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TRX Mortgage Lending Platform Now Available to Public On TRON’s Nile Testnet

The Tron Foundation announced that the TRON TRX mortgage lending platform which is being launched on the Nile test net is available for the public testing phase, according to a medium post on Monday. The foundation believes that the platform will expand the quality of Tron ecosystem and foster awesome ecological prosperity within the loans sector.

The decentralized borrowing platform has been temporarily named DeLoan, the project is a decentralized TRX mortgage lending platform established on TRON and it leverages a stablecoin which has been tentatively named CRD (Credit) and is pegged at $1 just like USDT. The platform when fully established will allow users to lend CRD by mortgaged TRX assets and with the passing of time, CRD can also be used to buy other digital assets such as BTC and ETH. It is very important to note that unlike USDT, the generation method of CRD is purely decentralized.

A management coin on the platform called DLN (an abbreviation of DeLoan) will also be integrated shortly, which will be used to ensure the decentralized governance of the DeLoan ecosystem. DLN will be used to pay loan interest and also DeLoan’s voting rights on proposals, helping to maintain and enhance key parameters of DeLoan, such as lending rates.

The report stated clearly that the DeLoan testing phase only supports PC access at the moment. The official version will be updated to accommodate other operating systems and the names used in the report : DeLoan, CRD, DLN are subject to be changed in the future.

UWM Holdings Corp Plans to Accept Crypto for Mortgage Payment this Year

Headquartered in Pontiac, MI. UWM Holdings Corp, a large-scale wholesale mortgage lender in the United States, said it plans to accept cryptocurrency to satisfy mortgage payment this year.

United Wholesale Mortgage (UWM), the nation’s largest home mortgage loan wholesale company, underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks, and local credit unions.

On Monday UMW second-quarter results announcement, UWM CEO Mat Ishbia said the company is actively evaluating the feasibility and requirements to accept cryptocurrencies as payments.

Mat Ishbia said in an interview that the firm might start accepting cryptocurrency payments at the end of this quarter, or the beginning of the fourth quarter, if possible, he said:

“I think we’re starting with Bitcoin, but we’re looking at Ethereum and others.”

The CEO added that this move is still under discussion, but plans cannot be guaranteed.

“We’re going to walk before we run, but at the same time, we are definitely a leader in technology and innovation and we are always trying to be the best and the leader in everything we do.”

Last year, UMW Holdings Corp purchased a blank capital company backed by billionaire Alec Gores for $16 billion and officially listed on the Nasdaq exchange in the form of a Special-Purpose Acquisition Company (SPAC).

UMW’s net profit for the quarter was $138.7 million. The stock price of UWM Holdings Corporation under the tick (UWMC) has risen after the market, up 1.78%, and now is trading at $7.44.

US-Based Mortgage Firm Permits Homebuyers to Use Crypto Holdings as Collateral

Milo, a financial technology company that reimagines mortgage credit, removes the obstacle for down payments if homebuyers use crypto holdings as collateral for home loans.

Miami-based Milo is willing to lend out individual home loans of up to $5 million to borrowers if they present the sufficient amount of Ethereum and Bitcoin they hold before being transferred to a custodian for safekeeping.

Homebuyers now are available to pay monthly at the same rate as regular mortgages, either in crypto or cash. Still, the lender has to access the stored crypto if the borrowers default.

Therefore, homebuyers would benefit from these latest options on two fronts because they will purchase properties that are likely to shoot up and also gain from a value increase in their cryptocurrencies.

Having used a seven-figure loan anchored in crypto, Vincent Burniske was able to buy two small apartment buildings located in Coral Gables, Miami.

The sports-media consultant noted:

“I was convinced I was going down the conventional loan path. It’s comfortable. It’s what we know. But at any given moment, there are better financing options, and you really need to pay attention.”

Measures to curb crypto volatility

Milo has established measures to safeguard itself if a shock plunge is experienced in the crypto market. Per the report:

“If the value of the crypto collateral drops to below 65 percent of the loan amount, the borrower will be asked to provide more crypto or cash.”

The report added:

“If the value of the currency drops below 30 percent, Milo will immediately liquidate the Bitcoin or Ethereum and store that amount in traditional US dollars.”

With Milo having processed mortgages worth $340 million in March alone, the financial company seeks to refine this sector using new technologies like crypto.

Joseph Rupena, Milo’s founder, acknowledged:

“Milo will be looking to provide other long-term solutions to those with crypto wealth — not just mortgages.”

Therefore, the crypto sector is finding its new way into the mortgage sector.

For instance, Figure Technologies, a US financial technology company, recently launched a cryptocurrency-backed mortgage trading service that enabled customers to borrow against their Bitcoin or Ether to fund home purchases.