Customer Loan ID

Loan Exception ID

Exception ID

Originator QM/ATR Status

TPR QM/ATR Status

Exception Approved Pre Origination

Exception Category

Exception Subcategory

Exception Description

Exception Comments

Seller Response

Reviewer Response

Compensating Factors

Material Exception Flag

Subject to Predatory Lending

HUD Category

Initial Exception Grade

Final Exception Grade

Initial DBRS Exception Grade

Final DBRS Exception Grade

Initial Moody's Exception Grade

Final Moody's Exception Grade

Initial Fitch Exception Grade

Final Fitch Exception Grade

Initial Kroll Exception Grade

Final Kroll Exception Grade

Initial S&P Exception Grade

Final S&P Exception Grade

Exception Status

FSMT20201INV001

18cc0040-b438-40d7-9fe0-f8e0c6472690

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

10/31/18: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum AUS did not require reserves, loan qualififed with 28.8 months reserves FICO is higher than guideline minimum Client overlay allows for a minimum FICO of 680, loan qualified with a FICO of 780 CLTV is lower than guideline maximum Client overlay allows for a maximum CLTV of 80%, loan qualified with a CLTV of 75%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV001

d0160906-80df-e811-bdb4-f4e9d4a75ba2

3254

TQM/Non-HPML

Compliance

Information required for CD 'Contact Information' section not completed, or completed in error

The final Closing Disclosure Contact Information section is incomplete.  The License information for the Settlement Agent is missing.  Provide re-disclosed CD and letter of explanation.

11/7/2018- PCCD and LOX dated XX/XX/XXXX with completed contact information section provided. This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum AUS did not require reserves, loan qualififed with 28.8 months reserves FICO is higher than guideline minimum Client overlay allows for a minimum FICO of 680, loan qualified with a FICO of 780 CLTV is lower than guideline maximum Client overlay allows for a maximum CLTV of 80%, loan qualified with a CLTV of 75%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Cleared

FSMT20201INV002

adfed96f-cd66-e911-bdd2-f4e9d4a75ba2

852

Not Covered/Exempt

Credit

Failure to Obtain Required Documentation

HMDA Data required to complete the HMDA Data Review not provided.  Lender to provide HMDA Data.

HMDA data provided condition cleared.

Reserves are higher than guideline minimum  UW Guides require 2  months reserves, loan qualified with 46 months reserves DTI is lower than guideline maximum  UW Guides maximum DTI of 43%, loan qualified with DTI of 33.57% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 704

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0010

5edebccf-0fb2-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

07/29/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 59.99% FICO is higher than guideline minimum FICO of 680, loan qualified with FICO of 718 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 190 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0025

9f11b6a0-edc5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum UW Guides require 2 months reserves, loan qualified with 97 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 806. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 51.18%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0072

4199712b-1922-4ca8-9f2a-47fcdd4e4a68

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed

08/22/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum LPA required 6.21 months reserves, loan qualified with 82 months reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 No Mortgage Lates Credit report verifies 48 months’ payment history with no late payments reported

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0072

4d9b6f28-94f9-45fa-b6d7-e5a31521abd3

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of property tax payment for the primary residence.

08/26/2019- Lender provided RE taxes on subject investment property not the requested TR taxes on the primary. Mortgage statement page 500 reflects escrows with a disbursement for HOI which shows escrows cover both taxes and insurance. Condition cleared.

Reserves are higher than guideline minimum LPA required 6.21 months reserves, loan qualified with 82 months reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 No Mortgage Lates Credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0072

65469d66-22c4-e911-abc7-f4e9d4a75a52

1672

TQM/Non-HPML

Compliance

Missing Initial Escrow Account Disclosure

Missing Initial Escrow Account Disclosure

08/22/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum LPA required 6.21 months reserves, loan qualified with 82 months reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 No Mortgage Lates Credit report verifies 48 months’ payment history with no late payments reported

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0072

f812c1da-cec2-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum LPA required 6.21 months reserves, loan qualified with 82 months reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 No Mortgage Lates Credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0072

b69f18a6-f7c4-e911-abc7-f4e9d4a75a52

21

TQM/Non-HPML

Credit

Failure to Obtain Final Application (1003)

A final application for the subject transaction was not provided.

08/26/2019-Final 1003 provided. Condition cleared.

Reserves are higher than guideline minimum LPA required 6.21 months reserves, loan qualified with 82 months reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 No Mortgage Lates Credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0072

aa45094d-f4c4-e911-abc7-f4e9d4a75a52

1687

TQM/Non-HPML

Credit

Missing Evidence of Property Taxes

Evidence of property taxes for the primary residence not provided. Additional conditions may apply.

08/26/2019- Lender provided RE taxes on subject investment property not the requested TR taxes on the primary. Mortgage statement page 500 reflects escrows with a disbursement for HOI which shows escrows cover both taxes and insurance. Condition cleared.

Reserves are higher than guideline minimum LPA required 6.21 months reserves, loan qualified with 82 months reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 No Mortgage Lates Credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0035

a900b61b-775f-4534-a58f-b7e37c3986aa

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed

08/22/19: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 720, loan quallified with FICO 755 Years on Job Borrower has 15 years in field. No Mortgage Lates 0x30 days late verified credit report 41 months

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0035

b0e81496-14c5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

FICO is higher than guideline minimum UW Guides require FICO of 720, loan quallified with FICO 755 Years on Job Borrower has 15 years in field. No Mortgage Lates 0x30 days late verified credit report 41 months

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0058

1aef0d1f-7cbf-e911-abc7-f4e9d4a75a52

2884

Not Covered/Exempt

Credit

Data Discrepancy Violation

A HMDA Data Discrepancy has been identified for the Mortgage Loan Originator NMLS ID.  Audit NMLS ID XXXXXX vs. Data Tape XXXXXX.

08/29/19: Lender agrees with audit results. Condition cleared.

Years on Job Borrower has 21 years on the job Disposable Income is higher than guideline minimum UW guides require $0 of disposable income, loan qualified with $6647.04 of disposable income Years in Primary Residence Borrower has resided in primary residence for 9 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0058

30001c7e-afbb-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 21 years on the job Disposable Income is higher than guideline minimum UW guides require $0 of disposable income, loan qualified with $6647.04 of disposable income Years in Primary Residence Borrower has resided in primary residence for 9 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0058

f6590b5c-efbd-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 45%. Due to the miscalculation of debt, the actual DTI is 47.13%. The debt provided on the AUS does not match the debt reported on the credit report.

08/20/2019- Lender provided updated LP AUS reflecting 47% DTI. Condition cleared.

Years on Job Borrower has 21 years on the job Disposable Income is higher than guideline minimum UW guides require $0 of disposable income, loan qualified with $6647.04 of disposable income Years in Primary Residence Borrower has resided in primary residence for 9 years

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0058

cd60654a-efbd-e911-abc7-f4e9d4a75a52

12

Not Covered/Exempt

Credit

Failure to obtain Mortgage/Deed of Trust

Mortgage in file is missing page 1

08/15/2019-Mortgage provided. Condition cleared.

Years on Job Borrower has 21 years on the job Disposable Income is higher than guideline minimum UW guides require $0 of disposable income, loan qualified with $6647.04 of disposable income Years in Primary Residence Borrower has resided in primary residence for 9 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00216

c806ecc2-6ebf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Primary Residence 12 year s in primary DTI is lower than guideline maximum Loan qulaified with 36.77%. GL max is 45% CLTV is lower than guideline maximum Low CLTV 34..47.GL max 80

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00216

93efd348-5f3c-ea11-bfd5-f4e9d4a75ba2

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal Missing

Loan approved with a PIW, final grade will be a B.

Years in Primary Residence 12 year s in primary DTI is lower than guideline maximum Loan qulaified with 36.77%. GL max is 45% CLTV is lower than guideline maximum Low CLTV 34..47.GL max 80

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00117

10c84c7e-2263-407e-8bb9-b91debfe1169

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

08/30/19: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 789 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 1.41% Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with  10.20 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00117

b9e6ad1c-73cb-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 789 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 1.41% Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with  10.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0018

aeffbb44-90c2-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary qualified mortgage due to missing updated mortgage liability information for the borrowers primary residence and verification the mortgage with XXXXXXXXXXXXXXX is paid in full.

08/29/19: Lender provided a revised AUS and the signed closing disclosure for the borrower's primary residence. DTI is within guidelines.  Condition cleared.

FICO is higher than guideline minimum UW guides require 680 FICO, loan qualified with FICO of 768. Years in Field Borrower has 12 years in Field   CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan qualified with CLTV of 72.66%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0018

91038d46-9dc2-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW guides require 680 FICO, loan qualified with FICO of 768. Years in Field Borrower has 12 years in Field   CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan qualified with CLTV of 72.66%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0018

9eaf1bb2-8fc2-e911-abc7-f4e9d4a75a52

4

TQM/Non-HPML

Credit

DTI Exceeds Guidelines

The guideline reflects a maximum allowable DTI of 45.00%.  Due to the improper calculation of debts, the actual DTI is 46.37%.  The mortgage statement in file for the borrowers primary residence verifies the PITI of $XXXX.XX per month. The lender used $XXXX.XX per month. It appears the primary was recently refinanced. Missing updated mortgage liability information for the borrowers primary residence and verification the mortgage with XXXXXXXXXXXXXXXXX is paid in full.

08/29/19: Lender provided a revised AUS and the signed closing disclosure for the borrower's primary residence. DTI is within guidelines.  Condition cleared.

FICO is higher than guideline minimum UW guides require 680 FICO, loan qualified with FICO of 768. Years in Field Borrower has 12 years in Field   CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan qualified with CLTV of 72.66%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0088

06a10800-622f-495b-a5e3-1af5bfc8bc43

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

08/22/2019: This finding is deemed non-material with a final grade of a “B”

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 768 FICO Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 41.80 months reserves.   Years on Job Borrower has been employed for 20 years.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0088

b6dbc95c-8969-4404-b357-ad98d9364f5b

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Flood Certificate Fee in section B of the final Closing Disclosure is missing the name of the service provider. Provide corrected CD and letter of explanation to the Borrower.

Non-material per SFIG guidance, loan will be graded a B for all agencies

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 768 FICO Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 41.80 months reserves.   Years on Job Borrower has been employed for 20 years.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0088

9bfcf00a-4dc4-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of taxes and insurance for the primary residence

08/28/19: Lender provided evidence of taxes and insurance for the primary residence on the final application. Condition cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 768 FICO Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 41.80 months reserves.   Years on Job Borrower has been employed for 20 years.

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0088

2b838e12-4ac4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 768 FICO Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 41.80 months reserves.   Years on Job Borrower has been employed for 20 years.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0088

c1bde01c-4ac4-e911-abc7-f4e9d4a75a52

1688

TQM/Non-HPML

Credit

Missing Evidence of Taxes and Insurance

Evidence of taxes and insurance for the primary residence on the final application not provided.

08/28/19: Lender provided evidence of taxes and insurance for the primary residence on the final application. Condition cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 768 FICO Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 41.80 months reserves.   Years on Job Borrower has been employed for 20 years.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0064

34b112d3-7f06-4aee-8b81-149a47f9444b

1679

TQM/HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

Finding deemed non-material, loan will be graded a B for all agencies

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0064

8166c9ba-3e8e-41af-9a66-cffc329b0ffd

3217

TQM/HPML

Compliance

CD Document does not match actual calculated values for Estimated Escrow

The final Closing Disclosure does not match actual calculated values for Estimated Escrow in the Projected Payments section. The borrower is escrowing for taxes and insurance and the calculated escrow payment should be $XXX.XX. The lender used the incorrect amount of $XXX.XX for the taxes vs. the actual amount of $XXX.XX. The loan file contains a corrected CD and proof of delivery. Provide letter of explanation.

08/27/2019-LOX on corrective CD provided. Condition cleared.08/22/19: The loan file contains a corrected CD and proof of delivery. Provide letter of explanation. Condition maintained.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0064

31df6bb5-e8cf-4e82-9ec7-a31ba42db65a

3218

TQM/HPML

Compliance

CD Document does not match actual calculated values for Estimated Total Monthly Payment

The final Closing Disclosure does not match actual calculated values for Estimated Total Monthly Payment. The CD shows the payment amount for Years 1-30 as $XXX.XX, the calculated payment amount for Years 1-30 is $XXX.XX. The lender used the incorrect amount of $XXX.XX for the taxes vs. the actual amount of $XXX.XX. The loan file contains a corrected CD and proof of delivery. Provide letter of explanation.

08/27/2019-LOX on corrective CD provided. Condition cleared.08/22/19: The loan file contains a corrected CD and proof of delivery. Provide letter of explanation. Condition maintained.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0064

5a0c7bcd-b0e2-4107-872f-36bc9753dd78

3295

TQM/HPML

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $XXX.XX a month vs. the calculated value of $XXX.XX a month. The lender used the incorrect amount of $XXX.XX for the taxes vs. the actual amount of $XXX.XX. (IN ESCROW) The loan file contains a corrected CD and proof of delivery. Provide letter of explanation.

08/27/2019-LOX on corrective CD provided. Condition cleared.08/22/19: The loan file contains a corrected CD and proof of delivery. Provide letter of explanation. Condition maintained.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0064

7ecef0eb-39e1-403d-9db9-ffc8ba7803db

3181

TQM/HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The HOA Certification Fee and HOA Master Insurance Fee in section B of the final Closing Disclosure is missing the name of the service provider. Provide corrected CD and letter of explanation to the Borrower.

Non-material per SFIG guidance, loan will be graded a B for all agencies.  Corrected CD provided.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0064

5c98a006-978b-408f-955d-871acffb80d9

3250

TQM/HPML

Compliance

Information required for CD 'Loan Disclosures' section not completed, or completed in error

The final CD is completed in error for required data under the Loan Disclosures section for the field titled Monthly Escrow Payment.  The amount reflected is $XXX.XX vs. actual amount of $XXX.XX. The lender used the incorrect amount of $XXX.XX for the taxes vs. the actual amount of $XXX.XX. (IN ESCROW) The loan file contains a corrected CD and proof of delivery. Provide letter of explanation.

08/27/2019-LOX on corrective CD provided. Condition cleared.08/22/19: The loan file contains a corrected CD and proof of delivery. Provide letter of explanation. Condition maintained.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0064

a58fd7a1-85c2-e911-abc7-f4e9d4a75a52

2854

TQM/HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing verification of employment

08/22/19: Lender provided the employment verification dated within 10 days of the note date as required by the AUS for the borrower. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0064

a498284d-87c2-e911-abc7-f4e9d4a75a52

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0064

600c5452-6bc0-e911-abc7-f4e9d4a75a52

701

TQM/HPML

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by the AUS was not provided for borrower.

08/22/19: Lender provided the employment verification dated within 10 days of the note date as required by the AUS for the borrower. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 70.00% CLTV  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 7.10 months reserves  Years on Job Borrower has 32 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00141

f7163e8b-4315-4701-b79e-102a488be2a8

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

09/12/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 63.76% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 40.89% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 24 months’ payment history with no late payments reported

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00141

36a9c166-77d5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 63.76% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 40.89% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 24 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0089

f716d730-e4c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan qualified with 44.29% CLTV FICO is higher than guideline minimum UW guides require 680 FICO score, loan qualified with FICO score of 737 DTI is lower than guideline maximum UW guides require max DTI of 45%, loan qualified with DTI of 28%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0055

0041f31d-03c4-4028-b9fd-b9d1e75589fe

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to there was a credit inquiry dated XX/XX/XXXX which was not explained and evidence of tax and insurance for property #2 on the loan application not provided.

09/17/19: Review of credit report shows only inquiry is for the subject loan and real estate related. No further documentation required.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 Years on Job Borrower has 14 years on job No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 84 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $6,899in disposable income

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0055

3ffad4b3-52bc-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 Years on Job Borrower has 14 years on job No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 84 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $6,899in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0055

3b0e19fb-53bc-e911-abc7-f4e9d4a75a52

1688

TQM/Non-HPML

Credit

Missing Evidence of Taxes and Insurance

Evidence of tax and insurance for property #2 on the loan application not provided.

09/10/19: Lender provided evidence of tax and insurance for property #2 on the final application. Condition cleared. 08/30/19: Lender provided the tax and insurance for the primary residence. Please provide the tax and insurance for property #2 on the loan application. Condition maintained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 Years on Job Borrower has 14 years on job No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 84 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $6,899in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0055

0189c268-53bc-e911-abc7-f4e9d4a75a52

1693

TQM/Non-HPML

Credit

Missing LOE

There was a credit inquiry dated XX/XX/XXXX which was not explained.

09/17/19: Review of credit report shows only inquiry is for the subject loan and real estate related. No further documentation required.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 Years on Job Borrower has 14 years on job No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 84 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $6,899in disposable income

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00183

ca953c3d-8cca-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 19.69 months reserves, loan qualified with 163 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 807 Years on Job Borrower has 7 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00183

94da26dc-7fce-e911-abc7-f4e9d4a75a52

1687

Not Covered/Exempt

Credit

Missing Evidence of Property Taxes

Evidence of property taxes for property #5 on the final application not provided.

09/06/19: Lender provided evidence of taxes for property #5 on the final loan application. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 19.69 months reserves, loan qualified with 163 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 807 Years on Job Borrower has 7 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00183

4d2468a9-bb3b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

01/20/20 Appraisal approved with a PIW. Final grade will be a B for all agencies.

01/20/20 Appraisal approved with a PIW. Final grade will be a B for all agencies.

