Foundation Mortgage Corporation Rates, Fees & Info

MIAMI BEACH, FL

LEI: 549300ZCR1XCLNEEI724

Tax ID: 65-0882429

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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. Their top markets by origination volume include: Miami, Orlando, Tampa, Port St. Lucie, and Jacksonville 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 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.05% 11/21/24
    30 Year Conventional Refi 6.78% 11/21/24
    30 Year FHA Purchase 7.43% 11/21/24
    30 Year FHA Refi 6.82% 11/21/24
    30 Year VA Purchase 6.27% 11/21/24
    30 Year VA Refi 6.21% 11/21/24
    15 Year Conventional Purchase 6.14% 11/21/24
    15 Year Conventional Refi 6.13% 11/21/24
    15 Year Cash-out Refi 6.13% 11/21/24
    15 Year VA Refi 6.28% 11/21/24
    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.

    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

    343

    Origination Dollar Volume (All Markets)

    $100,015,000

    Awards

    FOUNDATION MORTGAGE CORPORATION 30 Year Conventional Loans bronze
    Show all (1) awards

    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) 233 $71,325,000 $306,116 $5,368 3.10%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 25 $6,565,000 $262,600 $5,875 3.31%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 21 $6,015,000 $286,429 $5,804 3.05%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 15 $3,695,000 $246,333 $6,011 3.42%
    JACKSONVILLE, FL (FHA|USDA|VA) 14 $3,550,000 $253,571 $7,363 3.23%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 6 $1,730,000 $288,333 $8,174 3.15%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 6 $1,590,000 $265,000 $6,316 3.44%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,065,000 $213,000 $4,835 3.38%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $810,000 $405,000 $6,081 2.44%
    TALLAHASSEE, FL (FHA|USDA|VA) 3 $595,000 $198,333 $6,173 2.96%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $570,000 $285,000 $7,934 3.00%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $490,000 $245,000 $4,635 3.13%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $375,000 $375,000 $7,516 3.13%
    GAINESVILLE, FL (FHA|USDA|VA) 2 $350,000 $175,000 $5,029 3.13%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $245,000 $245,000 $5,649 4.00%
    Key West, FL (FHA|USDA|VA) 1 $245,000 $245,000 $7,840 2.63%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $235,000 $235,000 $6,542 2.75%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $215,000 $215,000 $6,001 3.00%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $205,000 $205,000 $6,604 2.88%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $145,000 $145,000 $2,165 3.00%
    Foundation Mortgage Corporation's top markets include Miami, Orlando, Tampa, Port St. Lucie, and Jacksonville among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • 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.

    DADE COUNTY FEDERAL CREDIT UNION
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    Chaffey Federal Credit Union
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    METROPLEX MORTGAGE SERVICES, INC.
    Similarity Rank: 372
    ALTURA
    Similarity Rank: 628
    We Florida Financial
    Similarity Rank: 638
    Christian Community Credit Union
    Similarity Rank: 716
    POWER FINANCIAL
    Similarity Rank: 870
    THE MONEY HOUSE INC.
    Similarity Rank: 946
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 1053
    SAN ANTONIO CITIZENS
    Similarity Rank: 1170

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 343 $100,015,000 $291,589 $5,636 3.14%

    For 2020, Foundation Mortgage Corporation's most frequently originated type of loan was Conventional, with 343 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 269 $77,955,000 $289,796 $5,977 3.08%
    Home Purchase 74 $22,060,000 $298,108 $4,393 3.34%

    For 2020, Foundation Mortgage Corporation's most frequently cited loan purpose was Refi, with 269 originations. The 2nd most popular reason was Home Purchase, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 292 $86,420,000 $295,959 $5,699 3.23%
    15 Year 44 $11,810,000 $268,409 $5,086 2.56%
    20 Year 6 $1,600,000 $266,667 $6,310 3.02%
    Other 1 $185,000 $185,000 $7,548 3.88%

