EX-99.7 8 e78301_ex99-7.htm GUIDELINE LOAN LEVEL EXCEPTION REPORT

 

Exhibit 99.7

 

(AMC LOGO) 

Loan Level Exception Report

Run Date - 3/26/2018 10:39:15 AM

Investor Loan Number Original Loan Amount State Note Date Purpose Review Date Overall Grade Credit Grade Property Grade Active Material Exceptions Active Non Material Exceptions Satisfied Exceptions Waived Exceptions Compensating Factors Loan Status
1804100001 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: there is no SSC nor passport provided for subject guarantor,  only DL found in file.

CLEARED COMMENT (2018-03-01): Exception cleared-  due to receipt of veri-tax fraud ID and subject to lender affirmation that the provided documentation  is sufficient per MCP guideline		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exceptions for liability < $3MM andn missing law & ordinance coverage.  comp factor: LTV
WAIVED COMMENT (2018-02-22): Approved exceptions for liability < $3MM and missing law & ordinance coverage.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100003 $xxxxxxx DC xx/xx/xxxx Refinance Rate/Term 02/19/2018 2 2 1       [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for <2 major tradelines.  comp factor: LTV
WAIVED COMMENT (2018-02-16): Approved exception for <2 major tradelines.  comp factor: LTV

[2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Approved exception for insufficient VOF to close.  comp factor: LTV
WAIVED COMMENT (2018-02-16): Approved exception for insufficient VOF to close.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100009 $xxxxxxx WA xx/xx/xxxx Purchase 02/23/2018 1 1 1     [1] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Incomplete VOR- < 12 mos payment evidence provided for primary lease .   exception is not cited

GENERAL COMMENT (2018-03-01): exception remains-  the provided verification of 12 mos history is not in the format specifically required per guidelines.  ( exception for VOR- lump sum payment have been observed for other VCC notes in the past.)
 Per MCP 5.4 If the Borrower previously rented, a 12-month rental history must be verified by: * Verification of Rents (VOR) from management company;   or     * Cancelled rent checks from the Borrower for the past 12 months.
CLEARED COMMENT (2018-03-07): Exception cleared- subject to lender affirmation that the cited documentation provided is acceptable and  compliant with VCC guidelines.		     Loan Review Complete
1804100012 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Title / Lien Defect - Loan cited as having Title Schedule B exceptions
EXCEPTION INFO: Vesting discrepancy- Borrower is XXXXXX.   Final Title vesting is XXXXX . ( vested party entity has an 's' in XXXX vs mortgage/deed which does not )

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of final title affirming Vested party aligns with borrower name per note/mortgage

[1] Mortgage / Program Eligibility - The appraisal does not show the property is Tenant Occupied or Vacant and thus casts doubt on the business purpose of the loan.
EXCEPTION INFO: Appraisal shows one of the 2 units as owner occupied.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of updated appraisal reflecting tenant occupancy of both units.		 [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXXX  comp factor: seasoned investor
WAIVED COMMENT (2018-02-16): Approved exception for FICO of XXX.  comp factor: seasoned investor

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Wind/Hail deductible of 5% on $xxx coverage amount exceeds Guideline max deductible of $10M. per MCP 7.2

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for VOM- subject < 12 mos.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-16): Approved exception for VOM- subject < 12 mos.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor

Guideline variance approved by lender post origination.  comp factor: seasoned investor		 Loan Review Complete
1804100015 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Underwriter could not located Evidence of Insurance coverage. Imaging bookmark contained blank pages. Could not locate in review of entire file.

GENERAL COMMENT (2018-02-23): Exception remains: EOI provided does not contain loss of rents coverage as required per guidelines
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage		 [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX. comp factor: LTV
WAIVED COMMENT (2018-02-16): Approved exception for FICO of XXX. comp factor: LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exceptions for 1) Liability coverage amount and 2)unrated carrier.  comp factor: LTV
WAIVED COMMENT (2018-02-16): Approved exceptions for 1) Liability coverage amount and 2)unrated carrier.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100564 $xxxxxxx NJ xx/xx/xxxx Purchase 03/19/2018 1 1 1     [1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: grant deed in file has incomplete borrower address, and the affidavit of title does not accurately reflet the officer status of the party executing the document.

GENERAL COMMENT (2018-03-21): Exceptions remain-  the provided copy contains the same errors as originally provided with the following cited errors/ omissions: :   i)  the seller address on pg 1 is blank/incomplete and ii)  on pg 4, the affidavit of title has the officer name input as officer title.
CLEARED COMMENT (2018-03-22): Exception cleared- subject to lender affirmation that the cited discrepancy has been reviewed and is affirmed acceptable and compliant with VCC guideline requirements.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: the borrower signed final settlement stmt is not signed/certified as true & correct

GENERAL COMMENT (2018-03-21): exception remains-  the borrower settlement stmt is not certified by
 the settlement agent,  only the sellers copy is certified
CLEARED COMMENT (2018-03-22): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guideline requirements.

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		     Loan Review Complete
1804100055 $xxxxxxx IN xx/xx/xxxx Purchase 02/26/2018 2 2 1       [2] General - Ineligible property
EXCEPTION INFO: approved exception for rural property.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-24): approved exception for rural property.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor Loan Review Complete
1804100128 $xxxxxxx NJ xx/xx/xxxx Purchase 02/19/2018 1 1 1           Loan Review Complete
1804100019 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception for Insurance- Ins Impound waiver.   comp factor: seasoned investor
WAIVED COMMENT (2018-02-16): Approved exception for Insurance- Ins Imp.   comp factor: seasoned investor

[2] General - LTV does not meet guidelines
EXCEPTION INFO: XXX% LTV to foreign investor.  per  MCP  the max LTV is 60% for this borrower type.  ( it is noted that This is listed as a matrix exception but not as a MCP exception)

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for LTV> 60% for foreign investor   comp Factor:seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor

Guideline variance approved by lender post  origination.  comp factor: FICO		 Loan Review Complete
1804100060 $xxxxxxx TX xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1     [1] General - LTV does not meet guidelines
EXCEPTION INFO: LTV> 60%  1 of 2 coborrowers appears to be a foreign investor per evidence on file. per MCP 5.6 the max LTV for foreign investors is 60%

CLEARED COMMENT (2018-02-23): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: There is no BP disclosure in file for either co-borrower ( BP Cert and LOE are present, but not disclosure) as required per MCP appendix 2

GENERAL COMMENT (2018-02-23): Exception remains-  incomplete docs provided uploaded docs contain only 1.5 BP disclosures and a signature page for 1 of 2 NOO disclosures.
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: There is no Initial occupancy disclosure in file for either co-borrower (  Certs of occ & indemnity are present, but not disclosure) as required per MCP appendix 2

GENERAL COMMENT (2018-02-23): Exception remains-  incomplete docs provided uploaded docs contain only 1.5 BP disclosures and a signature page for 1 of 2 NOO disclosures.
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: No Personal TIN/ SSC found for  1 of 2 coborrowers  whom appears to be a foreign investor per evidence on file. per MCP 5.6 a Personal TIN is required

CLEARED COMMENT (2018-02-23): Exception cleared- due to receipt of Veritax SSN report subject to lender affirmation that this document is sufficient evidence and compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: No evidence of US bank acct for  1 of 2 coborrowers  whom appears to be a foreign investor per evidence on file. per MCP 5.6 a US bank acct is required

CLEARED COMMENT (2018-02-23): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: The Settlement stmt in file 1) does not have a funding date entered and 2) is not signed/stamped by the settlement agent as certified true & correct, nor is it signed by either co-borrower.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of Certified final settlement stmt		     Loan Review Complete
1804100065 $xxxxxxx FL xx/xx/xxxx Purchase 02/26/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 3% wind/ hail deductible on aggregate bldg coverage of  $XXXX exceed guideline max deductible of $10M

GENERAL COMMENT (2018-03-01): exception remains-  updated loan approval WS not found in docs provided for review
WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing VOR.   comp factor: LTV
WAIVED COMMENT (2018-02-25): Approved exception for missing VOR. comp factor: LTV		 Guideline variance approved by lender at time of origination.  CF- LTV

Guideline variance approved by lender post  origination.   CF-  LTV		 Loan Review Complete
1804100098 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Missing guaranty agreement for guarantor  XXXXXX

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of  missing guaranty agreement		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception - AM Best rating is B for carrier.  comp factor: established ins carrier
WAIVED COMMENT (2018-02-18): Approved exception - AM Best rating is B for carrier.  comp factor: established ins carrier		 Guideline variance approved by lender at time of origination.  comp factor: established ins carrier Loan Review Complete
1804100016 $xxxxxxx CT xx/xx/xxxx Purchase 02/26/2018 2 2 1       [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: approved exception for DCR of XXXX  comp factor: seasoned investor
WAIVED COMMENT (2018-02-25): approved exception for DCR of XXXXx.  comp factor: seasoned investor

[2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: only 1 open/active major consumer credit account,   per guidelines, 2x are required.

WAIVED COMMENT (2018-03-01): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for insufficient tradelines.    comp Factor: seasoned investor

[2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: approved exception for bankruptcy <24 mos.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-25): approved exception for bankruptcy <24 mos. comp factor: seasoned investor

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for unrated ins carrier  comp factor: established ins carrier
WAIVED COMMENT (2018-02-25): approved exception for unrated ins carrier comp factor: established ins carrier

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Exception for waiver of ins impounds is not cited/ approved on final loan WS contained in file

WAIVED COMMENT (2018-03-01): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds.    comp Factor:seasoned investor

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: No leases found on file.  per MCP appendix 2, leases are required.

GENERAL COMMENT (2018-03-01): exception remains-   there are no lease docs provided for units 2 & 3
GENERAL COMMENT (2018-03-07): exception remains- there is no lease document  contained in referenced/provided document for both  units 2 and 3-   only a release of security deposit.
WAIVED COMMENT (2018-03-08): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing leases.   comp Factor:seasoned investor		 Guideline variance approved by lender at time of origination.  CF-  established ins carrier

Guideline variance approved by lender at time of origination.  CF- seasoned investor

Guideline variance approved by lender post origination.  comp factor: seasoned investor		 Loan Review Complete
1804100181 $xxxxxxx ME xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: DOc scan/ upload error-  Deductible values appear to have been truncated from EOI- property insurance docs in file- unable to verify compliance

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document reflecting compliant deductible terms		 [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX.  Comp Factor: LTV
WAIVED COMMENT (2018-02-24): Approved exception for FICO of XXX.  Comp Factor: LTV

[2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: Credit report in file  reflects Charge offs  > $5k  which is not compliant with MCP guidelines.  exception not cited/ approved on lloan approval WS in file

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for Change offs >$5k   comp Factor: LTV

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Approved exception for waiver of ins impounds.  Comp Factor: LTV
WAIVED COMMENT (2018-02-24): Approved exception for waiver of ins impounds. Comp Factor: LTV		 Guideline variance approved by lender at time of origination.  CF- LTV

Guideline variance approved by lender post origination.  CF- LTV		 Loan Review Complete
1804100054 $xxxxxxx AL xx/xx/xxxx Purchase 02/19/2018 2 2 1       [2] General - FICO below 650
EXCEPTION INFO: approved exception for FICO of XXX .  comp factor: LTV
WAIVED COMMENT (2018-02-17): approved exception for FICO of XXX . comp factor: LTV

[2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: approved exception for limited credit history/tradelines.  comp factor: LTV
WAIVED COMMENT (2018-02-17): approved exception for limited credit history/tradelines. comp factor: LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: approved exception for missing law & ord coverage and basic coverage form.  comp factor: LTV
WAIVED COMMENT (2018-02-17): approved exception for missing law & ord coverage and basic coverage form. comp factor: LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Loan approval WS does not reflect exception for waiver of Insurance Impounds.
GENERAL COMMENT (2018-02-23): 2/20/18 (VK) Uploaded updated loan worksheet with exception.
WAIVED COMMENT (2018-02-23): Exceptions waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds.  comp Factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination. CF: LTV		 Loan Review Complete
1804100109 $xxxxxxx AL xx/xx/xxxx Purchase 02/21/2018 1 1 1     [1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: Missing Cert of occ & Indemnity for co-borrower XXXXXX

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document		     Loan Review Complete
1804100112 $xxxxxxx IN xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-03-02): exception cleared- scope of review does not require CDA for 5+ family properties		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect law & ordinance coverage

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing law & ord coverage   comp Factor:seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100111 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception- unrated carrier.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-18): Approved exception- unrated carrier. comp factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception- VOM- NOD 3rd mtg.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-18): Approved exception- VOM- NOD 3rd mtg.  comp factor: seasoned investor

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception- no leases provided.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-18): Approved exception- no leases provided.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor Loan Review Complete
1804100096 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: THere is no final settlement stmt contained in file - the signed settlement stmt in file is marked estimated

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of Certified final settlement stmt		 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing/incomplete VOR.  comp factor: LTV
WAIVED COMMENT (2018-02-18): Approved exception for missing/incomplete VOR.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100192 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1           Loan Review Complete
1804100072 $xxxxxxx MA xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100077 $xxxxxxx RI xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Final settlement stmt in file is not signed/ stamped certified as true & correct by settlement agent.

CLEARED COMMENT (2018-02-28): exception cleared- due to receipt of certified final settlement stmt		 [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: Approved exception- foreclosure reported within 12 mos.  comp factor: LTV, Seasoned investor
WAIVED COMMENT (2018-02-18): Approved exception- foreclosure reported within 12 mos.  comp factor: LTV, Seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100079 $xxxxxxx RI xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Final settlement stmt found in file is not signed/stamped as certified true & correct.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of certified final settlement stmt		 [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: Approved exception for Foreclosure reported within 12 months.  comp factors: LTV, Seasoned investor
WAIVED COMMENT (2018-02-18): Approved exception for Foreclosure reported within 12 months.  comp factors: LTV, Seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100135 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1       [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for limited tradelines.  comp factor: Seasoned investor
WAIVED COMMENT (2018-02-19): Approved exception for limited tradelines.  comp factor: Seasoned investor		 Guideline variance approved by lender at time of origination.  comp factor: seasoned investor Loan Review Complete
1804100137 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects Exclusion of 1 of 3 law & ordinance coverage types.

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing law & ordinance coverage  comp Factor: LTV

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Aproved exception- refi on vacant property.  comp factor: LTV
WAIVED COMMENT (2018-02-18): Aproved exception- refi on vacant property. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination. CF- LTV		 Loan Review Complete
1804100064 $xxxxxxx TX xx/xx/xxxx Purchase 02/19/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 2% AOP deductible on $XXXX coverage amount exceeds $5M max deductible per MCP 7.2

GENERAL COMMENT (2018-02-23): Exception remains- a comp factor is not cited for the cited exception
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: LTV

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Approved exception for unrated carrier.  Comp factor: established carrier
WAIVED COMMENT (2018-03-07): Approved exception for unrated carrier.  Comp factor: established carrier		 Guideline variance approved by lender at time of origination.  CF- established ins carrier

Guideline variance approved by lender post origination. CF- LTV		 Loan Review Complete
1804100074 $xxxxxxx NY xx/xx/xxxx Refinance Rate/Term 02/19/2018 2 2 1       [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for limited credit history.  comp factor: LTV
WAIVED COMMENT (2018-02-18): Approved exception for limited credit history.  comp factor: LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Hurricane deductible of 5% on $XXXX coverage amt exceeds guideline max of $10M

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination. CF- LTV		 Loan Review Complete
1804100165 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: unable to locate appraisal source doc in file provided for review

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of appraisal for subject property

[1] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Property held < 12 mos-  AV used per approval vs orig pp.   Orig PP was $XXXX.  the approval reflcets a $XXXX VMC Approved valuation.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of  corrected loan approval worksheet reflecting updated VCC value / LTV		     Loan Review Complete
1804100032 $xxxxxxx NY xx/xx/xxxx Purchase 02/19/2018 2 2 1     [1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: missing cert of Occ & Indemnity for Co-borrower XXXXX

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of missing NOO cert		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Hurricane deductible of 5% on $XXXX  coverage amount exceeds guideline max deductible of $10M.

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  comp factor: seasoned investor Loan Review Complete
1804100084 $xxxxxxx VA xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] General - Missing P&L
EXCEPTION INFO: There is no business P&L found in file for subject  $XXXXX loan for owner user property.  ( reviewer note that a property operating stmt is provided in file).   reviewer requests lender affirmation of waiver of business P&L requirement for subject note.

GENERAL COMMENT (2018-03-01): exception remains-  the provided doc is the property level operating stmt  and not the owner user business P&L
CLEARED COMMENT (2018-03-08): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception for gen ag liab < $3MM on industrial property.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-22): Approved exception for gen ag liab < $3MM on industrial property.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor. Loan Review Complete
1804100212 $xxxxxxx MA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1           Loan Review Complete
1804100033 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100068 $xxxxxxx FL xx/xx/xxxx Purchase 02/19/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception for insurance carrier is not rated. comp factor: Established ins co.
WAIVED COMMENT (2018-02-18): Approved exception for insurance carrier is not rated. comp factor: Established ins co.

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for  missing VOR- primary (borrower lives rent free). comp factor:  seasoned investor
WAIVED COMMENT (2018-02-18): Approved exception for  missing VOR- primary (borrower lives rent free). comp factor:  seasoned investor

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Approved exception for waiver of ins impounds. comp factor:  seasoned investor
WAIVED COMMENT (2018-02-18): Approved exception for waiver of ins impounds. comp factor:  seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: established ins comapny

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100097 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Property / law & ord deductible of $XXXXXX exceeds guideline max  of $5M

GENERAL COMMENT (2018-03-02): exception remains-  incorrect exception reflected on approval;   the cited exception is for a standard (non wind ) deductible exceeding $5k max per guideline
GENERAL COMMENT (2018-03-07): exception remains-  incorrect exception description cited on provided approval WS.
GENERAL COMMENT (2018-03-08): exception remains-  exception s for deductible > $5k -   approval WS reflects $10k
WAIVED COMMENT (2018-03-12): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: LTV		 Guideline variance approved by lender post origination. CF- LTV Loan Review Complete
1804100152 $xxxxxxx CA xx/xx/xxxx Purchase 02/21/2018 1 1 1           Loan Review Complete
1804100226 $xxxxxxx CA xx/xx/xxxx Purchase 02/19/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: final settlement stmt in file is not signed/stamped certified by the settlement agent nor signed by both Buyer/borrower and seller.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of Certified final settlement stmt		 [2] General - Missing Hazard Insurance
EXCEPTION INFO: Liability coverage of $XXXXX ;  guidelines require $1MM/$2MM gen agg for mixed use property type.

GENERAL COMMENT (2018-02-23): Exception remains-  loan approval WS not found in uploaded docs
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor: Low risk property usage		 Guideline variance approved by lender post origination.  CF- low risk property usage Loan Review Complete
1804100189 $xxxxxxx FL xx/xx/xxxx Purchase 02/21/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: There is no certified final settlement stmt,  the only doc found in file is an unsigned estimated stmt.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of certified final settlement stmt		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: File evidence reflects that Insurer is not rated. this exception is not cited on the final loan approval.

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for unrated carrier.    comp Factor:  Established ins carrier		 Guideline variance approved by lender at time of origination.  CF- established ins carrier Loan Review Complete
1804100040 $xxxxxxx NJ xx/xx/xxxx Purchase 02/19/2018 1 1 1     [1] Insurance Documentation - Missing Document: Flood Insurance Policy not provided
EXCEPTION INFO: EOI for Flood Insurance certificate reflects the principal's home address as the covered property and not the subject property address. there is no evidence of coverage for the subject property.

GENERAL COMMENT (2018-02-26): Exception remains-  updated EOI reflects insured as XXXXXXX.   borrower is XXXXXX
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of corrected cited document		     Loan Review Complete
1804100127 $xxxxxxx NC xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: missing guaranty agreement for 1 of 2 guars.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Liability Gen agg coverage < $3MM for warehouse (industrial) property type.

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor: LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Waiver of ins impounds-  exception not approved per final loan WS

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds   comp Factor: LTV		 Guideline variance approved by lender post  origination.  CF- LTV Loan Review Complete
1804100147 $xxxxxxx OH xx/xx/xxxx Purchase 02/19/2018 1 1 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: there is no certified/ signed final settlement stmt found in file provided for review.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of Certified final settlement stmt		     Loan Review Complete
1804100153 $xxxxxxx CA xx/xx/xxxx Purchase 02/19/2018 2 2 1     [1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: there are no SS card nor passport docs for guarantor found in file, only DL contained in file provided for review.

CLEARED COMMENT (2018-02-23): Exception cleared- due to receipt of veri tax fraud ID and subject to lender affirmation that the cited doc is compliant with VCC guidelines.		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception limited credit history. comp factor: seasoned investor, reserves
WAIVED COMMENT (2018-02-18): Approved exception limited credit history. comp factor: seasoned investor, reserves

[2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: Approved exception- tax liens reported. comp factor: seasoned investor, reserves
WAIVED COMMENT (2018-02-18): Approved exception- tax liens reported. comp factor: seasoned investor, reserves

[2] Closing / Title - Missing Document: Note - Subject Lien not provided
EXCEPTION INFO: the 2nd mortgage docs are incomplete- do not have payment and maturity date to verify compliance with guideline requirements.

GENERAL COMMENT (2018-02-28): resuntant exception cited-  2nd note maturity date is prior to the first rate change date ( 2nd expiration  10/25/2020-  1st rate change date 11/1/2020 with 1st pmt chg of 12/01/20.)  per MCP 6.5 minimum term equal to or greater than the fixed period term of the new VCC loan -  is required
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for 2nd note term.    comp Factor: seasoned investor, reserves

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception Missing VOR- borrower lives rent free per LOE in file. comp factor: seasoned investor, reserves
WAIVED COMMENT (2018-02-18): Approved exception Missing VOR- borrower lives rent free per LOE in file. comp factor: seasoned investor, reserves

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception- 46% vacancy. comp factor: seasoned investor, reserves
WAIVED COMMENT (2018-02-18): Approved exception- 46% vacancy. comp factor: seasoned investor, reserves		 Guideline variance approved by lender at time of origination. comp factor: reserves

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100191 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Unable to locate application/ 1003 in file provided for review.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document		     Loan Review Complete
1804100106 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1       [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for 50% vacancy.  comp factor: LTV
WAIVED COMMENT (2018-02-19): Approved exception for 50% vacancy.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100158 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100204 $xxxxxxx NJ xx/xx/xxxx Purchase 02/21/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: FIle evidence indicates that both guarantors are foreign nationals, and the file does not contain evidence of US bank acct for either individual.   nor a green card/ Visa ( The employment Authorization docs in file are techniocally different from the Green Card/ Visa documents as cited in the guideline requirement per MCP 5.6,)    Request lender verification/affirmation of compliance with guidelines.

