Foundation Mortgage Corporation Rates, Fees & Info
MIAMI BEACH, FLLEI: 549300ZCR1XCLNEEI724
Tax ID: 65-0882429
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Mortgage Data
Review & 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 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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SimulatedRates™Mortgage Type |
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. | ||
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 mortgage rate was
3.21%.
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.
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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
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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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. 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 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
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. 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 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 Duration/Length
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
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.
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 for loans was 3.21%, while their most frequently originated rate bucket for loans was 3-4%, with 168 originations.
Loan Sizing
2021 saw Foundation Mortgage Corporation place emphasis on $200k-400k loans with 205 originations, totaling $58,255,000 in origination value.
Applicant Income
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.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.30%
Foundation Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination85.07%
Foundation Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 335 | $107,145,000 | $319,836 |
LTV Distribution
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% |