    For 2020, Foundation Mortgage Corporation's most frequently cited loan duration was 30 Year, with 292 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 84 $25,770,000 $306,786
    $5k+ 76 $22,730,000 $299,079
    $<1k 67 $21,955,000 $327,687
    $2k-3k 53 $13,935,000 $262,925
    $4k-5k 33 $8,125,000 $246,212
    $3k-4k 24 $5,790,000 $241,250

    Foundation Mortgage Corporation's average total fees were $5,699, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 84 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 151 $44,485,000 $294,603
    2.5-3% 139 $40,925,000 $294,424
    <2.5% 38 $11,380,000 $299,474
    4-5% 13 $2,815,000 $216,538
    5-6% 1 $125,000 $125,000
    6-7% 1 $285,000 $285,000

    During 2020, Foundation Mortgage Corporation's average interest rate for loans was 3.23%, while their most frequently originated rate bucket for loans was 3-4%, with 151 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 227 $65,535,000 $288,700 $5,834 3.11%
    $100k-200k 60 $9,990,000 $166,500 $5,013 3.21%
    $400k-600k 46 $21,690,000 $471,522 $5,231 3.05%
    $100,000 or less 7 $605,000 $86,429 $2,941 3.89%
    $600k-1MM 3 $2,195,000 $731,667 $18,542 3.79%

    2020 saw Foundation Mortgage Corporation place emphasis on $200k-400k loans with 227 originations, totaling $65,535,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 87 $27,135,000 $311,897 $5,653 3.09%
    $50k-75k 71 $15,085,000 $212,465 $5,227 3.15%
    $75k-100k 70 $17,950,000 $256,429 $6,069 3.21%
    $150k-250k 65 $23,245,000 $357,615 $5,608 2.99%
    $250k+ 38 $14,600,000 $384,211 $5,643 3.17%
    $50k or less 12 $2,000,000 $166,667 $5,562 3.72%

    Foundation Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 87 originations. The second most popular income band? $50k-75k, with 71 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 77 $21,675,000 $281,494 $4,883 3.12%
    20-30% 56 $16,780,000 $299,643 $5,712 3.13%
    <20% 28 $9,320,000 $332,857 $5,967 3.02%
    40% 20 $5,280,000 $264,000 $4,813 3.09%
    47% 18 $5,560,000 $308,889 $6,370 3.06%
    44% 18 $5,620,000 $312,222 $6,556 3.16%
    42% 15 $4,725,000 $315,000 $6,936 3.17%
    38% 15 $4,175,000 $278,333 $5,426 3.02%
    41% 13 $4,225,000 $325,000 $6,579 3.19%
    48% 13 $3,705,000 $285,000 $6,247 3.49%
    36% 11 $2,925,000 $265,909 $4,909 3.24%
    39% 11 $2,505,000 $227,727 $6,937 3.28%
    49% 11 $2,765,000 $251,364 $5,893 3.10%
    46% 10 $2,920,000 $292,000 $5,317 3.09%
    43% 10 $2,770,000 $277,000 $5,269 3.32%
    45% 9 $2,655,000 $295,000 $6,114 3.19%
    37% 7 $2,185,000 $312,143 $4,173 3.16%
    50-60% 1 $225,000 $225,000 $6,295 3.00%

    Foundation Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 77 originations. The next most common DTI ratio? 20-30%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 263 $76,735,000 $291,768 $5,500 3.17%
    Not provided 36 $10,110,000 $280,833 $6,488 3.00%
    Black 32 $8,830,000 $275,938 $6,077 3.16%
    Asian 11 $4,075,000 $370,455 $4,679 2.90%
    Asian Indian 1 $265,000 $265,000 $7,033 2.38%

    Approval Rates

    Total approvals of all applications
    94.42%

    Foundation Mortgage Corporation has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.80%

    Foundation Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 343 $100,015,000 $291,589

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 343 $100,015,000 $291,589

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $2,970,000 $247,500 $4,767 2.84%
    40-60% 69 $21,005,000 $304,420 $5,769 2.90%
    60-80% 194 $55,870,000 $287,990 $5,829 3.24%
    80-100% 68 $20,170,000 $296,618 $5,112 3.14%