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US-based mortgage provider Newrez has announced it will consider cryptocurrencies in home loan applications.
The company stated that with this move, it has become the first major lender among the top 25 mortgage institutions in the US to integrate Bitcoin and other crypto assets into its mortgage qualification process.
According to Newrez, borrowers can now apply for mortgages without having to liquidate their crypto assets. Under the new system, eligible crypto assets can be used for asset verification and income estimation. This allows investors to access home financing without selling their crypto portfolios.
Newrez Chairman Baron Silverstein noted that crypto assets are increasingly taking up more space in individual portfolios, and that major financial institutions are also deepening their presence in this area along with regulatory developments. Silverstein stated, “We believe now is the right time to prudently integrate suitable crypto assets into modern mortgage processes. This will allow consumers to access innovative financing solutions while protecting their investments.”
Newrez Commercial Affairs Director Leslie Gillin pointed out that the global crypto market has surpassed $3 trillion and that approximately 45% of Gen Z and Millennial investors own crypto assets. Gillin emphasized that this group constitutes the home buyers of the future, and stated that the new application provides greater flexibility on the path to homeownership.
The company’s crypto integration will be offered in Newrez’s Smart Series, a group of mortgage products that includes non-agency products, starting in February.
*This is not investment advice.