CLEARED COMMENT (2018-02-26): Exception cleared- subject to lender affirmation that employment auth docs and entity bank accounts have been reviewed and are deemed compliant with VCC guidelines.

[1] Title / Lien Defect - Loan cited as having Title Schedule B exceptions
EXCEPTION INFO: Vesting discrepancy: Closing protection & Prelim title reflect proposed insured vested party as XXXXXX    Loan docs, purchase Contract, LLC docs in file,  and final settlement statement as well as loan approval indicate borrower/owner as XXXXXX.    additionally,  A certified copy of a grant deed in file dated 10 days prior to settlement date, indicates transfer of ownership in subject property to one of the individual guarantors.   there is no final title or other evidence of vesting in the subject borrower entity.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of  grant deed confirmind subject vesting in correct borrower name

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Missing application/ 1003 for 1 of 2 guarantors

GENERAL COMMENT (2018-02-26): acknowledgement of joint credit status is not signed on 1 of 2 applications provided -  request affirmation of compliance for this issue.
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] General - Missing Hazard Insurance
EXCEPTION INFO: Underwriter could not find evidence of liability insurance. Hazard insurance is adequate.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage		 [2] General - One or more of your documents was not signed and dated by the borrower(s).
EXCEPTION INFO: missing Unlimited guaranty  for 1 of 2 guarantors

WAIVED COMMENT (2018-03-12): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing guaranty agreement for 1 of 2 principals of entity borrower, and removal of said individual as an approved guarantor.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100022 $xxxxxxx GA xx/xx/xxxx Refinance Rate/Term 02/19/2018 2 2 1       [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for incomplete  VOM- subject.  comp factor: FICO
WAIVED COMMENT (2018-02-16): Approved exception for incomplete  VOM- subject.  comp factor: FICO		 Guideline variance approved by lender at time of origination. comp factor: FICO Loan Review Complete
1804100075 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: Property Unit discrepancy:  Per Approval subject is 2 units.  per appraisal and analyst review, subject is 4 units.   per insurance binder property is 2 units.  Per application, property listed as SFR

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of corrected final loan approval WS

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Settlement stmt in file is not signed/certified as true & correct by the settlement agent.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of certified final settlement stmt		 [2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Approved exception - BP LOI in file is not handwritten. comp factor: LTV
WAIVED COMMENT (2018-02-18): Approved exception - BP LOI in file is not handwritten. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100081 $xxxxxxx FL xx/xx/xxxx Purchase 02/19/2018 1 1 1           Loan Review Complete
1804100134 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100149 $xxxxxxx GA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] Title / Lien Defect - Loan cited as having Title Schedule B exceptions
EXCEPTION INFO: Vesting discrepancy- Loan documents indicate a sole Borrower/indemnitor. Preliminary title indicates collateral is vested in 2 individuals as husband and wife. Underwriter could not find evidence that the wife was removed from title vesting.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Final settlement stmt provided is not signed/ stamped certified as true & correct by settlement agent.

CLEARED COMMENT (2018-02-28): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100225 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] Application / Processing - Missing Document: Background Check not provided
EXCEPTION INFO: Veri-tax Fraud ID in file  reflects a record of Deceased as of XXXX 2011.

CLEARED COMMENT (2018-02-26): Exception cleared- subject to lender affirmation that the cited discrepancy has been evaluated and deemed to be compliant with required VCC guidelines .

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: There is no SSC nor passport on file and the provided  Veri-tax Fraud ID in file  reflects a record of Deceased as of XXX 2011.

CLEARED COMMENT (2018-02-26): Exception cleared- subject to lender affirmation that the cited discrepancy has been evaluated and deemed to be compliant with required VCC guidelines .		     Loan Review Complete
1804100160 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1       [2] General - LTV does not meet guidelines
EXCEPTION INFO: Approved exception for use of AV of $XXXX  vs recently listed price of $XXXX.  comp factor: LTV,/ Analyst review support.
WAIVED COMMENT (2018-02-19): Approved exception for use of AV of $XXXX  vs recently listed price of $XXXX  comp factor: LTV,/ Analyst review support.

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Subject has been listed within 6 mos,  there is no Expired or cancelled listing agreement contained in file as specified per MCP 6.6

GENERAL COMMENT (2018-02-26): exception remains- provided evidence is not a listing agreement as  specified per guidelines.   per MCP 6.6 Properties that have been recently listed (within the past 6 months) must: * Be off the market (evidenced by expired or cancelled listing agreement)
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing cancelled listing agreement.  comp Factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV,/ Analyst review support.

Guideline variance approved by lender post origination. CF- LTV		 Loan Review Complete
1804100021 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100023 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: there is no handwritten BP LOI found in file for subject note.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of handwritten BP LOI

[1] Application / Processing - Missing Document: Flood Certificate not provided
EXCEPTION INFO: Flood cert for subject property not found in file provided for review.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of Flood cert .		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DCR of XXXX .  comp factors: LTV, Experienced investor
WAIVED COMMENT (2018-02-19): Approved exception for DCR of XXXX .  comp factors: LTV, Experienced investor		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100087 $xxxxxxx GA xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval value discrepancy;   analyst review in file indicates adjusted analyst value of $XXXXX  Approval indicates VCC value of $XXXX

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of corrected final loan approval WS

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: There is no final certified settlement stmt found in file

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of Certified final settlement stmt		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DCR of 1.23x on subject retail property type. comp factor: LTV
WAIVED COMMENT (2018-02-19): Approved exception for DCR of 1.23x on subject retail property type. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100113 $xxxxxxx TX xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Appraisal value discrepancy-   Analyst review and approval doc reflect appraised value of $XXXX.   Appraisal report in file reflects a $XXXXXX as is valuation.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of updated appraisa (10/06 rpt dt) l reflecting value aligning with analyst review and approval

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval type discrepancy-  Approval WS reflects Owner occ 0% but RE inv type as Owner user.  Analyst review indicates tenant occupancy. File documentation (loopnet) reflects that subject was listed for rent..  (There is no Bus license/ P&L's contained in file supporting owner occ/ owner user)

GENERAL COMMENT (2018-03-01): exception cleared- due to receipt of  updated loan approval document reflecting corrected  investor type

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Tere is no settlement stmt found in file ( neither estimated nor final. )  per guidelines a certified final settlement stmt is required.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of certified final settlement stmt		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects 5% wind/hail deductible on $XXXX coverage amount which exceeds guideline max deductible of $10M.

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor

[2] General - Missing Hazard Insurance
EXCEPTION INFO: EOI for any liability coverage on subject property, was not found in file

GENERAL COMMENT (2018-03-07): exception remains-  updated approval with exception for gen agg liability < $3mm not found in docs provided for review ( receipt of EOI for 1mm/2mm liability coverage acknowledged)
WAIVED COMMENT (2018-03-08): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor:seasoned investor		 Guideline variance approved by lender post origination.   CF - seasoned investor Loan Review Complete
1804100140 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1           Loan Review Complete
1804100172 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1     [1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: Missing cert of occ & indemnity for co-borrower H. Cerda

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: There are no SS cards nor passports for either coborrower-  only DL's found in file

CLEARED COMMENT (2018-02-26): Exception cleared-  due to receipt of veri-tax fraud ID  docs and subject to lender affirmation that the provided documentation  is sufficient  per MCP guideline

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Missing signed/ certified final settlement stmt.  the doc in file is marked estimated.

CLEARED COMMENT (2018-02-28): exception cleared- due to receipt of certified final settlement stmt		 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for incomplete VOM. comp factor: LTV
WAIVED COMMENT (2018-02-19): Approved exception for incomplete VOM. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100200 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI for renewal reflects loss of use vs loss of rents.   per MCP 7.2 Investor 1-4 policies require: i. Landlord insurance policy containing loss of rents coverage

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage		     Loan Review Complete
1804100207 $xxxxxxx CA xx/xx/xxxx Purchase 02/21/2018 2 2 1     [1] Appraisal Reconciliation - Desk Review value is less than Appraised value by at least 10%.
EXCEPTION INFO: Diligence provider has ordered field review-  pending receipt of results.
CLEARED COMMENT (2018-02-26): Received field review with 0 variance

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval Purchase price/VMC Value/ LTV discrepancy.   Loan approval WS on file reflects VMC value and purchase price of $XXX,XXX for approved LTV of XX.XX%.   however contract addendum signed X/XX/XXX final settlement stmt and analyst review in file reflect PP of $XXX,XXX

GENERAL COMMENT (2018-02-26): exception cleared- due to receipt of updated updated loan approval document reflecting corrected valuation/ purchase price figures		 [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Leases provided for only 3 of 4 units in subject property.   Exception for 25% Vacancy is not cited on approval doc.   Per MCP appendix 2, leases are required.

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for 25% vacancy/missing leases   comp Factor: LTV		 Guideline variance approved by lender post origination. CF- LTV Loan Review Complete
1804100221 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: Insifficient hazard coverage amount; EOI reflects $XXXX coverage amount.   Appraisal reflects replacement cost of $XXXX   
Per MCP 7.2 a. The insurance policy: * must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation.

CLEARED COMMENT (2018-03-07): Exception cleared- subject to lender affirmation that the cited coverage amount deficiency has been reviewed and is deemed compliant with VCC guideline requirements.

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: There is no  Loan Approval worksheet found in file.

GENERAL COMMENT (2018-02-27): Resultant exception cited-  application indicates borrower lives in china however, Borrower ID in file consists of a NY state drivers licence,   and the application document indicates that the borrower is  a US citizen and that he is xxxx, and xxxxx xxxx of a NY headquartered Real estate investment fund.
GENERAL COMMENT (2018-03-07): exception remains-  the following items have not been addrerssed 1) Application  reflects borrower is a US citizen.  2) borrower approved as foreign investor without FICO/ TIN, however per documentation provided borrower has a TIN and FICO with sufficient score/ history 3) approval does not reflect borrower's credit score.as provided. 4) there is no passport evidencing the borrowers nationality/ residency. ( the document in file verifies that the borrower has a residence in china, but does not establish/confirm official primary residency.)
GENERAL COMMENT (2018-03-09): Exception remains:   Approval document reflects recurrent contradictory information casting reasonable skepticism of the accuracy of underwriting precision/ diligence.

1) materiality based on multiple references to foreign nationality status of investor in credit approval in conjunction with the fact that guidelines have a separate section (MCP 5.6) addressing differentiation of  foreign investor/foreign national borrowers,  vs. MCP 5.7 for (resident) borrowers < 50%.  
supported by the following;
 A)  Borrowers status as a foreign investor is referenced 4 times in the approval worksheet.  however i.- The application indicates a direct contradiction of the borrower's residency status-  indicating that the borrower is a US citizen.    And ii.- there has been no affirmative documentation of the borrowers nationality/ residency status provided.
B)Borrower has no credit is referenced 2x in the approval worksheet.  However documentation has been provided indicating that the borrower does have a TIN and credit report information.

2-4) file contains no proof of residency/ nationality/ immigration status  under which to qualify buyer as a foreign national/investor which is referenced 4x in the approval doc.     The provided NY state ID indicating temp status reflects that temp status is expired as of X/XX/XXX (X weeks prior to note date) does not evidence any current proof of residency.  Per NY DMV this temp status indicates that the borrowers provided visa documentation to the DMV that had expired as of the origination date;  thus this document does not evidence that the borrowers current immigration/residency status as of the closing/ approval date, but rather that at one time in the past the borrower provided the NY DMV with documentation of a foreign passport and visa documentation sufficient to meet their guidelines.   The borrower could have obtained US citizen status, renewed their visa, or have an expired passport/visa .
CLEARED COMMENT (2018-03-12): exception cleared- due to receipt of updated loan application reflecting borrower non- resident status, and subject to lender affirmation that foreign government issued ID and/or passport is not a requirement to establish foreign investor status  per guideline requirements.

[1] Application / Processing - Missing Document: Background Check not provided
EXCEPTION INFO: There is no OFAC check reporting found in file.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing OFAC check  document

[1] Credit Documentation - Missing Document: Credit Report not provided
EXCEPTION INFO: There is no Credit check reporting found in file.

GENERAL COMMENT (2018-02-27): exception remains- loan application in file reflects that borrower is a US citizen-  in which case, a SSN would be required.   Is there any evidence available that a credit report was unavailable when requested?
GENERAL COMMENT (2018-03-07): resultant exception-  borrower approved as foreign investor without FICO/ TIN, however per documentation provided borrower has a TIN and FICO with sufficient score/ history per guidelines
CLEARED COMMENT (2018-03-09): Exception cleared- subject to lender affirmation that the cited  discrepancy has been reviewed and affirmed compliant with VCC guideline requirements.

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: There is no SSC/TIN/ Passport/ greencard/ visa found in file as required per applicable Guidelines.  ID copy in file indicates Temp Visitor Status which expired prior to note date.  (unable to determine which loan program subject qualifies under due to missing approval docs.)

GENERAL COMMENT (2018-02-27): exception remains- per Application/ 1003 provided borrower indicated that they were a US citizen.    If categorized as foreign national/ foreign investor, MCP 5.6  indicates that a passport/ID  or Greencard/Visa  is required in all situations.
GENERAL COMMENT (2018-03-07): exception remains-  there is no passport provided or other documentation proving the foreign nationality status of the borrower.
GENERAL COMMENT (2018-03-09): Exception remains; there is no Foreign ID/Passport provided evidencing that the borrower is a foreign national/ investor as approved.      Materiality based on Borrowers status as a foreign investor is referenced 4 times in the approval worksheet and multiple times in rebuttals.
CLEARED COMMENT (2018-03-12): exception cleared- due to receipt of updated loan application reflecting borrower non- resident status, and subject to lender affirmation that foreign government issued ID and/or passport is not a requirement to establish foreign investor status  per guideline requirements.

[1] General - Missing Hazard Insurance
EXCEPTION INFO: EOI reflects foreign borrower address vs domestic address on Mortgage, and settlement stmt.  per MCP 7.2 Evidence of insurance or insurance binder must agree with Note and show Borrower(s)’ names, mailing address, insured property address, and the type of insurance.

GENERAL COMMENT (2018-02-27): exception remains: The text of MCP 7.2 appears to indicate specifically that the addresses should agree(match)
CLEARED COMMENT (2018-03-07): Exception cleared- subject to lender affirmation that the cited discrepancy has been reviewed and is affirmed to be  compliant with VCC guideline requirements.		 [2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Recently listed Property with no expired/ cancelled listing agreement found in file.  per MCP 6.6 Properties that have been recently listed (within the past 6 months) must: * Be off the market (evidenced by expired or cancelled listing agreement)

GENERAL COMMENT (2018-02-26): exception remains-  the cited text of MCP 6.6  specifically requires a listing agreement as evidence.
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing listing cancellation.   comp Factor: appraiser verified cancellation		 Guideline variance approved by lender post origination.  comp factor- appraiser verified cancellation Loan Review Complete
1804100229 $xxxxxxx CA xx/xx/xxxx Purchase 02/21/2018 1 1 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Missing Guaranty agreement for guarantor E, Marias

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: The final settlement stmt is not signed by the borrower/guarantors nor is is signed/ stamped certified true & correct  by the settlement agent.

CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100297 $xxxxxxx WA xx/xx/xxxx Purchase 02/23/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects homeowner policy loss of use and not loss of rents with no evidence of existing policy.   per MCP 7.2 Investor 1-4 policies require: i. Landlord insurance policy containing loss of rents coverage; or ii. Homeowner’s insurance policy containing loss of use and/or loss of rents coverage. These policies are acceptable in cases where the borrower is adding the rental property to an existing homeowner’s policy. They are not acceptable if the subject property is the only property insured on the policy (a Landlord policy is required in those cases).

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: Driver's license in file does not match borrower name and address. Could not find other proof of citizenship in image file.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: There is no certified final settlement stmt found in file.  all stmts in file are marked estimated.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100083 $xxxxxxx TX xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect loss of rents/ business income coverage

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of updated EOI doc		 [2] General - FICO below 650
EXCEPTION INFO: Approved Exception for FICO of XXX.   comp factor: LTV
WAIVED COMMENT (2018-02-16): Approved Exception for FICO of XXX   comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100199 $xxxxxxx GA xx/xx/xxxx Purchase 02/21/2018 1 1 1           Loan Review Complete
1804100051 $xxxxxxx CO xx/xx/xxxx Purchase 02/21/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval doc discrepancy- Approval reflects an existing debt balance of ~$XXX  which is inconsistent  with a purchase transaction, and does not align with transaction details per the Final Settlement stmt in file.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of corrected loan approval WS

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: There is no SS card nor passport found in file for subject borrower.  only DL found in file.

CLEARED COMMENT (2018-02-26): Exception cleared-  due to receipt of veri-tax fraud ID and subject to lender affirmation that the provided documentation  is sufficient  per MCP guideline

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Approval doc discrepancy- Insufficient verified funds to close. The VOF stmts in file Aggregate total results in a $XXXX  shortfall  vs final settlement stmt indicated funds due from buyer of $XXXXX   Per final loan approval the approved UW VOF reflects a VOF excess of $XXXX

CLEARED COMMENT (2018-02-26): Exception cleared-  due to receipt of  copies of cashiers checks and subject to lender affirmation that the provided documentation  is sufficient  per MCP guideline

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: the final settlement stmts in file are not signed by either Buyer or seller.  the Seller settlement stmt is not certified as true & correct by the settlement agent

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100095 $xxxxxxx MD xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100211 $xxxxxxx MD xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1       [2] General - LTV does not meet guidelines
EXCEPTION INFO: Approved exception for LTV of XX% on cash out refi.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-20): Approved exception for LTV of XX% on cash out refi.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor Loan Review Complete
1804100216 $xxxxxxx RI xx/xx/xxxx Purchase 02/21/2018 2 2 1       [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing VOR- primary. comp factor: LTV
WAIVED COMMENT (2018-02-20): Approved exception for missing VOR- primary. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100086 $xxxxxxx MA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: n/a
CLEARED COMMENT (2018-03-07): NA- not in scope		     Loan Review Complete
1804100070 $xxxxxxx NJ xx/xx/xxxx Purchase 02/19/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: There is no signed/ certified as true & correct final settlement stmt found in file

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of certified final settlement stmt		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect inclusion of named storm ( hurricane) coverage as required per MCP guidelines

GENERAL COMMENT (2018-02-23): Comp factor cited of 'sufficient wind coverage is questionable degree of justification as use for a comp factor for missing named storm  endorsement. (MCP 5.5)
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing named storm coverage .   comp Factor: sufficient wind coverage.		 Guideline variance approved by lender post origination.  comp factor: sufficient wind coverage Loan Review Complete
1804100139 $xxxxxxx NY xx/xx/xxxx Refinance Rate/Term 02/21/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 5% Wind deductible on $XXX coverage amount exceeds $10M Max deductible per guidelines

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor:  LTV, FICO

[2] General - Missing Hazard Insurance
EXCEPTION INFO: approved exception for waiver of ins impounds.  comp factors :LTV, FICO
WAIVED COMMENT (2018-02-19): approved exception for waiver of ins impounds. comp factors :LTV, FICO		 Guideline variance approved by lender at time of origination. comp factor: FICO

Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination. CF- FICO

Guideline variance approved by lender post origination. CF- LTV		 Loan Review Complete
1804100255 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1           Loan Review Complete
1804100035 $xxxxxxx NY xx/xx/xxxx Refinance Rate/Term 02/21/2018 2 2 1       [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for missing leases- comp factor: FICO, Seasoned Investor
WAIVED COMMENT (2018-02-19): Approved exception for missing leases- comp factor: FICO, Seasoned Investor		 Guideline variance approved by lender at time of origination. comp factor: FICO

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100044 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: The Settlement stmts found in file are not signed/ stamped as certified true & Correct by the settlement agent nor signed by borrower.

GENERAL COMMENT (2018-02-23): Exception remains the stmt provided s not certified true & correct by settlement agent
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of certified final settlement stmt		 [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX.  comp factor: LTV
WAIVED COMMENT (2018-02-17): Approved exception for FICO of XXX. comp factor: LTV

[2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for limited credit history/ tradelines. comp factor: LTV
WAIVED COMMENT (2018-02-17): Approved exception for limited credit history/ tradelines. comp factor: LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 1) Hurricane deductible of 5% on $XXXX coverage amount exceeds guideline max of $10M.
  2) EOI indicates loss of use as opposed to loss of rents. Per MCP 7.2 Investor 1-4 policies require: i. Landlord insurance policy containing loss of rents coverage; or ii. Homeowner’s insurance policy containing loss of use and/or loss of rents coverage. These policies are acceptable in cases where the borrower is adding the rental property to an existing homeowner’s policy. They are not acceptable if the subject property is the only property insured on the policy (a Landlord policy is required in those cases).

WAIVED COMMENT (2018-02-23): Exceptions waived -  due to receipt of updated loan approval WS reflecting approved exceptions for deductible amount and no loss of rents.  comp Factor: LTV

[2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: BP LOI is not on entity letterhead as required per MCP appendix 2 for entity borrowers

WAIVED COMMENT (2018-02-23): Exceptions waived -  due to receipt of updated loan approval WS reflecting approved exception for missing entity letterhead.  comp Factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for incomplete VOM (cancelled Cks).  comp factor: LTV
WAIVED COMMENT (2018-02-17): Approved exception for incomplete VOM (cancelled Cks).  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp Factor: LTV

Guideline variance approved by lender post origination. comp factor: LTV		 Loan Review Complete
1804100286 $xxxxxxx NY xx/xx/xxxx Purchase 02/21/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Wind/hail deductible of 5% on $XXX coverage amount is greater than $10M guideline max deductible allowance.

