American homeowners now have an option to pay their mortgage in Bitcoin.
United Wholesale Mortgage, which made its public debut in January of this year via a special purpose acquisition company (SPAC), has announced plans to accept cryptocurrency for home loans, in what is being billed as a first for the mortgage industry.
The Michigan-based mortgage company said it will start by accepting mortgage payments in Bitcoin, although United Wholesale Mortgage said it is also evaluating Ether and other cryptocurrencies.
United Wholesale Mortgage, the second-largest mortgage lender in the U.S. after Quicken Loans, works solely through wholesale channels, meaning that the company employs brokers who then connect clients to home loans.
The push into cryptocurrencies comes at a time of heightened scrutiny of digital coins and tokens from all sides in the U.S.
Revamped cryptocurrency tax regulations are a part of the recently passed $1 trillion U.S. infrastructure bill, and financial authorities such as Treasury Secretary Janet Yellen, SEC Chair Gary Gensler, and Federal Reserve Chief Jerome Powell have each spoken recently on the topic of whether to regulate cryptocurrencies.
