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Legacy Home Loans Review: The Nation’s Largest Black-Owned Mortgage Company


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 loans.

Interestingly, Panorama Mortgage also operates the 100% Hispanic-owned Alterra Home Loans, so it’s clear they’re working to increase homeownership rates for all minority groups.

How to Apply with Legacy Home Loans

  • You can call them up, visit a local branch, or apply online
  • Their easy-to-use digital loan application is powered by Ellie Mae
  • It allows you to link bank accounts and income/employment information
  • eSign important disclosures and check loan status from a secure online portal

Legacy Home Loans is big on technology, seeing that their goal is to become one of the top five independent mortgage lenders in the country that also happens to be 100% minority-owned.

To that end, they work with Ellie Mae to provide their borrowers with a seamless, and perhaps more importantly, paperless home loan process.

You can get started in a variety of ways – either visit their website and fill out a lead form from their homepage, at which point a loan officer will get in touch.

Or check out their branch directory, click on an office nearest you, then select a loan officer to work with. If you go this route, you can apply online all by yourself without getting in touch with anyone first.

Alternatively, you can simply call them up on the phone, or visit a local branch if one is located near you.

It might be in your best interest (literally) to call and get a mortgage rate quote first, then if you like what you hear, proceed with the online application.

Speaking of, it’s powered by Ellie Mae, and allows you to link financial accounts, scan/upload documents, eSign disclosures, and manage your loan via a secure online borrower portal.

You can also check loan status via their free smartphone app called Pronto, which lets you manage your financial information, invite co-borrowers, and chat with your lender/real estate agent in one place.

Loan Programs Offered by Legacy Home Loans

  • Home purchase loans
  • Refinance loans: rate and term, cash out, and streamline
  • Renovation loans: FHA 203k and Fannie Mae HomeStyle
    Conforming loans
  • Jumbo loans
  • FHA loans
  • USDA loans
  • VA loans
  • ITIN loans
  • Non-conventional loans: foreign nationals and non-warrantable condos
  • Multifamily loans (5+ unit properties)

Legacy Home Loans offers a wide array of home loan programs, including purchase, refinance, and renovation loans such as the FHA 203k.

So whether you’re a first-time home buyer or an existing one, they should have a product for you.

All different types of loans are available, including conforming loans backed by Fannie/Freddie, and government-backed ones like FHA loans, USDA loans, and VA loans.

Additionally, you can take out an ITIN loan if you lack a social security number, and they also work with foreign nationals.

Lastly, they’ve got a multifamily loan department for investors interested in financing 5+ unit properties.

Legacy Home Loans Mortgage Rates

You won’t find mortgage rates posted on the Legacy Home Loans website.

Instead, you’ll either need to fill out their online lead form by clicking “Apply Now!” and wait for a call back, or simply make a phone call to a loan officer to discuss pricing.

It’s unclear where they stand pricing-wise relative to other lenders out there, so take the time to gather multiple quotes to ensure you’re getting a good deal.

The same goes for lender fees – since they’re not listed online, you’ll need to know what they charge to compare their quoted mortgage APR with other banks, lenders, and brokers.

Legacy Home Loans Reviews

They don’t have a ton of online reviews since they’re a newer company, but I was still able to track down several hundred.

On SocialSurvey, they’ve got a 4.79-star rating out of 5 from over 600 customer reviews, which is an excellent score.

You can also search local branches and loan officers by name to find Google and Yelp reviews if you’re trying to determine which individual to work with.

While not an accredited business, they currently have an ‘A-’ rating with the Better Business Bureau rating based on customer complaint history.

All in all, they could be a good choice for a first-time home buyer looking to support the company’s mission of increasing African American homeownership.

Just take the time to ensure they are competitive and easy to work with compared to other mortgage companies.

Legacy Home Loans Pros and Cons

The Good

  • Can apply for a mortgage from any device without assistance
  • Digital mortgage application and loan portal powered by Ellie Mae
  • Lots of loan programs to choose from including multifamlly
  • Excellent customer reviews from past customers
  • A- BBB rating
  • Physical branches in many areas that they serve
  • Free smartphone app
  • Their goal is to increase African American homeownership

The Maybe Not

  • Not licensed in all states
  • Do not list rates/fees on their website
  • May not service your loan

11 thoughts on “Legacy Home Loans Review: The Nation’s Largest Black-Owned Mortgage Company”

  1. Are you licensed in the state of FL, I’m a black veteran trying to purchase a mix use property in Madison Fl 60% of people are black all the lender I spoken with after seeing the property saying the va wont finance that. Then I find out today one of lender tell my real estate agent he has a investor trying to buy the place, but he says, he has to wait until next Thursday. What to do?

  2. I am currently in the process of refinancing with a mortgage company and I have a balloon from a 2011 loan modification. I wanted to refinance to cash out some of the money to upgrade the kitchen but I forgot about the modification that has the balloon of $47000. I’m at a crossroads I don’t know what to do. Please give me some advice.

  3. Hi , my name is Kevin Jones, program director for Jones Community Solutions, a Black owned behavioral health agency for the state of Washington. We heard about you through word of mouth and would like to have a chance to meet with you to establish a relationship and work collectively on the betterment of the Black community. Thank you look forward to hearing from you

  4. I would love to be notified of when you will be licensed in New York. In the next few years I would like to start my process of purchasing a home for my children and I. Figured if I can pay $1,750 in rent straight out of pocket than I should be able to afford a home.

  5. Call me ASAP I am a retired licensed mortgage Banker in the Metro in the metro DC area I would like to talk to the owner of the company ASAP about refinancing several persons that i financed plus several first time buyers

  6. Interested in being a homeowner. Please allow me a conversation and more info. Credit is not bad. I’m semi retired. Thanks

  7. I was working with Todd Simon for over two months on a land purchase. I’m sure I made this abundantly clear at the onset that it was raw land. Because my credit score was not at the minimum required for a loan, I immediately went to work to fix errors on my creditors end. After all that work, and on the day I was informed by Todd that my credit was now sufficient, he tells me they don’t loan on raw land. My hopes of building my dream home are now gone. How do you work with a client for two months and not know what type of property they are trying to buy?!

  8. Good morning,
    My name is Catrice Green and I’m a realtor in Baltimore, Maryland. I have a client who maybe interested in using Legacy Home Loans to acquire a mortgage loan; however, I have a few questions. Does Legacy work with realtors who aren’t affiliated with them? Does Legacy Home Loans have an office in the Baltimore area? Does Legacy service loans for clients in Baltimore, MD?

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