GENERAL COMMENT (2018-02-26): updated loan approval for subject note was not found in updates provided.
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100056 $xxxxxxx CA xx/xx/xxxx Purchase 02/21/2018 1 1 1           Loan Review Complete
1804100131 $xxxxxxx OH xx/xx/xxxx Purchase 02/26/2018 2 2 1       [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for missing leases- comp factor seasoned investor
WAIVED COMMENT (2018-02-24): Approved exception for missing leases- comp factor seasoned investor		 Guideline variance approved by lender at time of origination. CF-seasoned investor Loan Review Complete
1804100252 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1           Loan Review Complete
1804100292 $xxxxxxx CT xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1           Loan Review Complete
1804100238 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1           Loan Review Complete
1804100241 $xxxxxxx NY xx/xx/xxxx Purchase 02/21/2018 2 2 1     [1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: Missing cert of occ & indemnity for co borrower XXXX

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document		 [2] General - Ineligible property
EXCEPTION INFO: Approved exception for rural property. Comp factor: LTV, reserves
WAIVED COMMENT (2018-02-20): Approved exception for rural property. Comp factor: LTV, reserves

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 1) EOI reflects 80% coinsurance.  per MCP  coinsurance is not allowed for 1-4 family property types. 2) EOI indicates exclusion of named storm (hurricane ) coverage which is required per MCP 7

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  missing named storm coverage and presence of coinsurance.    comp Factor: LTV, reserves

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing VOR- borrower lives rent free with no lease as superintendent of primary residence bldg.  Comp factor: LTV, reserves
WAIVED COMMENT (2018-02-20): Approved exception for missing VOR- borrower lives rent free. Comp factor: LTV, reserves		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: reserves

Guideline variance approved by lender post  origination. CF- reserves

Guideline variance approved by lender post origination.  CF- LTV

Guideline variance approved by lender post origination.  CF- reserves		 Loan Review Complete
1804100031 $xxxxxxx MA xx/xx/xxxx Refinance Rate/Term 02/21/2018 2 2 1       [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX.  comp factor: LTV
WAIVED COMMENT (2018-02-19): Approved exception for representative FICO of XXX. comp factor: LTV

[2] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: Visa/ Green card appears to be expired as of XXXX for 1 of 2 coborrowers.  per MCP 5.6 Visa/ Green card is required for foreign national borrowers

GENERAL COMMENT (2018-02-26): Exception remains-  identified issue is not cited as an exception.  exception exists as  1 of 2 co-borrowers does not meet guideline requirements for foreign national borrowers.
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  expired perm res card.   comp Factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing/ incomplete VOM.  comp factor: LTV
WAIVED COMMENT (2018-02-19): Approved exception for missing/ incomplete VOM. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100190 $xxxxxxx LA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: Missing signature/name affidavit for co-borrower- XX.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Property type discrepancy- Analyst review contains contradictory stmts;  heading indicates Investor-  owner user: N,  however comments indicate present use is owner-occupant.  Approval docs reflect 100% owner Occ

GENERAL COMMENT (2018-02-26): exception remains:  Heading of analyst review reflects investor RE type  but owner user/: y  status with multiple stmts in analysis stating that subject is owner user.  Per approval: RE Inv type is owner user
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of corrected cited document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Missing application/1003 for coborrower- XX

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document		 [2] General - FICO below 650
EXCEPTION INFO: Approved exception for representative FICO of XXX.   comp factor: experienced owner/user
WAIVED COMMENT (2018-02-20): Approved exception for representative FICO of XXX   comp factor: experienced owner/user

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI refflects 5% wind deductible on $XXXXX coverage amount which exceeds guideline max of $10M

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS(s) reflecting approved exception for deductible amount.    comp Factor: seasoned owner-user

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Approved exception for waiver of insurance impounds.   comp factor: experienced owner/user
WAIVED COMMENT (2018-02-20): Approved exception for waiver of insurance impounds. comp factor: experienced owner/user		 Guideline variance approved by lender  post origination.  CF- experienced owner-user

Guideline variance approved by lender at time of origination.   .   comp factor: experienced owner/user		 Loan Review Complete
1804100246 $xxxxxxx NC xx/xx/xxxx Purchase 02/26/2018 1 1 1     [1] Application / Processing - Missing Valuation:: Valuation Type: Desk Review / Valuation Report Date: <empty> Desk Review is missing
EXCEPTION INFO: Missing lender's internal appraisal review form

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document		     Loan Review Complete
1804100261 $xxxxxxx WA xx/xx/xxxx Purchase 02/21/2018 1 1 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Missing certified final settlement stmt-  the stmts in file are all marked estimated.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100288 $xxxxxxx CA xx/xx/xxxx Refinance Rate/Term 02/19/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Hazard deductible of $XXXX exceeds guideline max of $5M

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount   comp Factor: LTV, FICO

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for VOM- subject:  notice of default ( matured).  comp factor LTV, FICO
WAIVED COMMENT (2018-02-16): Approved exception for VOM- subject: notice of default ( matured). comp factor LTV, FICO

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Insufficient liability coverage.   Subject xxxxxx ( industrial) property requires $3MM gen agg per guidelines

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor: LTV, FICO

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for no lease- owner occ > $500M.  comp factor LTV, FICO
WAIVED COMMENT (2018-02-16): Approved exception for no lease- owner occ > $500M. comp factor LTV, FICO		 Guideline variance approved by lender at time of origination. comp factor: FICO

Guideline variance approved by lender at time of origination. Comp Factor: LTV

Guideline variance approved by lender post  origination.

Guideline variance approved by lender post origination CF- FICO		 Loan Review Complete
1804100157 $xxxxxxx NY xx/xx/xxxx Purchase 02/21/2018 1 1 1           Loan Review Complete
1804100193 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects homeowners policy with loss of use coverage, which is not acceptable per MCP 7.2-  Investor 1-4 policies require: i. Landlord insurance policy containing loss of rents coverage; or ii. Homeowner’s insurance policy containing loss of use and/or loss of rents coverage. These policies are acceptable in cases where the borrower is adding the rental property to an existing homeowner’s policy. They are not acceptable if the subject property is the only property insured on the policy (a Landlord policy is required in those cases).

CLEARED COMMENT (2018-02-26): Exception cleared- subject to lender affirmation that the cited issue/discrepancy  has been reviewed and deemed compliant with VCC guidelines.		     Loan Review Complete
1804100325 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1       [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing/ incomplete VOM. comp factor: seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for missing/ incomplete VOM. comp factor: seasoned investor

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Approved exception for valuation > PP for property held < 12 mos. comp factor: seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for valuation > PP for property held < 12 mos. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination comp factor: seasoned investor Loan Review Complete
1804100026 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100156 $xxxxxxx FL xx/xx/xxxx Purchase 02/21/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Final settlement stmt in file is not signed by seller

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of signed/certified final settlement stmt		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception for unrated carrier- comp factor: Established ins carrier
WAIVED COMMENT (2018-02-19): Approved exception for unrated carrier- comp factor: Established ins carrier		 Guideline variance approved by lender at time of origination.  comp factor: Established ins carrier Loan Review Complete
1804100185 $xxxxxxx NY xx/xx/xxxx Purchase 02/19/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval owner Occ % discrepancy.  Approval reflects 0.0% Owner occ.  per analyst review- subject is 27% owner occ

CLEARED COMMENT (2018-02-23): Exception cleared- subject to lender affirmation that the cited discrepancy has been reviewed;  owner occ is confirmed as 0% and subject UW  is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: there is no handwritten BP LOI found in file as required per MCP appendix 2  for subject mixed use property.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of  Handwritten BP LOI

[1] Application / Processing - Missing Document: Environmental Report not provided
EXCEPTION INFO: Unable to locate Zurich approval for subject mixed use property

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of Zurich approval for subject

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: VOF in file reflects $XXXXXX in deposits in 3 transactions over 3 consecutive days with no LOE or evidence of source of large deposits.   Historical balance of account over the 4-5 months prior appears to have been $XXXXX.

CLEARED COMMENT (2018-02-23): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: There is no lease in file for commercial unit.  per MCP appendix2 leases are required.

CLEARED COMMENT (2018-02-23): exception cleared- subject to lender affirmation that leases are not required per guidelines		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Credit report reflects no major consumer credit accounts.  per guidelines, 2 are required.

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for limited tradelines    comp Factor: LTV		 Guideline variance approved by lender post origination.  CF- LTV Loan Review Complete
1804100267 $xxxxxxx CT xx/xx/xxxx Purchase 02/19/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect business income/ loss of rents coverage.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of  updated EOI reflecting business income coverage

[1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Missing Guaranty agreement for Guarantor xxxxxx

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of missing guaranty agreement

[1] General - Missing Hazard Insurance
EXCEPTION INFO: There is no EOI for any liability insurance for subject property/ borrower.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of EOI of sufficient liability coverage		     Loan Review Complete
1804100329 $xxxxxxx RI xx/xx/xxxx Purchase 02/23/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Certified final settlement stmt not found in file.  stmt in file is un-signed/ estimated

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of certified final settlement stmt		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for no open/active major tradelines.  comp factor: LTV, reserves
WAIVED COMMENT (2018-02-23): Approved exception for no open/active major tradelines.  comp factor: LTV, reserves

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects coinsurance which is prohibited for 1-4 family property type per MCP 7.2

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for coinsurance   comp Factor: LTV, reserves		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: reserves

Guideline variance approved by lender post origination.  CF- LTV

Guideline variance approved by lender post origination. CF- reserves		 Loan Review Complete
1804100163 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect 1) law & ordinance coverage, 2) loss of rents/ business income coverage

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of  Updated EOI reflecting sufficient/ compliant coverage.

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: There is no SS card nor passport in file for subject guarantor;  only a DL.

CLEARED COMMENT (2018-02-23): Exception cleared- due to receipt of veri tax fraud ID and subject to lender affirmation that the cited doc is compliant with VCC guidelines.		 [2] Credit Documentation - Missing Document: Credit Report not provided
EXCEPTION INFO: Credit report > 60 days aged at origination.  ( report date X/XX; note date XX/XX)

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for aged credit report.   comp Factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing/ incomplete VOM.  comp factor: LTV
WAIVED COMMENT (2018-02-16): Approved exception for missing/ incomplete VOM.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination. CF- LTV		 Loan Review Complete
1804100222 $xxxxxxx CA xx/xx/xxxx Refinance Rate/Term 02/21/2018 1 1 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: there is no final settlement stmt in file.  the certified stmt in file is marked estimated.

CLEARED COMMENT (2018-02-28): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100310 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] General - One or more of your documents was not signed and dated by the borrower(s).
EXCEPTION INFO: Missing cert of occ & indemnity for 1 of 2 co-borrowers.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document		     Loan Review Complete
1804100108 $xxxxxxx GA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1           Loan Review Complete
1804100257 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100276 $xxxxxxx FL xx/xx/xxxx Purchase 02/19/2018 2 2 1       [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for Missing VOR/VOM primary- borrower lives rent free per LOE in file.  comp factor: LTV, reserves
WAIVED COMMENT (2018-02-18): Approved exception for Missing VOR/VOM primary- borrower lives rent free per LOE in file.  comp factor: LTV, reserves		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: reserves		 Loan Review Complete
1804100346 $xxxxxxx CA xx/xx/xxxx Purchase 02/26/2018 1 1 1     [1] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Unable to locate any EOI for subject property in file provided for review ( neither liability nor hazard insurance found)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents reflecting sufficient coverage

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Missing certified final settlement stmt- docs in file are marked estimated

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100042 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: there is no signed/ certified final settlement stmt found in file provided for review.

GENERAL COMMENT (2018-02-26): Exception remains-  uploaded scan appears to truncate the bottom portion of pages 1 and 2-   unable to verify total amounts/ alignment with approval.
GENERAL COMMENT (2018-03-07): exception remains-  incomplete provided document-   the scan does not capture the bottom portion of the first two pages to verify  transaction totals.
CLEARED COMMENT (2018-03-09): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100067 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1     [1] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Unable to locate any evidence of liability coverage in file provided for review.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of  EOI of sufficient liability coverage

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Settlement stmts on file is not signed/stamped as certified true & correct nor is it signed by borrower.

CLEARED COMMENT (2018-02-23): exception cleared- due to receipt of Certified final settlement stmt		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 1) EOI reflects 80% coinsurance.   Per guidelines coinsurance is not allowed on 1 1-4 family property type.  2) Wind deductible of $XXXXXX exceeds guideline max of $10M.   3)  EOI reflects exclusion of named storm (hurricane) coverage.

WAIVED COMMENT (2018-02-23): Exceptions waived -  due to receipt of updated loan approval WS reflecting approved exceptions for  3 cited insurance issues.  comp Factor: LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Approved exceptions for Waiver of ins impounds/ financed premium.  comp factor: seasoned investor.
WAIVED COMMENT (2018-02-18): Approved exceptions for Waiver of ins impounds/ financed premium.  comp factor: seasoned investor.		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor

Guideline variance approved by lender post origination. CF: LTV		 Loan Review Complete
1804100094 $xxxxxxx FL xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing final settlement stmt-  the stmt found n file is marked estimated

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of certified final settlement stmt		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 1) wind deductible of 5% on $XXXX coverage amt exceeds guideline max of $10M    2) fair rental value  coverage amount of $XXXX is  < 2 mos of contractual/UW rent.  request lender affirmation of compliance

WAIVED COMMENT (2018-03-02): Exceptions waived -  due to receipt of updated loan approval WS reflecting approved exceptions for deductible  amount and no loss of rents coverage.  comp Factor: FICO

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for incomplete VOM-primary.  comp factor: FICO
WAIVED COMMENT (2018-02-24): Approved exception for incomplete VOM-primary.  comp factor: FICO

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Liability of $XXXX is less than $1mm/$2MM required for multifamily property type

WAIVED COMMENT (2018-03-02): Exceptions waived -  due to receipt of updated loan approval WS reflecting approved exception for Liability coverage amount,   comp Factor: FICO		 Guideline variance approved by lender at time of origination.  CF- FICO

Guideline variance approved by lender post origination.  CF- FICO		 Loan Review Complete
1804100151 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 03/05/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: Missing Updated EOI with increase to property /bldg coverage and liability limits.   There is an invoice referencing a billing for these changes but no evidence of implementation.

CLEARED COMMENT (2018-03-09): Exception cleared- subject to lender affirmation that the cited EOI Documentation has been reviewed and affirmed compliant with VCC guideline requirements.

[1] General - Missing Hazard Insurance
EXCEPTION INFO: Missing law & ordinance coverage

GENERAL COMMENT (2018-03-07): exception remains-  the cited information/evidence is an invoice referencing a billing for these changes but no evidence of implementation.
CLEARED COMMENT (2018-03-09): Exception cleared- subject to lender affirmation that the cited EOI Documentation has been reviewed and affirmed compliant with VCC guideline requirements.

[1] Closing / Title - Missing Note
EXCEPTION INFO: consolidation, extension and restatement of Notes agreement document provided is missing a countersignature from velocity in the prescribed field.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document		     Loan Review Complete
1804100232 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: missing final loan approval WS.  unable to verify UW DSCR/LTV  and any other specified loan terms/ compliance

CLEARED COMMENT (2018-02-28): exception cleared- due to receipt of missing loan approval doc		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DCR of XXXX . Comp factor: LTV
WAIVED COMMENT (2018-02-28): Approved exception for DCR of XXXX . Comp factor: LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Wind deductible of 5% on $XXXX coverage amount exceeds guideline max of $10M.

WAIVED COMMENT (2018-02-28): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: LTV

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: mising lease- property is 27% vacant.  approval not present in file to verify approval of cited exception

WAIVED COMMENT (2018-02-28): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  vacancy/ missing leases.    comp Factor: LTV		 Guideline variance approved by lender at time of origination.  CF- LTV

Guideline variance approved by lender post-origination.  CF- LTV		 Loan Review Complete
1804100268 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect inclusion of wind/hai/ named storm coverage which is required for NJ per VC ins requirements.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: There is no AVM nor analyst review found in file for subject property

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document(s)		     Loan Review Complete
1804100314 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: missing cert of occ & indemnity for  co-borrower XXXX

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document		 [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for expired lease.  comp factor- LTV
WAIVED COMMENT (2018-02-23): Approved exception for expired lease. comp factor- LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100321 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1       [2] General - Missing Hazard Insurance
EXCEPTION INFO: Approved exception for B rated carrier.  comp factor: Established ins carrier
WAIVED COMMENT (2018-02-23): Approved exception for B rated carrier.  comp factor: Established ins carrier		 Guideline variance approved by lender at time of origination. comp factor: established ins carrier Loan Review Complete
1804100378 $xxxxxxx MD xx/xx/xxxx Purchase 02/23/2018 1 1 1           Loan Review Complete
1804100415 $xxxxxxx NY xx/xx/xxxx Purchase 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Final loan approval WS not found in file

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Missing certified final settlement stmt.  there is only an un-signed estimated stmt in file

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of certified final settlement stmt

[1] General - Owner Occ Business Purpose Certification is missing
EXCEPTION INFO: BP disclosure not found in file.  per MCP appendix 2 the BP disclosure is required in addition to the  BP cert.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: wind deductible of 2% on $XXXX coverage amount exceeds guideline max deductible of $10M

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: reserves

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for VOR rating.  Comp factor: reserves
WAIVED COMMENT (2018-03-02): Approved exception for VOR rating.  Comp factor: reserves		 Guideline variance approved by lender post origination. Loan Review Complete
1804100249 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1       [2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Approved exception for property seasoning < 12 mos.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-20): Approved exception for property seasoning < 12 mos.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor Loan Review Complete
1804100366 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects loss of use and not loss of rents.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of updated EOI along with lender affirmation that subject coverage was reviewed and affirmed sufficient/ compliant coverage		 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for Incomplete VOM- primary.  comp factor: all present mortgages paid AA.
WAIVED COMMENT (2018-02-23): Approved exception for Incomplete VOM- primary.  comp factor: all present mortgages paid AA.		 Guideline variance approved by lender at time of origination.  comp factor: all present mortgages paid AA. Loan Review Complete
1804100247 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 1 1 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Missing guaranty agreement for co-guarantor xxxxxx

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing document		     Loan Review Complete
1804100332 $xxxxxxx NJ xx/xx/xxxx Purchase 02/23/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects coinsurance which is not permitted on 1-4 family properties per MCP  guidelines

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for coinsurance.    comp Factor: seasoned investor, reserves		 Guideline variance approved by lender post  origination.  CF- seasoned investor

Guideline variance approved by lender post origination.  CF- reserves		 Loan Review Complete
1804100316 $xxxxxxx GA xx/xx/xxxx Purchase 02/23/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects additional living expense and not loss of rents coverage.   per MCP 7.2 loss of rents is required for 1-4 family property type.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Settlement stmt in file is not sgned/ stamped by settlement agent as true & correct

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of certified final settlement stmt		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for FT investor out of state.  comp factor: reserves
WAIVED COMMENT (2018-02-22): Approved exception for FT investor - out of state property. comp factor: reserves

[2] General - LTV does not meet guidelines
EXCEPTION INFO: Approved exception for XX% LTV.  comp factor: reserves
WAIVED COMMENT (2018-02-22): Approved exception for XX% LTV. comp factor: reserves		 Guideline variance approved by lender at time of origination. comp factor: reserves Loan Review Complete
1804100371 $xxxxxxx FL xx/xx/xxxx Purchase 02/23/2018 1 1 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: There is no analyst review nor AVM found in file to support appraised valuation/ VCC approved value

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document affirming VCC approved value of $110M		     Loan Review Complete
1804100196 $xxxxxxx NY xx/xx/xxxx Purchase 02/21/2018 2 2 1       [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for vacant property.  comp factors: FICO, seasoned investor
WAIVED COMMENT (2018-02-20): Approved exception for vacant property. comp factors: FICO, seasoned investor		 Guideline variance approved by lender at time of origination. comp factor:  FICO

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100373 $xxxxxxx MD xx/xx/xxxx Purchase 02/23/2018 1 1 1           Loan Review Complete
1804100414 $xxxxxxx LA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception for deductible >$5M.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-26): Approved exception for deductible >$5M. comp factor: seasoned investor

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Approved exception for waiver of ins impounds.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-26): Approved exception for waiver of ins impounds. comp factor: seasoned investor

[2] General - Missing Hazard Insurance
EXCEPTION INFO: EOI reflects Blanket  liability policy without endorsement for full coverage amt for each property as  required per guidelines.

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  blanket policy.     comp Factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor

Guideline variance approved by lender post origination.  CF- seasoned investor		 Loan Review Complete
1804100360 $xxxxxxx KS xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1           Loan Review Complete
1804100361 $xxxxxxx KS xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1           Loan Review Complete
1804100363 $xxxxxxx KS xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1           Loan Review Complete
1804100270 $xxxxxxx LA xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1       [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: approved exception for <2 major tradelines. comp factor: seasoned investor
WAIVED COMMENT (2018-02-21): approved exception for <2 major tradelines. comp factor: seasoned investor

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for unrated carrier.  comp factor: established ins carrier
WAIVED COMMENT (2018-02-21): approved exception for unrated carrier.  comp factor: established ins carrier

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for missing/incomplete VOR. comp factor: seasoned investor
WAIVED COMMENT (2018-02-21): approved exception for missing/incomplete VOR. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  comp factor: established ins carrier

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100005 $xxxxxxx CT xx/xx/xxxx Refinance Rate/Term 02/19/2018 2 2 1       [2] General - Insufficient Flood insurance
EXCEPTION INFO: Approved exception for flood ins capped at $250M. comp factor: LTV
WAIVED COMMENT (2018-02-16): Approved exception for flood ins capped at $250M. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100116 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing final settlement stmt.  the docs in file are estimated stmts.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of certified final settlement stmt		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for  DSCR of XXX  comp factor: LTV, Reserves
WAIVED COMMENT (2018-02-23): Approved exception for missing VOM.  comp factor: LTV, Reserves

[2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for limited tradelines  comp factor: LTV, Reserves
WAIVED COMMENT (2018-02-23): Approved exception for limited tradelines comp factor: LTV, Reserves

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Gen Agg liability < $3MM for xxxxxx (industrial) property type

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing VOM.  comp factor: LTV, Reserves
WAIVED COMMENT (2018-02-23): Approved exception for missing VOM.  comp factor: LTV, Reserves		 Guideline variance approved by lender at time of origination.  CF-  reserves

Guideline variance approved by lender at time of origination. CF- LTV

Guideline variance approved by lender post  origination.  CF- reserves

Guideline variance approved by lender post  origination. CF- reserves

Guideline variance approved by lender post origination. CF- LTV

Guideline variance approved by lender post origination. CF- LTV

Guideline variance approved by lender post origination. CF-LTV		 Loan Review Complete
1804100182 $xxxxxxx NJ xx/xx/xxxx Purchase 02/21/2018 1 1 1           Loan Review Complete
1804100306 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects $XXXX coverage amount,  Note amount $XXXX, Appraisal  indicates and insurable value of $XXXX.  Per MCP7.2 a. The insurance policy: must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation

CLEARED COMMENT (2018-03-02): Exception cleared- subject to lender affirmation that the cited coverage  amount issue has been reviewed and deemed sufficient and  is compliant with VCC guidelines.		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DCR of XXXX  comp factor: LTV
WAIVED COMMENT (2018-02-23): Approved exception for DCR of XXXX. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100335 $xxxxxxx CT xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1           Loan Review Complete
1804100385 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects loss of use and not loss of rents

CLEARED COMMENT (2018-03-02): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Handwritten BP LOI is not on entity letterhead as required per MCP appendix 2.

