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    United Wholesale Mortgage, the second largest mortgage lender in the U.S., has stopped accepting cryptocurrency for home loans, the company announced on Thursday.

    • In August, the company said it would start offering the crypto payment option via a pilot program to gauge demand for this service. It was the first mortgage lender to do so.
    • “As we said last quarter, we were going to look into accepting cryptocurrency and test it to see if it’s a faster, easier and cheaper solution,” the company’s CEO Mat Ishbia said in a press release. “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.”
    • The Pontiac, Mich.-based company began trading on the New York Stock Exchange in January after a merger with Gores Holdings IV, a special purpose acquisition company (SPAC) at a $16.1 billion valuation for the combined entity.
    • United Wholesale Mortgage tried bitcoin, ether and dogecoin and worked with a number of different borrowers to evaluate the crypto lending process, according to CNBC.

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