Foundation Mortgage Corporation Rates, Fees & Info

MIAMI BEACH, FL

LEI: 549300ZCR1XCLNEEI724

Tax ID: 65-0882429

1 stars - Updated: 7/20/24 - out of 5 stars, based on 22 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Foundation Mortgage Corporation is a smaller mortgage company specializing in Home Purchase and Refi loans. Foundation Mortgage Corporation has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Los Angeles, New York, Miami, Riverside, and Orlando among others. We have data for 95 markets. (Some data included below & more in-depth data is available with an active subscription.)

Foundation Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Foundation Mortgage Corporation is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.05% 7/20/24
30 Year Conventional Refi 6.78% 7/20/24
30 Year FHA Purchase 7.43% 7/20/24
30 Year FHA Refi 6.82% 7/20/24
30 Year VA Purchase 6.27% 7/20/24
30 Year VA Refi 6.21% 7/20/24
15 Year Conventional Purchase 6.14% 7/20/24
15 Year Conventional Refi 6.13% 7/20/24
15 Year Cash-out Refi 6.13% 7/20/24
15 Year VA Refi 6.28% 7/20/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Foundation Mortgage Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Foundation Mortgage Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

487

Origination Dollar Volume (All Markets)

$262,695,000

Relative Rate

Foundation Mortgage Corporation's average 30 year fixed mortgage rate was 8.68%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 2.2%.

Relative Fees (Closing Costs)

