United Wholesale Mortgage (UWM), one of the largest purchase and wholesale lenders in the United States, is dropping Bitcoin (BTC) repayment plans after the test.
On Thursday, UWM officially announced that the company had successfully completed its first mortgage pilot project, accepting five crypto payments in October and one in September.
The company did not reveal more details about the lawsuit, without specifying which cryptocurrencies were part of the pilot and the companies that helped the company complete it.
“We are proud to be the first mortgage lender to successfully test this technology and once again demonstrate our long-term innovations,” said Matt Eshbea, CEO of UWM.
However, despite the successful completion of the testing, the mortgage company decided to stay away from Bitcoin payments, citing related concerns such as regulation:
“Given the current combination of additional costs and regulatory uncertainty in the crypto space, we have concluded that we will not move beyond the beta program at this time.”
UWM notes that the pilot process has helped the company learn about cryptocurrency payment transactions and prepares the company to make them available “once cryptocurrency transactions become something that will move the enterprise forward.” The company indicated that the lender will continue to monitor the development of the cryptocurrency and blockchain industry for potential future use.
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UWM, the second largest mortgage lender in the United States, announced in August that it plans to pilot cryptocurrency mortgage payments, and is trying to test mortgages in cryptocurrencies such as Bitcoin and Ether (ETH). The company revealed its plans along with its second-quarter results from UWM, and the company generated a net income of nearly $140 million. At the time of writing, UWM has not released its third-quarter results.
Cointelegraph has contacted UWM with further questions on this topic. This article will be updated in anticipation of new information.
