Foundation Mortgage at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the C grade breaks down
Each component is a percentile rank among 220 investment-property lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
11th20.5% deniedPricingmedian rate spread over APOR, weight 30%
35th1.35 ptsProcesswithdrawn + incomplete share, weight 15%
51st5.5%Closing coststotal loan costs ÷ loan amount, weight 10%
32nd3.91% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 941 | 487 | 6.0% | 6.5% | 8.63% | $263M |
| 2024 | 2,202 | 1,096 | 17.7% | 18.4% | 7.88% | $718M |
| 2025 | 2,116 | 777 | 19.4% | 20.5% | 7.50% | $466M |
What Foundation Mortgage lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 0 home-equity lines, 0 reverse mortgages, 0 manufactured homes, 1,445 investment properties.
Why Foundation Mortgage denies applications
Primary reason reported for each of the 410 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Foundation Mortgage
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 174 | 74 | 11.2% |
| $50k – $100k | 75 | 34 | 28.4% |
| $100k – $150k | 94 | 37 | 27.0% |
| $150k – $250k | 184 | 67 | 22.4% |
| Over $250k | 527 | 200 | 18.1% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 41 | 12 | 25.0% |
| 25–34 | 219 | 75 | 23.0% |
| 35–44 | 611 | 258 | 16.3% |
| 45–54 | 633 | 221 | 22.6% |
| 55–64 | 371 | 134 | 19.8% |
| 65–74 | 179 | 56 | 24.5% |
| Over 74 | 62 | 21 | 23.2% |
Where Foundation Mortgage lends
43 states and 419 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| California | 526 | 191 | 20.7% | 7.50% | #256 |
| Florida | 389 | 131 | 18.8% | 7.50% | #276 |
| Texas | 221 | 73 | 16.3% | 7.50% | #398 |
| New York | 154 | 59 | 24.7% | 7.50% | #231 |
| New Jersey | 80 | 31 | 20.0% | 7.25% | #293 |
| Ohio | 75 | 34 | 10.7% | 7.50% | #358 |
| Illinois | 59 | 21 | 40.7% | 7.88% | #433 |
| Washington | 57 | 23 | 17.5% | 7.25% | #284 |
| Pennsylvania | 49 | 23 | 20.4% | 7.88% | #494 |
| Arizona | 41 | 18 | 24.4% | 7.44% | #339 |
| Maryland | 37 | 15 | 13.5% | 8.00% | #348 |
| Tennessee | 37 | 12 | 24.3% | 7.13% | #457 |
| Hawaii | 31 | 15 | 12.9% | 8.00% | #112 |
| Nevada | 30 | 15 | 26.7% | 7.38% | #249 |
| Indiana | 29 | 13 | 6.9% | 7.75% | #416 |
| Colorado | 27 | 4 | 25.9% | 7.25% | #383 |
| Virginia | 27 | 12 | 25.9% | 7.56% | #460 |
| Michigan | 26 | 14 | 15.4% | 7.88% | #403 |
| Oklahoma | 22 | 2 | 9.1% | 7.88% | #324 |
| Connecticut | 21 | 7 | 19.1% | 7.88% | #299 |
| North Carolina | 21 | 9 | 9.5% | 7.38% | #521 |
| Georgia | 20 | 6 | 30.0% | 7.19% | #572 |
| South Carolina | 20 | 14 | 5.0% | 7.38% | #450 |
| Idaho | 18 | 8 | 11.1% | 7.44% | #229 |
| Wisconsin | 16 | 5 | 12.5% | 7.75% | #437 |
| Oregon | 12 | 5 | 0.0% | 7.50% | #350 |
| Massachusetts | 11 | 7 | 0.0% | 7.50% | #456 |
| Utah | 11 | 2 | 9.1% | 9.63% | #279 |
| Alabama | 9 | 2 | 22.2% | 8.19% | #489 |
| Missouri | 9 | 0 | 44.4% | — | #512 |
| Arkansas | 6 | 0 | 0.0% | — | #386 |
Frequently asked questions
Foundation Mortgage denied 20.5% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 11th percentile of investment-property lenders.
The most common reason Foundation Mortgage gave in 2025 was "collateral", cited on 31.5% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Foundation Mortgage originated in 2025 was 7.50%, and its median rate spread over the average prime offer rate was 1.35 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 41% of its applications were for home purchases, 59% for refinancing (including cash-out), and 0% for home improvement or other purposes. By loan type: 100% conventional, 0% FHA, 0% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.