Reserves are higher than guideline minimum UW Guides require 19.69 months reserves, loan qualified with 163 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 807 Years on Job Borrower has 7 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00183

114be986-2ecf-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

09/09/2019-PIW loan. UCPD not required. Condition rescinded.09/06/19: Lender provided the UCD. According to the notes, the appraisal identifier provided does not exist in UCDP. Please check the appraisal identifier entered and deliver only if the appraisal has been successfully submitted tothe UCDP. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 19.69 months reserves, loan qualified with 163 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 807 Years on Job Borrower has 7 years on job

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV00121

97abe207-20d3-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 3.53 months reserves, loan qualified with 172.80 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 758 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0060

34df6eb3-12d8-46a3-bd25-4cf02727b1c5

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed

08/21/2019: This finding is deemed non-material and rated a B.

Years on Job Co-Borrower has 10 years on job Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $12,150 in disposable income  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 806.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0060

17efebcc-33c4-e911-abc7-f4e9d4a75a52

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

HOA Cert and HOA Master Ins fees in section B of the final Closing Disclosure are missing the name of the service provider. HOA cert fee is paid to the lender and the HOA Master Ins fee is missing the name of the service provided. Fees payable to lender and broker must be placed in section A.  Provide corrected CD and letter of explanation to the Borrower.

08/21/2019: This finding is deemed non-material and rated a B.

Years on Job Co-Borrower has 10 years on job Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $12,150 in disposable income  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 806.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0060

696bd7f4-88c3-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Years on Job Co-Borrower has 10 years on job Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $12,150 in disposable income  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 806.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00219

13105ce7-d161-4be7-bae2-afad06b322a6

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

09/12/2019:  Finding deemed non-material, loan will be graded a B for all agencies

CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan approved with CLTV of 65% Reserves are higher than guideline minimum UW guides require 3.14 months reserves, loan approved with 14 months reserves FICO is higher than guideline minimum UW guides require minimum FICO of 680, loan approved wth FICO of 711

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00219

f00ca6fe-8dd5-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing signed XXXX business tax returns and 3rd party verification of all businesses as require per LP.

10/8/19: XXXX business returns provided. Condition cleared. 09/25/2019- Lender provided signed XXXX business returns on Business #5 not the requested signed XXXX business returns. Unsigned copy located on file page 434. Condition retained.09/19/2019-Third party verification not required on businesses with losses or when income not used in qualification. Missing signed XXXX business tax returns. Condition retained.

CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan approved with CLTV of 65% Reserves are higher than guideline minimum UW guides require 3.14 months reserves, loan approved with 14 months reserves FICO is higher than guideline minimum UW guides require minimum FICO of 680, loan approved wth FICO of 711

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00219

3917d392-8dd5-e911-abc7-f4e9d4a75a52

3227

TQM/Non-HPML

Compliance

Missing Closing Disclosure / CD Not in File

The loan file is missing the Closing Disclosure with final figures.  Consummation CD reflects p/o of mortgage and XXXXX auto loan however Final CD reflects no payoffs and all cash back to the borrower.  Additional conditions may apply.

09/18/19: Lender provided a corrected CD and LOE to the borrower. Loan will be rated a B. 09/17/19: Lender provided the consummation CD. Funding CD pages 940-953 does not show payoffs and all cash back to the borrower. Additional conditions may apply. Condition maintained.

CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan approved with CLTV of 65% Reserves are higher than guideline minimum UW guides require 3.14 months reserves, loan approved with 14 months reserves FICO is higher than guideline minimum UW guides require minimum FICO of 680, loan approved wth FICO of 711

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00219

e9093db0-8bd5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan approved with CLTV of 65% Reserves are higher than guideline minimum UW guides require 3.14 months reserves, loan approved with 14 months reserves FICO is higher than guideline minimum UW guides require minimum FICO of 680, loan approved wth FICO of 711

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00219

ec77c436-8cd5-e911-abc7-f4e9d4a75a52

22

TQM/Non-HPML

Credit

Failure to obtain 3rd party verification of employment

Verification of the borrower’s business must be obtained within 30 calendar days prior to the note date via the following a third party verification, such as a CPA letter, VOE with the CPA or regulatory agency/applicable licensing bureau.  LP required verification of each business through a third-party source.  Missing verification for Business A,B,C,D and E under Schedule E Part II, XXXX personal tax returns.

09/19/2019-Third party verification not required on businesses losses or income not used in qualification. Condition cleared.09/17/19: VOE provided for the corporation. File must contain verification of current existence of each business through a third-party source dated no more than 120 days prior to the Note Date or after the Note Date but prior to the Delivery Date. Missing verification for Business A,B,C,D and E under Schedule E Part II, XXXX personal tax returns.  Condition maintained

CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan approved with CLTV of 65% Reserves are higher than guideline minimum UW guides require 3.14 months reserves, loan approved with 14 months reserves FICO is higher than guideline minimum UW guides require minimum FICO of 680, loan approved wth FICO of 711

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00219

def3a2d5-8bd5-e911-abc7-f4e9d4a75a52

2789

TQM/Non-HPML

Credit

Missing Executed Business Returns

Per Appendix Q, Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules.  XXXX Signed business returns not provided.

10/8/19: XXXX business returns provided. Condition cleared. 09/25/2019- Lender provided signed XXXX business returns on Business #5 not the requested signed XXXX business returns. Unsigned copy located on file page 434. Condition retained.9/18/19: Lender provided the XXXX signed business returns for business #1,#2,#3.  Please provide the signature pages for business #5. Condition maintained. 09/17/19: Lender provided the signed XXXX business returns for business #4 and Business #6. Please provide the signature pages for business #1, #2 #3 and #5. Condition maintained.

CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan approved with CLTV of 65% Reserves are higher than guideline minimum UW guides require 3.14 months reserves, loan approved with 14 months reserves FICO is higher than guideline minimum UW guides require minimum FICO of 680, loan approved wth FICO of 711

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00229

58f62d1e-94d5-e911-abc7-f4e9d4a75a52

3296

TQM/Non-HPML

Compliance

Closing Disclosure document error

The final Closing Disclosure does not disclose a valid payee for the HOA cert fee or the HOA master insurance fee in section B.

09/12/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00229

bbcfe860-7f24-4350-9ff1-5c7b5ab639b1

3295

TQM/Non-HPML

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $XXX.XX a month vs. the calculated value of $XXX.XX a month. The lender used the incorrect amount of $XXX for the  HOA vs. the actual amount of $XXX.  (NOT IN ESCROW) Provide re-disclosed CD and letter of explanation.

09/12/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00229

aa7a7ee0-93d5-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to DTI exceeds guidelines.

10/3/2019: Audit has re-reviewed and determined that there was an error in calculating the corporation income, DTI is now within guidelines, condition cleared.  10/01/2019-Audit removed S Corp loss of -$XXXX.XX as the new payments for the property and non subject REO’s were being used and use of the loss would effectively double count the payment. Audit DTI is now 47.34% which exceeds lender AUS DTI of 43%. Lender current pay income for the borrower is $XXXXX.XX. Audit calculates the borrow income from the paystub $XXXX.XX x52=$XXXXXX.XX /12=$XXXXX.XX. Condition retained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00229

f6cd817a-4b43-42c7-a521-95d36cf6627a

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/12/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00229

b84b28b5-94d5-e911-abc7-f4e9d4a75a52

2174

TQM/Non-HPML

Compliance

Missing Rate Lock Agreement

Missing evidence of re-lock date. Compliance testing will need to be reviewed once received.

09/18/19: Lender provided evidence of the lock extension through XX/XX/XXXX. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00229

250d33c1-9ed4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00229

252b0bec-9ed4-e911-abc7-f4e9d4a75a52

1607

TQM/Non-HPML

Credit

Excessive DTI

The AUS reflects a maximum allowable DTI of 43%.  Due to the improper calculation of debts, the actual DTI is 58.22%. The omitted/paid off debts listed on the AUS were not all listed on the final CD.

10/3/2019: Audit has re-reviewed and determined that there was an error in calculating the corporation income, DTI is now within guidelines, condition cleared. 10/01/2019-Audit removed S Corp loss of -$XXXX.XX as the new payments for the property and non subject REO’s were being used and use of the loss would effectively double count the payment. Audit DTI is now 47.34% which exceeds lender AUS DTI of 43%. Lender current pay income for the borrower is $XXXXX.XX. Audit calculates the borrow income from the paystub $XXXX.XX x52=$XXXXXX.XX /12=$XXXXX.XX. Condition retained.09/26/19: Lender provided the closing disclosures for the 3 other loans we closed simultaneously showing the liabilities that were paid in those transactions as well as the current mortgage payment.  DTI 52.52%. Audit calculations are as follows. Total subject housing expense: $XXXX.XX. Revolving Debt: $XX.XX, Installment Debt. $XXXX.XX.  REO#1 $XXXX.XX, REO#2 $XXXX.XX. Total Income: $XXXXX.XX. Current pay: $XXXXX.XX. S Corp. : (XXXX.XX), Partnerships: (XX.XX), (XX.XX),and (XX.XX). Condition maintained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00229

a30e45aa-9fd4-e911-abc7-f4e9d4a75a52

1500

TQM/Non-HPML

Credit

Missing Business Tax Returns

Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules.  Signed business returns for XXXX for the 1120 business were not provided.

09/18/19: Lender provided the XXXX signed business return for the borrower's S-Corp. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00229

40821c6c-9fd4-e911-abc7-f4e9d4a75a52

2791

TQM/Non-HPML

Credit

Missing YTD Profit & Loss

Missing YTD XXXX P&L Statement for the 1120 business XXXX tax return. Profit & Loss Statement may be required per the AUS

09/26/19: According to the FHLMC: Self-employed  (all types; primary and secondary). Complete signed individual federal tax return for the most recent year; and   Verification of existence of the business through a third-party source obtained either no more than 30 calendar days prior to Note Date or after the Note Date but prior to the Delivery Date. Condition rescinded.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 711 Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 18.40  months reserves

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV0092

1819f828-96ce-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 69.66% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 29.2 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 34.87%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00144

90e43819-2c40-41da-8789-321ff7a1d521

1679

Not Covered/Exempt

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not signed.

09/12/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 74.94% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 757 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 75.4 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00144

5617f731-16d6-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 74.94% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 757 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 75.4 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0049

9d4c1f73-be42-4dbc-bf06-0278b87b8dac

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

08/15/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 116.4 months reserves Years on Job Borrower has 13 years on job Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $70469 in disposable income

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0049

edcc7264-88bf-e911-abc7-f4e9d4a75a52

3254

TQM/Non-HPML

Compliance

Information required for CD 'Contact Information' section not completed, or completed in error

The final Closing Disclosure Contact Information section is incomplete.  The Contact St license ID of the Settlement Agent is missing.  Provide re-disclosed CD and letter of explanation.

08/15/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 116.4 months reserves Years on Job Borrower has 13 years on job Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $70469 in disposable income

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0049

c80036da-8bc3-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

ADDED 8/20/2019: Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of PITI for all REO properties listed on the final 1003.

09/09/19: Lender provided property tax statement and mortgage statement. Property taxes are less than esc rowed payment reflected on the mortgage. Escrow includes property and insurance. Condition cleared.08/28/19: Lender provided evidence of tax and insurance for REO #7. Please provide evidence of insurance for REO#5. Condition maintained.08/26/19: Lender provided evidence of tax and insurance.  For REO #5 please provide evidence of insurance. REO#7: tax and insurance. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 116.4 months reserves Years on Job Borrower has 13 years on job Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $70469 in disposable income

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0049

f1850f09-7bbf-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 116.4 months reserves Years on Job Borrower has 13 years on job Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $70469 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0049

eb52a6b5-8bc3-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

ADDED 8/20/2019: Per the 1008 in file, the REO properties listed on the final 1003 are simultaneous refinances. Missing the closing disclosures and evidence of taxes and insurance for all REO properties listed on the final 1003.

09/09/19: Lender provided property tax statement and mortgage statement. Property taxes are less than escrowed payment reflected on the mortgage. Escrow includes property and insurance. Condition cleared. 09/05/19: Escrow does not reflect tax and insurance. Please provide evidence of insurance for REO#5. Condition maintained. 08/28/19: Lender provided evidence of tax and insurance for REO #7. Please provide evidence of insurance for REO#5. Condition maintained.08/26/19: Lender provided evidence of tax and insurance.  For REO #5 please provide evidence of insurance. REO#7: tax and insurance. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 116.4 months reserves Years on Job Borrower has 13 years on job Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $70469 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0059

0e970699-57c3-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of PITI for all REO properties listed on the final 1003.

09/11/19: Lender provided copy of the mortgage statement and also property taxes. Audit confirmed mortgage payment includes taxes and insurance. Condition cleared. 09/06/19: Lender provided evidence of PITIA for REO # 3-5. Appears the final 1003 does not list all REO's. Please provide lender calculations. Provide closing disclosures and evidence of taxes and insurance for REO# 2 listed on the final 1003. Also evidence of HOA in the amount of $XXXX.XX. Condition maintained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14.54% Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 70.2 months’ reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0059

67de2ba5-a9c2-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14.54% Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 70.2 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0059

ad208de3-56c3-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

Per the 1008 in file, the REO properties listed on the final 1003 are simultaneous refinances. Missing the closing disclosures and evidence of taxes and insurance for all REO properties listed on the final 1003.

09/11/19: Lender provided copy of the mortgage statement and also property taxes. Audit confirmed mortgage payment includes taxes and insurance. Condition cleared. 09/10/19: Please upload the rebuttal for review. Condition maintained. 09/06/19: Lender provided evidence of PITIA for REO # 3-5. Appears the final 1003 does not list all REO's. Please provide lender calculations. Provide closing disclosures and evidence of taxes and insurance for REO# 2 listed on the final 1003. Also evidence of HOA in the amount of $XXXX.XX. Condition maintained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14.54% Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 70.2 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00180

afc4fa71-75a5-4b16-ab59-7f0d5de0a630

1679

TQM/HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

09/04/19: This finding is deemed non-material and rated a B.

Total Monthly Payments are lower with debt consolidation Refinance reduces total monthly payments by $XXXX FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 732 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 43.29%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00180

41459eeb-7c49-49b9-a48b-16654ab64927

1739

TQM/HPML

Compliance

Missing Mortgage

Mortgage appears to reflect a Notary Date of XX/XX/XXXX.  No correction was located in the loan file.  Additional conditions may apply upon receipt.

09/09/2019-proof acknowledge was recorded with the DOT. total 17 pages

09/09/2019-Proof acknowledge was recorded with the DOT. Condition cleared.09/06/19: Please provide a letter of intent to re-record the Mortgage with the correction. Condition maintained.

Total Monthly Payments are lower with debt consolidation Refinance reduces total monthly payments by $XXXX FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 732 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 43.29%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00180

c5b442dc-81ca-e911-abc7-f4e9d4a75a52

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due diligence firm to complete

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Total Monthly Payments are lower with debt consolidation Refinance reduces total monthly payments by $XXXX FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 732 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 43.29%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0020

59a5740a-8dbf-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing P&L and documenting PITIA of all properties.

08/20/2019- AUS condition #13 requires 2 year tax returns. File contains XXXX tax extension and prior tow years tax returns. AUS does not require P&L. Note, first payment letter, and closing CD verifying PITI on REO#3,#4,#5,and #6 provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 118.10 months reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0020

74fed65d-32a6-4ca5-96d6-f06c6d271beb

3285

TQM/Non-HPML

Compliance

Transfer tax Fees on C.D. exceeds corresponding LE fees (0% Tolerance) - not supported by C.O.C.

The LE dated XX/XX/XXXX reflects Transfer Taxes of $0.00 with no resulting COC for subsequent disclosures. The final CD reflects taxes in Section E of $XXXX.XX resulting in a variance of $XXXX.XX.  Provide corrected CD, evidence of Refund to the Borrower, letter of explanation and proof of delivery to the Borrower.

08/21/2019-Initial 1003 page 212 reflects title held in corporate name which matches to prelim title. Final 1003 page 193 reflects individual title. Lender provided COC dated XX/XX/XXXX for change in title vestment from corporation to individual for addition of transfer taxes. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 118.10 months reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0020

ebf59f9b-b8be-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 118.10 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0020

ab156bb2-b9be-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

The file is missing evidence of P&I for properties #3, #4, #5 and #6 on the final 1003.

08/19/2019- Note, first payment letter, and closing CD verifying PITI on REO#3,#4,#5,and #6 provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 118.10 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0020

3645e437-44c0-e911-abc7-f4e9d4a75a52

1688

TQM/Non-HPML

Credit

Missing Evidence of Taxes and Insurance

The file is missing evidence of taxes and insurance for properties #3, #4, #5 and #6 on the final 1003.

08/19/2019- Note, first payment letter, and closing CD verifying PITI on REO#3,#4,#5,and #6 provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 118.10 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0020

602daaf0-b7be-e911-abc7-f4e9d4a75a52

2791

TQM/Non-HPML

Credit

Missing YTD Profit & Loss

Missing YTD XXXX P&L Statement for Business B on Schedule E Part II of XXXX tax return. Due to the borrower filing XXXX tax extension, AUS requires P&L to determine stability of income.

The AUS does not state we need a profit and loss statement to verify XXXX income. AUS states we need tax returns for the most recent 2 year period. This requirement was satisfied with the XXXX extension and XXXX/XXXX returns.

