Foundation Mortgage Corporation Rates, Fees & Info
MIAMI BEACH, FLLEI: 549300ZCR1XCLNEEI724
Tax ID: 65-0882429
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
335Origination Dollar Volume (All Markets)
$107,145,000Awards
FOUNDATION MORTGAGE CORPORATION - 2021
FOUNDATION MORTGAGE CORPORATION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications93.58%
Foundation Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination79.67%
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% |
