EX-99.13 14 ex99-13.htm OPUS EXCEPTION REPORT
 

J.P. Morgan Mortgage Trust 2021-6 ABS-15G

Exhibit 99.13

Seller Name Customer Loan ID Exception ID Exception ID Date Exception Category Exception Subcategory Exception Description Exception Comments Seller Response Reviewer Response Compensating Factors Exception Status Cleared Date Exception Approved Pre Origination Initial Exception Grade Final Exception Grade Initial DBRS Exception Grade Final DBRS Exception Grade Initial Moodys Exception Grade Final Moodys Exception Grade Initial Fitch Exception Grade Final Fitch Exception Grade Initial Kroll Exception Grade Final Kroll Exception Grade Initial S&P Exception Grade Final S&P Exception Grade
XXXX 300158466 3257 5/13/2016 Compliance   Acknowledgement by all parties with a vested interest not documented The final Closing Disclosure is missing the names of all parties with vested interest. Rescindable transactions require that all parties with vested interest in the property receive a copy of the Closing Disclosure. 05/31/2016: All vested parties are on the CD  05/31/2016: Audit re-analyzed final CD, and has determined that both parties with vested interest are present on the CD. Condition cleared.  Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Cleared 5/31/2016   3 1 D A D A D A D A D A
XXXX 300158466 2827 5/13/2016 Compliance   ECOA Non-Compliant: Appraisal disclosure not provided. The loan file is missing the Loan Estimate and the “Other Considerations” section of the LE.  Additional conditions may apply.  
 06/02/2016: Please see attached initial LE.
05/31/2016: See attached.		 06/02/2016: Audit reviewed initial LE dated XX/XX/XXXX, and has determined that the documentation submitted is deemed acceptable. Condition cleared.  05/31/2016:  Acknowledged.  Loan will be rated a B for all agencies. 05/31/2016: Audit reviewed LE dated XX/XX/XXXX, however missing LE dated within 3 days of Application date of XX/XX/XXXX. Condition remains. 05/23/2016: Received LE dated XX/XX/XXXX.  Application date is XX/XX/XXXX.  Missing LE dated within 3 days of XX/XX/XXXX.  Condition remains.
 Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Cleared 5/31/2016   2 1 B A B A B A B A B A
XXXX 300158466 1 5/16/2016 Compliance   General Compliance Exception The file contains a letter to the borrower dated XX/XX/XXXX for a post close correction. A revised CD for this correction was not located in the file. Please provide the corrected CD and evidence of receipt by the borrower. Additional conditions may apply.   

 06/03/2016: For clarification there is no CD issues with a date of XX/XX/XXXX. The CD correspnding to the change letter is dated XX/XX/XXXX in error. When this updated CD was issued, this triggered an additional issue whereby the issue date was not updated accordingly. Ultimately, subsequent to this CD, additional CDs were issued (with the correct issue date) correcting this and other errors.05/31/2016: Per lender when the updated CD was issued, this triggered an additional exception whereby the issue date was not update accordingly. Hence, the date on the Change of Circumstance letter does not appear to be linked to this CD. Ultimately, subsequent to this CD, additional CDs were issued (with the correct issue date) correcting other errors. These subsequent CDs (including the final CD), with issue date correct, trumps the issue date error on this CD in question.
 06/03/2016: Audit reviewed the lender rebuttal, and has determined that the explanation with regards to the COC for CD dated XX/XX/XXXX is deemed acceptable. Condition cleared. 05/31/2016: Audit reviewed lender rebuttal, and has determined that clarification for the XX/XX/XXXX correction is required or the corrected CD for the XX/XX/XXXX letter. Condition remains.  
 Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Cleared 6/3/2016   3 1 D A D A D A D A D A
XXXX 300158466 3181 5/13/2016 Compliance   Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B The Lender's refund to cure zero tolerance for appraisal fee is listed in the wrong section B, it should be listed in Section J.

06/03/2016: Can this be graded a non-material "B" issue? 06/03/2016: Audit reviewed Lender Rebuttal, and has determined that incorrect placement of fees is non-material. Loan will be rated a B. Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Acknowledged 6/3/2016   3 2 D B D B D B D B D B
XXXX 300158466 3254 5/13/2016 Compliance   Information required for CD 'Contact Information' section not completed, or completed in error The final Closing Disclosure Contact Information section is incomplete.  The NMLS/ License Number, and Email address of the Settlement Agent is missing.  

 06/03/2016: The correct NMLS info was provided on the XX/XX/XXXX consummation CD.
 06/03/2016: Audit review of missing LE/CD Contact Information, other than Lender or Broker NMLS, is a non-material grade B. Loan will be rated a 'B' for all agencies. Condition cleared. Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Acknowledged 6/3/2016   3 2 D B D B D B D B D B
XXXX 300158466 3228 5/13/2016 Compliance   Missing Loan Estimate / LE Not in File Loan Estimates are not located in the file along with the corresponding change in circumstances. Additional conditions may apply.  