08/20/2019- AUS condition #13 requires 2 year tax returns. File contains XXXX tax extension and prior tow years tax returns. AUS does not require P&L. Condition Rescinded.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 118.10 months reserves

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV0052

c71b9ef2-7bbc-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  64.60 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 725 Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $5,373in disposable income   General Comp Factor 2 Rental income for other REO owned by Borrower not used for qualification

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0052

62bd1604-7cbc-e911-abc7-f4e9d4a75a52

1643

Not Covered/Exempt

Credit

Failure to Verify Housing History

Failure to Verify Housing History. Guidelines require satisfactory housing payment history for 12 months.  Payment history not provided on credit report. VOR required to verify Borrower's primary housing payment

08/27/2019-We are only required to verify the borrowers rental payment history if our AUS has a finding that requires this.

08/27/2019- AUS does not required a VOR on primary home. Condition rescinded.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  64.60 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 725 Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $5,373in disposable income   General Comp Factor 2 Rental income for other REO owned by Borrower not used for qualification

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV0052

94e8a493-7cbc-e911-abc7-f4e9d4a75a52

1646

Not Covered/Exempt

Credit

Failure to Verify Sale of Previous Property

Final Hud-1 or Closing Disclosure for properties #1, #2, and #3, on the Borrower’s asset statements, dated XX/XX/XXXX and XX/XX/XXXX, evidencing liens paid and Borrower funds required to close was not provided. Also, asset statements verify an existing HELOC (property not indicated) was still open and not paid. Final loan application did not include these debts. Additional conditions may apply.

09/11/2019: Lender provided evidence the properties on the asset statements were not debts of the borrower. Condition cleared.08/27/2019-Lender provided property detail reports were not on REO#1, REO#2, and REO#3. Provide documentation these properties are free and clear. Heloc statement page 569 reflects property address XXXXXXXXXXXXX XXXXX. Property detail report does not reflect Heloc financing ever being in place. As the statement is current the detail report cannot be used to verify the Heloc is satisfied. Condition retained.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  64.60 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 725 Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $5,373in disposable income   General Comp Factor 2 Rental income for other REO owned by Borrower not used for qualification

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0052

cf22fa87-7dbc-e911-abc7-f4e9d4a75a52

2647

Not Covered/Exempt

Credit

Fraud Alert not verified

Fraud Alert not verified. The Credit Report reflects fraud alerts.  Evidence the Lender addressed the alert not provided.

08/27/2019- lender LOX addressing Fraud alert provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  64.60 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 725 Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $5,373in disposable income   General Comp Factor 2 Rental income for other REO owned by Borrower not used for qualification

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0015

d6a1587a-8ebf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 2 months’ reserves, loan qualified with 18 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 780 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0015

27bd9228-93bf-e911-abc7-f4e9d4a75a52

701

Not Covered/Exempt

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by the AUS was not provided for borrower.

08/21/2019-VVOE with 10 days of note date provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 2 months’ reserves, loan qualified with 18 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 780 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0011

03323607-7782-45dd-a261-2dc1da38799c

1679

TQM/HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

08/16/2019: This finding is deemed non-material with a final grade of a “B”

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 27.74% Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $6,312.63 in disposable income.  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0011

415efd04-668a-409e-9f6e-c771fbb0ee46

2854

TQM/HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of judgment payoff

08/28/19: Revised title commitment provided removing item #10. Condition cleared. 08/26/2019-The requirement for proof of payment of the judgment has not been removed. See item #10 of the title policy provided. Condition retained.08/21/2019- Lender provided copy of final title reflecting requirement of judgment to be paid off at or prior to closing Schedule B item 10. Payoff does not reflect on closing CD. provide evidence the judgment was paid in full prior to closing. Condition retained.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 27.74% Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $6,312.63 in disposable income.  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0011

edd4d475-48c0-e911-abc7-f4e9d4a75a52

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 27.74% Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $6,312.63 in disposable income.  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0011

6b42dc09-c0be-e911-abc7-f4e9d4a75a52

1639

TQM/HPML

Credit

Failure to Satisfy Liens

The title report shows a Judgment in the amount for $ XXX.XX that is required to be paid at or before closing.  There is no evidence of it being paid in the loan file.

08/28/19: Revised title commitment provided removing item #10. Condition cleared. 08/26/2019-The requirement for proof of payment of the judgment has not been removed. See item #10 of the title policy provided. Condition retained.08/21/2019- Lender provided copy of final title reflecting requirement of judgment to be paid off at or prior to closing Schedule B item 10. Payoff does not reflect on closing CD. provide evidence the judgment was paid in full prior to closing.Condition retained.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 27.74% Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $6,312.63 in disposable income.  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0029

b21f68bb-c6c8-4bf2-a9e4-a0baae246afa

1679

Not Covered/Exempt

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

08/21/2019- This finding is deemed non-material and will be graded a B.

Years in Field Borrower has 6 years in Field DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.66% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 32.83%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0029

32bdedec-1ac5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 6 years in Field DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.66% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 32.83%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00202

3d97ffc8-45aa-43ea-9f4a-2c331d7cee28

3169

TQM/Non-HPML

Compliance

Borrower did not receive initial C.D. 3 days prior to consummation or did not acknowledge receipt of initial C.D. 3 days prior to consummation (Mailbox Rule)

Missing evidence of borrower receipt of Initial Closing Disclosure 3 business days prior to consummation. The initial Closing Disclosure is dated  XX/XX/XXXX. When factoring mailbox rule/presumed receipt, the timing requirement to consummation is not met. Lender only provided evidence of one time econsent for docs dated  XX/XX/XXXX.  No cure.

09/17/19: Lender provided evidence of receipt of initial CD 3 days prior to consummation. Condition cleared.

Reserves are higher than guideline minimum UW guidelines require 6 months reserves, loan qualified with 47.20 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verfies 84 months payment history with no late payments reported  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 36.33%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00202

ef59afff-b73f-4531-9730-f58cc2db8777

3295

TQM/Non-HPML

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $XXXX.XX a month vs. the calculated value of $XXXX.XX6 a month. The lender used the incorrect amount of $$XXXX.XX for the taxes vs. the actual amount of $XXXX.XX.  (NOT IN ESCROW) Provide re-disclosed CD and letter of explanation.

09/13/2019: Non-material per SFIG guidance, loan will be graded a B for all agencies

Reserves are higher than guideline minimum UW guidelines require 6 months reserves, loan qualified with 47.20 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verfies 84 months payment history with no late payments reported  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 36.33%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00202

d0d15c39-2cab-4a03-83e2-6731a4fcb1e4

3250

TQM/Non-HPML

Compliance

Information required for CD 'Loan Disclosures' section not completed, or completed in error

The final CD is completed in error for required data under the Loan Disclosures section for the field titled Estimated Property Costs over Year 1.  CD reflects $XXXXXX.XX vs. actual costs of $XXXXXX.XX  Provide re-disclosed CD and letter of explanation.

09/17/19: Lender provided the breakdown of actual costs showing $XXXXXX.XX. Condition cleared.

Reserves are higher than guideline minimum UW guidelines require 6 months reserves, loan qualified with 47.20 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verfies 84 months payment history with no late payments reported  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 36.33%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00202

07f950b9-2ad6-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of primary mortgage payment via copy of HUD and note.

09/17/19: Lender provided the final CD and copy of note from refinance of primary residence. Condition cleared.

Reserves are higher than guideline minimum UW guidelines require 6 months reserves, loan qualified with 47.20 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verfies 84 months payment history with no late payments reported  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 36.33%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00202

e7c2b482-11d6-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW guidelines require 6 months reserves, loan qualified with 47.20 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verfies 84 months payment history with no late payments reported  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 36.33%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00202

387b2a7b-2dd6-e911-abc7-f4e9d4a75a52

852

TQM/Non-HPML

Credit

Failure to Obtain Required Documentation

Executed Home Equity Line of Credit (HELOC) closure letter reflecting HELOC was frozen and closed was not provided in the file. Incomplete document in file is missing the Lending Bank Name and Loan Number.

09/17/19: Lender provided the signed Home Equity Line of Credit closure letter reflecting HELOC was frozen and closed. Condition cleared.

Reserves are higher than guideline minimum UW guidelines require 6 months reserves, loan qualified with 47.20 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verfies 84 months payment history with no late payments reported  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 36.33%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00202

6ded9927-27d6-e911-abc7-f4e9d4a75a52

724

TQM/Non-HPML

Credit

Missing Documentation

Missing copy of final HUD and copy of note from refinance of primary residence.  Additional conditions may apply.

09/17/19: Lender provided the final CD and copy of note from refinance of primary residence. Condition cleared.

Reserves are higher than guideline minimum UW guidelines require 6 months reserves, loan qualified with 47.20 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verfies 84 months payment history with no late payments reported  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 36.33%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00166

8e5cd557-cd08-4798-95a5-bbea43deca77

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

09/05/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  128.10 months reserves No Mortgage Lates UW Guides require 0x30 days late in the past 12 months; credit report verifies 80 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00166

6e31ea53-aafc-47fc-9156-5a789d76bc37

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to excessive DTI and missing evidence of taxes and insurance for the primary residence.

09/19/2019- Add back adjustment for repairs reflecting on tax returns adjust subject net rental income. Audit DTI matches to lender. Condition cleared.09/16/19: Lender provided the signed final CD for the borrower’s primary, closing concurrently with the subject. P&I:  $XXXX.XX P&I, Taxes $XXX.XX, Insurance $XX.XX= $XXXX.XX. DTI must be < = 45% (10% of the population can have a DTI of 45.01-50%). If the AUS approved the DTI greater than 45%  however, if the approved DTI is over 45%, and the re-calculated DTI is higher that the approved DTI, the AUS must be resubmitted. Condition maintained.  09/12/2019-Lender provided income worksheet Section VII Schedule E reflects total rental income of $XXXX.XX which matches to audits schedule E analysis. Gross rental income of $XXXX.XX – Proposed subject loan PITI of $XXXX.XX = NRI of -$XXX.XX. Lender AUS file page 29 reflects a lower NRI of -$XXX.XX. Lender used primary home payment of $XXXX.XX on AUS file page 29. Audit calculates payment as $XXXX.XX (P&I mtg statement file page 257 $XXXX.XX and provided Insurance XX.XX/month and RE taxes $XXX.XX/month). Audit DTI is 51.96%. Condition retained.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  128.10 months reserves No Mortgage Lates UW Guides require 0x30 days late in the past 12 months; credit report verifies 80 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00166

a79dcdf3-69cf-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  128.10 months reserves No Mortgage Lates UW Guides require 0x30 days late in the past 12 months; credit report verifies 80 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00166

f1399837-6ccf-e911-abc7-f4e9d4a75a52

4

TQM/Non-HPML

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 43.82%.  Due to the improper calculation of debts, the actual DTI is 47.40%. The Lender qualified the Borrower using lower net rental loss than supported by XXXX Schedule E.

09/19/2019- Add back adjustment for repairs reflecting on tax returns adjust subject net rental income. Audit DTI matches to lender. Condition cleared.09/17/19: Audit calculations are as follows: Total revolving and installment debt: $XXX.XX. Primary housing payment: $XXXX.XX. Subject property: $XXXX.XX-$XXXX.XX= ($XXX.XX) divided by total income $XXXX.XX= 47.40%. Condition maintained. 09/16/19: Lender provided the signed final CD for the borrower’s primary, closing concurrently with the subject. P&I:  $XXXX.XX P&I, Taxes $XXX.XX, Insurance $XX.XX= $XXXX.XX. DTI must be < = 45% (10% of the population can have a DTI of 45.01-50%). If the AUS approved the DTI greater than 45%  however, if the approved DTI is over 45%, and the re-calculated DTI is higher that the approved DTI, the AUS must be resubmitted.  Condition maintained.09/12/2019-Lender provided income worksheet Section VII Schedule E reflects total rental income of $XXXX.XX which matches to audits schedule E analysis. Gross rental income of $XXXX.XX – Proposed subject loan PITI of $XXXX.XX = NRI of -$XXX.XX. Lender AUS file page 29 reflects a lower NRI of -$XXX.XX. Lender used primary home payment of $XXXX.XX on AUS file page 29. Audit calculates payment as $XXXX.XX (P&I mtg statement file page 257 $XXXX.XX and provided Insurance XX.XX/month and RE taxes $XXX.XX/month). Audit DTI is 51.96%. Condition retained.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  128.10 months reserves No Mortgage Lates UW Guides require 0x30 days late in the past 12 months; credit report verifies 80 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00166

e8f8197e-d3cf-e911-abc7-f4e9d4a75a52

1688

TQM/Non-HPML

Credit

Missing Evidence of Taxes and Insurance

Evidence of taxes and insurance for the primary residence on the final application not provided.

09/12/2019- Tax and insurance provided condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  128.10 months reserves No Mortgage Lates UW Guides require 0x30 days late in the past 12 months; credit report verifies 80 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00132

657af457-31d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 718 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with 69.16% CLTV.   DTI is lower than guideline maximum UW Guides maximum DTI is 45.00%, loan qualified with 38.49% DTI.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00193

a7e8c51f-8264-44e4-9689-c38a551bd02c

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

Finding deemed non-material, loan will be graded a B for all agencies

Years in Field Borrower has 22 years in Field DTI is lower than guideline maximum UW Guides maximum DTI  of 45%, loan qualified with DTI of 25.69% Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 1.60 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00193

12284f38-19d0-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 22 years in Field DTI is lower than guideline maximum UW Guides maximum DTI  of 45%, loan qualified with DTI of 25.69% Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 1.60 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00181

438fe3ab-c2d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680 loan qualified with FICO of 774 General Comp Factor 1 UW Guides require $0.00 in disposable income, loan qualified with $5,093.03 in disposable income   Years in Field Borrower has 16 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00181

ef56db9f-c2d3-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

09/12/2019-UCPD provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680 loan qualified with FICO of 774 General Comp Factor 1 UW Guides require $0.00 in disposable income, loan qualified with $5,093.03 in disposable income   Years in Field Borrower has 16 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00154

62447c16-1490-4364-8738-a33e03a0b752

1679

Not Covered/Exempt

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

09/10/19: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides allow a maximum CLTV of 80%, loan qualified with a 68.07% CLTV. Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 1.98 months reserves. Years in Field Borrower has been in same field of work for 30 years. / CB on current job over 11 years.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00154

9897fbf2-b2d5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides allow a maximum CLTV of 80%, loan qualified with a 68.07% CLTV. Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 1.98 months reserves. Years in Field Borrower has been in same field of work for 30 years. / CB on current job over 11 years.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00156

149d10ed-22b9-4f5b-b3b1-1886dbc0c0b9

1679

TQM/HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

09/04/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 67.67% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 41.42% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 829

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00156

041d3486-75ce-e911-abc7-f4e9d4a75a52

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending data HMDA review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 67.67% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 41.42% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 829

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00175

9dfeb78b-25cb-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 153.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 17.71%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00178

8c2ed3b2-4375-451a-ae1f-3a26ec1a381e

3169

TQM/Non-HPML

Compliance

Borrower did not receive initial C.D. 3 days prior to consummation or did not acknowledge receipt of initial C.D. 3 days prior to consummation (Mailbox Rule)

Missing evidence of borrower receipt of Initial Closing Disclosure 3 business days prior to consummation. When factoring mailbox rule/presumed receipt, the timing requirement to consummation is not met.  eSignature on Initial CD is null and void due to the missing eConsent form; therefore, the mailbox rule was applied.  No cure.

09/23/19: Please provide an example of what you are requiring.

09/26/19 Lender provided evidence of e consent. Condition cleared.   09/24/19: Uploaded examples. Please provide copy of signed E-Sign Consent Form giving the Lender permission to do so. Condition maintained. 09/13/19: Lender provided the Electronic Records &Signatures Agreement. Please provide evidence of acceptance. Condition maintained.

LTV is lower than guideline maximum UW Guides reflect maximum LTV of 80%, loan qualified with LTV of 73.88%. FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 765. Years in Field Borrower in same line of work for 36 years.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00178

28180fcf-a5d4-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence documenting the source of a large deposit.

09/24/19:  Upon further review, DU line 21, If depository assets are needed to support the amount of funds required and reserves, verify these assets with a verification of deposit or bank statements covering a two-month period, refer to the Selling Guide for guidance on evaluating un-sourced large deposits, and direct verifications provided by a third party asset verification vendor are acceptable if completed in accordance with the Selling Guide. The FNMA selling guide page 417, evaluating large deposits on refinance transactions. Documentation or explanation for large deposits is not required; however, the lender remains responsible for ensuring that any borrowed funds, including any related liability, are considered. Condition rescinded.

LTV is lower than guideline maximum UW Guides reflect maximum LTV of 80%, loan qualified with LTV of 73.88%. FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 765. Years in Field Borrower in same line of work for 36 years.

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV00178

0a5cfabb-23a0-4886-a47b-d5b85528312f

3326

TQM/Non-HPML

Compliance

Missing E Consent Disclosure

Missing the Borrower's Consent to Receive Communications Electronically. Provide E Consent  disclosure for the borrower.  No Cure

09/26/19 09/26/19 Lender provided evidence of e consent. Condition cleared.  09/13/19: Lender provided the Electronic Records &Signatures Agreement. Please provide evidence of acceptance. Condition maintained.

LTV is lower than guideline maximum UW Guides reflect maximum LTV of 80%, loan qualified with LTV of 73.88%. FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 765. Years in Field Borrower in same line of work for 36 years.

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00178

1f48f7ef-a5d4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

LTV is lower than guideline maximum UW Guides reflect maximum LTV of 80%, loan qualified with LTV of 73.88%. FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 765. Years in Field Borrower in same line of work for 36 years.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00178

b09e8b87-f9d3-e911-abc7-f4e9d4a75a52

915

TQM/Non-HPML

Credit

Missing asset documentation

XXXXXXXXX Assets are not sourced.  The statement for account #XXXX on final application reflects a deposit of $XXXX.  There is no evidence in the file documenting the source of the deposit.

