Foundation Mortgage Corporation Rates, Fees & InfoMIAMI BEACH, FL
Tax ID: 65-0882429
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFoundation 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 by origination volume include: Miami, Orlando, Port St. Lucie, Tampa, and Lakeland among others. We have data for 20 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 about average 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.85%||3/19/23|
|30 Year Conventional Refi||6.62%||3/19/23|
|30 Year FHA Purchase||7.53%||3/19/23|
|30 Year FHA Refi||7.03%||3/19/23|
|30 Year VA Purchase||7.06%||3/19/23|
|30 Year VA Refi||6.39%||3/19/23|
|30 Year USDA Purchase||6.27%||3/19/23|
|15 Year Conventional Purchase||5.79%||3/19/23|
|15 Year Conventional Refi||6.13%||3/19/23|
|15 Year Cash-out Refi||6.13%||3/19/23|
|15 Year FHA Refi||7.15%||3/19/23|
|15 Year VA Refi||6.09%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$107,145,000
Foundation Mortgage Corporation's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.06%.
Relative Fees (Closing Costs)
Foundation Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,864.
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 $4,750.
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|
|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%|
We use machine learning to identify the top lenders compared against FOUNDATION MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Foundation Mortgage Corporation's most frequently originated type of loan was Conventional, with 281 originations. Their 2nd most popular type was FHA, with 44 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Foundation Mortgage Corporation's most frequently cited loan purpose was Refi, with 188 originations. The 2nd most popular reason was Home Purchase, with 147 originations.
|Loan Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
For 2021, Foundation Mortgage Corporation's most frequently cited loan duration was 30 Year, with 295 originations. The 2nd most popular length was 15 Year, with 34 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Foundation Mortgage Corporation's average total fees were $6,864, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 85 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Foundation Mortgage Corporation's average interest rate for loans was 3.21%, while their most frequently originated rate bucket for loans was 3-4%, with 168 originations.
2021 saw Foundation Mortgage Corporation place emphasis on $200k-400k loans with 205 originations, totaling $58,255,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Foundation Mortgage Corporation has an average approval rate.
Pick RateApprovals leading to origination
Foundation Mortgage Corporation has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|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%|