage company decided to stay away from Bitcoin payments, citing related issues such as regulation:

“Due to the current combination of incremental costs in the encryption sector and regulatory uncertainty, we have concluded that we will not go beyond the scope of the pilot program at this time.”

UWM pointed out that the pilot process helped the company understand encrypted payment transactions and prepare the company “once cryptocurrency transactions become something that pushes the organization forward.” The company noted that lenders will continue to monitor the development of the encryption and blockchain industry for future use.

related: Bacon Agreement launches decentralized mortgage platform

UWM, the second largest mortgage lender in the United States, Plan to try crypto mortgage payments In August, I hope to test mortgage payments in cryptocurrencies such as Bitcoin and Ethereum (Ethereum). The company disclosed its plan along with UWM’s second-quarter financial results, and the company announced a net profit of approximately $140 million. At the time of writing, UWM has not yet announced its third quarter results.

Cointelegraph raised other questions with UWM on this matter. This article will be updated while waiting for new information.