CLEARED COMMENT (2018-03-02): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Certified final settlement stmt not found in file.  stmts in file are estimated.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100396 $xxxxxxx CA xx/xx/xxxx Refinance Rate/Term 02/23/2018 1 1 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Certified final settlement stmt not found in fila.  all docs appear to be marked estimated.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100400 $xxxxxxx NY xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Missing VOF to close.  per approval  asset section  VOF was a requirement prior to closing.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of updated loan approval document reflecting removal of VOF pre-closing  requirement.

[1] General - Missing Hazard Insurance
EXCEPTION INFO: EOI in file does not reflect  any Gen Aggregate liability coverage amount.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for  LTV of XXXX.  comp factor: Seasoned investor, LTV
WAIVED COMMENT (2018-02-23): Approved exception for  LTV of XXX.  comp factor: Seasoned investor, LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing VOR- borrower lives rent free per LOE in file.  comp factor: Seasoned investor, LTV
WAIVED COMMENT (2018-02-23): Approved exception for missing VOR- borrower lives rent free per LOE in file.  comp factor: Seasoned investor, LTV		 Guideline variance approved by lender at time of origination.  CF - LTV

Guideline variance approved by lender at time of origination. CF- seasoned investor		 Loan Review Complete
1804100435 $xxxxxxx MI xx/xx/xxxx Purchase 02/23/2018 2 2 1       [2] General - LTV does not meet guidelines
EXCEPTION INFO: Approved exception for XX% LTV.   Comp factor: reserves
WAIVED COMMENT (2018-02-22): Approved exception for XX% LTV.   Comp factor: reserves		 Guideline variance approved by lender at time of origination. comp factor: reserves Loan Review Complete
1804100304 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI indicates $XXX gen agg for Industrial property type; $XXX gen agg liab as required per MCP.

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Missing VOR-primary- LOE in file reflects that borrower lives rent free with spouse- loan/ mtg not in borr's name

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing VOR-primary  comp Factor: LTV

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Cashout on property held < 12 mos.   per analyst review contained in file, the subject property was acquired by borrower for $XXXX within X mos of note origination date.  per MCP 6.6 Definition: Borrower on title < 12 months * Value estimate limited to the lessor of the original purchase price or the current appraised value

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for property seasoned < 12 most   comp Factor: LTV		 Guideline variance approved by lender post origination.  CF- LTV Loan Review Complete
1804100320 $xxxxxxx RI xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: Owner Occ property with loss of rent as opposed to business income/ interruption coverage.   per MCP 7.2 Traditional 2 Owner User properties are required to obtain a Business Interruption policy.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy has been reviewed and coverage is deemed compliant with VCC guidelines.		     Loan Review Complete
1804100342 $xxxxxxx TX xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Appraisal value discrepancy-  Analyst review and approval reflect appraisal value of $XXXX   Appraisal report in file indicates a value of $XXXX

GENERAL COMMENT (2018-03-07): exception remains-  updated  analyst review  affirming VCC value was not provided ( receipt of updated/ correcte loan approval WS is acknowledged.)
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of corrected cited documents		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Wind/hail deductible of 2% on XXXX coverage amount exceeds guideline max deductible of $10M

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for incomplete VOM;  comp factor: seasoned investor
WAIVED COMMENT (2018-02-25): Approved exception for incomplete VOM; comp factor: seasoned investor

[2] General - Missing Hazard Insurance
EXCEPTION INFO: EOI reflects exclusion of named storm ( hurricane ) coverage.  per MCP 7.2 this coverage must not be excluded.

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing named storm coverage.   comp Factor:seasoned investor		 Guideline variance approved by lender at time of origination. CF- seasoned investor

Guideline variance approved by lender post origination.  CF- seasoned investor		 Loan Review Complete
1804100348 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Appraisal review property type discrepancy-   Approval WS reflects 2 unit property,  appraisal reflects 2 units. Analyst review reflects 3 units,,

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated corrected analyst review

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing certified final settlement stmt- stmts in file are marked estimated.

CLEARED COMMENT (2018-03-09): exception cleared- due to receipt of certified final settlement stmt		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: approved exception for DSCR of XXX;   comp factor LTV, seasoned investor
WAIVED COMMENT (2018-02-21): approved exception for UW DSCR of XXX; comp factor LTV, seasoned investor		 Guideline variance approved by lender at time of origination.  comp factor: seasoned investor

Guideline variance approved by lender at time of origination. comp factor: LTV		 Loan Review Complete
1804100349 $xxxxxxx FL xx/xx/xxxx Purchase 02/23/2018 2 2 1     [1] General - Insufficient Flood insurance
EXCEPTION INFO: Insufficient coverage amount- EOI Reflects $XXXX coverage amount,  Appraisal indicates $XXX replacement cost.  Note amount is $XXXX.   Per MCP 7.2  a. The insurance policy:must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation.

CLEARED COMMENT (2018-03-08): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] General - Insufficient Hazard Insurance
EXCEPTION INFO: Insufficient coverage amount- EOI Reflects $XXXX coverage amount,  Appraisal indicates $XXXX replacement cost.  Note amount is $XXX.   Per MCP 7.2  a. The insurance policy:must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation.

CLEARED COMMENT (2018-03-08): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.		 [2] General - Missing Hazard Insurance
EXCEPTION INFO: Hurricane deductible of 5% on $XXXX coverage amount exceeds guideline max deductible of $10M

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for Missing leases for subject 2 unit property. comp factor: Seasoned investor, LTV
WAIVED COMMENT (2018-02-22): Approved exception for Missing leases for subject 2 unit property. comp factor: Seasoned investor, LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: seasoned investor

Guideline variance approved by lender post origination. CF- seasoned investor		 Loan Review Complete
1804100215 $xxxxxxx NJ xx/xx/xxxx Refinance Rate/Term 02/23/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: unable to locate wind/hail coverage details within EOI doc provided.  Per VCC insurance coverage requirements-  wind/ hail/ named storm coverage is required in NJ.

CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] General - Missing Environmental Report
EXCEPTION INFO: Environmental insurance less than note face amount-  Zurich approval in file reflects coverage amount of $XXXX vs loan face amount of $XXXXX

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of updated zurich approval doc reflecting sufficient coverage amount		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for  limited credit history.  comp factor: LTV
WAIVED COMMENT (2018-02-21): Approved exception for  limited credit history.  comp factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exceptions for 1)for Missing VOR- primary Borrower lives rent free per LOE in file and 2) VOM subject. - missing.  comp factor: LTV
WAIVED COMMENT (2018-02-21): Approved exceptions for 1)for Missing VOR- primary Borrower lives rent free per LOE in file and 2) VOM subject. - missing.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100236 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Vesting discrepancy-  Title work in file reflects vesting in only 1 of 2 coborrowers/ co-indemnitors,  with no grant deed  nor final title found in file to  verify documented VCC loan vesting.

CLEARED COMMENT (2018-03-08): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.		 [2] General - Missing Hazard Insurance
EXCEPTION INFO: Gen Agg liability <$3MM for xxxxxx ( industrial) property type.

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor:seasoned investor		 Guideline variance approved by lender post origination. CF- seasoned investor Loan Review Complete
1804100263 $xxxxxxx CT xx/xx/xxxx Refinance Rate/Term 02/23/2018 2 2 1     [1] General - Missing Environmental Report
EXCEPTION INFO: Insufficiend zurich approval amount: approved amount $XXX;  note amount $XXXX

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of updated  zurich doc reflecting sufficient coverage amount		 [2] General - Missing Hazard Insurance
EXCEPTION INFO: Approved exception for Gen agg liability <  $3MM,  missing law & ordinance and named storm coverage.  comp factor: LTV
WAIVED COMMENT (2018-02-23): Approved exception for Gen agg liability < $3MM, missing law & ordinance and named storm coverage. comp factor: LTV		 Guideline variance approved by lender at time of origination. CF- LTV Loan Review Complete
1804100345 $xxxxxxx MI xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1       [2] General - LTV does not meet guidelines
EXCEPTION INFO: Approved exception for LTV of XXX% ( using AV on recently listed property).  Compensating factor : FICO score
WAIVED COMMENT (2018-02-26): Approved exception for LTV of XXX% ( using AV on recently listed property). Compensating factor : FICO score

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Approved exception for LTV of XXX ( using AV on recently listed property).  Compensating factor : FICO score
WAIVED COMMENT (2018-02-26): Approved exception for LTV of XXXX ( using AV on recently listed property). Compensating factor : FICO score		 Guideline variance approved by lender at time of origination. CF- FICO Loan Review Complete
1804100436 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Missing Analyst review/ AVM  to affirm origination value ( VCC value of $XXXX indicated on loan approval WS)  as required per guidelines.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] General - Missing Hazard Insurance
EXCEPTION INFO: EOI does not reflect commercial general liability coverage type as required per MCP guidelines

GENERAL COMMENT (2018-03-06): exception remains-  cired EOI did not indicate the option for commercial general liability but rather indicates 'liability'  as a written in alternate form of coverage.
 per MCP 7.2 V.  Commercial General Liability Insurance is required on all loans.
CLEARED COMMENT (2018-03-08): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.		     Loan Review Complete
1804100253 $xxxxxxx MD xx/xx/xxxx Purchase 02/21/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: there is no AVM nor analyst review found in file for subject note.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of cited missing documents		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Owners policy indicates exclusion of named storm coverage.

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing  named storm endorsement  comp Factor:sufficient wind coverage		 Guideline variance approved by lender post origination.  comp factor: sufficient wind coverage Loan Review Complete
1804100302 $xxxxxxx MD xx/xx/xxxx Refinance Rate/Term 02/23/2018 2 2 1       [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for waiver of ins impounds-  comp factor: borrower on pmt plan
WAIVED COMMENT (2018-03-06): approved exception for waiver of ins impounds-  comp factor: borrower on pmt plan

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: missing VOR- borrower lives rent free per LOE in file

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing VOM/VOR- primary  comp Factor: FICO		 Guideline variance approved by lender at time of origination.  CF: -pmt plan

Guideline variance approved by lender post origination. CF- FICO		 Loan Review Complete
1804100383 $xxxxxxx CA xx/xx/xxxx Purchase 02/23/2018 1 1 1     [1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: UW VOF includes $XXX availability on a business LOC which is material with respect to VOF required to close.   per Guidelines 6.1 - LOC availability is not cited as an accepted source of funds.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that line of credit availability  is acceptable proof of funds and is compliant with VCC guidelines.		     Loan Review Complete
1804100388 $xxxxxxx TX xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: Insufficient coverage amt;  coverage amount: $XXXX:   Appraisal replacement cost: $XXXX,  loan amount: $XXXX  
per MCP 7.2  a. The insurance policy:*must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited EOI deficiency has been reviewed and isdeemed compliant with VCC guideline requirementss.

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Loan Purpose dscrepancy-  approval WS reflects rate/term refi, however incidental cash out of $XXXXX per final hud is indicative of a cash-out transaction type.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of updated loan approval document reflecting corrected loan purpose		     Loan Review Complete
1804100136 $xxxxxxx FL xx/xx/xxxx Purchase 02/21/2018 2 2 1       [2] General - Ineligible property
EXCEPTION INFO: Approved exception for property with GLA < 500SF. comp factors: Seasoned investor, LTV, Reserves
WAIVED COMMENT (2018-02-19): Approved exception for property with GLA < 500SF. comp factors: Seasoned investor, LTV, Reserves

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception for partial rent loss coverage. comp factors: Seasoned investor, LTV, Reserves
WAIVED COMMENT (2018-02-19): Approved exception for partial rent loss coverage. comp factors: Seasoned investor, LTV, Reserves

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: EOI in file indicates an Unrated carrier  on the owner's policy for subject property

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  unrated carrier   comp Factor: LTV, reserves, seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing/incomplete VOM- primary. comp factors: Seasoned investor, LTV, Reserves
WAIVED COMMENT (2018-02-19): Approved exception for missing/incomplete VOM- primary. comp factors: Seasoned investor, LTV, Reserves		 Guideline variance approved by lender  post closing.  CF- LTV

Guideline variance approved by lender at time of origination. CF- seasoned investor

Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: reserves

Guideline variance approved by lender at time of origination. comp factor: seasoned investor

Guideline variance approved by lender post origination. CF- Reserves		 Loan Review Complete
1804100298 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: There is no analyst review nor AVM found in file affirming the appraised value

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document		 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for VOM-subject indicating late payment.  comp factor: Seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for VOM-subject indicating late payment.  comp factor: Seasoned investor

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Approved exception for Property held < 12 mos- using appraisal value. comp factor; seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for Proerty held < 12 mos- using appraisal value. comp factor; seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor Loan Review Complete
1804100337 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects name of individual guarantor and not borrower.  per MCP 7.2 Evidence of insurance or insurance binder must agree with Note and show Borrower(s)’ names, mailing address, insured property address, and the type of insurance.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing certified final HUD.  there is only an unsigned estimated stmt found in file

GENERAL COMMENT (2018-03-02): exception remains- incomplete doc;  the uploaded final hud has no date for the settlement agent certification signature
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of certified final settlement stmt		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DSCR of XXXX   comp factor FICO
WAIVED COMMENT (2018-02-23): Approved exception for DSCR of XXXX.   comp factor FICO		 Guideline variance approved by lender at time of origination.    comp factor FICO Loan Review Complete
1804100119 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1       [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX under fast 50% program. comp factor: LTV (of XXX%)
WAIVED COMMENT (2018-02-18): Approved exception for FICO of XXX under fast 50% program. comp factor: LTV (of XXX%)

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: No AM best or S&P rating for insurance carrier. Broker indicated AM Best rated insurers would not write policy.  Exception is not cited on loan approval doc in file

WAIVED COMMENT (2018-02-23): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for unrated carrier.  comp Factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination..  CF - LTV		 Loan Review Complete
1804100355 $xxxxxxx NJ xx/xx/xxxx Purchase 02/23/2018 1 1 1           Loan Review Complete
1804100406 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1       [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for  VOM reflecting 1x30 within 90 days.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for  VOM reflecting 1x30 within 90 days.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor Loan Review Complete
1804100099 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100166 $xxxxxxx DC xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1       [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX. comp factor: LTV
WAIVED COMMENT (2018-02-19): Approved exception for FICO of XXX comp factor: LTV

[2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for no active major tradelines.  comp factor: LTV
WAIVED COMMENT (2018-02-19): Approved exception for no active major tradelines.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100392 $xxxxxxx NC xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Mising guaranty agreement for 1 of 2 guarantors

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for  Waiver of ins escrow.  comp factor: LTV
WAIVED COMMENT (2018-02-23): approved exception for  Waiver of ins escrow.  comp factor: LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Missing EOI for liability coverage

GENERAL COMMENT (2018-03-02): exception remains- EOI indicates blanket policy with no evidence of endorsement that full coverage limits apply to each property individually as required per MCP.
GENERAL COMMENT (2018-03-07): exception remains- blanket policy is listed as a comp factor and not cited as an exception on the provided updated approval WS
WAIVED COMMENT (2018-03-08): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for blanket liability coverage   comp Factor:  seasoned investor

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: approved exception for use of AV on property seasoned < 12 mos.  comp factor: LTV
WAIVED COMMENT (2018-02-23): approved exception for use of AV on property seasoned < 12 mos.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination.  comp factor: seasoned investor		 Loan Review Complete
1804100403 $xxxxxxx NC xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: missing guaranty agreement for 1 of 2 guarantors

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Missing application/ 1003 for 1 of 2 guarantors

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Approved exception for waiver of ins escrow.  comp factor-  LTV
WAIVED COMMENT (2018-02-23): Approved exception for waiver of ins escrow.  comp factor-  LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Missing EOI for liability coverage

GENERAL COMMENT (2018-03-02): exception remains- EOI indicates blanket policy with no evidence of endorsement that full coverage limits apply to each property individually as required per MCP.  ( Blanket policy is listed as a comp factor and not an exception in the approval doc on file)
WAIVED COMMENT (2018-03-08): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for blanket liability coverage    comp Factor: seasoned investor

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Approved exception for use of AV on property seasoned < 12 mos.  comp factor-  LTV
WAIVED COMMENT (2018-02-23): Approved exception for use of AV on property seasoned < 12 mos.  comp factor-  LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination.  CF_ seasoned investor		 Loan Review Complete
1804100432 $xxxxxxx NC xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Missing guaranty agreement for 1 of 2 guarantors.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for  waiver of ins impounds (blanket policy)  comp factor: LTV
WAIVED COMMENT (2018-02-26): approved exception for waiver of ins impounds (due to blanket policy) comp factor: LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Blanket liability policy without endorsement for limit applicable to all properties as required per MCP.

GENERAL COMMENT (2018-03-02): exception remains- per MCP 7.2 the policy must have an amendment (e.g. ISO CG 2504) that will ensure that the aggregate limit of insurance will apply separately to each covered property, including the property, that is subject to a mortgage or deed of trust held by VCC.
WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for blanket liability coverage   comp Factor: LTV

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: approved exception for cash out on property held < 12 mos.  comp factor: LTV
WAIVED COMMENT (2018-02-26): approved exception for cash out on property held < 12 mos (using AV instead of PP). comp factor: LTV		 Guideline variance approved by lender at time of origination.  CF-LTV Loan Review Complete
1804100126 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 2 2 1       [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX.  comp factor: LTV
WAIVED COMMENT (2018-02-18): Approved exception for property with GLA < 500sf.  comp factor: LTV

[2] General - Ineligible property
EXCEPTION INFO: Approved exception for property with GLA < 500sf.  comp factor: LTV
WAIVED COMMENT (2018-02-18): Approved exception for property with GLA < 500sf.  comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV Loan Review Complete
1804100250 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: Insufficient hazard coverage amout ( $XXXX per EOI in file.) ; Per Appraisal; replacement cost is $XXXXX and note face amount is $XXXX.   Per MCP 7.2 II a.  the insurance policy: *must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Title- vesting discrepancy-  1) prelim in file reflects vesting in Entity ( xxxx Limited Partnership)  however subject deed reflects vesting in name of the individual borrower.  there is no final title nor grant/ quitclaim deed documenting transfer of vesting to the individual serving as borrower found in file provided for review. 2) closing protection letter reflects $XXXX coverage amount vs subject cashout refi loan amount of $XXXX

GENERAL COMMENT (2018-03-06): X/X/XX Final Loan Policy uploaded X/X/XX (XX)Grant Deed Uploaded from Entity to Individual
CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of final title reflecting correct vesting and loan amount.		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved Exception for VCC UW DCR of XXXX comp factor: LTV
WAIVED COMMENT (2018-02-23): Approved Exception for VCC UW DCR of XXX comp factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved Exception for missing/incomplete VOM- subject (rating).   comp factor: LTV
WAIVED COMMENT (2018-02-23): Approved Exception for missing/incomplete VOM- subject (rating). comp factor: LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Subject is industrial property type with Gen Agg liability < $3MM as required per MCP 7.2 V..  Per EOI in file, liab gen ag is $XXX

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor:seasoned investor		 Guideline variance approved by lender at time of origination.  CF- LTV

Guideline variance approved by lender post origination. CF- seasoned investor		 Loan Review Complete
1804100296 $xxxxxxx FL xx/xx/xxxx Purchase 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Missing guaranty agreement for 1 of 2 guarantors

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 2 % hurricane deductible on $XXXX coverage amt exceeds guideline max deductible of $10M

GENERAL COMMENT (2018-03-06): exception remains- updated loan review not found in documents provided.
WAIVED COMMENT (2018-03-08): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: Approved exception for unrated ins carrier.  comp factor: established carrier
WAIVED COMMENT (2018-02-23): Approved exception for unrated ins carrier.  comp factor: established carrier		 Guideline variance approved by lender at time of origination.  comp factor: established carrier

Guideline variance approved by lender post origination.  CF- LTV

Guideline variance approved by lender post origination.  CF- reserves		 Loan Review Complete
1804100309 $xxxxxxx CT xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1       [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX  comp factor: LTV
WAIVED COMMENT (2018-02-23): Approved exception for FICO of XXX  comp factor: LTV

[2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for insufficient tradelines.  comp factor: LTV
WAIVED COMMENT (2018-02-23): Approved exception for insufficient tradelines.  comp factor: LTV		 Guideline variance approved by lender at time of origination.  CF- LTV Loan Review Complete
1804100353 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval re type discrepancy-  approval WS reflects 66% owner Occ, RE type Investor.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of updated loan approval document reflecting corrected  RE inv type

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Missing 1) UW analysis of BP 2) owner occ BP cert  as required per MCP appendix 2 for owner user mixed use property type.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited document is not required and that the subject note  is compliant with VCC guidelines.

