TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1424651
4 | M R EP O RT MTECH UWM Tests Crypto Mortgage Payments MORTGAGE LENDER COMPLETES PILOT PROGRAM TO ACCEPTING CRYPTOCURRENCY MORTGAGE PAYMENTS FROM BORROWERS. U nited Wholesale Mort- gage (UWM) announced that it has successfully evaluated and accepted the first- ever cryptocurrency mortgage payment in September, and five more cryptocurrency mortgage payments in October from bor- rowers. These transactions were the first of their kind for UWM, as the company used these payments as a model to better assess scaling cryptocurrency payments for consumers. "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 go- ing to look into accepting crypto- currency and test it to see if it's a faster, easier, and cheaper solution, and thanks to our innovative tech- nology team members, the transac- tions were successful. 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." This test-and-learn process has helped UWM be the first to make this type of transaction happen and prepare UWM to make it available once cryptocurrency transactions become something that will propel the organization forward. UWM will continue to monitor cryptocurrency, the use of blockchain technology, and op- portunities for future use. "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 technol- ogy experts will continue to build out elite, state-of-the-art tools that will help independent mortgage brokers win." UWM's BOLT is a self-service platform that provides the ability to get an initial approval for quali- fied borrowers in 15 minutes, and Virtual E-Close, an end-to-end on- line mortgage experience without wet signing any documents. Taking Digital to the Next Level This month's MTech lineup includes news about cryptocurrency, a pause on iBuying, advancements in AI, and much more.