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

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  • 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. They have an average proportion of FHA loans. Their top markets by origination volume include: Miami, Tampa, Orlando, Port St. Lucie, and North Port among others. We have data for 19 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.

    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

    152

    Origination Dollar Volume (All Markets)

    $52,860,000

    Awards

    FOUNDATION MORTGAGE CORPORATION FHA Loans silver FOUNDATION MORTGAGE CORPORATION FHA Loans gold
    Show all (2) 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) 83 $29,355,000 $353,675 $10,420 4.68%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 15 $5,575,000 $371,667 $13,507 4.31%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 12 $4,450,000 $370,833 $12,490 5.04%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 13 $4,065,000 $312,692 $11,159 4.70%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,600,000 $400,000 $12,811 3.90%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 4 $1,240,000 $310,000 $11,949 3.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 4 $990,000 $247,500 $15,362 4.91%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $975,000 $325,000 $11,584 4.16%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $820,000 $410,000 $9,336 5.19%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $705,000 $705,000 $10,331 3.63%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $630,000 $315,000 $18,831 4.50%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $570,000 $285,000 $10,447 3.24%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $355,000 $355,000 $17,208 4.75%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $325,000 $325,000 $13,574 3.75%
    OCALA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $8,573 3.88%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $10,472 3.49%
    Lake City, FL (FHA|USDA|VA) 1 $255,000 $255,000 $5,391 3.88%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $9,229 2.63%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $7,703 6.13%
    Foundation Mortgage Corporation's top markets include Miami, Tampa, Orlando, Port St. Lucie, and North Port among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • California (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
    Similarity Rank: 94
    We Florida Financial
    Similarity Rank: 156
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 236
    Los Angeles Federal Credit Union
    Similarity Rank: 248
    RAILROAD & INDUSTRIAL
    Similarity Rank: 335
    SAN ANTONIO CITIZENS
    Similarity Rank: 340
    FRONTWAVE
    Similarity Rank: 544
    FOOTHILL FEDERAL CREDIT UNION
    Similarity Rank: 648
    LBS FINANCIAL
    Similarity Rank: 707
    First City Credit Union
    Similarity Rank: 720

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 110 $38,760,000 $352,364 $9,737 4.66%
    FHA 32 $10,750,000 $335,938 $15,381 4.45%
    VA 10 $3,350,000 $335,000 $14,249 3.91%

    For 2022, Foundation Mortgage Corporation's most frequently originated type of loan was Conventional, with 110 originations. Their 2nd most popular type was FHA, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 83 $27,695,000 $333,675 $12,262 4.10%
    Home Purchase 69 $25,165,000 $364,710 $9,986 5.12%

    For 2022, Foundation Mortgage Corporation's most frequently cited loan purpose was Refi, with 83 originations. The 2nd most popular reason was Home Purchase, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 143 $50,015,000 $349,755 $11,297 4.62%
    15 Year 8 $2,690,000 $336,250 $11,357 3.62%
    20 Year 1 $155,000 $155,000 $5,610 3.88%

    For 2022, Foundation Mortgage Corporation's most frequently cited loan duration was 30 Year, with 143 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 92 $34,530,000 $375,326
    $3k-4k 15 $4,795,000 $319,667
    $2k-3k 12 $3,590,000 $299,167
    $4k-5k 11 $2,875,000 $261,364
    $<1k 9 $2,665,000 $296,111
    $1k-2k 9 $3,485,000 $387,222

    Foundation Mortgage Corporation's average total fees were $11,297, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 92 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 51 $17,685,000 $346,765
    4-5% 46 $15,840,000 $344,348
    5-6% 32 $11,980,000 $374,375
    6-7% 11 $3,795,000 $345,000
    2.5-3% 8 $2,230,000 $278,750
    7-8% 4 $1,330,000 $332,500

    During 2022, Foundation Mortgage Corporation's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 3-4%, with 51 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 91 $27,615,000 $303,462 $10,921 4.44%
    $400k-600k 33 $15,285,000 $463,182 $13,018 4.72%
    $100k-200k 18 $3,000,000 $166,667 $6,498 4.85%
    $600k-1MM 10 $6,960,000 $696,000 $16,125 4.63%

    2022 saw Foundation Mortgage Corporation place emphasis on $200k-400k loans with 91 originations, totaling $27,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 40 $14,900,000 $372,500 $11,939 4.55%
    $50k-75k 39 $10,285,000 $263,718 $10,133 4.29%
    $75k-100k 29 $8,955,000 $308,793 $10,883 4.43%
    $150k-250k 21 $9,575,000 $455,952 $12,970 5.01%
    $250k+ 13 $6,585,000 $506,538 $13,821 4.60%
    $50k or less 9 $2,285,000 $253,889 $7,490 5.26%

    Foundation Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 40 originations. The second most popular income band? $50k-75k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 21 $7,265,000 $345,952 $15,262 4.42%
    30-36% 19 $6,945,000 $365,526 $11,583 4.75%
    20-30% 14 $4,560,000 $325,714 $8,784 4.20%
    39% 11 $3,675,000 $334,091 $8,624 4.63%
    43% 10 $3,290,000 $329,000 $11,600 4.51%
    49% 8 $2,730,000 $341,250 $11,667 4.48%
    41% 8 $2,960,000 $370,000 $13,187 5.42%
    42% 8 $2,690,000 $336,250 $9,954 5.02%
    45% 8 $2,240,000 $280,000 $7,820 4.20%
    46% 8 $2,380,000 $297,500 $8,979 4.95%
    40% 6 $2,460,000 $410,000 $11,823 4.52%
    44% 6 $2,180,000 $363,333 $11,568 4.56%
    36% 6 $1,760,000 $293,333 $9,979 4.25%
    38% 5 $2,575,000 $515,000 $15,287 3.82%
    48% 4 $1,660,000 $415,000 $11,649 3.97%
    37% 3 $905,000 $301,667 $6,623 4.13%
    47% 2 $450,000 $225,000 $9,096 4.81%
    >60% 1 $435,000 $435,000 $15,742 3.38%
    <20% 1 $515,000 $515,000 $12,896 4.75%

    Foundation Mortgage Corporation lent most frequently to those with DTI ratios of 50-60%, with 21 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 109 $38,385,000 $352,156 $11,306 4.54%
    Not provided 17 $6,575,000 $386,765 $12,004 4.81%
    Black 21 $6,565,000 $312,619 $10,762 4.33%
    Asian 3 $875,000 $291,667 $7,979 5.29%
    American Indian 1 $275,000 $275,000 $15,298 4.38%
    Not applicable 1 $185,000 $185,000 $7,703 6.13%

    Approval Rates

    Total approvals of all applications
    90.23%

    Foundation Mortgage Corporation has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.66%

    Foundation Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 152 $52,860,000 $347,763

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    152 $52,860,000 $347,763

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $2,185,000 $437,000 $8,774 4.30%
    40-60% 19 $4,895,000 $257,632 $9,002 4.22%
    60-80% 75 $26,945,000 $359,267 $12,021 4.58%
    80-100% 52 $18,560,000 $356,923 $11,313 4.71%