Foundation Mortgage Corporation Rates, Fees & Info

MIAMI BEACH, FL

LEI: 549300ZCR1XCLNEEI724

Tax ID: 65-0882429

2.7 stars - out of 5 stars, based on 18 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Foundation Mortgage Corporation is a smaller mortgage company specializing in Refi and Home Purchase loans. Foundation Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Miami, Orlando, Port St. Lucie, Tampa, and Lakeland among others. Foundation Mortgage Corporation has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Foundation Mortgage Corporation is typically a high fee lendor.


Originations

335

Origination Dollar Volume (All Markets)

$107,145,000

Awards

FOUNDATION MORTGAGE CORPORATION FHA Loans bronze
Show all (1) awards

Relative Rate

Foundation Mortgage Corporation's average 30 year fixed rate mortgage of loans were 3.21%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.06%.

Relative Fees

Foundation Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $6,864.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 228 $76,990,000 $337,675 $6,637 3.15%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 25 $7,355,000 $294,200 $5,999 3.18%
PORT ST. LUCIE, FL (FHA|USDA|VA) 22 $5,740,000 $260,909 $8,103 3.02%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 13 $3,035,000 $233,462 $7,088 3.06%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 9 $2,505,000 $278,333 $6,901 3.14%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $2,340,000 $390,000 $9,729 2.87%
JACKSONVILLE, FL (FHA|USDA|VA) 9 $2,245,000 $249,444 $8,959 3.19%
Key West, FL (FHA|USDA|VA) 3 $1,685,000 $561,667 $7,717 2.58%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 6 $1,620,000 $270,000 $7,495 3.33%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $815,000 $271,667 $7,033 2.71%
TALLAHASSEE, FL (FHA|USDA|VA) 2 $540,000 $270,000 $9,342 3.06%
Outside of Metro Areas 1 $345,000 $345,000 $13,143 3.49%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $335,000 $335,000 $17,560 2.99%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,765 3.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,000 2.38%
PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $11,008 2.75%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $8,779 3.49%
OCALA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $2,998 3.25%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $175,000 $175,000 $5,779 3.38%
Clewiston, FL (FHA|USDA|VA) 1 $155,000 $155,000 $7,311 2.75%

Foundation Mortgage Corporation's top markets include Miami, Orlando, Port St. Lucie, Tampa, and Lakeland among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 281 $92,345,000 $328,630 $6,255 3.14%
FHA 44 $11,790,000 $267,955 $9,787 3.11%
VA 10 $3,010,000 $301,000 $12,109 2.97%

For the 2021 period, Foundation Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 281 originations. Their 2nd most popular type is FHA, with 44 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 188 $55,410,000 $294,734 $7,209 2.98%
Home Purchase 147 $51,735,000 $351,939 $6,529 3.33%

For the 2021, Foundation Mortgage Corporation's most frequently cited loan purpose of loans were Refi, with 188 originations. The 2nd most popular reason of loans were Home Purchase, with 147 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 295 $94,995,000 $322,017 $6,864 3.21%
15 Year 34 $10,470,000 $307,941 $7,431 2.49%
20 Year 3 $695,000 $231,667 $7,349 3.04%
Other 3 $985,000 $328,333 $6,328 2.88%

For the 2021, Foundation Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 295 originations. The 2nd most popular length of loans were 15 Year, with 34 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 85 $25,775,000 $303,235
$1k-2k 79 $28,525,000 $361,076
$<1k 60 $19,610,000 $326,833
$3k-4k 58 $15,660,000 $270,000
$2k-3k 38 $12,050,000 $317,105

$6,864 of loans were Foundation Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 85 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 168 $49,160,000 $292,619
2.5-3% 111 $36,775,000 $331,306
<2.5% 40 $14,180,000 $354,500
4-5% 16 $7,030,000 $439,375