09/24/19: Upon further review, the FNMA selling guide page 417, evaluating large deposits on refinance transactions. Documentation or explanation for large deposits is not required; however, the lender remains responsible for ensuring that any borrowed funds, including any related liability, are considered. DU line 21, If depository assets are needed to support the amount of funds required and reserves,verify these assets with a verification of deposit or bank statements covering a two-month period, refer to the Selling Guide for guidance on evaluating un-sourced large deposits, and direct verifications provided by a third party asset verification vendor are acceptable if completed in accordance with the Selling Guide. Condition rescinded.

LTV is lower than guideline maximum UW Guides reflect maximum LTV of 80%, loan qualified with LTV of 73.88%. FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 765. Years in Field Borrower in same line of work for 36 years.

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV00161

770a0ac4-20d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 211.50 months reserves DTI is lower than guideline maximum UW Guides maximum Overlay DTI of 45.00%, loan qualified with DTI of 29.78% FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 714

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00330

fcf4f1e4-b40f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum 36.63% lower than guideline max of 45% CLTV is lower than guideline maximum 59.01 CLTV lower than guideline max of 80% Years in Field 15 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00472

a31fc974-250d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 786  Years in Field Borrower has 15 years in Field. Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $18,428.94 in disposable income.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00472

7ba2adb6-6d0c-ea11-94d7-f4e9d4a75ba2

29

Not Covered/Exempt

Credit

Insufficient asset documentation in file - assets do not cover closing costs

Verified assets of $XXXXXX.XX less cash to close $XXXXXX.XX results in $XXXXXX.XX shortage of funds to close.

11/27/2019:  Lender provided the Closing Disclosure and Note from their cashout refi of their primary residence netting over $XXXK, sufficient assets have now been verified, condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 786  Years in Field Borrower has 15 years in Field. Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $18,428.94 in disposable income.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00472

13b19937-6e0c-ea11-94d7-f4e9d4a75ba2

824

Not Covered/Exempt

Credit

Insufficient Reserves

0 mos. < 7 mos. required, per lender.  Assets verified  of $XXXXXX.XX,   minus cash to close of $XXXXXX.XX  = $XXXXX.XX for reserves which is not sufficient for the subject and  additional financed properties.

11/27/2019:  Lender provided the Closing Disclosure and Note from their cashout refi of their primary residence netting over $XXXK, sufficient assets have now been verified, condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 786  Years in Field Borrower has 15 years in Field. Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $18,428.94 in disposable income.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00430

049c4e3c-8222-ea11-8f12-f4e9d4a75a52

855

Not Covered/Exempt

Credit

Failure to obtain Verification of Mortgage

Missing verification of newly acquired PITI and payoff of mortgage lien for the primary residence. Additional conditions may apply.

12/24/2019- Simultaneous CD on primary verifying PITI provided. Condition cleared.

CLTV is lower than guideline maximum UW guides maximum CLTV is 80%, loan qualified with CLTV of 59.89%. DTI is lower than guideline maximum UW guides maximum DTI is 45%, loan qualified with DTI of 40.38%. Reserves are higher than guideline minimum UW guides require 1.40 months reserves, loan qualified with 7.30 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00394

0839d6da-4510-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Co-Borrower has 15 years in Field. Reserves are higher than guideline minimum UW Guides require 4 months reserves, loan qualified with 8.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 771.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00295

cf77e083-ac0f-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 53 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 716 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.27%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00462

f52b62de-7122-ea11-8f12-f4e9d4a75a52

920

Not Covered/Exempt

Credit

Missing Note

The Note is missing from the loan file.

12/26/2019-Subject loan provided. Condition cleared.12/24/2019-Note provided is not for the subject transaction. Condition retained.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 772. Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 35.40 months reserves Years Self Employed Borrower has 10 years Self Employed.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00450

bd99d4c0-920f-ea11-94d7-f4e9d4a75ba2

3203

Not Covered/Exempt

Compliance

Incorrect disclosure of Transfer Taxes - Section E

The transfer tax listed in section E of the final Closing Disclosure dated XX/XX/XXXX does not list the name of the government entity assessing the tax. No Cure.

12/03/2019-please see the attached CD updated with the correct payee information for Taxes

12/03/2019- PCCD dated XX/XX/XXXX and LOX with updated payee name for transfer tax in section E provided. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $6,150.17 in disposable income   Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 8.10 months reserves. Full Documentation Loan is a Full Documentation loan.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00450

705a722c-c262-476a-8369-931d0941f261

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

11/25/2019:  This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $6,150.17 in disposable income   Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 8.10 months reserves. Full Documentation Loan is a Full Documentation loan.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00450

0c237883-0b0e-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $6,150.17 in disposable income   Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 8.10 months reserves. Full Documentation Loan is a Full Documentation loan.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00450

f0acbc63-0c0e-ea11-94d7-f4e9d4a75ba2

840

Not Covered/Exempt

Credit

Failure to Obtain Hazard Insurance Declaration

A hazard insurance declaration for the subject property was not provided.

12/03/2019-Hazard policy provided. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $6,150.17 in disposable income   Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 8.10 months reserves. Full Documentation Loan is a Full Documentation loan.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00450

7f165159-bd3b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal not provided

Loan approved with a PIW, final grade will be a B.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $6,150.17 in disposable income   Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 8.10 months reserves. Full Documentation Loan is a Full Documentation loan.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Cleared

FSMT20201INV00290

cf8c1463-9313-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 770.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 101.70 months reserves. Years in Field Borrower has 10 years in Field.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00290

c1a1658d-bd3b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal missing

Loan approved with a PIW, final grade will be a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 770.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 101.70 months reserves. Years in Field Borrower has 10 years in Field.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00267

88271ea7-250d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 806 .  Reserves are higher than guideline minimum UW Guides require 8 months reserves, loan qualified with 85.40 months reserves.  Years in Field Borrower has 19 years in Field.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00267

b6875372-bc3b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal Missing

Loan approved with a PIW, final grade will be a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 806 .  Reserves are higher than guideline minimum UW Guides require 8 months reserves, loan qualified with 85.40 months reserves.  Years in Field Borrower has 19 years in Field.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00237

6f59946c-6523-ea11-8f12-f4e9d4a75a52

2884

TQM/Non-HPML

Credit

Data Discrepancy Violation

A HMDA Data Discrepancy has been identified for Loan Purpose.  Audit Loan Purpose: Refi Cash Out- Other vs. Data Tape: Cash out Refinance.

12/24/2019-XXXXXXXXXX agrees this is a cash out refinance. what you have suspended for is the same thing but wording is just reading opposite

12/24/2019-Lender agrees with audit value loan purpose Cash Out refinance.

FICO is higher than guideline minimum Creidit score is 808 Reserves are higher than guideline minimum additional 30 months reserves No Mortgage Lates Mortgage history verifies 35 months with no lates.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00306

4e697c42-5215-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 717.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 162.60 months reserves. Years on Job Borrower has 4.7 years on job.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00306

56726e64-be3b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal missing

Loan approved with a PIW, final grade will be a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 717.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 162.60 months reserves. Years on Job Borrower has 4.7 years on job.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00268

f3bbd93b-5c0d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 7 months reserves, loan qualified with 10.7 months reserves FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 774 Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $10,241.91in disposable income.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00268

661bb00e-bd3b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal not provided

Loan approved with a PIW, final grade will be a B.

Reserves are higher than guideline minimum UW Guides require 7 months reserves, loan qualified with 10.7 months reserves FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 774 Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $10,241.91in disposable income.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00298

7ecc3866-462e-4f4d-8c16-38a2dddd07a3

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

11/25/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum LPA require 0 months’ reserves, loan qualified with 12 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 32.75% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00298

5c1b99aa-c90f-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum LPA require 0 months’ reserves, loan qualified with 12 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 32.75% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00352

c689cd16-2e7f-47bb-8344-501159f681ba

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

11/25/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 3.20 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 703 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 32 months payment history with no late payments reported

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00352

b6d9a6a5-260d-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 3.20 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 703 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 32 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00309

21e1a994-9fd5-45c4-9b9a-b15ec2e4c948

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

12/2/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 773.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 6.70 months reserves. Years on Job Borrower has 9 years on job.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00309

76193cdc-5215-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 773.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 6.70 months reserves. Years on Job Borrower has 9 years on job.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00309

bb4c6f93-be3b-ea11-8f12-f4e9d4a75a52

77

TQM/Non-HPML

Property

571 - Appraisal Missing

Appraisal missing

Loan approved with a PIW, final grade will be a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 773.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 6.70 months reserves. Years on Job Borrower has 9 years on job.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00350

a86b1706-260d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 802 .  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 25 months reserves.  Years on Job Borrower has 10.5 years on job.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00350

eb2ab65a-c33b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal missing

Loan approved with a PIW, final grade will be a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 802 .  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 25 months reserves.  Years on Job Borrower has 10.5 years on job.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00335

2b15b650-66b2-4b10-bd2f-e6af13d3139e

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

11/29/2019: This finding is deemed non-material with a final grade of a “B”

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 696.  Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 5.80 months reserves.  Years in Field Borrower has 5 years in Field.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00335

c189d0ae-e30e-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 696.  Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 5.80 months reserves.  Years in Field Borrower has 5 years in Field.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00239

f44a8907-e5f5-4b0d-8d3c-755d469c9853

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed

12/19/2019: This finding is deemed non-material and rated a B.

LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 47.73% Years in Field Borrower has 18 years in field FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 717

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00456

8b0ce435-8b0f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.10% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 747 Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $XXXX.XX in disposable income.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00241

d14231c0-59c9-4efd-8ed9-7ceea3d6eeaf

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

12/10/19: This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 31.01% Years on Job Borrower has 13 years on job Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $7,803.56in disposable income

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00241

3fc10a1d-4fb1-44b7-84ae-266deb68231a

1672

TQM/Non-HPML

Compliance

Missing Initial Escrow Account Disclosure

The Initial Escrow Disclosure is missing.

12/10/19: This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 31.01% Years on Job Borrower has 13 years on job Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $7,803.56in disposable income

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00296

d55f60e7-d40e-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 788.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 6.90 months reserves.  Years in Field Borrower has 8 years in Field.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00331

222027ad-897f-40f8-93d8-ff162b8fa634

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

12/02/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 709.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 45 months reserves. Years on Job Borrower has 12.3 years on job.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00331

5becf01b-5415-ea11-94d7-f4e9d4a75ba2

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing 4506-T.

12/12/2019 signed 4506 T provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 709.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 45 months reserves. Years on Job Borrower has 12.3 years on job.

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00331

b4c840fa-5315-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 709.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 45 months reserves. Years on Job Borrower has 12.3 years on job.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00331

f8b581de-5315-ea11-94d7-f4e9d4a75ba2

1702

TQM/Non-HPML

Credit

Missing 4506-T

The lender's guidelines require an executed 4566-T at application or closing.  Executed 4506-T at application/closing not provided.

12/12/2019 signed 4506 T provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 709.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 45 months reserves. Years on Job Borrower has 12.3 years on job.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00331

1b679ab6-2a3d-ea11-bfd5-f4e9d4a75ba2

77

TQM/Non-HPML

Property

571 - Appraisal Missing

Appraisal Not Provided

1/22/20: Loan approved with a PIW, final grade will be a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 709.  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 45 months reserves. Years on Job Borrower has 12.3 years on job.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00458

913a1f7a-a729-413e-9612-760f2036fb48

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

12/13/2019: This finding is deemed non-material Per SFIG with a final grade of a “B”.

Disposable Income is higher than guideline minimum UW guides require $0 in disposable income, loan qualified with $XXXXXX.XX in disposable income CLTV is lower than guideline maximum UW guides maximum CLTV is 80%, loan qualified with CLTV of 66% FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified with FICO of 757

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00458

654d98a7-db1d-ea11-94d7-f4e9d4a75ba2

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing VOE.

12/20/2019-VVOE on co borrower provided. Condition cleared.

Disposable Income is higher than guideline minimum UW guides require $0 in disposable income, loan qualified with $XXXXXX.XX in disposable income CLTV is lower than guideline maximum UW guides maximum CLTV is 80%, loan qualified with CLTV of 66% FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified with FICO of 757

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00458

9337fd97-da1d-ea11-94d7-f4e9d4a75ba2

701

TQM/Non-HPML

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by lender's guidelines was not provided for co-borrower.

12/20/2019-VVOE on co borrower provided. Condition cleared.

Disposable Income is higher than guideline minimum UW guides require $0 in disposable income, loan qualified with $XXXXXX.XX in disposable income CLTV is lower than guideline maximum UW guides maximum CLTV is 80%, loan qualified with CLTV of 66% FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified with FICO of 757

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00293

b69ddaee-0115-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 59.09% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 762 Years on Job Borrower has 8 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00302

e6dd41db-b90c-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 12 months reserves, loan qualified with 81.40 months reserves Years on Job Borrower has 6 years on job. FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 766.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00452

a506dc40-e415-ea11-94d7-f4e9d4a75ba2

2884

Not Covered/Exempt

Credit

Data Discrepancy Violation

A HMDA Data Discrepancy has been identified for the Mortgage Loan Originator NMLS ID.  Audit NMLS ID XXXXXX vs. Data Tape XXXXXXXX.

12/6/2019: Lender agrees with audit findings. Condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 790 .  Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 90.10 months reserves.  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $14,681.27 in disposable income.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00452

1aa83ccc-250d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/03/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 790 .  Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 90.10 months reserves.  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $14,681.27 in disposable income.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00452

678688ed-a40c-ea11-94d7-f4e9d4a75ba2

2789

Not Covered/Exempt

Credit

Missing Executed Business Returns

Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules.  Signed business returns not provided.

11/27/2019:  Sign tax returns provided, however dated post close, loan will be graded a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 790 .  Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 90.10 months reserves.  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $14,681.27 in disposable income.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00452

3da7e602-a50c-ea11-94d7-f4e9d4a75ba2

2788

Not Covered/Exempt

Credit

Missing Executed Personal Tax Returns

Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years.  Signed returns not provided.

11/27/2019:  Sign tax returns provided, however dated post close, loan will be graded a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 790 .  Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 90.10 months reserves.  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $14,681.27 in disposable income.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00461

5a3648a7-440e-4564-8348-44235a6b8ade

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed

12/19/2019: This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 8.73% No Mortgage Lates Credit report verifies 48 months payment history with no late payments reported LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 70%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00301

c159df3e-973e-47af-9e05-9b272d7a7687

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

12/16/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $XXXXXX.XX in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 72 months payment history with no late payments Years in Field Borrower has 27 years in Field

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00428

f2dcffdb-1d93-4141-bf63-59305abb0c65

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed

12/20/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with  3.20 months reserves Years on Job Borrower has 15 years on job Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $XXXXX.XX in disposable income

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00334

ebefd4b0-1ea1-47dc-9386-c19c560031aa

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed

12/17/19: This finding is deemed non-material and rated a B.

Years in Field Borrower has 10 years same field CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 60.28% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00378

4bd9216d-760f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 796.  Years Self Employed Borrower has 10 years Self Employed. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 23.60 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00378

ea21c138-760f-ea11-94d7-f4e9d4a75ba2

1643

Not Covered/Exempt

Credit

Failure to Verify Housing History

Guidelines require satisfactory housing payment history for 12 months.  Payment history not provided on credit report.  VOM required to verify.

11/27/2019:  Audit has reviewed and determined, that per the Note in the file, pg 345, the primary residence housing payment history is in the name of the non-borrowing spouse, therefore is not available for the borrower.  This is also verified by the property detail report, pg 361.  A satisfactory mortgage payment history has been provided for all other OREO that is owned by the borrower, condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 796.  Years Self Employed Borrower has 10 years Self Employed. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 23.60 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00266

6b294acc-0604-4c6e-b3c1-55a17dcac13e

1679

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not executed

Affiliated Business Disclosure not executed.

12/16/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 756 DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 31.60% Years on Job Borrower has 2 years on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0028

16f33fe9-9ec3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

CLTV is lower than guideline maximum Guidelines maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum Guidelines require FICO of 680, loan qualified with FICO of 773 DTI is lower than guideline maximum Guideline maximum DTI of 45%, loan qualified with DTI of 22.64%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00126

3a794507-77d5-e911-abc7-f4e9d4a75a52

3296

Not Covered/Exempt

Compliance

Closing Disclosure document error

The final Closing Disclosure does not disclose a valid payee for title notary Section B.

09/12/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 18.94 months’ reserves, loan qualified with 246.90 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00126

bafadd0b-d53a-4423-bd73-828510162679

50

Not Covered/Exempt

Compliance

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided

09/12/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 18.94 months’ reserves, loan qualified with 246.90 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00126

852a93f4-c83b-4d1b-b163-75ba306a7a8a

3254

Not Covered/Exempt

Compliance

Information required for CD 'Contact Information' section not completed, or completed in error

The final Closing Disclosure Contact Information section is incomplete.  The State/Contact St license ID of the Settlement Agent is missing.  Provide re-disclosed CD and letter of explanation.

09/12/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 18.94 months’ reserves, loan qualified with 246.90 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00126

cad11c9b-76d5-e911-abc7-f4e9d4a75a52

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to invalid AUS and DTI exceeds guidelines.

09/25/19: Audit reviewed Lender's revised AUS which approved the DTI 45.95%, Audit DTI 46.25%. FNMA guides permit tolerance of 3%, AUS DTI within 3% of Audit DTI. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 18.94 months’ reserves, loan qualified with 246.90 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00126

5850fa36-acd4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 18.94 months’ reserves, loan qualified with 246.90 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00126

5782994c-add4-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a maximum allowable DTI of 26.97%.  Due to the improper calculation of rental income/rental loss the actual DTI is 45.79%. Based on the documentation provided in the file.

