Exhibit 99.11 Schedule 2

Rating Agency Exceptions Report: 9/12/2025

Loan Information

Exception Information

Initial Overall Grades

Final Overall Grades

Event Level

ASF Loan Number

Loan Number

Loan Number 2

Property State

Purpose

Occupancy

Property Type

DTI

DSCR

FICO

LTV

Note Original Balance

Exception ID

Exception Type

Exception Description

Exception Note

Exception General Comment

Compensating Factors

Exception Status

DBRS

Fitch

Moody's

S&P

DBRS

Fitch

Moody's

S&P

Grade

400094447

XXX

XXX

FL

Purchase

Owner Occupied

Condo Attached

47.99

745

75.00 %

XXX

297199

Credit

Condo/PUD

Missing document indicating if condo is Warrantable or Non-Warrantable.

01/10/25: Documentation provided to cure. Warrantable condo per seller.

Cleared Exception

C

C

C

C

A

A

A

A

1

400092059

XXX

XXX

SD

Refi - Cash Out

Non-Owner Occupied

Two-Unit Property

0

1.5226

724

75.00 %

XXX

296025

Credit

Rental Income

Provide one month evidence of rent receipt at lease amount for unit 2 of subject property due to lease being expired.

12.26 evidence of rent receipt provided

Cleared Exception

C

C

C

C

A

A

A

A

1

400092034

XXX

XXX

FL

Purchase

Non-Owner Occupied

Condo - Warrantable

15.99

794

75.00 %

XXX

296302

Credit

Closing Disclosure

The final CD dated 12/XX/2024 is missing the signature page.

12/16/2024: Document provided to cure.

Cleared Exception

D

D

D

D

A

A

A

A

1

400092034

XXX

XXX

FL

Purchase

Non-Owner Occupied

Condo - Warrantable

15.99

794

75.00 %

XXX

296303

Credit

Program Eligibilty

Subject property is located in a declining market which requires a 5% LTV reduction making the maximum LTV 75%. Loan closed at 80% LTV; an exception for the guideline deviation is missing from the loan file.

12.27 Exception in error.  LTV is 75% which is the max.

Cleared Exception

D

D

D

D

A

A

A

A

1

400091113

XXX

XXX

GA

Refi - Cash Out

Non-Owner Occupied

PUD

0

1.3102

701

70.00 %

XXX

297331

Credit

Credit

The subject property was qualified using short term rental and per the guidelines, short term rental statements must clearly identify the subject property by address. In this case, the statement does not clearly identify the subject.

SG allowed the use of the short term rental as December deposit can be tied to the screenshot.

Credit Score - Investor Connect Mid fico Score for Cash Out Refinance at 70% LTV is 660 and the Borrowers Mid Fico Score is 742., Reserves - Investor Connect reserve requirement for Cash Out Refinance is 6 months reserves and the Borrowers have 47.46 months of reserves.

Client Accepted

C

C

C

C

B

B

B

B

2

400090585

XXX

XXX

TX

Purchase

Non-Owner Occupied

PUD

0

1.0039

678

80.00 %

XXX

297318

Credit

Warranty Deed / Quit Claim Deed

The Warranty/ Grant Deed is missing from the loan file.

1/19/2025: Document provided to cure.

Cleared Exception

C

C

C

C

B

B

B

B

1

400090585

XXX

XXX

TX

Purchase

Non-Owner Occupied

PUD

0

1.0039

678

80.00 %

XXX

297319

Credit

Program Eligibilty

Per guidelines the maximum LTV score requirement for an Investment Purchase with a minimum 660 Fico is 75%. Borrowers credit score is 678; an exception for being below the LTV requirement is missing from the loan file.

An exception dated 12/19/2024 was provided allowing the LTV to proceed at 80%.

Prior Mortgage History - No mortgage lates reported in the most recent 6 years.

Client Accepted

C

C

C

C

B

B

B

B

2

400090585

XXX

XXX

TX

Purchase

Non-Owner Occupied

PUD

0

1.0039

678

80.00 %

XXX

297320

Credit

Program Eligibilty

Per guidelines the minimum reserves for a First Time Investor is 12 months. Borrower has 6.85 months after closing.

Exception for only having 6 months reserves for a First Time Investor approved by SGCP and in file.

Prior Mortgage History - No mortgage lates reported in the most recent 6 years.

Client Accepted

C

C

C

C

B

B

B

B

2

400103300

XXX

XXX

CA

Refi - Cash Out

Non-Owner Occupied

Three-Unit Property

0

1.2338

779

70.00 %

XXX

300255

Credit

1008

Form 1008 document is not included in the loan file for a manually underwritten loan.

3/18/2025: Document provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

400103300

XXX

XXX

CA

Refi - Cash Out

Non-Owner Occupied

Three-Unit Property

0

1.2338

779

70.00 %

XXX

300289

Credit

Debt Service Coverage Ratio

Provide a DSCR income worksheet to verify what rents were used to qualify. Final DSCR pending.

3/18/2025: Document provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

400104733

XXX

XXX

FL

Purchase

Owner Occupied

Single Family Detached

42.27

661

63.31 %

XXX

300758

Compliance

Loan Estimate

The initial Loan Estimate and all subsequent LE's are missing from the loan file.

4/9/2025: Document provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

400104733

XXX

XXX

FL

Purchase

Owner Occupied

Single Family Detached

42.27

661

63.31 %

XXX

300798

Compliance

Closing Disclosure

The initial Closing Disclosure is not included in the loan file.

4/9/2025: Document provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

400103305

XXX

XXX

SC

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

1.2188

799

70.00 %

XXX

300547

Credit

Credit

Housing history required for Primary and subject property refi, all borrowers must be current on mortgage or rent at loan application. In this case, Borrower lives with spouse rent free and owns several investment properties free and clear = NO housing history.  The exception request in the file does not indicate if the request was granted or rejected.

3/28/2025: SG approved the exception with comp factors.

Credit Score - 799 score, Months Of Reserves - 116.79 months reserves

Client Accepted

C

C

C

C

B

B

B

B

2

XXX

XXX

XXX

400104770

XXX

XXX

CA

Refi - Cash Out

Owner Occupied

Condo Detached

23.02

747

80.00 %

XXX

A

A

A

A

XXX

XXX

XXX