   


 06/07/2016: Please see attached XX/XX/XXXX and XX/XX/XXXX COC letters. XX/XX/XXXX shows the Loan amount change and XX/XX/XXXX shows the product change. 06/06/2016: Please see attached XX/XX/XXXX COC. Changes to Loan amt and Product indicated on page 2.06/03/2016: Initial LE was provided and accepted above. Does this condition still apply  06/02/2016: See attached.
 06/07/2016: Audit reviewed COC submitted, and has determined that documentation submitted is deemed acceptable. Condition cleared.06/06/2016: Audit reviewed COC submitted, and has determined that no boxes (page 1) were marked to correspond with a change of circumstance for product/terms. Condition remains. 06/03/2016: Audit reviewed Lender Rebuttal, and has determined that a corresponding change in circumstances is required for the the product/loan amount change is required for LE dated XX/XX/XXXX. Condition remains for COC. 06/02/2016: Audit reviewed initial LE dated XX/XX/XXXX, and has determined that a corresponding change in circumstances for the product/loan amount change is required for LE dated XX/XX/XXXX. Condition remains for COC.
Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Cleared 6/7/2016   3 1 D A D A D A D A D A
XXXX 300158466 2672 5/13/2016 Credit   Final 1003 is incomplete The final 1003 is missing contact information for the Borrower's employer. 06/03/2016: Can this be graded a non-material "B" issue? 06/03/2016: Audit reviewed Lender Rebuttal, and has determined that a VOE was provided within the loan file verifying employment. Condition rescinded. Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Rescind 6/3/2016   1 1 A A A A A A A A A A
XXXX 300158466 2 5/13/2016 Credit   LTV exceeds guidelines 80.00% LTV > 75.00% maximum per guidelines for loan with FICO scores below 720. 05/31/2016: XXXX made LTV exception to 80% due to compensating factors. 08/02/2019: Audit acknowledges the client approved guideline exception for LTV outside of Client guidelines. Loan will be rated a B.
06/02/2016: Exception declined by client.   
05/31/2016: Exception is pending review from client.		 Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Acknowledged 8/2/2019   3 2 C B C B C B C B C B
XXXX 300158466 914 5/13/2016 Credit   Missing income documentation Loan file is missing signed page 2 of XXXX & XXXX tax returns.
05/25/2016: Borrower is not self-employed. Tax returns are not required for income documentation. 05/25/2016: Audit reviewed lender rebuttal, and re-analyzed the loan file, and has determined that the XXXX/XXXX Tax transcript obtained directly from the IRS (prior to Note date) can be used in lieu of signed tax returns and are acceptable for the loan to be classified as a Qualified Mortgage. Condition cleared.
Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Cleared 5/25/2016   3 1 D A D A D A D A D A
XXXX 300158466 76 5/13/2016 Property   570 - Review Appraisal Missing A CDA report was not provided in file. 05/17/2016: CDA 05/17/2016:  A CDA report reflecting a value $XXX,XXX.XX which is a 0.00% variance was provided. Variance within acceptable tolerance. Condition Cleared.
 Years in Field Borrower has 16 years in Field Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 11 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 18.98% Cleared 5/17/2016   3 1 D A D A D A D A D A
XXXX 301407609 3227 12/16/2019 Compliance   Missing Closing Disclosure / CD Not in File The initial CD is missing from the loan file.   No Cure.  12-17-19 XX Please see attachment 12/18/2019:  Lender provided the Initial CD dated XX/XX/XXXX, condition cleared. FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Disposable Income is higher than guideline minimum UW Guides required no disposable income, loan qualified with $XX,XXX.XX in disposable income   Years in Field Borrwoer in same field 18 years Cleared 12/18/2019   3 1 D A D A D A D A D A
XXXX 301407609 2792 12/16/2019 Credit   Missing Tax Transcripts Tax Transcript not provided as required by DU. 12-19-19 XX Please rescind condition because tax transcript were never ordered on this file. 12/20/2019: Audit re-analyzed AUS #23 and has determined that tax transcripts were not ordered per AUS.  Condition rescinded.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Disposable Income is higher than guideline minimum UW Guides required no disposable income, loan qualified with $XX,XXX.XX in disposable income   Years in Field Borrwoer in same field 18 years Rescind 12/20/2019   1 1 A A A A A A A A A A
XXXX 301442180 10 1/3/2020 Compliance   HOEPA Loan - not compliant HOEPA Points and Fees exceed threshold.  $XX,XXX.XX > $XX,XXX.XX, the maximum Points and Fees permitted under HOEPA, by $X,XXX.XX. It appears the loan fails due to the Lender omitting Discount Points from the calculation. Missing HOEPA Disclosure signed by all parties with an ownership interest in the property. Missing "Notice: This is a mortgage subject to special rules under the Federal Truth in Lending Act. Purchasers or assignees of this mortgage could be liable for all claims and defenses with respect to the mortgage that the borrower could assert against the creditor." 1/20/2020:  please see attached to clear the condition  01/22/2020:  Lender provided evidence seller credit of $XXXX was applied to discount points.  HOEPA threshold $XX,XXX.XX vs. actual $XX,XXX.XX a difference of $X,XXX.XX.  Passes compliance testing.  Condition cleared.   Cleared 1/22/2020   3 1 C A C A D A C A C A