09/25/19: Audit reviewed Lender's revised AUS which approved the DTI 45.95%, Audit DTI 46.25%. FNMA guides permit tolerance of 3%, AUS DTI within 3% of Audit DTI. Condition cleared. 09/19/2019-Lender provided updated AUS with updated REO net rental incomes. REO#2 net rental income requires adjustment increase from -$XXX.XX to -$XXX.XX. Audit review of the schedule E corrected the NRI for REO#2  $XXXX.XX- XXXX.XX= ($XXX.XX).  Gross rental income now correctly based on 365 days as disclosed on Schedule E file page 218. Condition retained.09/17/19: Audit calculations are as follows:  Total Revolving Debt: $XX.XX. Primary Payment: $XXXX.XX. Subject Property: XXXXXXXXXXXXX. XXXX.XX @ 75% or $XXXX.XX- XXXX.XX= ($XXX.XX).  REO #1: $XXXX.XX- $XXXX.XX= ($XXX.XX).  REO#2  $XXXX.XX- XXXX.XX= ($XXX.XX).  REO#3  $XXXX.XX- XXXX.XX =($XXXX.XX). Net Rental Loss: ($XXXX.XX). Divided by total income $XXXXX.XX. DTI 45.79%. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 18.94 months’ reserves, loan qualified with 246.90 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00126

b976ee49-77d5-e911-abc7-f4e9d4a75a52

992

Not Covered/Exempt

Credit

Invalid AUS

The Agency Guidelines require loan data to be resubmitted to DU if the data changes from the time the AUS was last run. The most recent AUS in file reflects the incorrect DTI and rental income/rental loss

09/25/19: Audit reviewed Lender's revised AUS which approved the DTI 45.95%, Audit DTI 46.25%. FNMA guides permit tolerance of 3%, AUS DTI within 3% of Audit DTI. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 18.94 months’ reserves, loan qualified with 246.90 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00152

adaff1ce-d4d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 15 years in Field CLTV is lower than guideline maximum UW Guides maximum CLTV  of 80%, loan qualified with CLTV of 75% Reserves are higher than guideline minimum UW Guides require 8.05 months reserves, loan qualified with  49.70 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00107

bd554d12-3dd6-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 11 years in Field   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 800 Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with 249.70 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00107

9e56a42a-add4-e911-abc7-f4e9d4a75a52

913

Not Covered/Exempt

Credit

Missing appraisal completion certificate (442)

Failure to obtain Appraisal Completion Certificate (442)

09/16/2019: The appraisal completion certificate was provided. Condition cleared.

Years in Field Borrower has 11 years in Field   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 800 Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with 249.70 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00163

9a74fadd-33cf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 21.83% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 756. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 63.17%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0075

55825ad3-95bf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 19.73 months reserves, loan qualified with 54.20 months reserves CLTV is lower than guideline maximum UW guiides require CTLV of 80%, Loan approved with an CLTV of 75% FICO is higher than guideline minimum UW guides require FICO of 680, Loan approved with an FICO of 754

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00102

305c8af1-602f-4949-bdf0-37f2a28eca24

3228

Not Covered/Exempt

Compliance

Missing Loan Estimate / LE Not in File

(Added 09/16/19) The LE is missing from the loan file. Additional conditions may apply.

09/17/2019- Missing LE's provided. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with CLTV of 45.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 234.80 months reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00102

2cf73a9e-f8d3-e911-abc7-f4e9d4a75a52

14

Not Covered/Exempt

Credit

Failure to obtain Title

A Copy of Title for the subject property was not provided.

09/16/19: Lender provided a copy of title for the subject property. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with CLTV of 45.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 234.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00102

ab9f166d-f8d3-e911-abc7-f4e9d4a75a52

24

Not Covered/Exempt

Credit

Missing appraisal

Appraisal and comparable rent schedule on Form 1007 not provided.

09/16/19: Lender provided the Appraisal and comparable rent schedule on Form 1007. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with CLTV of 45.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 234.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00102

a3568c84-f8d3-e911-abc7-f4e9d4a75a52

915

Not Covered/Exempt

Credit

Missing asset documentation

Lender's guidelines require 2 months' bank statements, 2 months' investor portfolio statements, 2 months' 401K or other retirement account statements, terms and conditions of withdrawal from 401K if Borrower < 59 1/2 years old and  verification of the down payment for a purchase.  The loan file is missing all asset documentation including 1031 exchange documents.

09/19/2019- Final certified statement provided. Condition cleared.09/16/19: Lender provided the borrower's asset documentation. Settlement statement for property #2 on the final application, however it is not signed or certified by the title agent. Condition maintained.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with CLTV of 45.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 234.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00102

0a610913-f9d3-e911-abc7-f4e9d4a75a52

724

Not Covered/Exempt

Credit

Missing Documentation

UCPD is missing from file.

09/16/19: Lender provided the UCPD for the subject property. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with CLTV of 45.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 234.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00102

4243dda5-f8d3-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of insurance for primary residence on the final application not provided.

09/16/19: Lender provided evidence of tax and insurance for the borrower's primary residence. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with CLTV of 45.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 234.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00102

156dd78e-f8d3-e911-abc7-f4e9d4a75a52

1667

Not Covered/Exempt

Credit

Missing HUD from sale of other property owned

Final Hud-1 from property #2 on the final application evidencing liens paid and netting sufficient cash to close and or reserves was not provided.  Additional conditions may apply.

09/19/2019- Final certified statement provided. Condition cleared.09/16/19: Lender provided the settlement statement for property #2 on the final application, however it is not signed or certified by the title agent. Condition maintained.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with CLTV of 45.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 234.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00102

b16ab642-fad3-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Property

Missing Appraisal Completion Cert

The appraisal is subject to repairs or subject to completion.  Satisfactory completion certificate not provided.

09/16/19: Lender provided the completion certifications for the subject property. The subject has been completed 100% in accordance with the plans, specifications and contracted options with the exception of the backyard built-in bbq grill. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with CLTV of 45.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 234.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV004

458c6ce5-9aaf-e911-abc7-f4e9d4a75a52

3296

TQM/Non-HPML

Compliance

Closing Disclosure document error

The Survey disclosed in Section H of the final Closing Disclosure is missing the name of the service provider. Provide re-disclosed CD and letter of explanation.

07/26/2019: This finding is deemed non-material under SFIG and rated a “B”

LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 73.74% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 810 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 107.80 months’ reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV004

f9bbf61d-984a-44a0-b00d-ee2bde65cdf9

3284

TQM/Non-HPML

Compliance

Missing corresponding C.O.C for most Recent L.E/C.D. in File

The LE dated XX/XX/XXXX reflects a lender credit in the amount of $XXX.XX. The lender credit decreased to $0.00 on the final CD with no indication of a valid COC to account for the $XXX.XX decrease in the credit.  Provide corrected CD, evidence of Refund to the Borrower, letter of explanation and proof of delivery to the Borrower.

07/30/2019- COC reflecting pricing change due to change in occupancy on initial CD provided. Condition cleared.

LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 73.74% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 810 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 107.80 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV004

52d6320f-9daf-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

07/29/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 73.74% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 810 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 107.80 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0067

4720c861-fabd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $12,799.44 in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 84 months payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 8.78 months reserves, loan qualified with 99.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0067

73cb8277-06be-e911-abc7-f4e9d4a75a52

1643

Not Covered/Exempt

Credit

Failure to Verify Housing History

AUS required satisfactory housing payment history for 12 months. Payment history not provided on credit report. VOM required to verify for REO #3 listed on final 1003.

09/16/2019- Credit supplement dated prior to close with 12 month pay history and statement showing pay history up through closing provided. Condition cleared.09/13/19: Lender provided the payment history. AUS required satisfactory housing payment history for 12 months. Payment history not provided on credit report. VOM required to verify for REO #3 listed on final 1003. Condition maintained.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $12,799.44 in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 84 months payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 8.78 months reserves, loan qualified with 99.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0084

bc531cb6-d7c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 8.4 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 11.65%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0084

d61a3246-f5c4-e911-abc7-f4e9d4a75a52

1687

Not Covered/Exempt

Credit

Missing Evidence of Property Taxes

Lender used $XXX.XX monthly property taxes.  Tax cert in file list $XXX.XX.  Please provide evidence of lender calculation.

08/29/19: Lender provided a revised CD and LOE to the borrower. Loan will be graded a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 8.4 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 11.65%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Cleared

FSMT20201INV0034

06691866-16c8-e911-abc7-f4e9d4a75a52

3

Not Covered/Exempt

Credit

CLTV Exceeds Guidelines

The AUS reflects a CLTV of 72.09%, however the current CLTV of the subject is 77.07%.  Lower appraised value of $XXXXXX was used vs $XXXXXX used by lender.

09/11/2019- Subject appraisal dated XX/XX/XXXX provided with UDCP. Condition cleared09/06/19: Lender provided a revised appraisal dated XX/XX/XXXX with a value of $XXXXXX.XX. UCPD in file is for the prior appraisal. A UCPD is required in every file including the CU score. Condition maintained.

Years in Field Borrower has 20 years in Field   Reserves are higher than guideline minimum UW Guides require 4  months reserves, loan qualified with  120.80 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 19.140% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 761

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0034

c7b88997-17c8-e911-abc7-f4e9d4a75a52

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Missing current lease/rental agreement for rental property #7 located on final 1003.

09/05/19: There is no lease borrower was qualified with full PITI

09/16/2019- Updated AUS reflecting REO 7 PITI counted in debt provided. AUS DTI matches to audit. Condition cleared.09/12/19: Without the income for REO#7 of XXX.XX Audit calculations are as follows: Total revolving debt: $XXX.XX.  Primary Residence:  $XXXX.XX .  Investment properties: REO #1: $XXXX.XX @ 75% or $XXXX.XX- XXXX.XX= ($XXX.XX), REO#2:  $XXXX.XX- XXXX.XX= $XXXX.XX. REO #3: $XXXX.XX- XXXX.XX= $XXXX.XX, REO #4: $XXX.XX- XXXX.XX= ($XXXX.XX). REO #5:  ($XXX.XX). REO #6: ($XXXX.XX).  Borrower base income: $XXXXX.XX.  Condition maintained. 09/06/19: DTI 20.41% which exceeds the 3% tolerance. Condition maintained.

Years in Field Borrower has 20 years in Field   Reserves are higher than guideline minimum UW Guides require 4  months reserves, loan qualified with  120.80 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 19.140% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 761

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0081

a9e279ca-2ec5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Years in Field Borrower has 35 years in Field   CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.59%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0081

5d2ef997-b2c5-e911-abc7-f4e9d4a75a52

1687

Not Covered/Exempt

Credit

Missing Evidence of Property Taxes

Missing evidence of property taxes for subject property matching lender's calculation of $XXX.XX.

09/03/2019-Lender tax calculation worksheet provided. Condition cleared.08/30/19: Documents provided show $XXX.XX a month. Taxes are escrowed. Condition maintained.

Years in Field Borrower has 35 years in Field   CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.59%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0068

0da11602-7cc3-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to VVOE is missing for the co-borrower.

08/30/19: Lender provided the VVOE within 10 business days prior to the note date for the co-borrower. Condition cleared.

Years on Job Co-borrower on job for 22 years No Mortgage Lates Credit report verifies 48 months payment history with no late payments reported DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 25.44%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0068

9b8ded2a-c0c5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Years on Job Co-borrower on job for 22 years No Mortgage Lates Credit report verifies 48 months payment history with no late payments reported DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 25.44%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0068

9a77ada1-c0c5-e911-abc7-f4e9d4a75a52

701

TQM/Non-HPML

Credit

Failure to obtain Employment Verification

The AUS requires a VVOE within 10 business days prior to the note date. The VVOE is missing for the co-borrower.

08/30/19: Lender provided the VVOE within 10 business days prior to the note date for the co-borrower. Condition cleared.

Years on Job Co-borrower on job for 22 years No Mortgage Lates Credit report verifies 48 months payment history with no late payments reported DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 25.44%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0019

0f659708-f2bd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 23 years in the field FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 720 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 48.51%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0019

b34a5f4d-2bbd-e911-abc7-f4e9d4a75a52

6

Not Covered/Exempt

Credit

Insufficient Reserves

19.90 mos. < 34.95 mos. required, per lender.  Assets verified of $XXXXX.XX, minus cash to close of $XXX.XX = $XXXXX.XX for reserves which is not sufficient for the subject and additional financed properties

08/29/19: Lender provided the revised AUS showing assets listed on the 1003. Borrower has sufficient reserves. Condition cleared. 08/21/19: Lender provided additional asset documentation. Please provide a revised AUS/1008 and 1003.  Condition maintained.

Years in Field Borrower has 23 years in the field FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 720 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 48.51%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0039

05a1a173-7e7d-4a5b-9177-bca083b7d1d8

3295

Not Covered/Exempt

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $XXX.XX a month vs. the calculated value of $XXX.XX a month. The lender used the incorrect amount of $XXX.XX for taxes vs the actual amount of $XXX.XX.  (NOT IN ESCROW) Provide re-disclosed CD and letter of explanation. The final Closing Disclosure dated (XX/XX/XXXX) indicates the Estimated Taxes, Insurance and Assessments as ($XXX.XX) a month vs. the calculated value of ($XXX.XX) a month. The lender (did not include the taxes/hazard insurance/flood insurance/HOA of $$$$  OR : used the incorrect amount of $XXX.XX for the  taxes/hazard insurance/flood insurance/HOA vs. the actual amount of $XXX.XX).  No Cure.

08/14/2019: This finding is deemed non-material and rated a B

Years Self Employed Borrower has been self-employed 23 years Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $81,394 in disposable income  No Mortgage Lates No mortgage lates reported on Credit report.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0039

bb060d77-f5be-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years Self Employed Borrower has been self-employed 23 years Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $81,394 in disposable income  No Mortgage Lates No mortgage lates reported on Credit report.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0039

8db5453c-fabd-e911-abc7-f4e9d4a75a52

33

Not Covered/Exempt

Credit

Failure to obtain Asset Documentation

Lender's guidelines require 2 months bank statements to verify sufficient funds to close and reserves.  The file is missing verification of retirement accounts for reserves.

08/28/19: Lender provided the 401K terms for the borrower's retirement account. Condition cleared. 08/20/2019- Retirement account statement verifying sufficient funds available for transaction provided. Provide terms and conditions on retirement account by which borrower may access funds as borrower is not 59 1/2 years of age. Condition retained.08/19/2019- 2 months bank statements provided verify $XXXXX.XX. AUS condition #21 file page 97 requires asset of $XXXXX.XX to be verified. Final 1003 shows retirement assets file page 67 not verified. Condition retained.

Years Self Employed Borrower has been self-employed 23 years Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $81,394 in disposable income  No Mortgage Lates No mortgage lates reported on Credit report.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0073

93d35d83-e8c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Years Self Employed Borrower has 23 years Self Employed No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months;credit report  verifies 132 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of  720

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0023

1a232ce3-41b5-e911-abc7-f4e9d4a75a52

1739

Not Covered/Exempt

Compliance

Missing Mortgage

Copy of mortgage provided in file, however please provide one of the following: 1.) Copy of the recorded Mortgage/Deed of Trust 2.) Final title policy with recorded data for Mortgage/Deed of Trust. 3.) Evidence of that the Mortgage/Deed of Trust was required to be sent for recording i.e. Statement from the Title Company and/or Closing Agent

08/09/19: Lender provided evidence that the Mortgage/Deed of Trust was sent for recording. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 Years in Field Borrower has 14 years in Field   General Comp Factor 1 UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 16 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0023

2f5e0d54-83b8-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 Years in Field Borrower has 14 years in Field   General Comp Factor 1 UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 16 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0023

57a7dae9-9fb4-e911-abc7-f4e9d4a75a52

801

Not Covered/Exempt

Credit

Misrepresentation of Occupancy

The file was purchased as an investment property. However, the HOI policy reflects the Occupancy type as Secondary/Vacation

09/05/19: Lender provided the updated HO6. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 Years in Field Borrower has 14 years in Field   General Comp Factor 1 UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 16 months payment history with no late payments reported

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00162

0f64ad6a-f282-4df0-8603-47103a6f87e0

2830

Not Covered/Exempt

Compliance

ECOA Non-Compliant: Appraisal not Completed.

ECOA Non-Compliant: Appraisal disclosure not provided.

09/13/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00162

689e73ee-a2dc-4a43-99d0-1606b02ed0b9

50

Not Covered/Exempt

Compliance

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided

09/13/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00162

fb34e983-0310-4096-8ca5-11bead7fa5d2

2862

Not Covered/Exempt

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

Missing HUD Homeownership Organization Counseling Disclosure

09/13/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00162

223312f2-2e5b-40cf-8720-cf68853a17a0

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/13/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00162

00ef0387-3ad6-e911-abc7-f4e9d4a75a52

3227

Not Covered/Exempt

Compliance

Missing Closing Disclosure / CD Not in File

The CD is missing from the loan file.  Additional conditions may apply

09/17/2019-CD provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00162

c1e01e7e-c017-42e9-9d36-a93636cd03b4

3228

Not Covered/Exempt

Compliance

Missing Loan Estimate / LE Not in File

The LE, dated XX/XX/XXXX, is missing from the loan file.   No Cure

09/17/2019-LE's provided. Condition cleared

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00162

1c7fa12b-3ad6-e911-abc7-f4e9d4a75a52

2174

Not Covered/Exempt

Compliance

Missing Rate Lock Agreement

Missing evidence of original lock date. Compliance testing will need to be reviewed once received.