[1] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: missing leases for 2 of 4 units.   per MCP appendix 2 leases are required.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that both second story units are covered by a single lease.		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DSCR of XXXX.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for DSCR of XXXX.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  comp factor: seasoned investor Loan Review Complete
1804100370 $xxxxxxx CA xx/xx/xxxx Purchase 02/21/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Incomplete 2nd mtg fields in approval doc in file. the term, payment Combined P&I , CDCR and CLTV are not complete in the approval worksheet in file provided for review.

CLEARED COMMENT (2018-02-26): exception cleared- due to receipt of updated updated loan approval document reflecting corrected  second mortgage figures		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: FT Investor with < 3 mos Underwritten reserves required per guidelines.  exception not cited

GENERAL COMMENT (2018-02-26): per updated loan approval worksheet provided (as in original found in file) the post closing reserves as underwritten were 2 mos;   this is not compliant with guideline requirements of 3 months reserves as set forth in MCP 6.3
GENERAL COMMENT (2018-03-08): exception remains- updated approval WS not found in updated docs
WAIVED COMMENT (2018-03-12): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for insufficient reserves   comp Factor: LTV		 Guideline variance approved by lender post origination. CF- LTV Loan Review Complete
1804100407 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/21/2018 2 2 1       [2] General - Insufficient Flood insurance
EXCEPTION INFO: Flood coverage amount of $XXXXX is less than the appraisal indicated replacement cost of $XXXXX

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for flood coverage amount   comp Factor: LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Hazard coverage amount of $XXXXX is less than the appraisal indicated replacement cost of $XXXXX
per MCP 7.2 II. a. The insurance policy: * must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation

WAIVED COMMENT (2018-02-26): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for hazard coverage amount   comp Factor: LTV

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Approved exception for unrated ins carrier.  comp factor: LTV
WAIVED COMMENT (2018-02-19): Approved exception for unrated ins carrier. comp factor: LTV		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender post origination. comp factor: LTV		 Loan Review Complete
1804100450 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Missing Final Loan Approval Worksheet.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Background Check not provided
EXCEPTION INFO: There is no Fraud ID nor credco OFAC report contained in file.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Credit Documentation - Missing Document: Credit Report not provided
EXCEPTION INFO: Missing credit report(s);  not found in file.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: There is no DL/SSC/Passport found in file

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing documents		 [2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: There is no 1)handwritten BP LOI nor 2) BP Certification found in file.

GENERAL COMMENT (2018-03-01): Per MCP appendix 2 a BP Certification is not an exemption for an entity borrower on 1-4 family property type.  (it is noted however that a cert of occ & indemnity/ NOO cert  is not required for entity borrowers.)   { receipt of handwritten BP LOI on entity letterhead is acknowledged}
WAIVED COMMENT (2018-03-09): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing BP cert.    comp Factor: seasoned investor, LTV		 Guideline variance approved by lender post origination.  CF- LTV

Guideline variance approved by lender post origination.  Comp factor: seaspned investor		 Loan Review Complete
1804100453 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Value discrepancy:   1) Analyst review is not signed/dated, is not in standard format and is not on VCC letterhead.  and indicates that appraisal value not supported however suggested value aligns with appraisal value.   2)  AVM and BPO (drive-by) in file reflect values of $XXXX vs appraisal value of $XXXX  3) Tape reflects $XXXX valuation

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing analyst review

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: missing loan approval WS

GENERAL COMMENT (2018-03-01): exception remains- Provided document has no approval history information populated documenting credit officer approval for subject note.
CLEARED COMMENT (2018-03-06): exception cleared due to receipt of updated loan approval WS reflecting approval chain history

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Missing handwritten BP LOI as required per MCP appendix 2

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Flood Certificate not provided
EXCEPTION INFO: Flood cert reflects subject address of xxxxx  xxxx vs.  xxxx.  correction of this discrepancy was a pre-funding condition per loan approval WS provided

GENERAL COMMENT (2018-03-06): exception remains-  per loan approval WS-  the correction of the town name was a PTF condition
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Missing closing protectionletter/ attorney approval to close  documentation . .  This item was cited as a pre-funding condition per loan approval WS provided

CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: wind/hail deductible of 5% on $XXXX coverage amount exceeds guideline max deductible of $10M

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100063 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects loss of rents vs Business income for owner user property.   
per MCP 7.2 * Traditional 2 Owner User properties are required to obtain a Business Interruption policy.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited EOI discrepancy has been reviewed and is deemed compliant with VCC guidelines.		 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for Missing VOR- Borrower lives rent free with relative per LOE in file. comp factor: seasoned investor
WAIVED COMMENT (2018-02-21): Approved exception for Missing VOR- Borrower lives rent free with relative per LOE in file. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor Loan Review Complete
1804100176 $xxxxxxx AL xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Property type discrepancy-  Per approval, subject is 7.72% owner occ and classified as owner user and not investor, which is inconsistent with guidelines.

GENERAL COMMENT (2018-03-07): exception remains-  exception relates to approval doc-  updated approval WS not provided.
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated loan approval document reflecting  correctd RE inv type		     Loan Review Complete
1804100177 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider.
CLEARED COMMENT (2018-02-26): Received CDA <10% variance		     Loan Review Complete
1804100201 $xxxxxxx FL xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1       [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX. comp factor: LTV
WAIVED COMMENT (2018-02-24): Approved exception for FICO of XXX. comp factor: LTV

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Exception not cited/approved for Waiver of tax & Ins impounds as reflected in docs provided for review.

WAIVED COMMENT (2018-03-08): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds.  comp Factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing/incomplete/ unsatisfactory VOM- primary & subject.   comp factor: LTV
WAIVED COMMENT (2018-02-24): Approved exception for missing/incomplete/ unsatisfactory VOM- primary & subject.   comp factor: LTV		 Guideline variance approved by lender at time of origination.  CF- LTV

Guideline variance approved by lender post origination.  CF- LTV		 Loan Review Complete
1804100242 $xxxxxxx NY xx/xx/xxxx Purchase 02/26/2018 2 2 1       [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for < 2 tradelines;   comp factor: LTV
WAIVED COMMENT (2018-02-23): Approved exception for < 2 tradelines;   comp factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing VOR - borrower lives rent free.  comp factor: LTV
WAIVED COMMENT (2018-02-23): Approved exception for missing VOR - borrower lives rent free.  comp factor: LTV		 Guideline variance approved by lender at time of origination.  comp factor: LTV Loan Review Complete
1804100254 $xxxxxxx CA xx/xx/xxxx Purchase 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: investor type diiscrepancy:   1) Approval reflects RE type:  Investor,  but owner occ of 100%.   and 2)  analyst review reflects RE type investor and owner user: N   3) file contains  BP Cert, partial/ incomplete owner occ BP cert, and  partial (erroneous) NOO cert,    Request corrections as necessary and lender affirmation of RE inv type/ purpose along with approval/acknowledgement of unnecessary/erroneously NOO cert docs to be removed from file.

CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated loan approval document reflecting corrected RE inv type

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: handwritten BP LOE (use of funds only ) not found in file.     as required per MCP appendix 2

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the  subject property is intended to be approved as owner/user and owner occupied hence a handwritten BP LOI is not required per MCP guideline requirements

[1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: 1) missing owner occ BP cert for 1 of 2 coborrowers.2) Cert of occ & Indemnity provided for only 1 of 2 coborrowers

GENERAL COMMENT (2018-03-02): exception remains- 1) neither of the  Owner occ BP certs have the loan purpose completed and both are dated 1/17/18 vs note date of xx/xx/xx.   2) the Certs of occ & indemnity indicate that the borrower does not intend to occupy the subject but list the subject as the borrowers' primary residence.
CLEARED COMMENT (2018-03-09): Exception cleared- subject to lender affirmation that the  provided documentation of a combination of a Cert of Occ disclosures dated  11-18-17 and '11-17-18' [sic] and a Owner Occ BP cert dated 1-17-18 has been reviewed and affirmed compliant with VCC guideline requirements.

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: Greencard for 1 of 2 coborrowers reflects expiration date of 2/1/17,  note date is xx/xx/xx

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited Expired immigration document is deemed not material and that the subject borrower information contained in file  is sufficient and  compliant with VCC guidelines.

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: No title policy documentation found in file.  ( unable to locate either prelim or final

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of Prelim title aligning with grant deed in file		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Split policy; neither policy meets all requirements on a standalone basis-   guideline compliance affirmation requested.  provided EOI for  homeowners policy reflects $XXX  liability limit,  and  no loss of rents/business income coverage-   per MCP $XXX/XXXX liability coverage is required for traditional property types.  and owner user traditional property types require business interruption coverage.    Commercial policy reflects dwelling/structure coverage amount less than face amount of loan/ replacement cost of improvements.
 ( UW notes that  Business policy reflects appropriate liability coverage limits, and has  however building coverage amount of $XXXX is less than  Loan face amt of $XXX and Appraisal estimated cost of both units aggregating $XXXX.   Homeowners policy reflects sufficient replacement cost for dwelling, but insufficient liability and no loss of rent/business income coverage.  )

WAIVED COMMENT (2018-03-09): Exceptions waived -  due to receipt of updated loan approval WS reflecting approved exceptions for split policies,  liability coverage amount and no loss of income.  comp Factor: LTV		 Guideline variance approved by lender post origination. CF- LTV Loan Review Complete
1804100265 $xxxxxxx NJ xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: Missing velocity Allonge/ assignment docs allonge and assignment docs in file are for the Loan originator and not VCC

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents

[1] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Missing loan payment instructions doc (needed to verify compliance with impound guideline requirements.)

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Missing certified final settlement stmt-  there is no settlement stmt found in file ( neither estimated nor final)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of certified final settlement stmt		 [2] General - LTV does not meet guidelines
EXCEPTION INFO: approved exception for XXXX% LTV refi.  comp factor:seasoned investor
WAIVED COMMENT (2018-02-26): approved exception for XXXX% LTV refi. comp factor:seasoned investor		 Guideline variance approved by lender at time of origination. CF- seasoned investor Loan Review Complete
1804100271 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review in file does not reflect a review value and  indicates 0 units  on pg 1

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of corrected cited document

[1] Closing / Title - Missing Document: Security Instrument not provided
EXCEPTION INFO: Subject Zip indicated on mortgage deed is XXXX   Prelim, appraisal, and EOI all reflect XXXX

CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated certified mortgage/deed doc with corrected address		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Wind/Hail deductible of 5% on $XXXX coverage amount exceeds guideline max of $10M

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination. CF- seasoned investor Loan Review Complete
1804100279 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: Insufficient hazard coverage amount-  EOI reflects $XXXX coverage amount,    Appraisal indicates $XXXXXX replacement cost.  Loan amount $XXXX   per MCP 7.2 a. The insurance policy: *  must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited EOI deficiency has been reviewed and is deemed compliant with VCC guideline requirements.		 [2] General - Missing Hazard Insurance
EXCEPTION INFO: Approved Exception for Blanket liability coverage. comp factor: seasoned investor
WAIVED COMMENT (2018-02-21): Approved Exception for Blanket liability coverage. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor Loan Review Complete
1804100280 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects $XXXX coverage amount- Appraisal indicates $XXXX replacement cost.  loan amt $XXXX.  per MCP 7.2a. the insurance policy: * must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited EOI deficiency has been reviewed and is deemed compliant with VCC guideline requirements.

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] General - Missing Hazard Insurance
EXCEPTION INFO: approved exception for blanket liability.  comp factor: Seasoned investor
WAIVED COMMENT (2018-02-23): approved exception for blanket liability.  comp factor: Seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor Loan Review Complete
1804100281 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing handwritten BP LOI- not found in file

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: Initial occupancy disclosure not found in file

GENERAL COMMENT (2018-03-02): exception remains-  missing cert of occ disclosure (NOO disclosure)
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document		     Loan Review Complete
1804100291 $xxxxxxx OR xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: Missing cert of occ & indemnity for subject borrower.-  the doc contained in file is for the non-borrowing vested spouse and not the Borrower.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: Missing DL for borrower-  the document appears not to have been uploaded as intended ( there is a blank pg prior to the SSC.

GENERAL COMMENT (2018-03-02): exception remains-  file appears to be compromised-  unable to view the page where the DL should be ( page is blank)   SS card image is present in file byt no DL.
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document		     Loan Review Complete
1804100323 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 1 1 1     [1] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Missing lease for 1 of 2 units.  per MCP appendix 2 leases are required.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-02-26): CDA returned Indeterminate. Please advise if diligence vendor should order a field review.
GENERAL COMMENT (2018-02-26): Field review ordered
CLEARED COMMENT (2018-03-06): Received field review with 0 variance		     Loan Review Complete
1804100333 $xxxxxxx NY xx/xx/xxxx Purchase 02/26/2018 2 2 1       [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DCR of XXX.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for DCR of XXX.  comp factor: seasoned investor

[2] General - FICO below 650
EXCEPTION INFO: Approved exception for  FICO of XXX.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for  FICO of XXX.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor Loan Review Complete
1804100343 $xxxxxxx MA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: limited tradelines- 1x major consumer credit acct.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of updated credit report reflecting sufficient tradelines

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval type discrepancy-  Approval WS provided reflects owner occ of 39.9% with RE inv type of Owner user.  This is inconsistent with guidelines;  per mcp 5.3 Borrower’s that occupy a minimum of 51% of the GBA of the property securing the loan with their business are defined as owner user commercial properties.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated loan approval document reflecting corrected re inv type		 [2] General - Insufficient Flood insurance
EXCEPTION INFO: insufficient flood amount-  EOI for flood insurance reflects $XXXX coverage amount.;   loan amount is $XXXX .
 ( there is a document of the borrower request to increase coverage amount but there is no updated EOI with altered coverage amount)

WAIVED COMMENT (2018-03-12): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for flood coverage amount   comp Factor: LTV		 Guideline variance approved by lender post origination. CF- LTV Loan Review Complete
1804100350 $xxxxxxx OR xx/xx/xxxx Refinance Cash-out - Other 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Missing guaranty agreement for 1 of 2 guarantors

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA ordered by Diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: approved exception for 50% vacancy.  comp factor: seasoned investor, FICO
WAIVED COMMENT (2018-02-23): approved exception for 50% vacancy.  comp factor: seasoned investor, FICO		 Guideline variance approved by lender at time of origination. comp factor: FICO

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100367 $xxxxxxx NY xx/xx/xxxx Purchase 02/26/2018 2 2 1       [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Approved exception for limited tradelines.  comp factor: reserves;  seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for limited tradelines.  comp factor: reserves;  seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for Missing VOR- borrower pays cash.  comp factor: reserves;  seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for Missing VOR- borrower pays cash.  comp factor: reserves;  seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor

Guideline variance approved by lender at time of origination. CF- reserves		 Loan Review Complete
1804100377 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1       [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DSCR of XXX comp factor: LTV, FICO
WAIVED COMMENT (2018-02-24): Approved exception for DSCR of XXX. comp factor: LTV, FICO

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects exclusion of named storm coverage.  
 per MCP 7.2: The property must be covered by the equivalent of a fire policy endorsed to include all the extended coverage perils, and must not exclude from coverage (in whole or part) windstorm, hurricane, hail damages, or any other perils that are normally included under extended coverage.

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for named storm coverage exclusion.   comp Factor: LTV, FICO		 Guideline variance approved by lender at time of origination.  CF-  FICO

Guideline variance approved by lender at time of origination.  CF- LTV		 Loan Review Complete
1804100382 $xxxxxxx IN xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Final title Schedule B reflects exception for 2nd mortgage;  subordination agreement not found in file.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing subordination agreement

[1] Closing / Title - Missing Note
EXCEPTION INFO: Missing promissory note modification/loan agreement documentation for 2nd mtg-  unable to verify terms to confirm compliance with MCP requirements and alignment with VCC approval of 2nd mortgage terms

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents		 [2] Valuation Issue - Aged document: Primary Valuation is older than guidelines permit: Valuation Type: Appraisal / Valuation Report Date: xxxxx
EXCEPTION INFO: Appraisal aged > 6 mos at closing ( xxxx effective valuation date,  xxxx note date

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for appraisal aged >  6mos.    comp Factor: seasoned investor

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI  1) does not indicate law & ordinance coverage limits/ terms, 2)reflects exclusion of named storm coverage.  Per MCP 7.2 The property must be covered by the equivalent of a fire policy endorsed to include all the extended coverage perils, and must not exclude from coverage (in whole or part) windstorm, hurricane, hail damages, or any other perils that are normally included under extended coverage.

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing named storm coverage.   comp Factor:seasoned investor

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Approval doc in filel does not cite waiver of tax & ins impounds as an approved exception.  per MCP 7.2 Impound Accounts- VCC requires tax and insurance impounds for all loans, but the insurance impound requirement can be waived by the Chief Credit Officer and/or Sr. Management...

WAIVED COMMENT (2018-03-02): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds.    comp Factor: seasoned investor.		 Guideline variance approved by lender post origination.  CF seasoned investor Loan Review Complete
1804100387 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1       [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for 43% vacancy.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-24): Approved exception for 43% vacancy. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor Loan Review Complete
1804100389 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Credit Documentation - Absence of Business Purpose Certificate and/or Non-Owner Occupancy Declaration and/or UW Business Purpose Analysis and thus casts doubt on the business purpose of the loan.

GENERAL COMMENT (2018-03-01): exception cleared- due to receipt of BP LOI, NOO cert, and BPLC

[1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: 1) property unit count discrepancy- tape reports 2 units-  appraisal reflects 3 units  2 ) Analyst review in file is not  i) signed/dated,  ii) in standardized format,  iii) on VCC letterhead

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing analyst review document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Handwritten BP LOI not found in file as required per MCP appendix 2

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Prelim title on file reflects insured amount of $450m;  not amount is $465M-  there is no final/ nor CPL reflecting sufficient title coverage

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of compliant final title with sufficient coverage amount.

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines
EXCEPTION INFO: approved exception for 1x30 within 90 days.  comp factor LTV
GENERAL COMMENT (2018-03-06): approved exception for 1x30 within 90 days.  comp factor LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Hurricane deductible of 5% on $273M coverage amount exceeds guideline max deductible of $10M

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for missing/incomplete VOM- primary  Comp factor:  LTV
WAIVED COMMENT (2018-03-06): approved exception for missing/incomplete VOM- primary  Comp factor:  LTV		 Guideline variance approved by lender post origination.  CF- LTV

Guideline variance approved by lender post origination. CF- seasoned investor		 Loan Review Complete
1804100397 $xxxxxxx GA xx/xx/xxxx Refinance Rate/Term 02/23/2018 2 2 1     [1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Missing VOF to close-  per loan approval WS- Assets;  approval required/contingent that VCC Ensured funds required to close coming from borrower or borr's business acct.  Evidence of source of funds to close is not found in file.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing VOF document		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect wind/hail/named storm coverage for GA property in county bordering coastline.

WAIVED COMMENT (2018-03-09): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing wind coverage   comp Factor: Real Estate Assets ($XXX)

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Approved exception for use of appraised value on property held < 12 mos.   comp factor: seasoned investor
WAIVED COMMENT (2018-02-23): Approved exception for Cashout using appraisal on property held < 12 mos.   comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: seasoned investor

Guideline variance approved by lender post origination.  CF- Real Estate Assets ($XXX)		 Loan Review Complete
1804100398 $xxxxxxx TX xx/xx/xxxx Refinance Rate/Term 02/23/2018 2 2 1     [1] General - Insufficient Flood insurance
EXCEPTION INFO: Insufficient coverage amount.   Flood coverage of $XXX  appraisal indicates $XXX estimated replacement cost.  $XXX Loan amount.   per MCP 7.2 a. The insurance policy: * must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited EOI coverage deficiency has been reviewed and deemed compliant with VCC guideline requirements.

[1] General - Insufficient Hazard Insurance
EXCEPTION INFO: Insufficient coverage amount.   Hazard coverage of $XXXX and wind coverage of $XXX.   appraisal indicates $XXXX estimated replacement cost.  $XXXX Loan amount.   per MCP 7.2 a. The insurance policy: * must reflect the amount of coverage and shall be the lesser of (a) the outstanding unpaid principal balance of the loan, or (b) full replacement cost of the improvements without any deduction for depreciation.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited EOI coverage deficiency has been reviewed and deemed compliant with VCC guideline requirements.

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: BP disclosure not found in file.  per MCP appendix 2 the BP disclosure is required in addition to the  BP cert.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: unable to locate either prelim/ commitment or final title in file

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: VOF required to close not found in file.  per final settlement stmt,  cash from borrower was $194M.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] General - Ineligible property
EXCEPTION INFO: Approved exception for rural property- comp factor:  LTV
WAIVED COMMENT (2018-02-22): Approved exception for rural property- comp factor:  LTV

[2] Application / Processing - Missing Document: Rent Roll not provided
EXCEPTION INFO: Approved exception for missing leases- comp factor: seasoned investor
WAIVED COMMENT (2018-02-22): Approved exception for missing leases- comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. comp factor: LTV

Guideline variance approved by lender at time of origination. comp factor: seasoned investor		 Loan Review Complete
1804100405 $xxxxxxx NJ xx/xx/xxxx Purchase 02/26/2018 1 1 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing 1) handwritten BP LOI  2) BP Cert  (presence of BP disclosure is acknowledged)

GENERAL COMMENT (2018-03-01): Per MCP appendix 2 a BP Certification is not an exemption for an entity borrower on 1-4 family property type.  (it is noted however that a cert of occ & indemnity/ NOO cert  is not required for entity borrowers.)   { receipt of handwritten BP LOI on entity letterhead is acknowledged}
GENERAL COMMENT (2018-03-09): exception remains- incomplete document provided-  there is no date on the signature field in the provided BP cert document
CLEARED COMMENT (2018-03-12): Exception cleared- due to receipt of missing docs and subject to lender affirmation that the cited discrepancy with the BP cert provided is compliant with VCC guidelines.

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Release of leins, taxes and judgements cited in prelim are not evidenced on final settlement stmt found in file, and final title ins doc is not in file. ( cited as pre-funding condition per approval)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Missing VOF to close-  stmts not found in file to verify UW funds to close referenced in loan WS

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: final settlement stmt is not signed/stamped as certified true & correct by settlement agent

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		     Loan Review Complete
1804100409 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing 1) handwritten BP LOI 2) BP disclosure   both as required per MCP appendix 2

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: missing application/1003

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		     Loan Review Complete
1804100416 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects DP2 and not DP3 / all risk/  special form coverage.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review reflects 0% vacancy adjustment.   (materiality based on  resultant NOI/ DCR appearing on loan approval doc )  Per MCP 3.5 min vacancy is 5%

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval discrepancy-  approver lists individual guarantor as borrower and not entity as appears on loan docs.