XXXX 301442180 2852 1/3/2020 Compliance   Points and Fees exceed Qualified Mortgage threshold QM Points and Fees exceed threshold.  $XX,XXX.XX > $XX,XXX.XX, the maximum Points and Fees permitted under QM, by $XX,XXX.XX. 02/11/2020: Please see QM test associated with this file with correct Par rate 02/04/2020: Please clear, we are unable to update QM.1/20/2020:  please see attached to clear the condition  02/12/2020: Audit reviewed evidence for Bona Fide Points & Fees, and has determined that the documentation (Price Sheet, Price adjusters and Broker Paid Comp evidence) submitted to verify Par Rate and Bona Fide Discount points are deemed acceptable. Loan passes Points and Fees test. Condition cleared.02/11/2020: Escalated to Management for further review, pending. 02/04/2020: Audit reviewed the Lender Rebuttal, and has determined that loan fails QM points and Fees threshold. Provide copy of Post-Closing CD, copy of check for cure, Notification of the error (i.e., the letter to borrower) and Evidence of shipment. Condition remains.01/22/2020:  Lender provided evidence seller credit of $X,XXX.XX was applied to discount points.  Threshold $XX,XXX.XX vs. actual $XX,XXX.XX a difference of $X,XXX.XX.  Included fees:  origination $XX,XXX.XX+ appraisal $XXX.XX + underwriting $XXX.XX + points $XX,XXX.XX = $XX,XXX.XX.  Loan does not pass the benefit threshold test.  The rate decrease should be .15% per 1 DP charged.  The borrower didn’t get enough of a rate reduction for the 1.83 points paid. Reduction is .120797477%.  Condition remains.   Cleared 2/12/2020   3 1 D A D A D A D A D A
XXXX 301442180 17 1/3/2020 Compliance   State High Cost Loan not compliant Points and fees exceed state threshold.  $XX,XXX.XX > $XX,XXX.XX, the maximum Points and fees permitted, by the State of XXXXX.  1/20/2020:  please see attached to clear the condition  01/22/2020:  Lender provided evidence seller credit of $X,XXX.XX was applied to discount points.  State points & fees threshold.  $XX,XXX.XX vs. actual $XX,XXX.XX a difference of $X,XXX.XX.  Passes compliance testing.  Condition cleared.   Cleared 1/22/2020   3 1 C A C A D A C A C A
XXXX 301443900 701 12/20/2019 Credit   Failure to obtain Employment Verification An employment verification within 30 days of note date as required per Appendix Q  for loan to be deemed a Qualified Mortgage was not provided for   both borrowers'.   12/27/2019: Audit reviewed Lender response, Lender provided the VOB documentation and name and title of lender's employee who obtain the VOB.  Condition cleared. CLTV is lower than guideline maximum UW Guides maximum CLTV of 90%, loan qualified with CLTV of 70.67% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 33.83% Years in Field Borrower has 30 years in Field   Cleared 12/27/2019   3 1 D A D A D A D A D A
XXXX 301443900 992 12/20/2019 Credit   Invalid AUS The Lender's Guidelines/Agency Guidelines require loan data to be resubmitted to DU if the data changes from the time the AUS was last run. The most recent AUS in file is missing Sections 5,6 and 7.    12/27/2019: Audit reviewed Lender response, Lender provided full AUS.  Condition cleared. CLTV is lower than guideline maximum UW Guides maximum CLTV of 90%, loan qualified with CLTV of 70.67% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 33.83% Years in Field Borrower has 30 years in Field   Cleared 12/27/2019   3 1 C A C A C A C A C A
XXXX 301443902 1608 12/20/2019 Compliance   Loan Late Charge Parameters Exceeds State Thresholds 5% > 3.33% maximum late fee permitted by the State of XXXXXXX with a loan payment of $X,XXX.XX.  The maximum late fee permitted in XXXXXXX is $XXX.XX - resulting in a 3.33% maximum late charge threshold for this loan.  1/13 XXX See the attached late fee addendum page 603. the late fee does not exceed $XXX.XX or %5. Please rescind. 01/14/2020:  Audit reviewed the Lender response and located the Late Fee Addendum to the Promissory Note on page 603 within the loan file.  The late fee amount does not exceed $XXX.XX; no violation. Condition rescinded. CLTV is lower than guideline maximum UW Guides maximum CLTV of 90%, loan qualified with CLTV of 85% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 24.05% Reserves are higher than guideline minimum UW Guides require 18 months reserves, loan qualified with 31.60 months reserves Rescind 1/14/2020   1 1 A A A A A A A A A A
