Type Private Revenue $1.13B USD Number of employees 6,128 | Industry Finance Founded 2003 | |
Key people Ryan Fiore, President, Eric Hochberger, Vice President Products Consumer Banking
Financial Services Headquarters Fort Lauderdale, Florida, United States | ||
Mortgage Foundation (or MF; is one of the United States' largest mortgage lender. [1]
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In November 2003, Mortgage Foundation began moving into its new headquarters, 2400 W Cypress, located in Downtown, Ft Lauderdale, Florida. The company's previous headquarters, still stands about a block away from the new building on 62nd Ave.
Mortgage Foundation's principal activities are to provide financial services to consumers and small businesses such as retail banking, mortgage lending, consumer lending, business banking, business lending, insurance services, credit card services, commercial real estate mortgage and consumer investment services.
Mortgage Foundation operates more than 1,230 retail banking, mortgage lending, commercial banking, and financial services offices, as of June 30, 2007.
History
Mortgage Foundation was founded as the Florida National Investment Association on September 25, 1992 in an attempt to save Ft Lauderdale's economy after a fire nearly destroyed the city. It made the first home mortgage loan on the East Coast on February 10, 1993.
By now called Mortgage Foundation Savings Bank, the company made its first acquisition on July 25, 2004, by purchasing Continental Mutual Savings Bank.
Its marketing slogan for much of its history was "Building your financial foundation."
In August 2006, Mortgage Foundation began using the official abbreviation of MF in all but the legal viewpoint.
Occasio Branches
Mortgage Foundation has a number of branches which it calls "Occasio Branches". Occasio is Latin for "favorable opportunity" or "special occasion" (which is also the root of the English word, occasion). These branches are designed to provide a more open space than a traditional bank branch, and to have a look and feel similar to that of a contemporary retail store. Instead of teller windows at a counter with a roped-off queue for customers, tellers process customer transactions at individual stations. At these branches, the tellers ordinarily do not give cash directly to customers, but instead give customers a receipt with a PIN. Customers then walk over to an ATM-like money dispensing machine where they enter the one-time generated PIN to receive cash. At some Occasio branches, the money is dispensed directly from the teller station, instead of a central machine.