GENERAL COMMENT (2018-03-06): exception remains- the cited error remains in thr relationship structure defined  on the approval WS
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of corrected cited document

[1] Application / Processing - Missing Document: Background Check not provided
EXCEPTION INFO: no  Credco/ Veracheck Fraud ID OFAC reports found in file

GENERAL COMMENT (2018-03-06): exception remains.   an OFAC searches can be performed in the absence of a  SSN/TIN.   Reviewer requests written affirmation that VCC's policy requires no evidence of OFAC search for individual foreign investors serving as guarantor on a note to an entity.
CLEARED COMMENT (2018-03-08): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing 1) handwritten BP LOI, 2) BP disclosure  both required per MCP appendix 2

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Credit Documentation - Missing Document: Credit Report not provided
EXCEPTION INFO: missing credit report

CLEARED COMMENT (2018-03-02): Exception cleared- subject to lender affirmation that the cited document is not required and that the subject note  is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: no 1003/application(s) found in file

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: missing LOE explaining borr address listed as subject  address on bank stmts and entity docs.  ( was a pre-funding condition on approval WS)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: there is no DL/ SSC/Passport found in file

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of  passport

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: vesting discrepancy-  grant deed not found in file to verify transfer of ownership from individual guarantor to borrower entity as reflected on deed ( was a pre-funding condition per approval)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		     Loan Review Complete
1804100418 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] Credit Documentation - A summary review of all the documentation in the loan file casts doubt on the business purpose of the loan.
EXCEPTION INFO: a signed LOE for use of funds contained in file reflects 'home improvements'  as the sole intended use of cash-out proceeds.   request lender review and affirmation that this purpose language/documentation is compliant with guideline/ regulatory requirements.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Apraisal doc on file reflects report date of xxxx ( apparent typo-  should be 2018)   appraisal effective date is xxxx

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of updated appraisal doc with corrected date

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval doc contains a blank loan approval history.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Missing  1) BP Disclosure,  and 2) UW analysis of BP,  as required per MCP appendix 2

GENERAL COMMENT (2018-03-06): exception remains-  item 1)  BP disclosure is not found in updated docs provided.
  (item 2 eligible to be cleared due to receipt of UW analysis of BP.)
CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: contradictory/ invalid document- File contains a cert of occ & Indemnity listing the subject as primary residence  with stmt that they do not intend to live in subject.

GENERAL COMMENT (2018-03-06): Per the cert of occ & indemnity "...  3.  Borrower certifies and represents....  B. The property that will secure this loan is not the principal residence of borrower; and C. Borrower has no intention of ever making the property securing the loan his or her principal residence."
CLEARED COMMENT (2018-03-08): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing certified final seettlement stmt.   the only stmt found in file is estimated & not signed

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100422 $xxxxxxx DC xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1       [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines
EXCEPTION INFO: Approved exception for mortgage lates outside of guidelines.  comp factor: low LTV
WAIVED COMMENT (2018-02-25): Approved exception for mortgage lates outside of guidelines. comp factor: low LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for NOD on subject  note  comp factor: low LTV
WAIVED COMMENT (2018-02-25): Approved exception for NOD on subject  note  comp factor: low LTV		 Guideline variance approved by lender at time of origination.  CF- LTV Loan Review Complete
1804100424 $xxxxxxx TX xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: 1) handwritten BP LOI not found in file  2) BP disclosure not found in file.  both are required per MCP appendix 2

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: section I, II, VI, VII of application/1003 found in file are not completed.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited document is compliant with VCC guidelines.

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Grant deed in file is not executed-  no verification of  transfer of ownership from entity to individual found in file  ( executed grand/transfer deed was a pre funding condition per approval)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO of XXX  comp factor: seasoned investor
WAIVED COMMENT (2018-03-02): Approved exception for FICO of XXX.  comp factor: seasoned investor

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Unable to determine nature of approved exception:  approved exception for 'Insurance- Minor '  with comp factor of seasoned investor cited in loan approval WS.

WAIVED COMMENT (2018-03-06): approved exception for carrier rating.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor Loan Review Complete
1804100430 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity assignment docs

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approved VCC valuse discrepancy-  Loan Approval WS reflects $XXX VCC value,   Analyst review in file reflects $XXXX VCC adjusted value.  ( Appraisal reflects $XXX  value)

GENERAL COMMENT (2018-03-06): exception remains- analyst review in file reflects $2.7MM valuation-  updated approval provided reflects $XXXX VCC valuation.
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of corrected cited documents

[1] Application / Processing - Missing Document: Business P&L not provided
EXCEPTION INFO: missing property level operating stmt for note > $1MM

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing BP disclosure as required per MCP appendix 2

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Incomplete Commercial lease-  document in file is not dated in multiple locations regarding effective date of agreement.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited document is compliant with VCC guidelines.		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Approved exception for wind deductible amt.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-26): Approved exception for wind deductible amt. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor Loan Review Complete
1804100442 $xxxxxxx CA xx/xx/xxxx Purchase 02/26/2018 2 2 1       [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI is missing coverage for Law & Ordinance A

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing law & ordinance coverage.   comp Factor: FICO.		 Guideline variance approved by lender post origination.  CF- FICO Loan Review Complete
1804100454 $xxxxxxx CT xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document		 [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: approved exception for Collections/charge off  > $5M reported on credit.   comp factor: seasoned investor
WAIVED COMMENT (2018-02-26): approved exception for Collections/charge off > $5M reported on credit. comp factor: seasoned investor

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 1 ) missing law & ordinance coverage 2) missing named storm coverage 3) waiver of subrogation in favor of lender is marked No

GENERAL COMMENT (2018-03-06): exception remains- item #3 is not addressed in updated approval
WAIVED COMMENT (2018-03-08): Exceptions 1,2 waived -  due to receipt of updated loan approval WS reflecting approved exception for missing hazard and law & ord coverage..    comp Factor: seasoned investor		 Guideline variance approved by lender  post origination.  CF- seasoned investor

Guideline variance approved by lender at time of origination.  CF- seasoned investor		 Loan Review Complete
1804100456 $xxxxxxx VA xx/xx/xxxx Purchase 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Business P&L not provided
EXCEPTION INFO: property level operating stmt not found in file

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Application in file is not signed/ dated/initialed  by any parties

GENERAL COMMENT (2018-03-09): exception remains;  incomplete document provided- neither the borrower nor interviewer/originator signatures are dated
CLEARED COMMENT (2018-03-12): Exception cleared- subject to lender affirmation that the cited discrepancy of missing application dates is compliant with VCC guideline requirements.

[1] Closing / Title - Missing Document: Note - Subject Lien not provided
EXCEPTION INFO: Missing documentation of 2nd Mtg/DOT/subordination agreement.   per loan approval  WS and final HUD-  a second seller note/ purchase money mtg exists.

GENERAL COMMENT (2018-03-06): exception remains-  provided doc is not dated nor executed
CLEARED COMMENT (2018-03-12): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing sale/grant deed / final title to verify transfer of vesting to borrower from seller

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing grant/sale deed document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: missing VOF stmts ( wells fargo acct with $236M balance  per loan approval ws is not found in file)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Final hud in file is not signed by seller nor signed/ stamped certified as true & correct by settlement agent

GENERAL COMMENT (2018-03-02): exception remains-  the docs proovided are not signed/ stamped as certified true& correct by settlement agent
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of certified final settlement stmt		 [2] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Provided approval doc reflects 'Strong DCR'   as a comp factor for exceptions for DCR of 1.04 and CDCR of 0.93x.   this circularreference is inconsistent with guidelines for exception processing

WAIVED COMMENT (2018-03-06): Approved exception for DSCR and CDCR outside of  guidelines.  comp factor:  seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100458 $xxxxxxx TX xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Credit Documentation - Absence of Business Purpose Certificate and/or Non-Owner Occupancy Declaration and/or UW Business Purpose Analysis and thus casts doubt on the business purpose of the loan.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing NOO documents

[1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review in file is not  i) signed/dated,  ii) in standardized format,  iii) on VCC letterhead

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: missing loan approval worksheet

GENERAL COMMENT (2018-03-02): Exception remains- the provided loan approval WS does not have any approval history populated to evidence chain of approval prior to funding
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing 1) handwritten BP LOI  2)  BP disclosure  Cert  ; as required per MCP appendix 2 (presence of BP Cert  is acknowledged)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Vesting discrepancy-   Grant deed in file is not signed/ executed.  unable to verify transfer of vesting from entity/ trust as per prelim and individual borrower per loan docs ( final title not provided)

GENERAL COMMENT (2018-03-02): exception remains-  final title not provided to evidence satisfaction of pre-funding approval conditions reflected in loan approval WS.   ( receipt of grant deed affirming vesting as documented is acknowledged)
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated loan approval document reflecting  removal of final title PTF condition

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Missing VOF to close-  per final settlement stmt in file borrower req'd $11.5M to close

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence agent
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: missing VOR- borrower lives rent free per LOE in file.

WAIVED COMMENT (2018-03-02): Approved exception for missing VOR- borr lives rent free per LOE.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. CF- seasoned investor Loan Review Complete
1804100461 $xxxxxxx CA xx/xx/xxxx Purchase 02/26/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review in file reflects PP of $XXX  Settlement stmt and purch agreement addendum reflect PP of $XXX  
(Adjustment/ correction of Analyst Review valuation  was a pre-funding condition of approval per loan approval WS provided.)

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of corrected cited document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Signature on loan application/1003 is dated xxxx .  note date of xxxx

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: There is no Grant deed nor final title found in file to verify vesting of subject purchase transaction. ( this item is listed a a pre-funding condition on the loan approval WS in file)
CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: VOF ( a 1031 exchange statement referenced in asset section of approval )  not  found in file provided for review

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Mortgage / Program Eligibility - Missing Documents: Missing other financing information.
EXCEPTION INFO: Missing assignment and allonge documents for subject note.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents		 [2] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: DL in file is expired-  updated copy of valid DL was a pre-funding condition per loan approval provided.

WAIVED COMMENT (2018-03-12): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for expired Borrower ID.  comp Factor: LTV		 Guideline variance approved by lender post origination..  CF- LTV Loan Review Complete
1804100463 $xxxxxxx RI xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: 1) Missing assignment/ allonge docs for subject note. 2) Missing Initial escrow deposit and payment instructions docs to verify /reconcile impounds.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing documents

[1] General - FICO below 650
EXCEPTION INFO: FICO of XXX.  per approval loan product is perm and not fast 50

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review is not on VCC letterhead, nor in standardized format

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Incomplete section 1 of 1003 on file.  not initialed/ signed by borrower

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of signed 1003/application

[1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: missing initial occupancy disclosure for subject note

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] General - Missing Hazard Insurance
EXCEPTION INFO: there is no evidence of owners coverage/ HO6 contained in file to evidence borrower liability and loss of rents coverage.  ( was a pre-funding condition per loan approval WS in file)

CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for unrated ins carrier-  comp factor seasoned investor
WAIVED COMMENT (2018-03-06): approved exception for unrated ins carrier- comp factor seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor Loan Review Complete
1804100467 $xxxxxxx CT xx/xx/xxxx Purchase 02/26/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review 1) reflects 50 Hull st vs 50-52 hull st on deed & appraisal   update of address was a pre funding condition.   2)  is not i) signed/dated, ii) on VCC letterhead, iii) in standard format.   per loan approval- analyst review on crrect format was a pre-funding condition.

CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of corrected/ updated cited missing document

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Loan approval WS not found in file

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Missing handwritten BP LOI.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Application/1003 not found in file.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: unable to locate VOF documentation in file

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance

[1] General Appraisal Requirements - Valuation Error: Purchase contract date not provided.
EXCEPTION INFO: Purchase contract not found in file.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document		 [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: approved exception for vacant  property. comp factor: seasoned investor
WAIVED COMMENT (2018-03-02): approved exception for vacant  property. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. CF- seasoned investor Loan Review Complete
1804100472 $xxxxxxx FL xx/xx/xxxx Purchase 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Missing loan approval WS
CLEARED COMMENT (2018-02-26): Approval WS provided

[1] Application / Processing - Missing Document: Business P&L not provided
EXCEPTION INFO: missing business P&L-  none found in file.  ( collection of this doc was cited as a pre-funding condition per approval)

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: incomplete 1003/ application  - Section I, VI, VII not completed.

CLEARED COMMENT (2018-03-02): exception cleared- due to receipt of updated executed approval

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Missing final title to verify lender position/ subordination of 2nd mortgage.

CLEARED COMMENT (2018-03-09): exception cleared- due to receipt of copies of filed mortgage documents and subject to lender affirmation that the provided documentation is compliant with VCC guideline requirements.

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: missing VOF stmts (2x accts referenced in loan approval WS not found in file) for funds required to close.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing documents

[1] Closing / Title - Missing Note
EXCEPTION INFO: Seller 2nd mtg note in file is incomplete/ not signed-   additionally there is no corresponding mortgage/deed/security agreement/ subordination agreement  found in file for this seller held second

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] General Appraisal Requirements - Valuation Error: Purchase contract date not provided.
EXCEPTION INFO: Addenda to purchase contracts in file are not signed  1 ) for extension of closing and  2) for acknowledgemet/acceptance of seller-held 2nd mtg.

GENERAL COMMENT (2018-03-06): exception remains-  unable to locate referenced original contract nor signed addenda 2,3,4 as contained in file
GENERAL COMMENT (2018-03-08): exception remains -  there are 3x unsigned addenda in file  which 1)extended closing date between 01/15/18 and 01/31/18,  in order to support a valid contract.   and 2)  reduced seller mortgage from 20% to 10%.
CLEARED COMMENT (2018-03-12): Exception cleared- subject to lender affirmation that the cited missing contract addenda docs are not material and that file documentation is compliant with VCC guidelines.		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects exclusion of named storm coverage.

GENERAL COMMENT (2018-03-06): exception remains;   reviewer unable to determine comp factor for approved exception-  final loan ws reflects 'other' as CF1
WAIVED COMMENT (2018-03-09): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing named storm coverage.  comp Factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for Missing VOR- Primary-  per LOE on file borrower lives rent free.  Comp factor: seasoned investor, FICO
WAIVED COMMENT (2018-02-26): approved exception for Missing VOR- Primary- per LOE on file borrower lives rent free. Comp factor: seasoned investor, FICO		 Guideline variance approved by lender at time of origination.  CF- FICO

Guideline variance approved by lender at time of origination.  CF- Seasoned investor

Guideline variance approved by lender post origination  CF- seasoned investor		 Loan Review Complete
1804100473 $xxxxxxx OR xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Missing BP disclosure doc as required per MCP appendix 2

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: Missing guaranty agreement for 1 of 2 guarantors

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Security Instrument not provided
EXCEPTION INFO: Missing Mortgage/DOT for subject note ( neither recorded nor unrecorded copies found in file)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Grant deed from guarantors to business wntity is not signed/ executed ( was a pre-funding condition per loan approval WS)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Missing VOF to close- Final settlwement stmt reflects buyer funds req'd to close of $108M .  There is no evidence of VOF/ asset underwriting in the loan approval and no stmts found in file.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Waiver of ins impounds not cited as an approved exception.

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF-  seasoned investor Loan Review Complete
1804100474 $xxxxxxx OR xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: Missing velocity allonge/assignment docs.  (only Collateral assignment found in file)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: missing final loan approval Worksheet for subject note

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Missing BP disclosure for both guarantors.  as required per MCP appendix 2

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: missing guaranty agreement for 1 of 2 guarantors

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Application/ 1003 not found in file

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Security Instrument not provided
EXCEPTION INFO: VCC Deed/mortgage not found in file for subject note.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: 1) Grant deed in file is not executed - unable to verify transfer of vesting.  2) final title not in file  (  both were pre-funding condition per loan approval)

GENERAL COMMENT (2018-03-06): exception 2 remains-  final title not received-  (receipt of executed grant deed acknowledged-  exception 1 eligible to be cleared. )
CLEARED COMMENT (2018-03-08): exception cleared- due  receipt of  1) grant deed, 2) updated loan approval document reflecting removal of cited PTF condition

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider.
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		     Loan Review Complete
1804100480 $xxxxxxx CA xx/xx/xxxx Purchase 03/01/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: 1) Missing purchase agreement for subject property.  there is only 1x addendum with no contract doc or additional addenda found.  2) tax and Ins WS in file is for incorrect address

GENERAL COMMENT (2018-03-06): exception remains-  item  2) not addressed.     ( receipt of executed purchase agreement and addenda acknowledged-  exeption item 1 eligible to be cleared)
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of 1) cited missing document and 2) corrected document

[1] General - FICO below 650
EXCEPTION INFO: Approved exception for FICO appears on loan approval WS-   reviewer is unable to determine the intended reference for this exception

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: missing application/ 1003-   none found in file

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Final title not found in file to verify Pre funding conditions outlined in loan approval WS.

GENERAL COMMENT (2018-03-06): Please provide affirmation/ identification of which docs satisfactorily demonstrate compliance with this PTF approval condition.
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: missing VOF (1031 stmt referenced in approval doc) for funds to close subject purchase transaction.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Final settlement stmt in file is for incorrect property

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of certified final settlement stmt		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Waiver of ins impounds indicated per file evidence-  exception not cited on approval

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds.    comp Factor:   seasoned investor.		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100482 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review in file is not  i) signed/dated,

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: missing loan approval worksheet

GENERAL COMMENT (2018-03-03): exception remains-  Approval history is blank- there is no evidence of chain of approval for subject note.
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated loan approval document reflecting approval chain

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: Missing BP disclosure doc as required per MCP appendix 2

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: missing 1003/application(s) - not found in file

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Final title not found in file.   Clear final title  was a pre-funding requirement per loan approval Worksheet

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing certified final settlement stmt- doc(s) in file are marked estimated.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of certified final settlement stmt

[1] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Updated lease/ addenda with subject address city correction is not found in file. this was a pre-funding requirement per loan approval Worksheet

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		     Loan Review Complete
1804100483 $xxxxxxx NJ xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Incomplete Loan approval WS Property-RE asset description contains incomplete template script.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of updated loan approval document reflecting corrected property- asset description

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Incomplete document-  Section I, V, VI, VII not completed and doc is not signed/ initialed by borrower or broker.   ( completion/correction is noted as condition of approval)

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided
EXCEPTION INFO: Cert of Occ disclosure is incomplete-  there is no occupancy status checked ( completion/correction is noted as condition of approval)

CLEARED COMMENT (2018-03-09): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: missing VOF stmts (3x chase bus accts referenced in loan approval are not found in file.) of required funds to close-  per HUD in file  borrower needed $XXX to close.

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing documents		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Missing 2 of 2 types of law & ordinance coverage

WAIVED COMMENT (2018-03-06): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  missing law & ordinance coverage   comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100489 $xxxxxxx PA xx/xx/xxxx Refinance Rate/Term 03/01/2018 2 2 1     [1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: BP LOI does not have phone # in heading ( this was cited as a pre-closing condition per approval on file.

CLEARED COMMENT (2018-03-06): Exception cleared- subject to lender affirmation that the cited discrepancy is deemed not material per VCC guidelines.

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: Sections I,V,VI,VII of loan application are incomplete.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated 1003/application along with lender affirmation that provided doc meets VCC requirements.

[1] General - Missing Hazard Insurance
EXCEPTION INFO: EOI reflects subject address as borrower/guarantors mailingaddress. {correction of  this was cited as a pre-closing condition per approval on file}

CLEARED COMMENT (2018-03-09): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Miscellaneous - Reverification of mortgage is inconsistent with original VOM
EXCEPTION INFO: Missing copy of subject note. ( this was cited as a pre-closing condition per approval on file.)

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect loss of rents coverage.   ( it is noted that LOR is defined in the glossary of terms under coverage D  however no Coverage D is listed in the summary of coverages for the specific subject policy.)

GENERAL COMMENT (2018-03-06): exception remains-  the cited notation is a fax cover page and not evidence of insurance coverage in effect-  loss of rents (coverage D)  does not appear on the declarations page provided to evidence coverage in effect.
WAIVED COMMENT (2018-03-08): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  missing loss of rents coverage .   comp Factor:seasoned investor		 Guideline variance approved by lender post origination. CF- seasoned investor Loan Review Complete
1804100499 $xxxxxxx MD xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Missing final loan approval WS

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: no handwritten BP LOI found in file as required per MCP appendix 2

GENERAL COMMENT (2018-03-03): exception remains-  uploaded LOE does not includeany  statement of business purpose nor identifying the subject as a rental/investment property
CLEARED COMMENT (2018-03-07): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: no 1003/application(s) found in file

GENERAL COMMENT (2018-03-03): exception remains- uploaded doc is incomplete/ unsigned
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Prelim reflects leasehold estate typr-  missing final title or other evidence of Fee simple ownership as per pre-funding condition identified in loan approval WS.

CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		     Loan Review Complete
1804100501 $xxxxxxx FL xx/xx/xxxx Purchase 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: Missing purchase contract docs-  only an addendum to offer is found in file provided for review

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: 1) handwritten BP LOI not found in file  as required per MCP appendix 2    2) BP disclosure not found in file ( BP disclosure was a pre-funding condition per approval)

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: 1003/app not signed/initialed.  per approval WS- updated app was a Pre-funding condition

GENERAL COMMENT (2018-03-07): updated 1003/application is not initialed in required fields on pg 1,2  nor signed on pg 4.   the date on the signature is typed and not ink signed.  Request affirmation of compliance with requirements.
CLEARED COMMENT (2018-03-08): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Missing VOF stmts/docs referenced in the asset section of loan approval worksheet.  unable to verify compliance with MCP requirements

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Wind deductible of 2% on $XXXM coverage amount exceeds guideline max of $10M

WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100505 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 1 1 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review in file is not  i) signed/dated,  ii) in standardized format,  iii) on VCC letterhead

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing BP disclosure as required per MCP appendix 2

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		     Loan Review Complete
1804100507 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: incomplete application-  section I, VI, VII, and X incomplete and document is not signed/initialed by borrower ( pre-funding condition per loan approval WS.)