XXXX 301443902 1641 12/20/2019 Credit   Failure to Verify Employment An employment verification dated within 30 days of note date as required per Appendix Q  for loan to be deemed a Qualified Mortgage was not provided for  borrower.  12/24 XX: Borrower is self employed. See attached verification info  12/30/2019:  Audit reviewed evidence for VOB document source and has determined that Lender provided internal screen shot verifying date business was verified by underwriter. Condition cleared. CLTV is lower than guideline maximum UW Guides maximum CLTV of 90%, loan qualified with CLTV of 85% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 24.05% Reserves are higher than guideline minimum UW Guides require 18 months reserves, loan qualified with 31.60 months reserves Cleared 12/30/2019   3 1 D A D A D A D A D A
XXXX 301518327 48 1/27/2020 Compliance   Missing Affiliated Business Disclosure Missing Affiliated Business Disclosure. 1/28 XX please see attached, please clear1/28 XX please see attached affiliated business arrangement disclosure statement which was included in original upload please rescind 01/29/2020:  Audit review of attestation statement regarding no Affiliated Businesses is deemed acceptable, condition cleared. 01/28/2020:  Audit reviewed the Lender response and determined the Lender provided the Broker's Affiliated Business Disclosure.  The file is missing the Affiliated Business Disclosure for the Lender.  Condition Remains.01/27/2020:  Finding deemed non-material, loan will be graded a B for all agencies   Cleared 1/27/2020   2 1 B A B A B A B A B A
XXXX 301593131 3181 2/7/2020 Compliance   Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B The Flood Certification in section B of the final Closing Disclosure is missing the name of the service provider. Provide corrected CD and letter of explanation to the Borrower.   02/07/2020:  Non-material per SFIG guidance, loan will be graded a B for all agencies.   Acknowledged 2/7/2020   3 2 D B D B D B D B D B
XXXX 301593131 48 2/7/2020 Compliance   Missing Affiliated Business Disclosure Missing Affiliated Business Disclosure. 2/11 XXX Please see attached 02/12/2020:  Audit review of attestation statement regarding no Affiliated Businesses is deemed acceptable, condition cleared. 02/07/2020:  Non-material loan will be graded a B for all agencies.   Cleared 2/7/2020   2 1 B A B A B A B A B A
XXXX 301499937 701 1/24/2020 Credit   Failure to obtain Employment Verification The lender must obtain a verbal verification to confirm borrowers employment within 30  calendar days prior to the note date • The lender must document conversation with the following; Name and title of the person who confirmed the employment for the lender, name and title of person who completed the verification for the employer, the date of the call, and the source of the phone number. The item required in the second bullet point was not provided.  Missing the title of the lender's employee who documented verbal verification of employment for both the borrowers.   01/28/2020: Attached 01/28/2020: Audit reviewed evidence for VOE document source, and has determined that Lender provided internal screen shot verifying date employment was verified by underwriter. Condition cleared. Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 2.30 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 41.03% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 708 Cleared 1/28/2020   3 1 D A D A D A D A D A
XXXX 301459891 2792 1/1/2020 Credit   Missing Tax Transcripts Tax Transcripts not provided as required by DU. please see attached 01/21/2020:  Audit re-analyzed AUS (#18), and has determined that tax transcripts were not ordered per AUS.  Condition rescinded. Years in Field Borrower has 17 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 43.00%, loan qualified with DTI of 32.87% Disposable Income is higher than guideline minimum UW Guides require $2,500 in disposable income, loan qualified with $XX,XXX.XX in disposable income   Rescind 1/21/2020   1 1 A A A A A A A A A A
XXXX 301482982 3227 2/4/2020 Compliance   Missing Closing Disclosure / CD Not in File The Initial CD e-signed & dated XX/XX/XXXX per Disclosure History is missing from the loan file.   No Cure - Missing document not provided.  02/10/2020: please see attached 02/11/2020: Lender provided Initial CD. Condition cleared.   Cleared 2/11/2020   3 1 D A D A D A D A D A
XXXX 301500084 1643 1/24/2020 Credit   Failure to Verify Housing History AUS item #12 requires satisfactory housing payment history for 12 months for property #2 on the final loan application.  Payment history not provided on credit report.  VOM required to verify. 01/28/2020: Attached AUS 01/28/2020: Please rescind. The note in the file for this property shows that our borrower is not obligated on this mortgage 01/28/2020: Audit reviewed updated AUS, and has determined that the documentation submitted is deemed acceptable. Condition cleared. 01/28/2020: Audit reviewed the Lender Rebuttal, and has determined that regardless if needed or not, when the AUS reflects (item #12) a payment history stipulation then it is required. Provide payment history or updated AUS. Condition remains.  Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 19.82% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 784 Cleared 1/28/2020   3 1 D A D A D A D A D A
