Newrez LLC, a top five mortgage lender and servicer, introduced its intention to recognize crypto assets for mortgage qualification becoming the first major mortgage provider among the top 25 lenders in the country to do so. Through this innovation, consumers with crypto investments will be able to qualify for a mortgage using digital assets for asset verification and income estimation without the need to liquidate their holdings.
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“Today, an increasing number of consumers include crypto in their investment portfolios, while major financial institutions are deepening their involvement in crypto assets, supported by key regulatory developments,” said Baron Silverstein, President of Newrez. “We believe that now is the right time to prudently integrate eligible crypto assets into modern mortgage lending enabling consumers to preserve investments while accessing innovative financing solutions.”
“At Newrez, we’re committed to meeting consumers where they are. Today, the global crypto market has surged past $3 trillion, and an estimated 45% of Gen Z and Millennial investors many of whom are future homebuyers own crypto,” said Leslie Gillin, Newrez Chief Commercial Officer. “Our mission at Newrez is to do everything possible to make home happen, and this innovation marks yet another step in creating new pathways to homeownership, giving consumers flexibility and control.”
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This offering will be available in February across Newrez’s Smart Series product suite—one of the industry’s most comprehensive suites of non-agency products.
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Consumers today can already utilize traditional investments like stocks and bonds in the mortgage approval process; however, consumers looking to use crypto assets have traditionally been required to sell them, reducing financial flexibility. Newrez will recognize eligible crypto holdings for income estimation and asset verification without requiring liquidation.
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Source : businesswire