Foundation Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $18,768.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 70 $72,600,000 $1,037,143 $24,384 8.52%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 44 $24,000,000 $545,455 $35,770 8.49%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 39 $20,105,000 $515,513 $19,637 8.51%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 25 $17,225,000 $689,000 $19,882 8.72%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 36 $14,230,000 $395,278 $17,099 8.68%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 14 $10,020,000 $715,714 $18,365 8.77%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 34 $8,180,000 $240,588 $9,474 8.95%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 6 $6,770,000 $1,128,333 $23,714 8.52%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 11 $5,935,000 $539,545 $12,590 8.38%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 12 $5,920,000 $493,333 $17,109 8.88%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 7 $5,455,000 $779,286 $18,470 8.48%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 8 $4,720,000 $590,000 $17,371 9.09%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 10 $4,240,000 $424,000 $20,853 9.86%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 7 $4,015,000 $573,571 $16,506 8.39%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 8 $3,580,000 $447,500 $8,245 8.61%
COLUMBUS, OH (FHA|USDA|VA) 14 $3,370,000 $240,714 $13,275 8.38%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 6 $2,740,000 $456,667 $12,470 8.19%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $1,965,000 $655,000 $21,350 8.63%
NAPA, CA (FHA|USDA|VA) 1 $1,965,000 $1,965,000 $63,008 7.38%
MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 7 $1,815,000 $259,286 $11,885 9.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $1,710,000 $427,500 $23,329 9.34%
Glenwood Springs, CO (FHA|USDA|VA) 1 $1,655,000 $1,655,000 $0 8.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $1,550,000 $775,000 $20,731 8.06%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $1,510,000 $755,000 $13,641 8.38%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $30,254 7.50%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $1,500,000 $375,000 $0 9.25%
Fredericksburg, TX (FHA|USDA|VA) 1 $1,495,000 $1,495,000 $0 8.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $1,390,000 $695,000 $0 8.69%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 5 $1,385,000 $277,000 $0 8.60%
EAST STROUDSBURG, PA (FHA|USDA|VA) 3 $1,075,000 $358,333 $0 8.96%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $1,070,000 $267,500 $6,355 9.28%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $985,000 $985,000 $0 8.25%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $985,000 $328,333 $0 9.46%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 3 $905,000 $301,667 $11,803 7.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 3 $885,000 $295,000 $18,721 8.83%
Show Low, AZ (FHA|USDA|VA) 1 $875,000 $875,000 $0 8.88%
Outside of Metro Areas 2 $870,000 $435,000 $11,665 8.38%
ASHEVILLE, NC (FHA|USDA|VA) 1 $835,000 $835,000 $17,326 8.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $785,000 $785,000 $0 9.00%
Whitewater, WI (FHA|USDA|VA) 1 $785,000 $785,000 $0 7.88%
FRESNO, CA (FHA|USDA|VA) 3 $785,000 $261,667 $0 8.46%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $700,000 $175,000 $0 8.75%
Hilo, HI (FHA|USDA|VA) 3 $685,000 $228,333 $0 8.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $660,000 $330,000 $0 8.56%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $655,000 $218,333 $12,505 9.38%
VALLEJO, CA (FHA|USDA|VA) 2 $650,000 $325,000 $0 7.81%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $645,000 $645,000 $0 8.63%
PANAMA CITY, FL (FHA|USDA|VA) 2 $640,000 $320,000 $18,314 7.69%
URBAN HONOLULU, HI (FHA|USDA|VA) 1 $585,000 $585,000 $0 7.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $580,000 $290,000 $0 7.94%
SALEM, OR (FHA|USDA|VA) 2 $570,000 $285,000 $14,111 12.00%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 3 $535,000 $178,333 $0 8.54%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $515,000 $171,667 $7,853 8.71%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $505,000 $505,000 $12,950 8.38%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $495,000 $165,000 $0 8.79%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $480,000 $240,000 $7,950 8.88%
VISALIA, CA (FHA|USDA|VA) 1 $475,000 $475,000 $17,520 8.75%
BOISE CITY, ID (FHA|USDA|VA) 1 $455,000 $455,000 $0 7.50%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $445,000 $445,000 $0 9.63%
Port Angeles, WA (FHA|USDA|VA) 1 $435,000 $435,000 $15,671 9.88%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $405,000 $405,000 $0 8.88%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $405,000 $405,000 $13,364 7.25%
Sonora, CA (FHA|USDA|VA) 1 $395,000 $395,000 $11,627 8.25%
HAMMOND, LA (FHA|USDA|VA) 1 $385,000 $385,000 $0 10.00%
Newport, OR (FHA|USDA|VA) 1 $365,000 $365,000 $12,154 8.38%
Red Bluff, CA (FHA|USDA|VA) 1 $355,000 $355,000 $15,768 10.13%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $345,000 $345,000 $0 9.38%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $330,000 $165,000 $7,900 8.63%
MADERA, CA (FHA|USDA|VA) 1 $285,000 $285,000 $0 8.50%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $275,000 $275,000 $0 8.00%
TOLEDO, OH (FHA|USDA|VA) 2 $270,000 $135,000 $0 9.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $265,000 $265,000 $0 8.25%
EL PASO, TX (FHA|USDA|VA) 1 $265,000 $265,000 $11,233 9.63%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $265,000 $265,000 $0 9.75%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $255,000 $255,000 $0 9.50%
GAINESVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $15,066 8.50%
BINGHAMTON, NY (FHA|USDA|VA) 1 $245,000 $245,000 $0 9.13%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $235,000 $235,000 $8,727 10.63%
RICHMOND, VA (FHA|USDA|VA) 1 $235,000 $235,000 $0 7.50%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $235,000 $235,000 $0 8.75%
Oneonta, NY (FHA|USDA|VA) 1 $225,000 $225,000 $0 9.63%
Rochelle, IL (FHA|USDA|VA) 1 $215,000 $215,000 $10,133 8.00%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $215,000 $215,000 $0 9.25%
LONGVIEW, TX (FHA|USDA|VA) 2 $210,000 $105,000 $0 10.50%
Houghton, MI (FHA|USDA|VA) 1 $205,000 $205,000 $0 10.25%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $190,000 $95,000 $0 9.63%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $175,000 $175,000 $0 9.75%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.75%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $155,000 $155,000 $0 10.13%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.63%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $155,000 $155,000 $0 10.13%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.63%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $125,000 $125,000 $8,791 8.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.00%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $95,000 $95,000 $0 8.13%
Foundation Mortgage Corporation's top markets include Los Angeles, New York, Miami, Riverside, and Orlando among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 486 $262,400,000 $539,918 $18,855 8.70%
    FHA 1 $295,000 $295,000 $18,407 6.50%

    For 2023, Foundation Mortgage Corporation's most frequently originated type of loan was Conventional, with 486 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 271 $143,165,000 $528,284 $18,377 8.67%
    Refi 216 $119,530,000 $553,380 $19,668 8.74%

    For 2023, Foundation Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 271 originations. The 2nd most popular reason was Refi, with 216 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 476 $256,260,000 $538,361 $18,768 8.68%
    30+ year 10 $5,830,000 $583,000 $25,179 9.44%
    Other 1 $605,000 $605,000 $27,721 11.00%

    For 2023, Foundation Mortgage Corporation's most frequently cited loan duration was 30 Year, with 476 originations. The 2nd most popular length was 30+ year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 169 $116,795,000 $691,095
    $3k-4k 5 $2,175,000 $435,000
    $1k-2k 4 $3,390,000 $847,500
    $<1k 2 $2,760,000 $1,380,000
    $4k-5k 2 $490,000 $245,000
    $2k-3k 1 $375,000 $375,000