XXXX 301500084 2789 1/24/2020 Credit   Missing Executed Business Returns Per Appendix Q, Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules.  XXXX Signed business returns for Business A on Schedule E Part II of XXXX tax return not provided.  Only XXXX signed business returns provided in the loan file. 01/28/2020: Please rescind. See page 438 and 442 01/28/2020: Audit re-analyzed the loan file, and has determined that the executed page of XXXX 1120S for Business A on Schedule E Part II was located on page 438 of the original loan file. Condition rescinded.  Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 19.82% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 784 Rescind 1/28/2020   1 1 A A A A A A A A A A
XXXX 301491351 701 1/10/2020 Credit   Failure to obtain Employment Verification The lender must obtain a verbal verification to confirm borrowers employment within 30  calendar days prior to the note date • The lender must document conversation with the following; Name and title of the person who confirmed the employment for the lender, name and title of person who completed the verification for the employer, the date of the call, and the source of the phone number. The item required in the second bullet point was not provided.  Missing the title of the lender's employee who documented verbal verification of employment for the co-borrower.  1/14 XX: Attached 01/15/2020:  Audit reviewed the Lender response, Lender provided the source of the 3rd party information obtained and the name and title of the Lender's employee who obtained the information for the Co-Borrower.  Condition cleared. DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 40.97% FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 736 Years Self Employed Borrower has 12 years Self Employed Cleared 1/15/2020   3 1 D A D A D A D A D A
XXXX 301533273 23 1/31/2020 Credit   Failure to obtain Credit Report The most recent credit report was not provided. AUS item #27 credit report dated XX/XX/XXXX was not provided in the loan file. 2/3 XX: Attached 02/04/2020:  Audit review of credit report dated 01/13/2020 provided by the Lender deemed acceptable, condition cleared. Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 9.60 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 36.49% CLTV is lower than guideline maximum UW Guides maximum CLTV of 90%, loan qualified with CLTV of 85% Cleared 2/4/2020   3 1 D A D A D A D A D A
XXXX 301533274 76 2/6/2020 Property   570 - Review Appraisal Missing Missing a CDA report.   02/11/2020: A CDA report reflecting a value $XXX,XXX.XX, which is a 0.0% variance, was provided.  Variance within acceptable tolerance. Condition Cleared. Years in Field Borrower has 23 years in the same field No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 99 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 727 Cleared 2/11/2020   3 1 D A D A D A D A D A
XXXX 301550714 3269 2/11/2020 Compliance   Lender Credits on Final Closing Disclosure at closing is inaccurate in relation to previous Initial disclosure(s) The LE dated XX/XX/XXXX reflects a lender credit in the amount of $X,XXX.XX0. The lender credit decreased to $XXX.XX on the CD dated XX/XX/XXXX with no indication of a valid COC to account for the $X,XXX.XX decrease in the credit.  No Cure 02-13-2020 XX On XX/XX the borrower requested to increase their loan amount (COC XX/XX included in the file, pages 385 - 387) which affected the pricing. Please review the COC request and the redisclosed CD to the borrower XX/XX included in the file (pages 921 - 930). Please rescind this condition . Thank you,  02/14/2020:  Audit reviewed Lender's rebuttal and original loan file.  Change in circumstance, dated X/XX, for decrease in credit to $XXX.XX provided on page 712.  Corresponding CD, dated XX/XX, reflecting credit of $XXX.XX provided on page 921.  Condition rescinded. Years Self Employed Borrower has 5.08 years Self Employed CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 52.14% Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 6.00 months reserves Rescind 2/14/2020   1 1 A A A A A A A A A A
XXXX 301573149 3269 2/2/2020 Compliance   Lender Credits on Final Closing Disclosure at closing is inaccurate in relation to previous Initial disclosure(s) The LE dated XX/XX/XXXX reflects a lender credit in the amount of $XX,XXX.XX The lender credit decreased to $XX,XXX.XX on the CD dated XX/XX/XXXX with no indication of a valid COC to account for the $XXX.XX decrease in the credit.  Provide re-disclosed CD and letter of explanation.   2/18 XX We agree, we will refund borrower, please see attached revised cd/lox/check/tracking thank you 02/19/2020:  Lender provided a Post Close CD correcting the amount of Lender Credit, Letter of Explanation to the Borrower, Check in the amount of $XXX.XX to cure and proof of delivery.   Post Close CD, Non-material per SFIG guidance, loan will be graded a B for all agencies.  Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  22.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Acknowledged 2/19/2020   3 2 D B D B D B D B D B