09/17/2019-Lock provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00162

0bd4bb4d-4fa1-412b-9833-18851fd64a2c

1665

Not Covered/Exempt

Compliance

Missing Special Information Booklet / Home Loan Toolkit

Missing Home Loan Toolkit.

09/13/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00162

a6c6b74f-3ad6-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

– Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00162

f5ed7b5e-d5d4-e911-abc7-f4e9d4a75a52

24

Not Covered/Exempt

Credit

Missing appraisal

Appraisal not provided.

09/18/19: Lender provided the completion certification form 442. Condition cleared. 09/17/2019- Appraisal provided is marked "Subject to". Provide the appraisal completion certification form 442. Condition retained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 Years on Job Borrower has  7 years on job Reserves are higher than guideline minimum UW Guides require 9.5  months reserves, loan qualified with  13.7months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.68%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV006

29712291-cdbd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 17.3 months reserves. FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 763 FICO. Years on Job Borrower has been on current job for over 8.9 years.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0087

fd5e0db2-28c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum AUS require 6  months reserves, loan qualified with 55.60 months reserves Years in Field Borrower has 11 years in Field   No Mortgage Lates Credit report) verifies 56 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0087

5917ce16-4cc0-e911-abc7-f4e9d4a75a52

1689

Not Covered/Exempt

Credit

Missing Evidence of HOA Fees

Missing evidence of HOA dues for the subject property

08/29/19: Lender provided evidence of the HOA dues for the subject property. Condition cleared.

Reserves are higher than guideline minimum AUS require 6  months reserves, loan qualified with 55.60 months reserves Years in Field Borrower has 11 years in Field   No Mortgage Lates Credit report) verifies 56 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0087

bfe00a9d-3cc0-e911-abc7-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal not provided in the loan file. Loan was approved with a PIW.

01/22/2020 Loan approved with a PIW, final grade will be a B. 08/29/2019 – Investor confirmed that they agreed to a stipulation allowing 3% of the final pool to have PIW’s. AUS allowed a PIW for this loan. Condition Cleared.08/28/19: Lender must obtain an exception from the investor. Condition maintained.

Reserves are higher than guideline minimum AUS require 6  months reserves, loan qualified with 55.60 months reserves Years in Field Borrower has 11 years in Field   No Mortgage Lates Credit report) verifies 56 months payment history with no late payments reported

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0087

a5fae84a-4bc0-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

08/29/2019 – Investor confirmed that they agreed to a stipulation allowing 3% of the final pool to have PIW’s. AUS allowed a PIW for this loan. Condition Cleared.08/28/19: Lender must obtain an exception from the investor. Condition maintained.

Reserves are higher than guideline minimum AUS require 6  months reserves, loan qualified with 55.60 months reserves Years in Field Borrower has 11 years in Field   No Mortgage Lates Credit report) verifies 56 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00191

2e257db7-29d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 736 Years Self Employed Borrower has been self employed for 10 years Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualifeid with 162.30 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00160

80617853-d1c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/17/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 64.75% Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,889.27 in disposable income  Years on Job Borrower has 5.7 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00160

298d3531-efc4-e911-abc7-f4e9d4a75a52

9

Not Covered/Exempt

Property

Appraisal not provided

Appraisal not provided in the loan file. Loan was approved with a PIW.

1/20/20: Final grade will be a B for all agencies. 08/22/2019: Upon further review, the AUS allowed for the PIW.  Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 64.75% Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,889.27 in disposable income  Years on Job Borrower has 5.7 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00160

67130539-efc4-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

09/17/2019 - UCPD not required on loans with a PIW. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 64.75% Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,889.27 in disposable income  Years on Job Borrower has 5.7 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV009

b6dd33f9-f4bd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides do not require reserves, loan qualified with 203 months reserves FICO is higher than guideline minimum UW Guide requires FICO of 680, loan qualifed with FICO of 780 Years on Job Borrower has 10 years on the job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00135

93fc91e2-f1d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 752. LTV is lower than guideline maximum UW Guides reflect maximum LTV of 80%, loan qualified with LTV of 75%. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 48.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00135

2d3aaad3-f1d3-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Property

Missing Appraisal Completion Cert

Failure to obtain Appraisal Completion Certificate (442)

09/06/19: Lender provided the Appraisal Completion Certificate (442). Condition cleared.

FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 752. LTV is lower than guideline maximum UW Guides reflect maximum LTV of 80%, loan qualified with LTV of 75%. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 48.80 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0056

d1a410fe-67c3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

DTI is lower than guideline maximum UW Guides maximum DTI of 43.06%, loan qualified with DTI of 31.23% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 22.3 months reserves Years in Field Borrower has 11 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0056

a8ff590d-68c3-e911-abc7-f4e9d4a75a52

73

Not Covered/Exempt

Credit

Failure to obtain Evidence of Self Employment

The loan application indicated that the borrower was self-employed for 7.3 years. According to the AUS Approval, documentation for a self-employed borrower requires an independent confirmation of self-employment dated no more than 120 calendar days prior to the Note date.  The loan file contained no verification of the borrower’s self-employment.

08/30/19: Lender provided evidence the information was obtain within 120 days, as of the note date. Condition cleared. 08/29/19: Lender provided a business license for LLC. Self-Employed within 120 calendar days prior to the note date. Direct verification by a third party employment verification vendor is acceptable if completed within the same timeframes, and the information is not more than 35 days old (120 days old if self employed) as of the note date. Condition maintained. 08/26/2019- Self employment verification is dated XX/XX/XXXX which is greater than 120 days to Note date of XX/XX/XXXX. Condition retained.

DTI is lower than guideline maximum UW Guides maximum DTI of 43.06%, loan qualified with DTI of 31.23% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 22.3 months reserves Years in Field Borrower has 11 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0056

89441974-68c3-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of insurance for property #4 on the final application not provided.

08/26/2019-Insurance of REO#4 provided. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 43.06%, loan qualified with DTI of 31.23% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 22.3 months reserves Years in Field Borrower has 11 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00206

d43a7c65-05d4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 776. Years on Job Borrower has 6 years on job Reserves are higher than guideline minimum Loan qualified with 72 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00206

8e8fd8db-04d4-e911-abc7-f4e9d4a75a52

23

Not Covered/Exempt

Credit

Failure to obtain Credit Report

A credit report for the borrowers was not provided

09/17/19: Lender provided the credit report #XXXXXXX used in the AUS. Condition cleared. 09/13/2019 The credit report provided reflects order ID #XXXXXX and does not match to the Credit report ID #XXXXXX used in the AUS. See file page 142 item#31. Provide the credit report used in the AUS evaluation. Condition retained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 776. Years on Job Borrower has 6 years on job Reserves are higher than guideline minimum Loan qualified with 72 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0038

28167307-f7bd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 2.23 months reserves, loan qualified with 175.30 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 36 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $1,959.76 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0038

e3767269-29bd-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 46%.  Due to the improper calculation of income the actual DTI is 51.41%.

08/19/2019- Gross up of social security benefits permitted based on breakdown of taxable and non taxable breakdown on XXXX tax return. Condition cleared. Audit DTI with guidelines.

Reserves are higher than guideline minimum UW Guides require 2.23 months reserves, loan qualified with 175.30 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 36 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $1,959.76 in disposable income

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0038

0bfbd7e8-f6bd-e911-abc7-f4e9d4a75a52

735

Not Covered/Exempt

Credit

Failure to obtain Mortgage Rider

Missing PUD Rider

08/19/2019- Lender corrected 1008 and AUS to SFH from PUD. Appraisal in fie reflects SFH. PUD not checked and reflects no HOA fees. Prelim title does not reflect a PUD rider requirement. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 2.23 months reserves, loan qualified with 175.30 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 36 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $1,959.76 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0038

b24cbcf0-2bbd-e911-abc7-f4e9d4a75a52

1689

Not Covered/Exempt

Credit

Missing Evidence of HOA Fees

Missing evidence of HOA dues for subject property.

08/19/2019- Lender corrected 1008 and AUS to SFH from PUD. Appraisal in fie reflects SFH. PUD not checked and reflects no HOA fees. Prelim title does not reflect a PUD rider requirement. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 2.23 months reserves, loan qualified with 175.30 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 36 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $1,959.76 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0038

e02e3057-2abd-e911-abc7-f4e9d4a75a52

2788

Not Covered/Exempt

Credit

Missing Executed Personal Tax Returns

Guidelines require signed, dated individual tax returns, with all applicable tax schedules for the most recent year.  Signed returns not provided.

08/27/2019- Signed XXXX page 1 provided

Reserves are higher than guideline minimum UW Guides require 2.23 months reserves, loan qualified with 175.30 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 36 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $1,959.76 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0038

87d09ebe-2cbd-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Property

Missing Appraisal Completion Cert

Missing Appraisal Completion Certificate (442) as indicated on the final Closing Disclosure

08/30/19: Lender provided evidence of receipt. Condition cleared. 08/19/2019-Appraisal is marked As is". Lender provided PCCD dated XX/XX/XXXX with LOX and copy of cure check refund for appraisal inspection fee. Missing evidence of delivery to borrower. Condition retained.

Reserves are higher than guideline minimum UW Guides require 2.23 months reserves, loan qualified with 175.30 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 36 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $1,959.76 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0033

5b37ed0c-f9bd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 128.1 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0033

1eef8d4d-f4bd-e911-abc7-f4e9d4a75a52

33

Not Covered/Exempt

Credit

Failure to obtain Asset Documentation

Lender's guidelines require 2 months' bank statements.  The loan file is missing 2 months' bank statements for asset #1 on the final application

08/15/2019- Bank statements provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 128.1 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0033

588fc3e6-f4bd-e911-abc7-f4e9d4a75a52

23

Not Covered/Exempt

Credit

Failure to obtain Credit Report

A credit report for the borrower was not provided.  All pages to the credit report in file are not legible

08/15/2019- Credit report provided. condition cleared

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 128.1 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0033

8c90084a-f5bd-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Missing evidence of P & I for properties #6 and #7 on the final application; which closed concurrently

08/15/2019- First payment letter verifying P&I portion of payment on REO#6 and #7 provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 128.1 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0033

7b57be42-f5bd-e911-abc7-f4e9d4a75a52

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Missing current lease/rental agreement for rental property #7 on the final application.

08/15/2019- Comparable rent schedule provided documenting $XXXX.XX rent rate. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 128.1 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0033

2585d858-f5bd-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of taxes and insurance for properties #6 and #7 on the final application not provided; which closed concurrently

08/28/19: Lender provided evidence of the PITIA for property #6 on the final 1003. DTI is within tolerance. Condition cleared. 08/21/19: Lender provided evidence of amount for the HOA on REO#6. HOA $XXX.XX a month. 43.98% DTI exceeds guidelines  Condition maintained. 08/19/2019- Master insurance policy on REO#6 provided. REO#6 is a condo. Provide evidence of amount for the HOA on REO#6. Condition retained.08/16/2019- No document uploaded to cleanroom to review. Condition retained.08/15/2019- First payment letter on REO #7 provided tax and insurance figures as part of total PITI. First payment letter on REO #6 provided taxes but does not provide an amount for insurance. Documentation of monthly insurance amount on REO#6 is missing. Condition retained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 128.1 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00105

e5ea8327-89ce-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 5 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.51% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 766

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00164

d3ac895a-60cf-e911-abc7-f4e9d4a75a52

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of  788 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months;credit report  verifies 60 months payment history with no late payments reported Years on Job Borrower has 7 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV005

104c929a-99bf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 719 Reserves are higher than guideline minimum UW Guides require 12.5 months’ reserves, loan qualified with 113 months’ reserves  Years Self Employed Borrower has 11.75 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0070

89ff162e-77c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW guides require min FICO of 680, loan qualified with FICO of 799 Years in Field Borrower has 5 years in field. CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan qualified at CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0070

cf3ca4f8-f3d3-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

(Added 9/10/2019)Audit DTI of 31.63% exceeds lender DTI of 14.79% by more than 3%. Lender AUS DTI is 14.79% page 13 and 1008 file page 21 both reflect a $XXX.XX monthly primary home payment. Current lease agreement dated XX/XX/XXXX file page 105 reflects a monthly primary home payment of $XXXX.XX on file page 113.

09/11/2019-Update AUS reflecting current primary home payment documented in loan file provided. Audit DTI with tolerance. Condition cleared.

FICO is higher than guideline minimum UW guides require min FICO of 680, loan qualified with FICO of 799 Years in Field Borrower has 5 years in field. CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan qualified at CLTV of 75%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0070

f46a347e-7ac4-e911-abc7-f4e9d4a75a52

992

Not Covered/Exempt

Credit

Invalid AUS

Agency Guidelines require loan data to be resubmitted to DU if the data changes from the time the AUS was last run. The most recent AUS in file reflects an incorrect loan amount and primary rental payment. Additional conditions may apply.

09/10/2019-Updated executed Note and Mortgage dated XX/XX reflecting $XXXXXX.XX loan amount provided. Condition cleared.09/04/2019: Lender provided a CD and AUS reflecting loan amount of $XXXXXX. However, the Note and Mortgage both reflect the loan amount as $XXXXXX. Condition maintained. 09/03/2019- AUS and 1008 provided has an incorrect loan amount of $XXXXXX.XX. Loan closed loan amount is $XXXXXX.XX. Provided AUS and 1008 reflecting correct loan amount. Condition retained.08/30/19: AUS incorrect loan amount. DU has $XXXXXX.XX compared to $XXXXXX.XX and lists primary rental payment as $XXX yet lease in file shows $XXXX per pg 113. Condition maintained.

FICO is higher than guideline minimum UW guides require min FICO of 680, loan qualified with FICO of 799 Years in Field Borrower has 5 years in field. CLTV is lower than guideline maximum UW guides require max CLTV of 80%, loan qualified at CLTV of 75%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV007

fac7dc4c-0dbe-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW guides require minimum FICO of 680. Loan approved with FICO of 706 Full Documentation Full documentation Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with  8.60 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0014

a94574d2-8bc4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Years in Field Borrower has 12 years in Field   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 66 months’ payment history with no late payments reported CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 60%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00173

dbf1bf26-64d6-e911-abc7-f4e9d4a75a52

1646

Not Covered/Exempt

Credit

Failure to Verify Sale of Previous Property

File is missing the final Settlement Statement or Closing Disclosure verifying the property listed on the credit report was/were paid off and Borrower netted sufficient cash to close and/or reserves. This property does not appear on the final loan application but yet the address appears on the credit report dated XX/XX/XXXX. The property is located in South Carolina.

09/17/2019-Mortgage item#1 and #2 on credit report file page 108 are the same mortgage loan. Servicing was recently transferred. Audit also verified that the South Carolina address on the credit report is a commercial building in google street view and would be the address of the servicer. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 750 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 32.98% Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 30.70 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00112

4cc03d00-e3d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 30.81% Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 62 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00112

90b75d85-1cd3-e911-abc7-f4e9d4a75a52

1

Not Covered/Exempt

Credit

General Credit Exception

All legal documents reflect the zip code as XXXXX; however, the appraisal and USPS reflect the zip code as XXXXX.

09/12/2019- Lender provided corrected CD, Note and Mortgage. File contains correction agreement limited power of attorney. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 30.81% Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 62 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00197

d2f1352e-a1d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualifeid with 98.20 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 817

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00130

deb46dbc-03d4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 63.3 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 32.68% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 707

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00109

7d2aad8b-50cf-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with  11.50 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 780 Years on Job Borrower has 10 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00153

e479956d-85cd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 19 years on job No Mortgage Lates Credit report verifies 48 months payment history with no late payments reported Reserves are higher than guideline minimum DU require 6 months reserves, loan qualified with 20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0057

168a053d-82c3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum UW Guides require 9.07 months’ reserves, loan qualified with 107.40 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 36.92% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 812

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0057

c136a0e4-9cc5-e911-abc7-f4e9d4a75a52

992

Not Covered/Exempt

Credit

Invalid AUS

Agency Guidelines require loan data to be resubmitted to DU if the data changes from the time the AUS was last run. The most recent AUS in file reflects the number of financed properties as 3 vs. the actual of 2.

09/04/2019-Updated AUS reflecting 2 financed properties provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 9.07 months’ reserves, loan qualified with 107.40 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 36.92% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 812

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00198

a42ff48c-f2d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 272.40 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 23.25% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 754

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00171

d3ca0416-d7d4-e911-abc7-f4e9d4a75a52

3296

Not Covered/Exempt

Compliance

Closing Disclosure document error

The final Closing Disclosure does not disclose a valid payee for the title Notary.

09/11/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 10.80 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 34.12 FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 756

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00171

a067f747-bab2-43f9-85dd-d9d0d310affb

3279

Not Covered/Exempt

Compliance

Missing updated W.L.S.P. for service charges added to Borrower DID SHOP Fee (Section C) charges on revised L.E.

The revised LE dated (XX/XX/XXXX) reflects (Courier/Exp Mail, Doc Preparation Fee, Edoc Fee, Recording Fee, Sub Escrow, and Wire Fee) that were not listed on the initial LE dated (XX/XX/XXXX) or itemized in the WLSP provided with the initial LE.  Please provided completed WSLP corresponding with the updated LE.  No Cure.