    Foundation Mortgage Corporation's average total fees were $18,768, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 169 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 347 $183,655,000 $529,265
    7-8% 129 $74,385,000 $576,628
    6-7% 8 $3,690,000 $461,250
    5-6% 3 $965,000 $321,667

    During 2023, Foundation Mortgage Corporation's average interest rate for loans was 8.68%, while their most frequently originated rate bucket for loans was Over 8%, with 347 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 177 $51,545,000 $291,215 $12,672 8.68%
    $400k-600k 92 $44,260,000 $481,087 $16,699 8.57%
    $100k-200k 79 $12,055,000 $152,595 $8,137 8.85%
    $600k-1MM 68 $52,460,000 $771,471 $21,205 8.75%
    $1MM+ 62 $101,590,000 $1,638,548 $33,483 8.54%
    $100,000 or less 9 $785,000 $87,222 $0 9.81%

    2023 saw Foundation Mortgage Corporation place emphasis on $200k-400k loans with 177 originations, totaling $51,545,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 155 $144,285,000 $930,871 $22,851 8.68%
    $50k or less 144 $49,440,000 $343,333 $8,554 8.80%
    $150k-250k 54 $22,150,000 $410,185 $14,534 8.53%
    $100k-150k 27 $10,915,000 $404,259 $14,060 8.30%
    $50k-75k 16 $5,050,000 $315,625 $10,365 8.33%
    $75k-100k 14 $4,060,000 $290,000 $11,517 8.72%

    Foundation Mortgage Corporation lent most frequently to those with incomes in the $250k+ range, with 155 originations. The second most popular income band? $50k or less, with 144 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 58 $44,220,000 $762,414 $18,983 8.64%
    30-36% 46 $35,900,000 $780,435 $20,816 8.48%
    20-30% 40 $29,100,000 $727,500 $19,278 8.89%
    49% 16 $7,330,000 $458,125 $17,139 8.48%
    44% 11 $6,305,000 $573,182 $16,730 8.07%
    40% 10 $10,030,000 $1,003,000 $22,124 8.12%
    39% 9 $4,555,000 $506,111 $15,388 8.06%
    42% 8 $8,160,000 $1,020,000 $23,194 8.64%
    38% 8 $4,520,000 $565,000 $14,365 9.11%
    41% 8 $4,490,000 $561,250 $17,098 9.08%
    37% 7 $3,805,000 $543,571 $17,527 8.38%
    43% 6 $5,070,000 $845,000 $17,330 7.81%
    47% 6 $4,210,000 $701,667 $18,170 8.29%
    50-60% 6 $2,160,000 $360,000 $18,352 9.58%
    48% 5 $1,545,000 $309,000 $13,559 9.20%
    45% 5 $4,735,000 $947,000 $19,609 7.68%
    46% 5 $3,145,000 $629,000 $27,079 8.18%
    36% 4 $1,980,000 $495,000 $22,580 8.97%
    >60% 3 $915,000 $305,000 $0 9.13%

    Foundation Mortgage Corporation lent most frequently to those with DTI ratios of <20%, with 58 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 254 $155,350,000 $611,614 $18,701 8.76%
    Not provided 143 $67,215,000 $470,035 $22,926 8.59%
    Asian 49 $25,475,000 $519,898 $14,721 8.22%
    Black 36 $12,630,000 $350,833 $18,390 9.31%
    Native Hawaiian or Islander 1 $875,000 $875,000 $0 8.88%
    Other Asian 2 $730,000 $365,000 $12,950 8.00%
    Filipino 1 $315,000 $315,000 $9,598 8.88%
    Not applicable 1 $105,000 $105,000 $0 10.50%

    Approval Rates

    Total approvals of all applications
    94.05%

    Foundation Mortgage Corporation has an average approval rate.

    Pick Rate

    Approvals leading to origination
    20.53%

    Foundation Mortgage Corporation has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    35761.13 1 $435,000 $435,000
    4845.0 1 $155,000 $155,000
    NA 485 $262,105,000 $540,423

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    487 $262,695,000 $539,415

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $14,030,000 $467,667 $14,885 8.75%
    40-60% 62 $26,040,000 $420,000 $17,077 8.25%
    60-80% 312 $178,160,000 $571,026 $20,145 8.72%
    80-100% 74 $41,430,000 $559,865 $19,510 8.84%
    Under 20% 9 $3,035,000 $337,222 $12,858 9.68%