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 a a high proportion of FHA loans. Their top markets by origination volume include: Miami, Port St. Lucie, Orlando, Tampa, and Deltona among others. We have data for 29 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 an average 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 | 7.05% | 4/21/24 |
| 30 Year Conventional Refi | 6.78% | 4/21/24 |
| 30 Year FHA Purchase | 7.43% | 4/21/24 |
| 30 Year FHA Refi | 6.82% | 4/21/24 |
| 30 Year VA Purchase | 6.27% | 4/21/24 |
| 30 Year VA Refi | 6.21% | 4/21/24 |
| 15 Year Conventional Purchase | 6.14% | 4/21/24 |
| 15 Year Conventional Refi | 6.13% | 4/21/24 |
| 15 Year Cash-out Refi | 6.13% | 4/21/24 |
| 15 Year VA Refi | 6.28% | 4/21/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
215Origination Dollar Volume (All Markets)
$60,945,000Top 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) | 127 | $37,425,000 | $294,685 | $7,368 | 4.28% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 15 | $3,565,000 | $237,667 | $6,646 | 4.46% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 12 | $3,020,000 | $251,667 | $10,220 | 4.42% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 10 | $2,650,000 | $265,000 | $9,441 | 4.17% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 7 | $2,135,000 | $305,000 | $10,452 | 4.09% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 6 | $1,830,000 | $305,000 | $11,826 | 4.06% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $1,110,000 | $277,500 | $8,771 | 3.94% |
| Key West, FL (FHA|USDA|VA) | 2 | $1,020,000 | $510,000 | $8,704 | 4.56% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 4 | $820,000 | $205,000 | $8,155 | 4.13% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $11,137 | 4.25% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $11,944 | 4.94% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $16,601 | 4.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $7,857 | 4.44% |
| OCALA, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $9,991 | 4.25% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $3,589 | 4.25% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $19,499 | 3.49% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $5,725 | 3.94% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,999 | 5.13% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $8,437 | 3.69% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $11,138 | 6.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $14,556 | 3.63% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $6,812 | 4.88% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $11,002 | 4.75% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $9,118 | 3.88% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $9,015 | 3.50% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,046 | 3.99% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $7,224 | 4.25% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,492 | 3.75% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $445 | 4.50% |
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 | 102 | $31,320,000 | $307,059 | $6,241 | 4.35% |
| FHA | 76 | $19,270,000 | $253,553 | $9,583 | 4.26% |
| VA | 37 | $10,355,000 | $279,865 | $10,043 | 4.12% |
For 2019, Foundation Mortgage Corporation's most frequently originated type of loan was Conventional, with 102 originations. Their 2nd most popular type was FHA, with 76 originations.
Loan Reason
For 2019, Foundation Mortgage Corporation's most frequently cited loan purpose was Refi, with 121 originations. The 2nd most popular reason was Home Purchase, with 92 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 209 | $59,595,000 | $285,144 | $8,158 | 4.30% |
| 15 Year | 6 | $1,350,000 | $225,000 | $5,556 | 3.63% |
For 2019, Foundation Mortgage Corporation's most frequently cited loan duration was 30 Year, with 209 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
Foundation Mortgage Corporation's average total fees were $8,158, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 54 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 95 | $27,325,000 | $287,632 |
| 3-4% | 90 | $26,390,000 | $293,222 |
| 5-6% | 28 | $6,600,000 | $235,714 |
| 2.5-3% | 1 | $275,000 | $275,000 |
| 6-7% | 1 | $355,000 | $355,000 |
During 2019, Foundation Mortgage Corporation's average interest rate for loans was 4.30%, while their most frequently originated rate bucket for loans was 4-5%, with 95 originations.
Loan Sizing
2019 saw Foundation Mortgage Corporation place emphasis on $200k-400k loans with 145 originations, totaling $40,365,000 in origination value.
Applicant Income
Foundation Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 57 originations. The second most popular income band? $100k-150k, with 47 originations.
Applicant Debt to Income Ratio
Foundation Mortgage Corporation lent most frequently to those with DTI ratios of 50-60%, with 41 originations. The next most common DTI ratio? 20-30%, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.12%
Foundation Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination76.28%
Foundation Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 215 | $60,945,000 | $283,465 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 215 | $60,945,000 | $283,465 |