Florida › Finance and insurance › 250 to 499 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
The Mortgage Firm, Inc. 401(k) Plan
Sponsored by The Mortgage Firm, Inc., Altamonte Springs, FL
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
The Mortgage Firm, Inc. 401(k) Plan is a 401(k) plan sponsored by The Mortgage Firm, Inc. of Altamonte Springs, Florida. For the plan year ending 31 Dec 2024 it reported 438 participants, 327 of them active, and net assets of $31.2M.
Net assets came to $71,128 per participant, well above the $48,746 median for defined contribution plans with 250 to 499 participants and well below the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $0 during the year, or $0 per active participant against a same-size median of $2,017; participants contributed $1.7M and $214K arrived as rollovers and other contributions. Benefits paid out totalled $3.0M.
The filing reports no service provider compensation on Schedule C. That is common where fees are paid by the employer or taken from investment returns, neither of which appears there. Administrative expenses charged to the plan were −$47K.
Across the filings on record, net assets went from $1.5M in 2013 to $31.2M in 2024 (up 1970%), and participants from 204 to 438 (up 115%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $71,128 | $48,746 | $92,294 | $53,102 |
| Employer contributions per active participant | $0 | $2,017 | $3,564 | $2,175 |
| Schedule C compensation per participant | — | $141 | $137 | $123 |
| Schedule C compensation, share of net assets | — | 0.30% | 0.17% | 0.26% |
| Administrative expenses per participant | — | $133 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 250 to 499 participants (17,456 plans), finance and insurance (4,391) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 438 | $31.2M | $71,128 | $0 | $1.7M | $0 |
| 2023 | 452 | $27.2M | $60,104 | $0 | $2.0M | $13K |
| 2022 | 611 | $25.7M | $42,142 | $0 | $3.6M | $21K |
| 2021 | 725 | $29.4M | $40,484 | $898K | $4.3M | $23K |
| 2020 | 633 | $20.6M | $32,594 | $644K | $3.1M | $17K |
| 2019 | 503 | $14.6M | $28,938 | $565K | $2.5M | $14K |
| 2018 | 453 | $9.4M | $20,797 | $485K | $2.1M | $13K |
| 2017 | 416 | $7.2M | $17,358 | $0 | $1.9M | $10K |
| 2016 | 342 | $4.5M | $13,149 | $0 | $1.3M | $8,000 |
| 2015 | 283 | $3.1M | $10,989 | $0 | $938K | $6,000 |
| 2014 | 222 | $2.1M | $9,514 | $0 | $565K | $4,000 |
| 2013 | 204 | $1.5M | $7,377 | $0 | $535K | $3,000 |
| 2012 | 167 | — | — | — | — | — |
| 2011 | 109 | — | — | — | — | — |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$27,166,613
- Employer contributions$0
- Participant contributions$1,710,968
- Rollovers and other contributions$214,100
- Total contributions$1,925,068
- Total income, including investment results$7,021,988
- Benefits paid$2,969,313
- Administrative expenses−$47,031
- Total expenses$3,034,321
- Net income$3,987,667
- Net transfers$0
- Net assets, end of year$31,154,280
Participants
- Active participants327
- Retired or separated, receiving benefits3
- Retired or separated, entitled to future benefits106
- Participants with account balances380
- Total participants, end of year438
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Fidelity Workplace Services LLC | Plan Administrator; Trustee (discretionary); Investment management; Participant loan processing | $0 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Investment advisory and management fees$22
- Total administrative expenses−$47,031
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Registered investment companies (mutual funds)$30.4M · 97.6%
- Participant loans$444K · 1.4%
- Cash (interest and non-interest bearing)$316K · 1.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmSas Assurance
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2TTotal or partial participant-directed account plan with a default investment account2EProfit-sharing plan2S401(k) plan or 403(b) plan that provides for automatic enrollment3DPre-approved pension plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522292: Real Estate Credit (including mortgage bankers & originators).
Similar plans in Florida
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| New Frontier Pooled Employer Plan | Plan Fiduciary Services, Inc. | 438 | $7.1M | $16,118 |
| Security First Managers LLC 401(k) Profit Sharing Plan and Trust | Security First Managers LLC | 434 | $19.1M | $44,119 |
| Turningpoint Healthcare Solutions, LLC 401(k) Plan | Turningpoint Healthcare Solutions, LLC | 444 | $6.6M | $14,971 |
| Kobie Marketing, Inc. 401(k) Plan | Kobie Marketing, Inc. | 428 | $21.7M | $50,796 |
| Educational Federal Credit Union | Educational Federal Credit Union | 444 | $45.1M | $101,580 |
| Florida Credit Union 401(k) Profit Sharing Plan and Trust | Florida Credit Union | 419 | $43.5M | $103,767 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is The Mortgage Firm, Inc. 401(k) Plan?
438 participants at the end of the plan year ending 31 Dec 2024, of whom 327 were active employees, with net assets of $31,154,280. Among defined contribution plans that places it in the 250 to 499 participants band, which held 17,456 plans in plan year 2024.
What does The Mortgage Firm, Inc. contribute per participant?
The filing reports $0 in employer contributions for the year, which is $0 per active participant; the median for plans of the same type and size was $2,017 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports no provider compensation for the year. Administrative expenses on Schedule H were −$47,031. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is The Mortgage Firm, Inc.. Recordkeeping or administration: Fidelity Workplace Services LLC. Investment advisory or management: Fidelity Workplace Services LLC. Trustee or custodian: Fidelity Workplace Services LLC. The financial statements were audited by Sas Assurance. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 13 Jul 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 59-3345547, plan 001, received 13 Jul 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.