During 2021, Foundation Mortgage Corporation's average interest rate of loans were 3.21%, while their most frequently originated rate bucket of loans were 3-4%, with 168 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 205 $58,255,000 $284,171 $7,507 3.14%
$400k-600k 58 $29,090,000 $501,552 $6,373 2.88%
$100k-200k 57 $9,855,000 $172,895 $4,800 3.20%
$600k-1MM 10 $7,180,000 $718,000 $9,998 3.78%
$100,000 or less 3 $205,000 $68,333 $3,764 3.41%
$1MM+ 2 $2,560,000 $1,280,000 $10,403 3.31%

2021 saw Foundation Mortgage Corporation place emphasis on $200k-400k loans with 205 originations, totaling $58,255,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 84 $26,700,000 $317,857 $7,222 3.05%
$50k-75k 77 $18,225,000 $236,688 $7,426 3.21%
$75k-100k 51 $14,115,000 $276,765 $7,512 3.08%
$150k-250k 50 $19,230,000 $384,600 $6,816 2.89%
$250k+ 50 $24,680,000 $493,600 $5,925 3.32%
$50k or less 23 $4,195,000 $182,391 $4,634 3.37%

Foundation Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 84 originations. The second most popular income band? $50k-75k, with 77 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 64 $23,110,000 $361,094 $6,992 3.16%
20-30% 57 $18,055,000 $316,754 $5,807 3.03%
44% 26 $7,230,000 $278,077 $6,748 3.26%
42% 19 $5,715,000 $300,789 $6,750 3.30%
41% 18 $5,110,000 $283,889 $7,512 3.28%
43% 16 $4,920,000 $307,500 $6,848 3.16%
<20% 15 $5,815,000 $387,667 $5,885 2.84%
49% 15 $3,855,000 $257,000 $7,383 3.12%
48% 14 $4,400,000 $314,286 $7,353 3.37%
50-60% 13 $3,615,000 $278,077 $10,933 3.14%
45% 12 $3,100,000 $258,333 $6,777 3.08%
38% 12 $4,230,000 $352,500 $6,575 3.31%
39% 11 $3,585,000 $325,909 $6,074 3.23%
37% 11 $3,955,000 $359,545 $6,929 2.91%
46% 11 $4,265,000 $387,727 $7,504 2.90%
40% 8 $2,640,000 $330,000 $6,597 2.92%
36% 6 $1,750,000 $291,667 $8,235 2.83%
47% 3 $755,000 $251,667 $9,956 3.04%
>60% 1 $335,000 $335,000 $17,560 2.99%

Foundation Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 64 originations. The next most common DTI ratio? 20-30%, with 57 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 249 $82,215,000 $330,181 $6,754 3.12%
Not provided 39 $11,235,000 $288,077 $7,420 3.16%
Black 34 $9,860,000 $290,000 $8,129 3.06%
Asian 7 $2,495,000 $356,429 $4,220 3.43%
American Indian 4 $1,000,000 $250,000 $9,248 3.22%
Other Pacific Islander 1 $185,000 $185,000 $1,589 3.38%
Native Hawaiian 1 $155,000 $155,000 $2,043 3.63%

Approval Rates

Total approvals of all applications
93.58%

Foundation Mortgage Corporation has an average approval rate.

Pick Rate

Approvals leading to origination
79.67%

Foundation Mortgage Corporation has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 335 $107,145,000 $319,836

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
335 $107,145,000 $319,836

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 13 $5,525,000 $425,000 $6,805 2.73%
40-60% 42 $13,320,000 $317,143 $6,429 2.97%
60-80% 188 $59,840,000 $318,298 $6,928 3.16%
80-100% 91 $27,915,000 $306,758 $7,160 3.21%
Under 20% 1 $545,000 $545,000 $5,606 2.63%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Foundation Title & Settlement Services, LLC VA mortgage Closing on a mortgage 1 50.0%
Foundation Title & Settlement Services, LLC VA mortgage Trouble during payment process 1 50.0%