Today we’ll take a look at “Legacy Home Loans,” a mortgage lender whose purpose is to increase homeownership rates for African American communities across America.
They recently noted that Black homeownership is at an all-time low of 46% (per U.S. Census Bureau data), so they’re trying to change that by positioning themselves in states where the Black population is 25% or higher.
The company is helmed by President & CEO Ben Slayton, a 54-year mortgage industry veteran who also happens to be the first Black REALTOR® in America.
To reach their goal, Slayton has strategically opened branch offices in select areas of the country, including Atlanta, GA, Chicago, IL, Dallas, TX, Las Vegas, NV, Oakland, CA, and Columbia, SC.
Legacy Home Loans Fast Facts
- Direct-to-consumer retail mortgage lender
- Offer home purchase loans, refinances, and multifamily financing
- Licensed in 40 states and the District of Columbia
- Founded in 2018, headquartered in Las Vegas, Nevada
- Nation’s largest Black-owned mortgage company
- A dba of Panorama Mortgage Group LLC
- Parent company funded roughly $1.5 billion in home loans last year
- Most active in California, Nevada, and the South
Legacy Home Loans is a direct-to-consumer retail mortgage lender that operates as a dba of Panorama Mortgage Group LLC.
They refer to themselves as the nation’s largest Black-owned mortgage company, and want to play a key role in the National Association of Real Estate Brokers (NAREB)’s initiative to have two million new African-American homeowners by 2022.
As noted, their plan is to open new offices in predominantly Black cities nationwide, including Baltimore, Birmingham, Charlotte, Jacksonville, and St. Louis.
Other locations include Tucker, GA, Houston, TX, Sacramento, CA, and most recently Florence and Greenville, South Carolina.
They appear to be most active in California, Georgia, Illinois, Louisiana, Nevada, and South Carolina, but are licensed in 40 states and the District of Columbia.
It seems they aren’t yet operating in Alaska, Arkansas, Hawaii, Idaho, Massachusetts, Montana, New York, Rhode Island, Vermont, or West Virginia.
Legacy Home Loans is big on home purchase lending (which is their goal), as their parent company does about 90% of total volume in purchase transactions, with the remainder refinance…