XXXX 301573149 4 2/3/2020 Credit   DTI Exceeds Guidelines The AUS reflects a maximum allowable DTI of 48.01%.  Due to the improper calculation of income for the borrower, the actual DTI is 51.62%.  The lender did not include the Schedule C income loss for the borrower as reflected on the XXXX tax return.  Additional conditions may apply. 2/4 XX: Please rescind and see attached guidelines. XXXX states we do not have to hit for self employment losses when self employment income is not being used to qualify  02/05/2020: Audit reviewed Lenders response. Condition rescinded.  Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  22.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Rescind 2/5/2020   1 1 A A A A A A A A A A
XXXX 301573149 23 2/2/2020 Credit   Failure to obtain Credit Report The most recent credit report dated XX/XX/XXXX for the borrower as reflected on the AUS was not provided.  Additional conditions may apply. 2/4 XX: Attached  02/05/2020: Lender provided borrowers credit report from AUS. Condition cleared. Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  22.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Cleared 2/5/2020   3 1 D A D A D A D A D A
XXXX 301573149 992 2/3/2020 Credit   Invalid AUS The Agency Guidelines require loan data to be resubmitted to Desktop Underwriter if the data changes from the time the AUS was last fun.  The most recent AUS in file reflects a DTI of 48.01%.  The lender did not include the Schedule C income loss for the borrower as reflected on the XXXX tax return.  As a result, the calculated DTI is 51.62%. 2/4 CP: Please rescind and see attached guidelines. XXXX states we do not have to hit for self employment losses when self employment income is not being used to qualify  02/05/2020: Audit reviewed Lenders response. Condition rescinded.  Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  22.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Rescind 2/5/2020   1 1 A A A A A A A A A A
XXXX 301573149 724 2/3/2020 Credit   Missing Documentation A LOE for the lender removing the borrower's primary income is missing from the loan file.  The initial 1003 reflected the borrower was self-employed with a net income loss, however; the final 1003 does not list any employment other than rental income for the borrower.  The XXXX tax return reflects Schedule C income in the name of borrower.  Additional conditions may apply. 2/4 XX: Please rescind. We underwrote the file to best qualify the borrower. Since XXXX does not require losses to be accounted for, we removed the income 02/05/2020: Audit reviewed Lenders response. Condition rescinded.  Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  22.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Rescind 2/5/2020   1 1 A A A A A A A A A A
XXXX 301083791 1646 2/26/2019 Credit   Failure to Verify Sale of Previous Property File is missing the final Settlement Statement or Closing Disclosure verifying the departing residence on the final application was paid off and Borrower netted sufficient cash to close and/or reserves.  Settlement Statement provided in loan file was not executed. 03/03/2019: Please rescind this. The home was sold and closed prior to our loan going to close. The bank statements showed the funds wired from the title company to the borrower on XX/XX which matches the date of disbursement on the CD in file. Also, XXXX guides also do not say it must be signed. In this case, the full transfer of funds and closed before ours. 03/03/2019: Audit re-analyzed the loan file, and has determined that the ALTA Settlement Statement for departure residence was located on page 93, Bank Statement with the deposit verified on page 324 and letter for that large deposit on page 110. Sufficient evidence was provided to verify property was sold and mortgage paid with proceeds deposited into borrower's bank account for closing on subject property. Condition rescinded.  DTI is lower than guideline maximum UW Guides maximum DTI of 43.%, loan qualified with DTI of 35.58% Years in Field Borrower has 16 years in Field   Full Documentation The loan is full documentation  Rescind 3/3/2019   1 1 A A A A A A A A A A
XXXX 301083791 1684 2/26/2019 Credit   Missing Third Party Fraud Tool (Report) The file is missing a third party fraud report. Please provide an industry standard fraud tool along with any supporting document based on fraud report findings.  Please provide Fraud Report with OFAC search.  Additional conditions may apply. 03/03/2019: please rescind condition as this was included in the loan file 03/03/2019: Audit re-analyzed the loan file, and has determined that the Fraud Report was located at page 552 within the original loan file. Document reviewed and all red flags are cleared. Condition rescinded.   DTI is lower than guideline maximum UW Guides maximum DTI of 43.%, loan qualified with DTI of 35.58% Years in Field Borrower has 16 years in Field   Full Documentation The loan is full documentation  Rescind 3/3/2019   1 1 A A A A A A A A A A
