The Better Home & Finance + Coinbase crypto-backed conforming mortgage product is now in early access, with general availability expected this summer. (Better consumer page (https://better.com/content/how-to-buy-a-house-with-bitcoin)) It's the first Fannie-Mae-accepted crypto-backed conforming loan. Announcement was March 26, 2026. (Better press release (https://investors.better.com/news/news-details/2026/Better-and-Coinbase-Launch-the-First-Token-Backed-Conforming-Mortgage/default.aspx))

Quick mechanic recap so we're on the same page:

• Two loans: standard 30-yr conforming first lien + a 2nd loan funding the down payment, secured by pledged crypto + 2nd lien on the home. Same rate, same amort, one combined monthly payment.

• Eligible collateral: BTC or USDC only (on this Better/Coinbase product specifically). Newrez has a separate non-agency program for asset verification using BTC/ETH/USD stablecoins, but that's qualification, not down-payment collateral. (Newrez press release (https://www.newrez.com/press-news/newrez-to-recognize-crypto-assets/))

• Custody must be a U.S.-regulated centralized exchange. Self-custody, cold wallets, DeFi, staked = not eligible. 60-day holding history required at the qualifying venue. (Cryptonews on Fannie Mae framework (https://cryptonews.com/news/fannie-mae-crypto-reserves-volatility-haircut/))

• Math has two stacked adjustments: volatility haircut (~50-60% on BTC, ~20% on USDC), AND the down-payment loan needs to be over-collateralized (BTC at 250% of the DP loan size, USDC at 125%). (Yahoo Finance / Coinbase (https://finance.yahoo.com/markets/crypto/articles/coinbase-powers-first-crypto-backed-092335035.html))

• Combined effective rate reportedly runs 0.5-1.5 pp above standard 30-yr conforming per borrower profile. (CNBC (https://www.cnbc.com/2026/03/26/fannie-mae-accepts-first-crypto-backed-mortgage-product.html))

Genuine question for the forum: anyone here in your local market actually sitting at the closing table with a buyer using this structure yet? What's working, what's tripping people up?

The two specific questions I've got from clients I haven't seen real answers to:

1. How smoothly is the 60-day holding-history verification actually running for buyers who had to move from cold storage / self-custody onto a qualifying exchange? Is it 60 calendar days from the transfer-in, or is there any chain-of-custody documentation that lets the prior-holding-period count?

2. On the default-triggered liquidation side: have you seen any actual workouts yet where the borrower's crypto position got liquidated after a 60-day delinquency, and how did the IRS-reportable taxable-event piece play out for the borrower in practice?