Moon Mortgage, a cryptocurrency lending platform, launched two new products: a new mortgage for crypto investors and a crypto loan margin account, Trade & Borrow.
Trade & Borrow allows investors to borrow against the value of their crypto while still being able to trade their assets after they’ve taken out a loan.
Loans can be taken out on one-, three-, and six-month terms, with the option to renew. There is no prepayment penalty and no origination fees.
“Against the backdrop of a very tough year for crypto investors, there is an obvious need to provide more options to help create material value — to ensure that investors can have as many options as possible, just as traditional retail investors have,”…
Crypto-lender Milo Credit has launched the first-ever cryptocurrency refinance offering, according to a press release. The refinance product uses crypto assets and property as the basis of the loan, allowing currency-holders to pledge both to cash out up to 100% of their home equity value in U.S. dollars. It is geared towards homeowners who sold their crypto or took out a short-term crypto loan to buy a home in cash, allowing them to extend the repayment term to 30 years and access more financing. Milo says it also requires less collateral than other similar products, just 1x the loan amount or less compared to 2 or 3x. “Based on the success of our crypto mortgage offering, we are now able…
Good Morning! Today is Monday, January 10. A fire in a Bronx apartment building killed at least nineteen people. Russian forces have surrounded Ukraine on three sides as diplomats meet in Geneva for talks. “Power of the Dog” and “Succession” won top honors at the Golden Globes, which did not air this year due to criticism over ethical lapses and a lack of diversity. And in mortgage and housing news… Are UWM Workers Being Unreasonable?: United Wholesale Mortgage turned heads in the industry last week when it was reported that health officials are investigating the company after receiving complaints about how they are handling COVID, which lead some people to ask why employees in lending are expected to be in…
Over the summer, United Wholesale Mortgage (UWM) created a “bang” in the marketplace with the news it would begin accepting cryptocurrency for mortgage payments. But now it appears the initiative may be reduced to a whimper. “We’ve evaluated the feasibility, and we’re looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments,” CEO Mat Ishbia told investors in August. Among the currencies on the list: Bitcoin, Dogecoin and Ethereum. But just two months later, Ishbia announced that UWM has processed just six such mortgage payments thus far, and it will not be widely accepting the experimental currencies after all. “Due to the current combination of incremental costs and regulatory uncertainty in the Crypto…
California-based business consulting firm Zventus has announced a new blockchain venture geared towards the financial services industry. The new project is being launched in collaboration with mortgage domain experts, technology partners, and universities to create blockchain technology for the mortgage industry. The “Mortgage Blockchain Lab” will focus on developing new products, services, and solutions to enhance the loan process. The company predicts the results will make mortgage loans more secure, easier to manage, and less expensive, reducing costs for financial services firms by upwards of 50% per loan. A blockchain is a type of distributed database that exclusively stores cryptocurrency transactions that cannot be removed or manipulated. Cryptocurrencies are digital currency systems developed and traded using a variety of computational…
Good Morning! Today is Friday, Aug. 27. A terrorist attack at the Kabul airport killed 13 U.S. service members and at least 90 Afghans. President Biden said airlift efforts would continue despite the attack. Capitol Police officers sued former President Trump, along with groups like the Proud Boys, over the January 6 riot, saying they incited violence against officials and police. Hawaii’s Governor David Ige asked travelers to stay home through October as hospitals struggle with rising Covid cases. And in mortgage and housing news… Mat Ishbia’s Bitcoin Play Raises Concerns: UWM CEO Mat Ishbia’s announcement that he intends to accept Bitcoin has raised questions among economists and within the industry about encouraging consumers to rely on the “volatile” cryptocurrency for their mortgage payments.…
United Wholesale Mortgage CEO Mat Ishbia made headlines with the announcement his company—one of the largest lenders in the U.S.—plans to start accepting Bitcoin as payment for mortgages later this year. “That’s something that we’ve been working on,” Ishbia said, “and we’re excited that hopefully, in Q3, we can actually execute on that before anyone in the country because we are a leader in technology and innovation.” Ishbia’s announcement puts his company on the front line of the debate over the potential dangers of novel techno-currencies like Bitcoin. Bitcoin is among the class of financial products known as “cryptocurrencies,” digital currency systems developed and traded using a variety of computational and security networks. The process of developing and obtaining cryptocurrencies can…