09/11/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 10.80 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 34.12 FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 756

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00171

392a7085-d6d4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 10.80 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 34.12 FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 756

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0095

01726108-f6d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 796. LTV is lower than guideline maximum UW Guides reflect maximum LTV of 80%, loan qualified with LTV of 75%. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 29 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0099

af566417-b3a7-404f-afb1-71fe35339e97

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing payment history on primary residence and missing evidence of taxes and insurance for property #2 on the final application

09/18/19: Lender provided the housing history for the primary residence, and evidence of taxes and insurance for property #2 on the final application. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 111.10 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 704 CLTV is lower than guideline maximum UW Guides maximum Overlay CLTV of 80.00%, loan qualified with CLTV of 36.71%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0099

5504b2b5-f1d2-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 111.10 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 704 CLTV is lower than guideline maximum UW Guides maximum Overlay CLTV of 80.00%, loan qualified with CLTV of 36.71%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0099

5e8dbf73-f9d2-e911-abc7-f4e9d4a75a52

1643

TQM/Non-HPML

Credit

Failure to Verify Housing History

Guidelines require satisfactory housing payment history for 12 months.  Payment history for the primary residence not provided on credit report.  VOM/HUD required to verify.

09/16/19: Lender provided the housing history for the primary residence. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 111.10 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 704 CLTV is lower than guideline maximum UW Guides maximum Overlay CLTV of 80.00%, loan qualified with CLTV of 36.71%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0099

85c94233-fbd2-e911-abc7-f4e9d4a75a52

1688

TQM/Non-HPML

Credit

Missing Evidence of Taxes and Insurance

Evidence of taxes and insurance for property #2 on the final application not provided.

09/18/19: Lender provided evidence of taxes and insurance for property #2 on the final application. Condition cleared.  09/16/19: Lender provided documentation for the primary. Please provide evidence of taxes and insurance for property #2 on the final application. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 111.10 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 704 CLTV is lower than guideline maximum UW Guides maximum Overlay CLTV of 80.00%, loan qualified with CLTV of 36.71%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00214

c4fb20e8-a3d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 809 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualifeid with 10.30 months reserves DTI is lower than guideline maximum UW Guides maxmum DTI of 45%, loan qualified with DTI of 19.72%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00116

7a3ae516-f6d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 33.74 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 758 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.74%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00116

022a5d5f-f5d3-e911-abc7-f4e9d4a75a52

15

Not Covered/Exempt

Credit

Failure to obtain Hazard Insurance Declaration

All pages of the hazard insurance was not provided.

09/12/2019- Hazard insurance policy provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 33.74 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 758 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.74%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00116

189f38ee-f4d3-e911-abc7-f4e9d4a75a52

32

Not Covered/Exempt

Credit

Failure to obtain Income Documentation

Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet. The Borrower's income is derived from 2 years of both K1 and W2 income. The File is missing XXXX W2 for the Borrower. The XXXX W2 in file does not belong to the Borrower.

09/24/19: Lender provided the XXXX W2 for the borrower. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 33.74 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 758 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.74%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00217

e9d7da88-36c0-45d0-8a4d-4e630cbdbf4c

3203

Not Covered/Exempt

Compliance

Incorrect disclosure of Transfer Taxes - Section E

The transfer tax listed in section E of the final Closing Disclosure does not list the name of the government entity assessing the tax.  Provide corrected CD and LOE to the Borrower.

09/10/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 177.50 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 803 DTI is lower than guideline maximum UW Guides maximum Overlay DTI of 45.00%, loan qualified with DTI of 38.59%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00217

ab46c59f-94f1-4a54-ba76-29e2b5d079cc

3254

Not Covered/Exempt

Compliance

Information required for CD 'Contact Information' section not completed, or completed in error

The final Closing Disclosure Contact Information section is incomplete.  The Contact St license ID of the Settlement Agent is missing.  Provide re-disclosed CD and letter of explanation.

09/10/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 177.50 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 803 DTI is lower than guideline maximum UW Guides maximum Overlay DTI of 45.00%, loan qualified with DTI of 38.59%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00217

4fcdbc73-b3d5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6.00 months reserves, loan qualified with 177.50 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 803 DTI is lower than guideline maximum UW Guides maximum Overlay DTI of 45.00%, loan qualified with DTI of 38.59%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00199

d060cc0a-ffd3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 61.40 months reserves Years in Field Borrower has 10 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00136

5e3e810a-b772-4a08-ba92-78e4ef8a241c

1672

Not Covered/Exempt

Compliance

Missing Initial Escrow Account Disclosure

The Initial Escrow Disclosure is missing.

9/11/19: This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 25.7% Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 14.1 months' reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 743

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00136

320476ec-ccd4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only.  Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 25.7% Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 14.1 months' reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 743

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00136

cba456da-ccd4-e911-abc7-f4e9d4a75a52

21

Not Covered/Exempt

Credit

Failure to Obtain Final Application (1003)

A final application for the subject transaction was not provided.

09/17/2019-Final 1003 provided. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 25.7% Reserves are higher than guideline minimum UW Guides require 6 months' reserves, loan qualified with 14.1 months' reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 743

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00111

b4503e8e-c1d4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 772. Reserves are higher than guideline minimum UW Guides require 7 months reserves, loan qualified with 19.80 months reserves. Years Self Employed Borrower has 29.6  years Self Employed.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00111

f7278b46-c1d4-e911-abc7-f4e9d4a75a52

73

Not Covered/Exempt

Credit

Failure to obtain Evidence of Self Employment

The loan application indicated that the borrower was self-employed for 29.6 years. According to the program guidelines, documentation for a self-employed borrower requires an independent confirmation of self-employment, such as a copy of the business license or a letter from an accountant verifying the length and existence of the business. The loan file contained no verification of the borrower’s business, rendering the subject mortgage ineligible for delivery to the investor.

09/30/19: Lender provided the license for the borrower's S-Corp. Condition cleared. 09/26/19: Lender provided the borrower’s XXXXXXXXXXXXXXX. Borrower is self employed and 50% owner of the S-Corp. According to the FNMA selling guide, The lender must verify the existence of the borrower's business within 120 calendar days prior to the note date- from a third party, such as a CPA, regulatory agency, or the applicable licensing bureau, if possible; or by verifying a phone listing and address for the borrower's business using a telephone book, the Internet, or directory assistance. The lender must document the source of the information obtained and the name and title of the lender's employee who obtained the information. Condition maintained.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 772. Reserves are higher than guideline minimum UW Guides require 7 months reserves, loan qualified with 19.80 months reserves. Years Self Employed Borrower has 29.6  years Self Employed.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00118

022d168c-8cd4-e911-abc7-f4e9d4a75a52

741

TQM/HPML

Credit

Failure to obtain Documentation

HMDA Data required for the HMDA Data Review has not yet been received.  Investor will not purchase loans without a completed HMDA Data Review.

09/30/19 HMDA data review complete. Condition cleared.

Years in Field Borrower has 10 years in Field   Disposable Income is higher than guideline minimum UW Guides does not require minimum disposable income, loan qualified with $14,275.94 in disposable income   Full Documentation Loan documented under Full Documentation requirements

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00321

948f84fa-9e0f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

General Comp Factor 1 UW Guides require 6 months reserves, loan qualified with 21.70months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00273

3c8972a5-350d-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 810 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.34% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 59 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00387

9f6de056-c1dc-4bba-a0f9-e5a797b49859

50

TQM/Non-HPML

Compliance

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided.

12/17/2019: This finding is deemed non-material with a final grade of a “B”

Years in Field Borrorwer has been in the field 21.08 years. FICO is higher than guideline minimum UW guides minimum FICO is 680, loan qualified with FICO of 771. Reserves are higher than guideline minimum UW guides require 6 months reserves, loan qualified with 30.70 months reserves.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00387

57151154-4f06-4632-96ec-d4364fe3ff42

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

12/17/2019: This finding is deemed non-material with a final grade of a “B”

Years in Field Borrorwer has been in the field 21.08 years. FICO is higher than guideline minimum UW guides minimum FICO is 680, loan qualified with FICO of 771. Reserves are higher than guideline minimum UW guides require 6 months reserves, loan qualified with 30.70 months reserves.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00387

c7b2b111-0121-ea11-8f12-f4e9d4a75a52

2880

TQM/Non-HPML

Compliance

Missing HUD Homeownership Organization Counseling Disclosure

Missing HUD Homeownership Organization Counseling Disclosure

12/17/2019: This finding is deemed non-material with a final grade of a “B”

Years in Field Borrorwer has been in the field 21.08 years. FICO is higher than guideline minimum UW guides minimum FICO is 680, loan qualified with FICO of 771. Reserves are higher than guideline minimum UW guides require 6 months reserves, loan qualified with 30.70 months reserves.

Y

3

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00480

2558970d-650d-ea11-94d7-f4e9d4a75ba2

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Primary Residence Borrowers have been in their primary residence for 14.8 years. Years Self Employed Borrower has been self-employed for 11.8 years. Reserves are higher than guideline minimum DU Underwriting Guides require 6 months reserves, loan qualified with 58.80 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00480

505dbed2-f415-ea11-94d7-f4e9d4a75ba2

1

TQM/HPML

Credit

General Credit Exception

AUS approval required payment history for mortgage on the borrower's primary residence in the amount of $XXXXXXX. Documentation verifying payment history and mount not provided.

The concurrent loan for the primary residence was a purchase so no pay history needed. Attached is the Consummation CD for this property showing it is a Purchase. Thank you!

12/10/2019- Borrower was engaged in a simultaneous primary purchase while refinancing departure residence as an investment property. Departure residence payment history is on credit report page 196. Lender provided closing CD on new primary. Condition cleared.12/09/2019-Loan history provided header has loan history XX/XX/XXXX-XX/XX/XXXX yet report appears only to show the payment transaction for one month, the month of November. Provide payment history covering 12 months. If payment history provided is on a recently closed loan, then provided pay history on prior loan or show property was free and clear prior to recent financing. Condition retained.

Years in Primary Residence Borrowers have been in their primary residence for 14.8 years. Years Self Employed Borrower has been self-employed for 11.8 years. Reserves are higher than guideline minimum DU Underwriting Guides require 6 months reserves, loan qualified with 58.80 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00337

cd5dffac-290d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 771 Reserves are higher than guideline minimum UW Guides require 4 months’ reserves, loan qualified with 36.90 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00337

b9a5489f-7f0c-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 3%.  Due to the improper calculation of rental income, the actual DTI is 32.41%. The lender used monthly rental income of $XXXX.XX for REO #1 reflected on the loan application, however the file does not contain a lease agreement. Additional conditions may apply.

12/04/2019- Lender provided updated AUS with corrected debts and Borrower now reflects as self employed. AUS agrees with audit DTI. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 771 Reserves are higher than guideline minimum UW Guides require 4 months’ reserves, loan qualified with 36.90 months’ reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00337

62870bd6-7d0c-ea11-94d7-f4e9d4a75ba2

67

Not Covered/Exempt

Credit

Failure to obtain Permanent Resident Alien Card

The final 1003 reflects the borrower as a US citizen. However, the third party fraud tool reflects the borrower as a permanent resident alien. A copy of the Permanent Resident Alien Card for the borrower as required by lender's guidelines was not provided.

11/27/2019:  Passport provided for co-borrower, verifying she is a Naturalized US Citizen, condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 771 Reserves are higher than guideline minimum UW Guides require 4 months’ reserves, loan qualified with 36.90 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00337

b9f1fb86-8a0c-ea11-94d7-f4e9d4a75ba2

992

Not Covered/Exempt

Credit

Invalid AUS

Agency Guidelines require loan data to be resubmitted to LP if the data changes from the time the AUS was last run. The most recent AUS in file reflects the borrower as salaried, however tax returns confirm the borrower is self-employed. Additional conditions may apply.

12/04/2019- Lender provided updated AUS with corrected debts and Borrower now reflects as self employed. AUS agrees with audit DTI. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 771 Reserves are higher than guideline minimum UW Guides require 4 months’ reserves, loan qualified with 36.90 months’ reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00453

b3dda6ab-c40f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 769 .  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $10,728.80 in disposable income.   Years Self Employed Borrower has 2 years Self Employed.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00453

57f7bd1c-110d-ea11-94d7-f4e9d4a75ba2

91

Not Covered/Exempt

Credit

Failure to obtain Purchase Contract

A copy of the purchase contract was not provided.

12/08/2019- Purchase contact provided, Condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 769 .  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $10,728.80 in disposable income.   Years Self Employed Borrower has 2 years Self Employed.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00453

84046393-310d-ea11-94d7-f4e9d4a75ba2

29

Not Covered/Exempt

Credit

Insufficient asset documentation in file - assets do not cover closing costs

Verified assets of $XXXXXX.XX less cash to close $XXXXXX.XX results in $XXXXXX.XX shortage of funds to close.

12/18/2019- Additional assets statements provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 769 .  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $10,728.80 in disposable income.   Years Self Employed Borrower has 2 years Self Employed.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00453

7140bed5-320d-ea11-94d7-f4e9d4a75ba2

824

Not Covered/Exempt

Credit

Insufficient Reserves

0 mos. < 2 mos. required, per lender. Assets verified of XXXXXX.XX,minus cash to close of $XXXXXX.XX = $XXXXX.XX for reserves which is not sufficient for the subject.

12/18/2019- Additional assets statements provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 769 .  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $10,728.80 in disposable income.   Years Self Employed Borrower has 2 years Self Employed.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00471

fd306cbc-8d17-45df-a76c-ab5e86152aa7

3254

TQM/HPML

Compliance

Information required for CD 'Contact Information' section not completed, or completed in error

The final Closing Disclosure Contact Information section is incomplete. The State/Contact St license ID  of the Settlement Agent is missing. Provide re-disclosed CD and letter of explanation.

12/17/2019: This finding is deemed non-material with a final grade of a “B”

DTI is lower than guideline maximum UW guides maximum DTI of 43%, loan qualified with DTI of 25.61% FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified FICO of 751 Reserves are higher than guideline minimum UW guides require 6 months' reserves, loan qualified with 719.0 months' reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00471

7adcbfbc-6659-4bc8-af14-ec93f29d772a

2854

TQM/HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to evidence of mortgage payment, taxes and insurance post refinance for property #5 on the final application not provided.

12/20/2019-Note, RE taxes and insurance on REO#5 provided. Condition cleared.

DTI is lower than guideline maximum UW guides maximum DTI of 43%, loan qualified with DTI of 25.61% FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified FICO of 751 Reserves are higher than guideline minimum UW guides require 6 months' reserves, loan qualified with 719.0 months' reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00471

37f40602-6520-ea11-8f12-f4e9d4a75a52

855

TQM/HPML

Credit

Failure to obtain Verification of Mortgage

Evidence of mortgage payment, taxes and insurance post refinance for property #5 on the final application not provided.

12/20/2019-Note, RE taxes and insurance on REO#5 provided. Condition cleared.

DTI is lower than guideline maximum UW guides maximum DTI of 43%, loan qualified with DTI of 25.61% FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified FICO of 751 Reserves are higher than guideline minimum UW guides require 6 months' reserves, loan qualified with 719.0 months' reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00363

038d24ee-2215-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 10 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 36.54% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 755 Reserves are higher than guideline minimum UW Guides require 6.05 months’ reserves, loan qualified with 45.80 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00368

eb6b4b55-8f0f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 17.65% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 794 Reserves are higher than guideline minimum DU require 9.34  months reserves, loan qualified with  21.70 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00388

7d6713e9-820c-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 739 Reserves are higher than guideline minimum UW Guides require 10 months reserves, loan qualified with 53.40 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $2,553.81 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00388

47056d83-820c-ea11-94d7-f4e9d4a75ba2

32

Not Covered/Exempt

Credit

Failure to obtain Income Documentation

Current lease/rental agreement or most recent year Schedule E for property #2 on the final application not provided.

12/08/2019- Leases provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 739 Reserves are higher than guideline minimum UW Guides require 10 months reserves, loan qualified with 53.40 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $2,553.81 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00361

bdeadd96-920f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 740.  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $11,210.23 in disposable income Years Self Employed Borrower has 15.4 years Self Employed.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00361

f5f5ccb6-930f-ea11-94d7-f4e9d4a75ba2

2788

Not Covered/Exempt

Credit

Missing Executed Personal Tax Returns

Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years.  Most recent year signed returns not provided.

12/10/2019-XXXX signed tax returns provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 740.  Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $11,210.23 in disposable income Years Self Employed Borrower has 15.4 years Self Employed.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00358

d1e198a1-c60f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 42.33% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 740 Reserves are higher than guideline minimum UW Guides require 8 months reserves, loan qualified with 66.30 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00341

43dab31a-ce0f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 793 No Mortgage Lates Credit Report verifies 64 months’ payment history with no late payments reported Reserves are higher than guideline minimum DU require 11 months reserves, loan qualified with 25.2 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV003

11a12b80-723d-485a-8286-a8316b098893

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

06/03/2019:  This finding is deemed non-material with a final grade of a “B”.

FICO is higher than guideline minimum UW Guides minimum FICO of 680, loan qualified with FICO of 680 LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 64.98 Years in Field Borrower in job field for 10 years.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV003

0ff685f0-0a86-e911-bdd2-f4e9d4a75ba2

2136

TQM/Non-HPML

Compliance

Missing Note

Note is missing from the file.

06/06/2019: Note provided. Exception cleared.

FICO is higher than guideline minimum UW Guides minimum FICO of 680, loan qualified with FICO of 680 LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 64.98 Years in Field Borrower in job field for 10 years.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00376

cfa928fa-390d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Primary Residence Borrowers have been in their primary residence for 17 years. Years in Field Borrower has 24 years in the field. Reserves are higher than guideline minimum LP Underwriting Guidelines require 0 months reserves, loan qualified with 67.20 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00376

c0e7f3cf-c70f-ea11-94d7-f4e9d4a75ba2

920

Not Covered/Exempt

Credit

Missing Note

Note in the file is missing page 2.