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects master policy inclusion with no endorsement for liability coverage to ensure that the aggregate limit of insurance will apply separately to each covered property

WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for blanket liability coverage   comp Factor:seasoned investor

[2] General - LTV does not meet guidelines
EXCEPTION INFO: approved exception for LTV of XX%. comp factor: seasoned investor
WAIVED COMMENT (2018-02-24): approved exception for LTV of XX%. comp factor: seasoned investor

[2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing BP cert as required per MCP appendix 2

GENERAL COMMENT (2018-03-07): exception remains-  missing/UTD applicable comp factor for cited exception ( CF1 indicates only 'other'')
WAIVED COMMENT (2018-03-08): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing BP cert.    comp Factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for missing/incomplete VOR-primary.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-24): approved exception for missing/incomplete VOR-primary. comp factor: seasoned investor

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: approved exception for property listed within 12 mos.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-24): approved exception for property listed within 12 mos. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- Seasoned Investor

Guideline variance approved by lender post origination.  CF- seasoned investor		 Loan Review Complete
1804100512 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs ( only assignment of collateral found in file.)

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: missing loan approval worksheet

GENERAL COMMENT (2018-03-01): exception remains-  uploaded approval WS does not reflect any chain of approval evidencing credit officer approval of subject note.
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated loan approval document reflecting approval chain

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing 1) handwritten BP LOI,  2) BP disclosure - as required per MCP appendix 2
GENERAL COMMENT (2018-03-03): [uploaded BP LOI]
GENERAL COMMENT (2018-03-03): exception remains-  missing BP disclosure.  
  ( receipt of compliant BP LOI on entity letterhead is acknowledged.)

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence  provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance

[1] General - Missing Title
EXCEPTION INFO: Missing grant deed/ final title  to verify vesting in the LLC Borrower.    Receipt of final title evidencing satisfaction of liens/ exceptions was a pre-funding condition per loan approval WS.

GENERAL COMMENT (2018-03-03): exception remains-  final title not received ( receipt of executed grant deed acknowledged)
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of updated loan approval document reflecting removal of Cited PTF condition along with grant deed evidencing transfer of vesting		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Unrated carrier-  exception not cited {missing approval doc}

GENERAL COMMENT (2018-03-07): exception remains-  missing/UTD applicable comp factor for cited exception ( CF1 indicates only 'other'')
GENERAL COMMENT (2018-03-08): exception remains-  the provided updated approval doc does not have any approval history to verify approval of cited exception
WAIVED COMMENT (2018-03-12): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for unrated carrier    comp Factor: seasoned investor

[2] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: application/ 1003 in file is partially incomplete and not signed/ executed.   per loan approval WS,  completion of this doc was a pre-funding condition.

GENERAL COMMENT (2018-03-09): exception remains- updated doc provided is incomplete-  missing initials on Pg1 and section VIII. Declarations is incomplete.
WAIVED COMMENT (2018-03-12): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for incomplete application    comp Factor: seasoned investor		 Guideline variance approved by lender post origination. CF- seasoned investor Loan Review Complete
1804100516 $xxxxxxx PA xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Missing final loan approval WS

GENERAL COMMENT (2018-03-01): Exception remains-  the uploaded doc 1) does not reflect approved entity borrower/ guarantor structure as  structured per executed docs.  2) does not reflect evidence of credit officer approval for identified matrix exception
CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: unable to locate any 1003/application(s) in file

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title-  receipt of final title at closing was a pre-funding condition per loan approval WS provided.

GENERAL COMMENT (2018-03-06): Please provide affirmation/ identification of which docs satisfactorily demonstrate compliance with this PTF approval condition.
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: missing evidence of paid first yr-  EOI reflects expiration of policy 60 days from note date.    per MCP 7.2 Refinances without escrow accounts require evidence that the first year premium has been paid if the policy expiration date is within 60 days of close of escrow or proof borrower established monthly payment plan with Insurance Co.

WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing evidence of  ins  premium  paid on policy ending < 60 days .    comp Factor: seasoned investor

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Missing evidence of credit approval of exception- for  waiver of ins impounds as evidenced in file

WAIVED COMMENT (2018-03-07): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100518 $xxxxxxx PA xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs

CLEARED COMMENT (2018-03-06): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: missing loan approval WS

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing handwritten BP LOI

GENERAL COMMENT (2018-03-01): exception remains-  the provided handwritten LOI does not contain borrower statement of funds for business purpose,  and no express statement that guarantor individually does not intend to occupy.
CLEARED COMMENT (2018-03-07): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Proof of Residency Status not provided
EXCEPTION INFO: Missing borrrower ID (Neither DL nor passport found in file)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title-  per loan approval WS receipt of final title was a pre-funding condition

GENERAL COMMENT (2018-03-07): Please provide affirmation/ identification of which docs satisfactorily demonstrate compliance with this PTF approval condition.
CLEARED COMMENT (2018-03-08): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA Recvd <10% variance		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Approved exception for waiver of ins impounds.   comp factor: FICO, seasoned investor
WAIVED COMMENT (2018-03-01): Approved exception for waiver of ins impounds.   comp factor: FICO, seasoned investor

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: Approved exception for partially vacant property.   comp factor: FICO, seasoned investor
WAIVED COMMENT (2018-03-01): Approved exception for partially vacant property.   comp factor: FICO, seasoned investor		 Guideline variance approved by lender at time of origination.  CF- FICO

Guideline variance approved by lender at time of origination.  CF- seasoned investor		 Loan Review Complete
1804100522 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing Velocity allonge and assignment docs

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review is not signed/dated,  is not in standard format and is not on VCC letterhead

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: missing Loan Approval Worksheet

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing 1) handwritten BP LOI  2)  BP disclosure  ; as required per MCP appendix 2 (presence of BP Cert  is acknowledged)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: incomplete 1003 form in file-  sections i,II, V, VI, VII incomplete and not signed/ initialed as required.

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document with completed fields and required signatures

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title-  per approval WS provided clear final title was a pre-funding condition.

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Hurricane deductible of 5% on $XXX coverage amount exceeds guideline max deductible of $10M

WAIVED COMMENT (2018-03-03): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender  post origination.   CF- seasoned investor Loan Review Complete
1804100526 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Background Check not provided
EXCEPTION INFO: no credco nor veri-tax FraudID  OFAC reports found in file

GENERAL COMMENT (2018-03-01): exception remains- an OFAC search can be performed in the absence of a  SSN/TIN.   Reviewer requests written affirmation that VCC's policy requires no evidence of OFAC search for individual foreign investors serving as guarantor on a note to an entity.
CLEARED COMMENT (2018-03-07): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: missing 1) handwritten BP LOI  2)  BP disclosure  ; as required per MCP appendix 2 (presence of BP Cert  is acknowledged)

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing documents

[1] Credit Documentation - Missing Document: Credit Report not provided
EXCEPTION INFO: missing credit report

CLEARED COMMENT (2018-03-01): Exception cleared- subject to lender affirmation that the cited d ocument is not required and documentation on file is sufficient/ compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: missing application/1003

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: missing evidence of US bank acct as required per MCP 5.6

CLEARED COMMENT (2018-03-01): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] General - FICO below 650
EXCEPTION INFO: Approved exception for no missing FICO.  comp factor: LTV
WAIVED COMMENT (2018-02-25): Approved exception for no missing FICO.  comp factor: LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: wind/ hail deductible of of 5% on $1.02MM coverage amount exceeds guideline max deductible of $10M

WAIVED COMMENT (2018-03-03): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender at time of origination. CF- LTV

Guideline variance approved by lender post origination. CF- seasoned investor		 Loan Review Complete
1804100537 $xxxxxxx CA xx/xx/xxxx Refinance Rate/Term 02/26/2018 2 2 1     [1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: unable to locate 1003/application in file for subject note ( per loan approval WS- a correction to the 1003 was stipulated prior to funding.)

GENERAL COMMENT (2018-03-03): exception remains the uploaded document is not  initialed/ signed in the required fields on pg 1,2,3,5,6.
CLEARED COMMENT (2018-03-07): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing certified final settlement stmt. copy in file is estimated stmt

CLEARED COMMENT (2018-03-07): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: Diligence provider to order CDA
CLEARED COMMENT (2018-02-26): CDA received with 0 variance		 [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: Approved exception for Collections >$5k   comp factor: seasoned investor
WAIVED COMMENT (2018-02-24): Approved exception for Collections >$5k comp factor: seasoned investort

[2] General - Missing Hazard Insurance
EXCEPTION INFO: approved exception for no broad/special form/ DP3 endorsement.  comp factor: seasoned investor
WAIVED COMMENT (2018-02-24): approved exception for no broad/special form/ DP3 endorsement.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. CF- seasoned investor Loan Review Complete
1804100547 $xxxxxxx GA xx/xx/xxxx Purchase 02/26/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: Missing purchase agreement/contract document-  file contains only 2x addenda to purch agreement

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Business P&L not provided
EXCEPTION INFO: only 1 yr P&L provided

CLEARED COMMENT (2018-03-03): Exception cleared- subject to lender affirmation that the cited discrepancy is approved and compliant with VCC guidelines.

[1] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: missing payment instructions doc (to verify compliance with impound guideline requirements)

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: incomplete application/ 1003 - Section I not completed

CLEARED COMMENT (2018-03-03): Exception cleared- subject to lender affirmation that the cited discrepancy is approved/ compliant with VCC guidelines.

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Missign grant/sale deed and/or final title to verify sale/transfer of vesting to subject borrower/ indemnitor

CLEARED COMMENT (2018-03-03): exception cleared- due to receipt of grant/sale deed for subject property		 [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: Approved exception for gift funds to close  received from non-relative.  comp factor: LTV
WAIVED COMMENT (2018-02-26): Approved exception for gift funds to close  received from non-relative.  comp factor: LTV		 Guideline variance approved by lender at time of origination.  CF- LTV Loan Review Complete
1804100006 $xxxxxxx CA xx/xx/xxxx Purchase 03/15/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: missing guaranty agreement for 1 of 2 guarantors.

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of cited missing document		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect law & ordinance coverage

WAIVED COMMENT (2018-03-19): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing law & ordinance coverage.   comp Factor: LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: per EOI gen agg liability is < $3MM for  warehouse (Industrial) property type -

WAIVED COMMENT (2018-03-19): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor:LTV		 Guideline variance approved by lender post  origination.  CF- LTV Loan Review Complete
1804100091 $xxxxxxx RI xx/xx/xxxx Purchase 03/15/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: the final settlement stmt is not signed/ stamped by the settlement agent as certified true & correct.

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for incomplete VOM- primary.  Comp factors: FICO, seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for incomplete VOM- primary. Comp factors: FICO, seasoned investor		 Guideline variance approved by lender at time of origination.  CF- FICO

Guideline variance approved by lender at time of origination. CF-  seasoned investor		 Loan Review Complete
1804100159 $xxxxxxx MD xx/xx/xxxx Refinance Rate/Term 03/15/2018 2 2 1       [2] General - Missing Hazard Insurance
EXCEPTION INFO: Approved exception for missing law & ordinance coverage.  comp factor: LTV
WAIVED COMMENT (2018-03-14): Approved exception for missing law & ordinance coverage.  comp factor: LTV		 Guideline variance approved by lender at time of origination. CF- LTV Loan Review Complete
1804100237 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect wind/hail/named storm coverage / deductible terms.   ( Wind/hail coverage was a PTF condition per approval doc)

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence agent
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: Approved exception for carrier B rating.  Comp factor: FICO, seasoned investor
WAIVED COMMENT (2018-03-13): Approved exception for carrier B rating. Comp factor: FICO, seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing VOM-2nd.  Comp factor: FICO
WAIVED COMMENT (2018-03-13): Approved exception for missing VOM-2nd. Comp factor: FICO		 Guideline variance approved by lender at time of origination. CF -Seasoned investor

Guideline variance approved by lender at time of origination. CF- FICO		 Loan Review Complete
1804100262 $xxxxxxx NY xx/xx/xxxx Purchase 03/15/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: The final settlement stmt in file is not signed/stamped by the settlement agent as  certified as true and correct

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with <10% variance		 [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for missing VOR- borrower lives rent free.   comp factor: seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for missing VOR- borrower lives rent free. comp factor: seasoned investor

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: approved exception for dated/ missing leases.  comp factor: seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for dated/ missing leases.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF - seasoned investor Loan Review Complete
1804100295 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Missing final settlement stmt.  the stmt in file is marked estimated

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider.
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		 [2] General - FICO below 650
EXCEPTION INFO: approved exception for FICO of XXX.  comp factor: seasoned investor
WAIVED COMMENT (2018-03-13): approved exception for unrated carrier- comp factor FICO, LTV		 Guideline variance approved by lender at time of origination. CF- seasoned investor Loan Review Complete
1804100322 $xxxxxxx CA xx/xx/xxxx Purchase 03/15/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: there is no certified final settlement stmt found in file provided for review.

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of certified final settlement stmt		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: Approved exception for DCR of XXXX.  Comp factor: reserves
WAIVED COMMENT (2018-03-13): Approved exception for DCR of XXXX  Comp factor: reserves

[2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: no major tradelines -  exception detail not cited on loan aprvl WS provided

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  limited tradelines   comp Factor: reserves

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved Missing VOM-  borr lives rent free.  Comp factor: reserves
WAIVED COMMENT (2018-03-13): approved Missing VOM-  borr lives rent free.  Comp factor: reserves		 Guideline variance approved by lender at time of origination.. CF- reserves Loan Review Complete
1804100352 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: application//1003 on file is not signed/initialed by borrower

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] General - FICO below 650
EXCEPTION INFO: approved exception for FICO of XXX.  Comp factor: seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for FICO of XXX.  Comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. CF- seasoned investor Loan Review Complete
1804100365 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1       [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Approved exception for missing VOR- primary.  comp factor: LTV
WAIVED COMMENT (2018-03-14): Approved exception for missing VOR- primary. comp factor: LTV		 Guideline variance approved by lender at time of origination.  CF- LTV Loan Review Complete
1804100419 $xxxxxxx CA xx/xx/xxxx Refinance Rate/Term 03/15/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: there is no settlement stmt found in file ( neither estimated nor final)

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of certified final settlement stmt		 [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines
EXCEPTION INFO: credit report reflects $XXXX Charge off/ 90+ late within 2 yrs.

WAIVED COMMENT (2018-03-19): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for late payment/ charge off > $5K  comp Factor:seasoned investor

[2] General - Insufficient Flood insurance
EXCEPTION INFO: Flood deductible of 2% on $XXX coverage amount exceeds $5M guideline max deductible.
WAIVED COMMENT (2018-03-19): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for flood deductible amount   comp Factor:seasoned investor

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect law & ordinance coverage

WAIVED COMMENT (2018-03-19): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  missing law & ordinance coverage.   comp Factor:seasoned investor

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: waiver of ins impounds is not cited as an approved exception

WAIVED COMMENT (2018-03-19): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for waiver of ins impounds.   comp Factor:seasoned investor

[2] General - Missing Hazard Insurance
EXCEPTION INFO: EOI  reflects liability Gen Agg < $3MM for xxxxxx (industrial) property type.

WAIVED COMMENT (2018-03-19): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor:seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned Investor Loan Review Complete
1804100428 $xxxxxxx CT xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: application in file is not signed by borrower

GENERAL COMMENT (2018-03-19): exception remains- 1) borrower signatures on pg 3 and 4 do not match with one-another 2)  the signature in pg 3 is not dated. 3) signature field on pg 5 is blank
CLEARED COMMENT (2018-03-22): Exception cleared- subject to lender affirmation that the cited discrepancy has been reviewed and is affirmed compliant with VCC guideline requirements.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: final settlement stmt is not signed/stamped  by settlement agent as certified true & correct.

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		 [2] General - LTV does not meet guidelines
EXCEPTION INFO: approved exception for XX% LTV on cashout refi.  comp factor: FICO
WAIVED COMMENT (2018-03-14): approved exception for XX% LTV on cashout refi. comp factor: FICO

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Exception for cashout on recent purchase using AV vs PP is not cited as approved exception.   per MCP 6.6  Definition: Borrower on title < 12 months * Value estimate limited to the lessor of the original purchase price or the current appraised value

WAIVED COMMENT (2018-03-20): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for use of AV for property held < 12 mos.    comp Factor: Rehab of subject property		 Guideline variance approved by lender at time of origination.  CF- FICO

Guideline variance approved by lender post origination.  CF- Rehab of subject property		 Loan Review Complete
1804100429 $xxxxxxx AL xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 1 1 1           Loan Review Complete
1804100433 $xxxxxxx MA xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval WS has no evidence of loan approval chain.

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: application docs on file are not signed by the borrower

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of cited missing document

[1] General - Missing P&L
EXCEPTION INFO: only 1 yrs P&L provided.   per approval-  2 yrs P&L was a PTF condition.

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition		     Loan Review Complete
1804100434 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Application / Processing - Missing Document: Guaranty Agreement not provided
EXCEPTION INFO: missing guaranty agreement for 1 of 2 guarantors.

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of cited missing document		 [2] Miscellaneous - Credit Exception:
EXCEPTION INFO: approved exception for DCR  of XXXX Comp factor: seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for DCR  of XXX Comp factor: seasoned investor

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect inclusion of named storm ( hurricane coverage.

WAIVED COMMENT (2018-03-20): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  missing named storm coverage.    comp Factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for missing VOR- borrowers live rent free  Comp factor: seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for missing VOR- borrowers live rent free Comp factor: seasoned investor		 Guideline variance approved by lender at time of origination. CF- seasoned investor

Guideline variance approved by lender post origination.  CF- seasoned investor		 Loan Review Complete
1804100439 $xxxxxxx CT xx/xx/xxxx Refinance Rate/Term 03/15/2018 1 1 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Appraisal for subject property not found-  the uploaded appraisal in file is for another property

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: property type discrepancy-  Per analyst review subject is  owner user  per approval pg 1 subject is owner user,  per approval pg 3 (transaction) subject is tenant occupied with leases in file however only 1 lease was found.  per BP LOE borrower indicated intention to occupy commercial unit with his business.

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of updated loan approval document reflecting corrected occupancy status

[1] Closing / Title - Missing Note
EXCEPTION INFO: Note document reflects a margin of 1.0% over prime. vs 5.0% as approved

GENERAL COMMENT (2018-03-19): exception remains-  update document is not signed/initialed by borrower and contains the following discrepancy:  PP penalty is 3 yrs vs 5 yr term per loan approval WS.
GENERAL COMMENT (2018-03-22): exception remains-  1)  approval doc provided reflects a margin of 5.0%.   2) the cited PPP exceptions on the updated approval would not be applicable in the event of reverting to the original note which stated a PP penalty of 5 yrs.    { please provide updated/ corrected approval document.}
CLEARED COMMENT (2018-03-22): Exception cleared- due to receipt of updated loan approval doc with terms aligning with executed note doc and  subject to lender affirmation that the cited discrepancy is compliant with VCC guideline requirements.		     Loan Review Complete
1804100445 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: UTD comp factor for approved exception for  limited tradelines.  CF1 indicated as 'other'

WAIVED COMMENT (2018-03-20): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for limited tradelines with   comp Factors: LTV, seasoned investor

[2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: 1)  no LOE found in file for extenuating circumstances of multiple bankruptcy filings {required per MCP for  subject note with  XX% LTV}  2) 3x bankruptcy filings are reflected on credit report, the most recent within 5 yrs. the  Cited exception is for 2x BR.   3) UTD comp factor for approved exception for 2 BK.  CF1 indicated as 'other'.

WAIVED COMMENT (2018-03-20): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  3x BK with   comp Factors: LTV, seasoned investor

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: UTD comp factor for approved exception for unrated carrier.  CF1 indicated as 'other'

WAIVED COMMENT (2018-03-20): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  unrated carrier  with   comp Factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: UTD comp factor for approved exception for incomplete/inconsistent VOM.  CF1 indicated as 'other'

WAIVED COMMENT (2018-03-20): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  incomplete VOM with   comp Factor: LTV		 Guideline variance approved by lender at time of origination. CF- LTV

Guideline variance approved by lender at time of origination. CF- seasoned investor		 Loan Review Complete
1804100447 $xxxxxxx FL xx/xx/xxxx Purchase 03/15/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval reflects incorrect NOI/ DCR-  the NOI figure reflected on approval document is the property operating expense and not UW NOI per analyst review;

GENERAL COMMENT (2018-03-20): exception cleared- due to receipt of updated loan approval document reflecting corrected NOI/DCR  figures

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided
EXCEPTION INFO: 1)handwritten BP LOI is written on entity letterhead for entity other than the borrower trust entity and 2) missing BP disclosure ( BP cert is in file however the BP disclosure is not ( as required per MCP appendix 2)

WAIVED COMMENT (2018-03-20): exception 1 waived - due to receipt of updated loan approval reflecting approved exception  for LOI letterhead.   comp factor: reserves.  
(exception 2 cleared due to receipt of cited missing document)		 Guideline variance approved by lender post origination.  CF- reserves Loan Review Complete
1804100468 $xxxxxxx CT xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] General - FICO below 650
EXCEPTION INFO: approved exception for FICO of XXX  comp factor: seasoned investor, LTV
WAIVED COMMENT (2018-03-15): approved exception for FICO of XXX.  comp factor: seasoned investor, LTV

[2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: approved exception for  $XXX tax lien.  comp factor: seasoned investor, LTV
WAIVED COMMENT (2018-03-15): approved exception for  $XXX tax lien.  comp factor: seasoned investor, LTV		 Guideline variance approved by lender at time of origination.  CF- LTV

Guideline variance approved by lender at time of origination. CF- seasoned investor		 Loan Review Complete
1804100481 $xxxxxxx CA xx/xx/xxxx Refinance Rate/Term 03/15/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: VCC value discrepancy- approval reflects $XXX vmc value-  analyst review reflects $XXX analyst value.

CLEARED COMMENT (2018-03-19): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: the application/1003 docs in file are not signed by the borrower

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: there is no final settlement stmt in file, (only an estimated stmt found)

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100485 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval WS 1) has no evidence of approval chain wthin approval history section 2) reflects FICO of XXX vs VCC credit report mid score if XXX

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of updated loan approval document reflecting corrected  FICO figures and including approval chain history.