XXXX 301083791 3254 2/26/2019 Compliance   Information required for CD 'Contact Information' section not completed, or completed in error The final Closing Disclosure Contact Information section is incomplete.  The License ID of the Settlement Agent is missing.  Provide corrected CD and letter of explanation to the Borrower.   Non-material per SFIG guidance, loan will be graded a B for all agencies. DTI is lower than guideline maximum UW Guides maximum DTI of 43.%, loan qualified with DTI of 35.58% Years in Field Borrower has 16 years in Field   Full Documentation The loan is full documentation  Acknowledged 2/28/2019   3 2 D B D B D B D B D B
XXXX 301083791 76 2/25/2019 Property   570 - Review Appraisal Missing A CDA report was not provided in the loan file.  CU Risk Score is 3.5.   02/28/2019: A CDA report reflecting a value $XXX,XXX.XX, which is a 0.0% variance, was provided. Variance within acceptable tolerance. Condition Cleared. DTI is lower than guideline maximum UW Guides maximum DTI of 43.%, loan qualified with DTI of 35.58% Years in Field Borrower has 16 years in Field   Full Documentation The loan is full documentation  Cleared 2/28/2019   3 1 D A D A D A D A D A
XXXX 301331678 4 10/30/2019 Credit   DTI Exceeds Guidelines The Guidelines reflects a maximum allowable DTI of 43%.  Due to the improper calculation of debts the actual DTI is 46.85%. Lender did not include the $XXX.XX car payment in ratios noting that it was paid by the business.  The account opened in XX/XXXX, the prior auto payment history for a different car payment paid out of a bank account not tied to borrower or business and does not complete a 12 history of payments by the borrower's business to exclude from ratios per QM/Fannie. 10/31 XX: Please rescind. The XXXXX XXXXX assets ending in #XXXX are tied to the business XXXX XXXXXX XXXXXXXX XXX which the borrowers combine to own 100% of. The printouts from XXXXX XXXXX indicate the account number supporting  11/04/2019: Audit reviewed lenders response and has determined the auto payment with payment of $XXX.XX was paid by business.  Condition rescinded. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 69.70% Years Self Employed Borrower has 5.42 years Self Employed Reserves are higher than guideline minimum  UW Guides required no months reserves, loan qualified with  14.20 months reserves Rescind 11/4/2019   1 1 A A A A A A A A A A
XXXX 301331678 724 10/29/2019 Credit   Missing Documentation Missing Lender's worksheet for property tax calculations. 10/31 XX: Please rescind. The taxes were calculated at 1.25% of what the property was purchased for. The fraud report verifies it was purchased in XXXX for $XXX,XXX.XX 11/04/2019: Lender provided tax calculation.  Condition cleared. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 69.70% Years Self Employed Borrower has 5.42 years Self Employed Reserves are higher than guideline minimum  UW Guides required no months reserves, loan qualified with  14.20 months reserves Cleared 11/4/2019   3 1 D A D A D A D A D A
XXXX 301331678 3277 10/29/2019 Compliance   Borrower not provided 3 day rescission period Right to Cancel provided in the loan file reflects a correct closing date with an expiration date consisting of only 2 business days, which did not give the Borrower a full 3 days rescission.  The loan was properly disbursed  TILA 130(b) - within 60 days of discovery. Provide corrected CD, letter of explanation, proof of delivery and re-open rescission, if applicable.   11/11/2019:  The loan is out of the rescission period, rescission expired on XX/XX/XXXX.  Loan will be rated a B for all agencies. 11/06/2019:  Audit reviewed the documentation submitted, and has determined that the Notification of error, reopened rescission, evidence of shipment and corrected RTC was provided.  However, unable to clear condition as loan is currently in the rescission period, rescission expires midnight on XX/XX/XXXX. Loan will be cleared when the rescission period has expired. Condition remains.11/5/2019: RTC form reflected incorrect expiration date however the full 3 days were proved. Finding deemed non-material, loan will be graded a B for all agencies.10/30/2019 Finding deemed non-material, loan will be graded a B for all agencies CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 69.70% Years Self Employed Borrower has 5.42 years Self Employed Reserves are higher than guideline minimum  UW Guides required no months reserves, loan qualified with  14.20 months reserves Acknowledged 11/11/2019   3 2 D B D B D B D B D B
XXXX 301353597 795 11/8/2019 Credit   Failure to obtain Verbal Verification of Employment Guidelines require a VVOE within 10 business days prior to the note date. The VVOE is greater than 10 days prior to note date. 11/12 XX: Please see attached. XXX has a variance that allows these to be within 30 days 11/13/2019: XXXX approved DU feedback variance. VVOE required within 30 days of Note. Condition Rescinded. Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with  7.10 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.92% FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 776 Rescind 11/13/2019   1 1 A A A A A A A A A A
