Black Brokerage Thrives Amid Covid-19 Pandemic; Expands to Alabama
Phoenix Mortgage Company shows success and growth during tough times
Phoenix recently received its Alabama Consumer Credit License allowing it to operate both as a mortgage lender and mortgage broker in the state. According to economists, mortgage rates are falling drastically and consumers are taking advantage. Rates on 30-year fixed mortgages have recently dipped below 3 percent and it's keeping Phoenix Mortgage extremely busy in Georgia, and now in Alabama.
Growing a business hasn't been easy for Mack. The devastating market crash of 2007 cost his first company, previously known as Diverse Financial Services, everything.
"It was heartbreaking,"
Of the nearly one million privately owned businesses, within the finance industry, less than 5% are owned by African-Americans, according to Census data. "I am deeply proud to be among the 5% of Black owners in this industry," says owner Lucius Mack. "If little kids, particularly those who look like me, are inspired to work in this financial industry because of my work, then I am doing my part in society," adds the husband and father of four.
During this economic downturn, Phoenix has been specializing in helping the under-served and often rejected buyers. "I was unable to close with several other lenders, but Phoenix got it done," says new homeowner Shanae Bowles. From his company's inception, Mack has helped thousands of families, with credit scores as low as 620, secure the American Dream. "While major lenders are tightening their strings during Covid-19, we deal with smaller lenders who are willing to be more flexible," he says.
For the second year in a row, Expertise.com has listed Phoenix Mortgage Specialists, Inc. as one of the Top 19 Mortgage Brokerage firms, out of 149, in the Atlanta area. Phoenix outpaced its competitors in all of the five major scoring categories.
Visit Phoenix Mortgage Specialists at www.phoenixmtgspecialists.com. For media interviews, or to book Lucius Mack as a subject matter expert, contact Tenisha@PerfectPitchMediaGroup.com.