[1] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Incomplete VOM/VOR primary-  only 3 mos history provided for VOR-  per LOE in file borrower is sub leasing primary

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of cited missing VOM documentation.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing final HUD-  only an estimated stmt found in file

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: no major tradelines per credit report in file

WAIVED COMMENT (2018-03-20): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for limited tradelines.  comp Factor:seasoned investor		 Guideline variance approved by lender post origination. CF- seasoned investor Loan Review Complete
1804100496 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval WS does not reflect any approval chain history

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of updated loan approval document reflecting approval chain evidence.

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with <10% variance		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: approved exception for limited credit history-  Comp factor: seasoned investor
WAIVED COMMENT (2018-03-15): approved exception for limited credit history-  Comp factor: seasoned investor

[2] General - Representative FICO Bid Tape Field Value differs from Review Field Value. Identify variance details in comment box.
EXCEPTION INFO: approved exception for FICO score malfunction-  Comp factor: seasoned investor
WAIVED COMMENT (2018-03-15): approved exception for FICO score malfunction- Comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  comp factor: seasoned investor Loan Review Complete
1804100497 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: there is no final settlement stmt-  the certified stmt  in file is marked estimated

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of certified final settlement stmt

[1] Closing / Title - Missing Note
EXCEPTION INFO: Note does not indicate a rate margin vs approved margin of 5.0%

GENERAL COMMENT (2018-03-19): exception remains- updated corrected note is not signed by the borrower in the signature field.
GENERAL COMMENT (2018-03-22): exception remains-  approval reflects a structure/ rate that is inconsistent with the executed note.  please provide updated/ corrected approval document.
CLEARED COMMENT (2018-03-22): Exception cleared- due to receipt of updated loan approval doc with terms aligning with executed note doc and  subject to lender affirmation that the cited discrepancy is compliant with VCC guideline requirements.

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: approved exception for limited credit history. comp factor: seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for limited credit history. comp factor: seasoned investor

[2] General - LTV does not meet guidelines
EXCEPTION INFO: approved exception for XX% LTV on cashout refi. comp factor: seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for XX% LTV on cashout refi. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor Loan Review Complete
1804100498 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: Loan agreement doc in file is not executed by the borrower., but is executed by notary witness.

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of executed  cited incomplete document

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: per report provided the Appraisal effective date is XX/XX/XXXX (future date- appears to be a typo).

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of corrected cited document

[1] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: missing payment instructions doc in order to verify tax and ins impounds

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] General - Missing Mortgage
EXCEPTION INFO: Updated mortgage doc provided in file is not countersigned by lender in designated fields.

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of completed/countersigned cited incomplete document		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Comp factor for exception for no open active major tradelines as 'strong DCR',  however the approved UW DCR of XXXX is less than the XXXX min required for mixed use/traditional I > $500k

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  insufficient tradelines.   comp Factor:seasoned investor, LTV

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: UTD comp factor for Exception for missing law & ordinance coverage.   CF1 is 'other' per loan approval in file

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for missing law & ordinance coverage.   comp Factor:seasoned investor, LTV

[2] General - Missing Hazard Insurance
EXCEPTION INFO: EOI does not reflect a Gen Agg liability coverage amount.  per MCP 7.2  $2MM gen agg is required

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor:seasoned investor, LTV		 Guideline variance approved by lender at time of origination.  CF- LTV

Guideline variance approved by lender at time of origination. CF - seasoned investor		 Loan Review Complete
1804100504 $xxxxxxx MD xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: There is no documentation of approval chain contained on the loan WS in file

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of updated loan approval document reflecting evidence of approval chain.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing certified final settlement stmt

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		     Loan Review Complete
1804100509 $xxxxxxx FL xx/xx/xxxx Purchase 03/15/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval doc provided does not evidence approval chain

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of updated loan approval document reflecting  approval chain evidence

[1] Closing / Title - Missing Note
EXCEPTION INFO: Missing Note for 2nd mortgage

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for waiver of insurance escrows.  comp factor: FICO & seasoned investor
WAIVED COMMENT (2018-03-14): approved exception for waiver of insurance escrows.  comp factor: FICO & seasoned investor		 Guideline variance approved by lender at time of origination.  CF- FICO

Guideline variance approved by lender at time of origination. CF- seasoned investor		 Loan Review Complete
1804100511 $xxxxxxx AZ xx/xx/xxxx Purchase 03/15/2018 1 1 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing purchase contract addenda documenting extension of closing date.  this was a  PTF condition per approval.

CLEARED COMMENT (2018-03-20): Exception cleared-  due to receipt of updated loan approval document reflecting removal of cited PTF condition and subject to lender affirmation that the cited document is not required and that the subject note is compliant with VCC guidelines.

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: final settlement stmt not found in file ( only estimated doc located in file)

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of certified final settlement stmt		     Loan Review Complete
1804100514 $xxxxxxx NJ xx/xx/xxxx Purchase 03/15/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Analyst review is not signed

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Security Instrument not provided
EXCEPTION INFO: VCC Mortgage doc in file 1)  reflects borrower address as subject address with correct zip,  2) lists subject property zip incorrectly as XXXX vs XXXX as verifiwed per HUD, appraisal & prelim

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of corrected  mortgage/deed document

[1] General - Missing Hazard Insurance
EXCEPTION INFO: EOI document scan in file is illegible-  unable to verify adequate coverage levels/ compliance with guideline requirements

GENERAL COMMENT (2018-03-20): exception remains-  the provided EOI document is also illegible ( ACORD document scan appears to be corrupted/ over-zoomed )
CLEARED COMMENT (2018-03-22): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		 [2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: approved exception for missing lease.  comp factor: FICO, seasoned investor
WAIVED COMMENT (2018-03-15): approved exception for missing lease.  comp factor: FICO, seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor

Guideline variance approved by lender at time of origination. CF- FICO		 Loan Review Complete
1804100521 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval ws in file has no approval history documenting chain of approval

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: exception for only 1 major tradeline  is  not  acknowledged as applicable nor is comp factor listed in approval WS provided

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for limited tradelines  comp Factor: LTV		 Guideline variance approved by lender post origination. CF- LTV Loan Review Complete
1804100527 $xxxxxxx CA xx/xx/xxxx Purchase 03/19/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: contract document is not signed by buyers, only seller signatures present on doc in file

GENERAL COMMENT (2018-03-21): Exception remains-  the provided document with e-signatures on the final page is incomplete / not fully executed;   it is not initialed buy the buyers on each page in the required fields.
CLEARED COMMENT (2018-03-22): Exception cleared- subject to lender affirmation that the cited discrepancy has been reviewed and is deemed not material with respect to VCC guideline requirements.

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing grant deed or final title to verify transfer of vesting to buyers/borrowers.

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: there is no final settlement stmt found in file ( only estimated stmt found)

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of certified final settlement stmt		 [2] General - Ineligible property
EXCEPTION INFO: approved exception for DCR of XXXX. comp factor: FICO, seasoned investor
WAIVED COMMENT (2018-03-15): approved exception for DCR of XXXX. comp factor: FICO, seasoned investor

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Liability gen agg < $3MM for warehouse (industrial) property type.

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  liability coverage amount.    comp Factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor

Guideline variance approved by lender at time of origination. CF- FICO		 Loan Review Complete
1804100532 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 1 1 1     [1] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI does not reflect wind/hail / named storm coverage.

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of updated EOI reflecting sufficient/ compliant coverage

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: typed executed application not found in file.  this was noted as a PTF condition per loan approval WS

GENERAL COMMENT (2018-03-21): exception remains-  the provided application is identical to the document contained in the original file.   this document is  predominantly handwritten and not typed as stipulated per the PTF condition, nor is it signed by the interviewer or initialed by the buyer on required fields on pg 1 and 2
CLEARED COMMENT (2018-03-22): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		     Loan Review Complete
1804100535 $xxxxxxx NJ xx/xx/xxxx Purchase 03/19/2018 1 1 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: missing purchase contract addendum extending closing date as specified per PTF condition in loan approval WS

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Application / Processing - Missing Document: Missing Final 1003
EXCEPTION INFO: application docs in file are not signed by borrower

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing grant deed verifying transfer of vesting to buyer/borrower as specified per PTF condition in loan approval WS

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		     Loan Review Complete
1804100538 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Debt Consolidation 03/19/2018 1 1 1           Loan Review Complete
1804100541 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title with corrected loan amount-  cited as PTF condition per loan approval

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		 [2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: approved exception for using AV vs pp on property held < 12 mos.  comp factor: seasoned investor:
WAIVED COMMENT (2018-03-15): approved exception for using AV vs pp on property held < 12 mos.  comp factor: seasoned investor:		 Guideline variance approved by lender at time of origination.  CF-  seasoned investor Loan Review Complete
1804100543 $xxxxxxx IN xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Loan WS in file has blank Approval history-  unable to verify approval chain

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title-  unable to verify compliance with PTF condition on approval WS

GENERAL COMMENT (2018-03-21): exception remains-  items 5-10 remain on the prelim-  their removal was stipulated by the PTF condition.
CLEARED COMMENT (2018-03-22): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		     Loan Review Complete
1804100544 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title necessary to verify compliance with PTF condition in loan approval WS on file

GENERAL COMMENT (2018-03-21): exception remains-  the PTF condition specifies final clear title insuring VCC in first lien position, which the provided lien release doe not fully satisfy/demonstrate.
CLEARED COMMENT (2018-03-22): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: final settlement stmt in file is not signed/ stamped as certified true & correct by the settlement agent

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Credit Calculation / Analysis - Guideline Issue:  Insufficient tradelines per credit guidelines
EXCEPTION INFO: Credit report reflects only 1 major tradeline-  the exception for tradelines is marked not applicable on the loan approval WS in file

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  limited tradelines.    comp Factor: seasoned investor

[2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI indicates sinkhole deductible of $XXXX (10%  which exceeds guideline max of $5M/5%

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor

[2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for unrated ins carrier.  comp factor: seasoned investor
WAIVED COMMENT (2018-03-15): approved exception for unrated ins carrier.  comp factor: seasoned investor

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for missing VOR- primary- borrower lives rent free.  comp factor: seasoned investor
WAIVED COMMENT (2018-03-15): approved exception for missing VOR- primary- borrower lives rent free. comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF - seasoned investor

Guideline variance approved by lender post origination.  CF- seasoned investor		 Loan Review Complete
1804100548 $xxxxxxx NY xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: EOI reflects 5% wind deductible on $XXX coverage which exceeds guidelien max wind deductible of $10M

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100553 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: 5% hurricane deductible on $XXX coverage amount exceeds guideline max wind deductible of $10M

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for deductible amount.    comp Factor: seasoned investor		 Guideline variance approved by lender post origination.  CF- seasoned investor Loan Review Complete
1804100554 $xxxxxxx WA xx/xx/xxxx Purchase 03/19/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: Approval history is blank on the approval WS provided-  unable to verify chain of approval.

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: 1) Grant /sale deeds in file are not executed -  unable to  verify transfer of vesting. and 2) final title not provided

GENERAL COMMENT (2018-03-21): exception 2) remains-  PTF condition specifies receipt of final title with removal of item 3 which has not been provided.
CLEARED COMMENT (2018-03-22): exception cleared- 1) due to receipt of cited missing doc and 2) due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: Missing final settlement stmt- only estimated stmts found in file

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		     Loan Review Complete
1804100556 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval history is blank in loan approval WS-  unable to verify chain of approval

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title to verify satisfaction of PTF condition cited in loan approval WS

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		     Loan Review Complete
1804100557 $xxxxxxx PA xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval ws in file reflects duplicate borrower names.

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of corrected  cited approval document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title to verify satisfaction of PTF condition per loan approval WS

GENERAL COMMENT (2018-03-21): exception remains-  PTF condition remains on updated doc, and final title has not been provided:    Per the provided updated approval document,   'Final clear title satisfying all liens mortgages, judgements etc:  insuring VCC in first lien position'  is indicated as a condition/ requirement prior to funding.
CLEARED COMMENT (2018-03-22): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		     Loan Review Complete
1804100559 $xxxxxxx CA xx/xx/xxxx Purchase 03/19/2018 2 2 1     [1] Miscellaneous - Credit Exception:
EXCEPTION INFO: Purchase contract in file 1)is not executed by either buyer or seller and 2) there is no addendum extending the closing date.

GENERAL COMMENT (2018-03-21): exception cleared- due to receipt of cited missing documents.

[1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval history is blank- on loan approval WS in file-  unable to verify approval chain.

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: 1) Grant deed in file is not executed- unable to verify transfer of vesting to borrower/buyer. 2) final title not found in file to satisfy PTF condition of clear final title

CLEARED COMMENT (2018-03-21): exception cleared-  1)  due to receipt of cited missing grand deed document 2) due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing final settlement stmt- only estimated stmt found in file

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of certified final settlement stmt		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Liability Gen agg limit < $3mm for xxxxxx (industrial) property type

GENERAL COMMENT (2018-03-21): exception remains-  exception is unmitigated with no Comp factors provided, as required per guidelines.
WAIVED COMMENT (2018-03-22): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for liability coverage amount   comp Factor: reserves		 Guideline variance approved by lender at time of origination.  CF- reserves Loan Review Complete
1804100561 $xxxxxxx IL xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for unrated carrier.  comp factor: LTV
WAIVED COMMENT (2018-03-16): approved exception for unrated carrier.  comp factor: LTV

[2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: approved exception for property listed within 6 mos.  comp factor: LTV
WAIVED COMMENT (2018-03-16): approved exception for property listed within 6 mos.  comp factor: LTV		 Guideline variance approved by lender at time of origination.  CF - LTV Loan Review Complete
1804100562 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] General - FICO below 650
EXCEPTION INFO: Approved exception for no FICO score;  comp factor: seasoned investor
WAIVED COMMENT (2018-03-16): Approved exception for no FICO score;  comp factor: seasoned investor

[2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines
EXCEPTION INFO: Credit report reflects a CH 13 BR discharge reported 10-16.   per MCP , BR within 2 yrs is not permitted.

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  bankruptcy within 2 yrs.  comp Factor: LTV		 Guideline variance approved by lender at time of origination.  CF- seasoned investor

Guideline variance approved by lender post origination.  CF- LTV		 Loan Review Complete
1804100569 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		 [2] General - Property has been listed for sale in the past 12 months.
EXCEPTION INFO: Borrower on title < 1 yr and AV used vs PP.  per title property acquired xxxx.  note date xxxx  per appraisal PP was $xxx

GENERAL COMMENT (2018-03-21): exception remains-  the updated approval provided has no evidence of approval chain/ history
WAIVED COMMENT (2018-03-22): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  subject vesting < 12 mos using Av vs PP.  comp Factor: FICO		 Guideline variance approved by lender post origination.  CF- FICO Loan Review Complete
1804100571 $xxxxxxx NJ xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 2 2 1     [1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Appraisal is > 6 mos old  as of closing date the effective date of the appraisal was 182 days aged.

CLEARED COMMENT (2018-03-21): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: missing final title to verify that multiple PTF conditions on loan approval WS are satisfied

GENERAL COMMENT (2018-03-21): Exception remains-  Grant Deed (deed of choice)  in file is not signed/ executed as required per PTF condition remaining on updated loan approval WS.
CLEARED COMMENT (2018-03-22): exception cleared- due to receipt of cited missing Executed grant deed document and removal of Final title  PTF condition from approval doc.		 [2] General - FICO below 650
EXCEPTION INFO: approved exception for  FICO of XXX comp factor: LTV
WAIVED COMMENT (2018-03-15): approved exception for FICO of XXX comp factor: LTV

[2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines
EXCEPTION INFO: approved exception for 1x60 and 1x30 within 4 mos on VCC loan.  comp factor: LTV
WAIVED COMMENT (2018-03-15): approved exception for 1x60 and 1x30 within 4 mos on VCC loan. comp factor: LTV

[2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: approved exception for Missing VOR- borrower lives rent free per LOE in file.  comp factor: seasoned investor
WAIVED COMMENT (2018-03-15): approved exception for Missing VOR- borrower lives rent free per LOE in file. comp factor: seasoned investor

[2] Credit Documentation - Missing lease Agreement
EXCEPTION INFO: approved exception for 25% vacancy- leases provided for only 3 of 4 units.  comp factor: LTV
WAIVED COMMENT (2018-03-15): approved exception for 25% vacancy- leases provided for only 3 of 4 units.  comp factor: LTV		 Guideline variance approved by lender at time of origination. CF- LTV

Guideline variance approved by lender at time of origination. CF- seasoned investor		 Loan Review Complete
1804100573 $xxxxxxx FL xx/xx/xxxx Refinance Rate/Term 03/19/2018 2 2 1     [1] General - Ineligible property
EXCEPTION INFO: Subject is owner User SFR-  per MCP appendix 2-  owner user SFR is a disallowed property type.

CLEARED COMMENT (2018-03-21): Exception cleared- subject to lender affirmation that the cited discrepancy is compliant with VCC guidelines.

[1] Appraisal Documentation - Missing Document: Appraisal not provided
EXCEPTION INFO: Property type/use discrepancy -  Analyst review indicates owner User-NO   appproval reflects owner user property type.

GENERAL COMMENT (2018-03-21): exception remains-  Analyst review in file reflects owner user: No  however lender response/comment affirms that property is owner user.
CLEARED COMMENT (2018-03-22): exception cleared- due to receipt of corrected cited erroneous document

[1] Application / Processing - Missing Document: Verification of Down Payment Funds not provided
EXCEPTION INFO: insufficient funds to close- XXXX verified.vs XXXX required to close.  additional VOF was cited as a PTF condition

GENERAL COMMENT (2018-03-21): exception remains-  exception is cited based on PTF condition of loan approval cited on loan approval WS provided which states that Additional proof f funds prior to closing was a  requirement per the credit approval
GENERAL COMMENT (2018-03-22): exception remains-  updated approval doc has no approval history to verify credit officer approval chain.
CLEARED COMMENT (2018-03-22): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PTF condition

[1] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided
EXCEPTION INFO: Missing VOM primary-  cited as PTF condition per approval WS

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		 [2] General - Insufficient Hazard Insurance
EXCEPTION INFO: Insufficient coverage amount- EOI reflects $XXXX coverage vs loan amount of $XXXX

WAIVED COMMENT (2018-03-21): Exception waived -  due to receipt of updated loan approval WS reflecting approved exception for  property coverage amount   comp Factor:seasoned investor

[2] General - LTV does not meet guidelines
EXCEPTION INFO: approved exception for 75% LTV on refi.  comp factor: seasoned investor
WAIVED COMMENT (2018-03-16): approved exception for 75% LTV on refi.  comp factor: seasoned investor		 Guideline variance approved by lender at time of origination.  CF- seasoned investor Loan Review Complete
1804100575 $xxxxxxx NJ xx/xx/xxxx Purchase 03/15/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval contains no evidence of approval chain history.

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of updated loan approval document reflecting approval chain evidence

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: 24 month chain of titlle not found in file ( this was a PTF condition per loan approval provided.)

CLEARED COMMENT (2018-03-20): exception cleared- due to receipt of cited missing title chain evidence documentation.

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence agent
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		     Loan Review Complete
1804100576 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 03/15/2018 2 2 1     [1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		 [2] Insurance Documentation - Missing Document: Hazard Insurance Policy not provided
EXCEPTION INFO: approved exception for unrated carrier- comp factor FICO, LTV
WAIVED COMMENT (2018-03-13): approved exception for unrated carrier- comp factor FICO, LTV		 Guideline variance approved by lender at time of origination.  CF- LTV

Guideline variance approved by lender at time of origination. CF- FICO		 Loan Review Complete
1804100577 $xxxxxxx NJ xx/xx/xxxx Refinance Rate/Term 03/15/2018 1 1 1     [1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: Insufficient title coverage amount- Prelim & commitment in file reflect $XXX coverage  vs note face amt of $XXX.

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of  amendment to title reflecting sufficient coverage amount

[1] Closing / Title - Missing Note
EXCEPTION INFO: Note does not reflect a PP penalty-  however per loan approval WS, the PP penalty is indicated as 3% with no buydown indicated.

CLEARED COMMENT (2018-03-19): exception cleared- due to receipt of updated loan approval document reflecting removal of cited PP term discrepancy

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered by diligence provider
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-21): Received CDA with 0 variance		     Loan Review Complete
1804100028 $xxxxxxx FL xx/xx/xxxx Refinance Cash-out - Other 02/19/2018 1 1 1           Loan Review Complete
1804100565 $xxxxxxx CA xx/xx/xxxx Refinance Cash-out - Other 03/19/2018 1 1 1     [1] Application / Processing - Missing Document: Approval not provided
EXCEPTION INFO: approval history is blank on loan approval WS in file.  unable to verify chain of approval

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of cited missing document

[1] Closing / Title - Missing Document: Title Preliminary not provided
EXCEPTION INFO: 1) Vesting discrepancy-  prelim in file reflects vesting in an entity with no grand deed/ quitclaim found in file to verify vesting in the individual borrower. 2) final title not found in file to verify satisfaction of PTF condition per approval WS

GENERAL COMMENT (2018-03-21): exception  1) remains-  the cited item 6 indicates vesting in 2 individuals  with no quitclaim in file for O. Mianda to verify vesting aligns with VCC mortgage document vesting solely in one individual (subject  borrower)    
{* exception 2 eligible to be cleared due to removal of PTF condition from loan approval WS}
CLEARED COMMENT (2018-03-22): exception cleared- 1) due to receipt of  documentation of property vesting in subject borrower. 2) due to removal of PTF condition

[1] Federal Compliance - Missing Final HUD-1
EXCEPTION INFO: missing final settlement stmt- only estimate found in file

CLEARED COMMENT (2018-03-21): exception cleared- due to receipt of certified final settlement stmt

[1] Appraisal Documentation - Missing secondary valuation product required for securitization.
EXCEPTION INFO: CDA to be ordered
GENERAL COMMENT (2018-03-16): CDA ordered by diligence vendor. Exception will be updated upon receipt.
CLEARED COMMENT (2018-03-20): Received CDA with 0 variance		     Loan Review Complete