{"id":51262,"date":"2021-10-15T13:08:20","date_gmt":"2021-10-15T10:08:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51262"},"modified":"2025-09-02T22:42:21","modified_gmt":"2025-09-02T19:42:21","slug":"major-us-mortgage-lender-stops-accepting-bitcoin-payments","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/major-us-mortgage-lender-stops-accepting-bitcoin-payments\/","title":{"rendered":"Major US mortgage lender stops accepting Bitcoin payments"},"content":{"rendered":"<p>One of the largest US mortgage lenders, United Wholesale Mortgage (UMW) <a href=\\\"https:\/\/www.businesswire.com\/news\/home\/20211014005141\/en\/United-Wholesale-Mortgage-Completes-First-Ever-Cryptocurrency-Mortgage-Payment-Transactions\\\">stopped<\/a> accepting cryptocurrency payments six weeks after launching the program. Among the reasons cited were regulatory uncertainty and associated costs.<\/p>\n<p>In mid\u2011August, UMW <a href=\\\"https:\/\/www.freep.com\/story\/money\/business\/2021\/08\/16\/uwm-pontiac-mortgage-lender-sees-growth-start-accepting-bitcoin\/8150026002\/\\\">announced<\/a> that it would allow customers to pay mortgage installments using Bitcoin. The company wanted to study and test the new instrument to determine whether it offered a faster, simpler and cheaper solution.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">\u201cWe are evaluating the feasibility and requirements in order to accept cryptocurrency to satisfy mortgage payments.\u201d \u2013 <a href=\\\"https:\/\/twitter.com\/Mishbia15?ref_src=twsrc%5Etfw\\\">@Mishbia15<\/a><\/p>\n<p>\u2014 United Wholesale Mortgage (@UWMlending) <a href=\\\"https:\/\/twitter.com\/UWMlending\/status\/1427371146551365632?ref_src=twsrc%5Etfw\\\">August 16, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cThanks to our technology team, these transactions went through successfully. Because of the additional costs and regulatory uncertainty in the cryptocurrency space, we have concluded that at this time we are not ready to go beyond the pilot program,\u201d said in a new press release.<\/p>\n<\/blockquote>\n<p>UMW stressed that the testing experience prepared the organization for the implementation of digital assets. The company will again integrate Bitcoin payments when \u201ccryptocurrency transactions become something that advances the business.\u201d<\/p>\n<p>According to CNBC, as part of the pilot program UMW accepted six cryptocurrency transactions and tested three assets \u2014 Bitcoin, Dogecoin and Ethereum. In an interview with CNBC, the lender&#8217;s CEO Matt Ishbia noted that there was not significant demand among customers for such a service.<\/p>\n<p>Because the <span data-descr=\\\"Internal Revenue Service\\\" class=\\\"old_tooltip\\\">IRS<\/span> <a href=\\\"https:\/\/www.irs.gov\/individuals\/international-taxpayers\/frequently-asked-questions-on-virtual-currency-transactions\\\">classifies<\/a> cryptocurrencies like bitcoin as property, some participants in the experiment may be liable for tax bills for payments made in digital assets.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cMany people do not understand that every time they pay with cryptocurrency for a cup of coffee or other consumer goods, the activity is classified as a capital gain,\u201d explained Shehan Chandrasekera, head of tax strategy at CoinTracker.io.<\/p>\n<\/blockquote>\n<p>In September, the American online retailer Shop.com <a href=\"https:\/\/forklog.com\/en\/news\/american-online-retailer-begins-accepting-bitcoin\">added<\/a> cryptocurrency payments as part of a partnership with the processing service BitPay.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the largest US mortgage lenders, United Wholesale Mortgage, stopped accepting cryptocurrency payments six weeks after launching the program. The reasons cited were regulatory uncertainty and associated costs.<\/p>\n","protected":false},"author":1,"featured_media":51263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,673,26],"class_list":["post-51262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-real-estate","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=51262"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51262\/revisions"}],"predecessor-version":[{"id":51264,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51262\/revisions\/51264"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/51263"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=51262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=51262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=51262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}