XXXX 301353597 1684 11/8/2019 Credit   Missing Third Party Fraud Tool (Report) The file is missing a third party fraud report. Please provide an industry standard fraud tool along with any supporting document based on fraud report findings.  Please provide Fraud Report with OFAC search. Additional conditions may apply.   11/12/2019:   Lender provided a copy of the third-party fraud report in the original loan file. No outstanding issues noted. Condition rescinded. Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with  7.10 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.92% FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 776 Rescind 11/12/209   1 1 A A A A A A A A A A
XXXX 301353597 2036 11/8/2019 Compliance   Failure to provide proof of OFAC Search The OFAC search was not provided. 11/11 XXX XXXXXXXXXX was provided in original package. Please rescind. 11/12/2019:   Lender provided a copy of the third-party fraud report with OFAC search in the original loan file. No outstanding issues noted. Condition rescinded. Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with  7.10 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.92% FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 776 Rescind 11/12/2019   1 1 A A A A A A A A A A
XXXX 301361848 2788 10/18/2019 Credit   Missing Executed Personal Tax Returns Per Lender guidelines, Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years.  Signed returns not provided. 11/01/2019: See attached XXXX signed page10/23/2019: Please see transcripts which can be used in lieu of signed returns 11/01/2019: Audit reviewed XXXX executed page of the 1040 Tax Returns, and has determined that the documentation was obtained PRIOR to/at consummation. Documentation submitted is deemed acceptable. Condition cleared.10/23/2019: Audit reviewed XXXX Tax Transcripts, and has determined that tax transcript obtained directly from the IRS (prior to Note date) were used in lieu of signed tax returns and are acceptable. HOWEVER, business has been in existence for less than five years, therefore the XXXX 1040 returns must be executed or tax transcripts provided prior to/at consummation date. Condition remains.     DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 24.74% Years in Field Borrower has 10 years in the field. FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 734 Cleared 11/1/2019   3 1 D A D A D A D A D A
XXXX 301361848 2789 10/18/2019 Credit   Missing Executed Business Returns Per Lender guidelines, Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules.  Signed business returns not provided. 10/23/2019: Attached 10/23/2019: Audit reviewed XXXX/XXXX executed 1120 Returns, and has determined that the documentation was obtained PRIOR to/at consummation. Documentation submitted is deemed acceptable. Condition cleared. DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 24.74% Years in Field Borrower has 10 years in the field. FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 734 Cleared 10/23/2019   3 1 D A D A D A D A D A
XXXX 301361848 3181 10/18/2019 Compliance   Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B The Title – Abstract or Title Search, Title – Courier / Wire / Email Fee, Title – Endorsement Fee and Title – Premium for Lender’s Coverage are reflected in section B of the final Closing Disclosure. The borrower shopped for their own Title – Abstract or Title Search, Title – Courier / Wire / Email Fee, Title – Endorsement Fee and Title – Premium for Lender’s Coverage and did not use the provider on the WLSP. The Title – Abstract or Title Search, Title – Courier / Wire / Email Fee, Title – Endorsement Fee and Title – Premium for Lender’s Coverage should be listed in section C of the CD.  Provide corrected CD and letter of explanation to the Borrower.   10/18/2019: Non-material per SFIG guidance, loan will be graded a B for all agencies. DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 24.74% Years in Field Borrower has 10 years in the field. FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 734 Acknowledged 10/18/2019   3 2 D B D B D B D B D B
XXXX 301368654 76 11/18/2019 Property   570 - Review Appraisal Missing A CDA report was not provided. CU = 4.0, CDA required    12/02/2019: A CDA report reflecting a value $XXX,XXX.XX, which is a 0.0% variance, was provided.  Variance within acceptable tolerance. Condition Cleared.11/25/2019: The AVM report value of $XXX,XXX.XX to appraisal value of $XXX,XXX.XXhas variance which is less than maximum tolerance variance threshold of 10%. Confidence factor is within guidelines.  However, city name does not match note.  Condition remains.   Cleared 12/2/2019   3 1 D A D A D A D A D A
XXXX 301599877 76 2/21/2020 Property   570 - Review Appraisal Missing CDA Report not provided in file.  CU Risk Score is 3.7   02/27/2020: A CDA report reflecting a value $XXX,XXX.XX0, which is a 0.0% variance, was provided.  Variance within acceptable tolerance. Condition Cleared.   Cleared 2/27/2020   3 1 D A D A D A D A D A
XXXX 800457125 48 2/24/2020 Compliance   Missing Affiliated Business Disclosure Missing Affiliated Business Disclosure for the Lender and the Broker   02/24/2020: This finding is deemed non-material with a final grade of a “B”   Acknowledged 2/24/2020   2 2 B B B B B B B B B B