12/03/2019-Note page 2 provided. Condition cleared.

Years in Primary Residence Borrowers have been in their primary residence for 17 years. Years in Field Borrower has 24 years in the field. Reserves are higher than guideline minimum LP Underwriting Guidelines require 0 months reserves, loan qualified with 67.20 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0080

2169501c-9ebe-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,173.12 in disposable income   Reserves are higher than guideline minimum UW Guides require 5.16 months reserves, loan qualified with 18.60 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 54 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0080

7a20252b-9ebe-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 47%. Due to the improper calculation of debts, the actual DTI is 52.62%. Lender qualified borrower with total rental income of $XXXX.XX. Audit confirmed total rental income is $XXXX.XX by using 1040's Schedule E, mortgage statements, and taxes and insurance for REO properties located in file.

09/13/19: Lender provided a revised AUS with a DTI of 49%. Provided the missing REO docs and recalculated REO's. 48.67% is within tolerance. Condition cleared.  09/06/19: Lender provided a revised AUS showing a DTI of 48.646%.  Audit DTI is 52.62%.  Confirmed total rental income is $XXXX.XX by using 1040's Schedule E, mortgage statements, and taxes and insurance for REO properties located in file.   For REO #3: HOI p.325; HOA p.339 Missing evidence of taxes.  For REO # 7: Mortgage is not on credit report and missing taxes and insurance. Condition maintained.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,173.12 in disposable income   Reserves are higher than guideline minimum UW Guides require 5.16 months reserves, loan qualified with 18.60 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 54 months payment history with no late payments reported

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0080

8f32c071-9fbe-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Missing evidence of P&I payment for property #7 on the final application

09/13/19: Lender provided evidence of the principal and interest for property #7 on the final application. Condition cleared. 09/06/19: Lender provided a revised AUS showing a DTI of 48.646%.  Audit DTI is 52.62%.  Confirmed total rental income is $XXXX.XX by using 1040's Schedule E, mortgage statements, and taxes and insurance for REO properties located in file.   For REO #3: HOI p.325; HOA p.339 Missing evidence of taxes.  For REO # 7: Mortgage is not on credit report and missing taxes and insurance. Condition maintained.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,173.12 in disposable income   Reserves are higher than guideline minimum UW Guides require 5.16 months reserves, loan qualified with 18.60 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 54 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0080

87422a0e-9fbe-e911-abc7-f4e9d4a75a52

82

Not Covered/Exempt

Credit

Failure to obtain Leasehold Agreements

Missing current lease/rental agreement for property #7 on the final application. Per AUS, both IRS Form 1040 Schedule E or a current lease/rental agreement is necessary to verify all consumer rental income. REO property is not listed on the 1040's Schedule E.

09/13/19: Lender provided the appraisal and operating statement for REO#7 showing market rents of $XXXX.XX. Condition cleared. 09/06/19: Lender provided a revised AUS showing a DTI of 48.646%.  Audit DTI is 52.62%.  Confirmed total rental income is $XXXX.XX by using 1040's Schedule E, mortgage statements, and taxes and insurance for REO properties located in file.   For REO #3: HOI p.325; HOA p.339 Missing evidence of taxes.  For REO # 7: Mortgage is not on credit report and missing taxes and insurance. Condition maintained.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,173.12 in disposable income   Reserves are higher than guideline minimum UW Guides require 5.16 months reserves, loan qualified with 18.60 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 54 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0080

a28bb2b8-9fbe-e911-abc7-f4e9d4a75a52

1643

Not Covered/Exempt

Credit

Failure to Verify Housing History

Guidelines require satisfactory housing payment history for 12 months. Payment history not provided on credit report for Property #7 on the final application. VOM required to verify.

09/17/19: Property #7 was a recent purchase. Lender provided the payment letter, note, and CD for the purchase of the property. Condition cleared. 09/13/19: Lender provided the PITI documentation. Guidelines require satisfactory housing payment history for 12 months. Payment history not provided on credit report for Property #7 on the final application. VOM required to verify. Condition maintained. 09/06/19: Lender provided a revised AUS showing a DTI of 48.646%.  Audit DTI is 52.62%.  Confirmed total rental income is $XXXX.XX by using 1040's Schedule E, mortgage statements, and taxes and insurance for REO properties located in file.   For REO #3: HOI p.325; HOA p.339 Missing evidence of taxes.  For REO # 7: Mortgage is not on credit report and missing taxes and insurance. Condition maintained.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,173.12 in disposable income   Reserves are higher than guideline minimum UW Guides require 5.16 months reserves, loan qualified with 18.60 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 54 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0080

28bb9f8a-9fbe-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of taxes and insurance for property #7 and taxes for property #2 on the final application not provided

09/13/19: Lender provided evidence of the taxes and insurance for property #7 and taxes for property #2 on the final application. Condition cleared. 9/06/19: Lender provided a revised AUS showing a DTI of 48.646%.  Audit DTI is 52.62%.  Confirmed total rental income is $XXXX.XX by using 1040's Schedule E, mortgage statements, and taxes and insurance for REO properties located in file.   For REO #3: HOI p.325; HOA p.339 Missing evidence of taxes.  For REO # 7: Mortgage is not on credit report and missing taxes and insurance. Condition maintained.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,173.12 in disposable income   Reserves are higher than guideline minimum UW Guides require 5.16 months reserves, loan qualified with 18.60 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 54 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0040

6762ae20-9abe-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 795 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 10 months’ reserves  LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 60%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0040

8c76650d-9abe-e911-abc7-f4e9d4a75a52

701

Not Covered/Exempt

Credit

Failure to obtain Employment Verification

DU required a VVOE within 10 business days prior to the note date. The VVOE is greater than 10 days prior to note date.

08/27/2019- VVOE dated XX/XX/XXXX provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 795 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 10 months’ reserves  LTV is lower than guideline maximum UW Guides maximum LTV of 80%, loan qualified with LTV of 60%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0037

8ffc05e2-86be-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 4 years on job Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $4,172.87 in disposable income   Reserves are higher than guideline minimum UW Guides require 9.48 months reserves, loan qualified with 16.90 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0037

74c554a9-86be-e911-abc7-f4e9d4a75a52

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Missing current lease/rental agreement for subject property. Per AUS, current lease/rental agreement is necessary to verify all consumer rental income.

09/03/2019-Lease provided. Condition cleared.08/23/2019-AUS in file page 148 shows subject negative cash flow of $XXX.XX. Lender did not qualify with entire qualifying subject loan payment of $XXXX.XX. Condition retained.

Years on Job Borrower has 4 years on job Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $4,172.87 in disposable income   Reserves are higher than guideline minimum UW Guides require 9.48 months reserves, loan qualified with 16.90 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0063

9ae89bf3-a7be-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 20 years on job Reserves are higher than guideline minimum UW Guides require 27.89 months reserves, loan qualified with 55.80 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0063

3d56a9d4-d0be-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Evidence of PITI for primary residence of Co-Borrower 2 was not provided.

08/20/2019- PITI mortgage statement on co borrower primary provided. Condition cleared.

Years on Job Borrower has 20 years on job Reserves are higher than guideline minimum UW Guides require 27.89 months reserves, loan qualified with 55.80 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0063

8eba8b44-d0be-e911-abc7-f4e9d4a75a52

701

Not Covered/Exempt

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by AUS was not provided for co-borrower. Additionally, the loan application indicated that the borrower was self-employed for 20 years. According to AUS, documentation for a self-employed borrower requires an independent confirmation of self-employment, such as a copy of the business license or a letter from an accountant verifying the length and existence of the business. The loan file contained no verification of the borrower’s business.

09/12/19: Lender provided the Verification of Business Existence: Self-employed Applicant dated XX/XX/XXXX and Business license search. Condition cleared.  09/11/2019- Business license search on Borrower self employed business provided. Date of search not provided. Per Freddie guides Chapter 5304.1 (G) Date requirements: The verification must be completed prior to the Delivery Date, but no more than 120 days prior to the Note Date. Condition retained.08/21/19: Lender provided VOE for the Co Borrower. For the Borrower, according to AUS, documentation for a self-employed borrower requires an independent confirmation of self-employment, such as a copy of the business license or a letter from an accountant verifying the length and existence of the business. The loan file contained no verification of the borrower’s business. Condition maintained.

Years on Job Borrower has 20 years on job Reserves are higher than guideline minimum UW Guides require 27.89 months reserves, loan qualified with 55.80 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0063

3c1822ba-d0be-e911-abc7-f4e9d4a75a52

2647

Not Covered/Exempt

Credit

Fraud Alert not verified

The Credit Report for Borrower & Co-Borrower reflect fraud alerts. Evidence the Lender addressed the alert not provided.

08/16/19: Lender provided a copy of the third-party fraud report.  All outstanding issues have been addressed. Condition cleared.

Years on Job Borrower has 20 years on job Reserves are higher than guideline minimum UW Guides require 27.89 months reserves, loan qualified with 55.80 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00172

1bd0ec7e-63c3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/17/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 728 Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $7,467.50 in disposable income.   Reserves are higher than guideline minimum UW Guides require 11 months reserves, loan qualified with 14.30 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00172

c37823a8-61c3-e911-abc7-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal not provided in the loan file. Loan was approved with a PIW.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B. 08/22/2019: Upon further review, the AUS allowed for the PIW.  Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 728 Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $7,467.50 in disposable income.   Reserves are higher than guideline minimum UW Guides require 11 months reserves, loan qualified with 14.30 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00172

55e095ae-62c3-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

08/26/2019- Property inspection waiver in file. Condition Rescinded.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 728 Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $7,467.50 in disposable income.   Reserves are higher than guideline minimum UW Guides require 11 months reserves, loan qualified with 14.30 months reserves

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV0030

07d42e87-acb7-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 44.59%.  Due to the improper calculation of income and debts, the actual DTI is 85.55%. It appears the mortgage payments for the last 3 REO's on the final application were not included. Additionally, Schedule E was used for all properties reflected on the XXXX and XXXX tax returns.

08/15/2019-need specifics on which properties exactly

08/26/19: Lender provided a revised AUS and evidence of payoff of REO. DTI of  47.06%.  Condition cleared.  08/26/19: Lender provided a revised AUS. Total Income XXXXX.XX. REO's reconciled to the lender's calculations per documentation in the file. DTI 55.75%. Please provide evidence of payoff for REO.  Condition maintained.    08/15/2019-Final 1003 file page 93 reflects 2 REO properties. Also, provide form 8825 from partnership returns used to document the depreciation add back on lender partnership income analysis file page 236.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796 LTV is lower than guideline maximum UW Guides maximum LTV of 75%, loan qualified with CLTV of 58.25% Years in Field Borrower has 30 years in Field

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0030

8b89bcff-acb7-e911-abc7-f4e9d4a75a52

793

Not Covered/Exempt

Credit

Failure to obtain Condo Questionnaire

The Condo Questionnaire is missing from the loan file.  Additional conditions may apply.

08/15/2019-Limited review provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796 LTV is lower than guideline maximum UW Guides maximum LTV of 75%, loan qualified with CLTV of 58.25% Years in Field Borrower has 30 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0030

52d0fce9-acb7-e911-abc7-f4e9d4a75a52

32

Not Covered/Exempt

Credit

Failure to obtain Income Documentation

The loan file is missing either proof of current receipt, or the Social Security Administration's (SSA) award letter for the borrower's retirement or disability income.

ssn well documented on XX bank stmts which is valid and acceptable

08/15/2019- Receipt of social security income is verified on borrowers bank statements as per AUS condition #15. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796 LTV is lower than guideline maximum UW Guides maximum LTV of 75%, loan qualified with CLTV of 58.25% Years in Field Borrower has 30 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00167

2ac75ec6-ab54-448c-a40a-0984af6d082c

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the Lender and the Broker.

09/11/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 809 DTI is lower than guideline maximum Guides maximum DTI of 45%, loan qualified with DTI of 36.22% Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  48.60 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00167

d3948453-bfd4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 809 DTI is lower than guideline maximum Guides maximum DTI of 45%, loan qualified with DTI of 36.22% Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  48.60 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0022

afb0db1d-b154-47de-a44c-33916e8495a6

1698

TQM/Non-HPML

Compliance

Affiliated Business Disclosure not provided within 3 business days of application date.

Affiliated Business Disclosure is dated XX/XX/XXXX and the application date is XX/XX/XXXX

08/14/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 25.40 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $5.032.14 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0022

029f4a47-b0be-e911-abc7-f4e9d4a75a52

3169

TQM/Non-HPML

Compliance

Borrower did not receive initial C.D. 3 days prior to consummation or did not acknowledge receipt of initial C.D. 3 days prior to consummation (Mailbox Rule)

Missing evidence of borrower receipt of Initial Closing Disclosure 3 business days prior to consummation. The initial Closing Disclosure is missing from the loan file. Additional conditions may apply. No cure.

09/05/19: Lender provided the initial CD and evidence of receipt.  Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 25.40 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $5.032.14 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0022

fff8a70f-afbe-e911-abc7-f4e9d4a75a52

3296

TQM/Non-HPML

Compliance

Closing Disclosure document error

Closing Disclosure lists 2nd Installment XXX Taxes in Section H, this should be in Section F.

08/14/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 25.40 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $5.032.14 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0022

d7f7a4e6-1713-49bb-8eff-e6b5cdae7b9f

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to the Condo Questionnaire is missing from the loan file

08/30/19: The lender provided evidence of the limited project review certification per guidelines. Appraisal page 523 shows no pending litigation on the subject project per the management company. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 25.40 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $5.032.14 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0022

8269ca97-aebe-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 25.40 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $5.032.14 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0022

b99418e1-adbe-e911-abc7-f4e9d4a75a52

793

TQM/Non-HPML

Credit

Failure to obtain Condo Questionnaire

The Condo Questionnaire is missing from the loan file.  Additional conditions may apply.

08/30/19: The lender provided  evidence of the limited project review certification per guidelines. Appraisal page 523 shows no pending litigation on the subject project per the management company. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 25.40 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $5.032.14 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0077

fafe3973-26b7-4ea6-9470-f9648f0c1faf

3169

Not Covered/Exempt

Compliance

Borrower did not receive initial C.D. 3 days prior to consummation or did not acknowledge receipt of initial C.D. 3 days prior to consummation (Mailbox Rule)

Missing evidence of borrower receipt of Initial Closing Disclosure 3 business days prior to consummation. The initial Closing Disclosure is missing from the loan file.  No cure.

08/23/2019- Initial CD dated XX/XX/XXXX provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0077

2d993002-17b5-44f8-9262-b156e6cb0dcb

2862

Not Covered/Exempt

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

HUD Homeownership Counseling disclosure not provided within 3 days of application.

08/20/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0077

604c7728-640c-4e47-ab09-86b42c7fad0e

3181

Not Covered/Exempt

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report Fee, Flood Certificate Fee and Tax Service Fee in section B of the final Closing Disclosure is missing the name of the service provider. Fees payable to lender and broker must be placed in section A.  Provide corrected CD and letter of explanation to the Borrower.

08/20/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0077

d19a439b-25ae-4028-8380-f9c460a2b8a6

3164

Not Covered/Exempt

Compliance

Initial LE not provided within 3 standard business days of application

(Added 08/28/19): The initial LE was not provided within 3 business days of the application. Additional Conditions may apply.

08/29/19: Lender provided the initial LE within 3 business days of the application. Condition cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0077

de4aa0cc-f38f-4115-af8a-e489414e33e2

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Affiliated business disclosure in missing for the file.

08/20/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0077

7f1caed2-a8c5-e911-abc7-f4e9d4a75a52

3227

Not Covered/Exempt

Compliance

Missing Closing Disclosure / CD Not in File

(Added 08/23/2019)-Lender CD tracking log reflects CD’s issued to borrower dated XX/XX/XXXX and a Post Close CD dated XX/XX/XXXX. These CD’s are missing from the loan file.

08/28/19: Lender provided the initial CD dated XX/XX/XXXX and the CD dated XX/XX/XXXX. Condition cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0077

ff900882-d8bd-4234-98df-2daa00759c06

1672

Not Covered/Exempt

Compliance

Missing Initial Escrow Account Disclosure

Initial escrow account disclosure is missing from the file.  Document in file is cut off with another document.

08/20/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0077

ad0b237a-34c3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0077

c1a990d5-48c3-e911-abc7-f4e9d4a75a52

22

Not Covered/Exempt

Credit

Failure to obtain 3rd party verification of employment

An employment verification dated within 10 days of the note date as required by lender's guidelines was not provided for the borrower.

08/29/19: Upon further review, verbal re verification within 10 days of the note date, was provided on page 186 of the loan file. Condition rescinded.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 728 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80%, loan qualified with 73.25% CLTV  Years in Field Borrower has 9 years in field, Co-borrower has 9 years in field

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV0078

702ef971-74a0-4bff-bb6a-8666796ae0d2

2854

TQM/HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for TQM due to missing most recent personal tax returns

09/16/2019-XXXX tax extension provided. Condition cleared.09/06/19: Lender provided the XXXX payment voucher. File is missing XXXX personal tax return or evidence that XXXX Application for Automatic Extension was filed. Condition maintained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 800 Reserves are higher than guideline minimum DU require 17.02 months reserves, loan qualified with 212.7 months reserves Years in Field Borrower has 20 years in the field

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0078

5c737494-cee6-4adb-b790-2e8845cfbe56

48

TQM/HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated business disclosure.

08/14/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 800 Reserves are higher than guideline minimum DU require 17.02 months reserves, loan qualified with 212.7 months reserves Years in Field Borrower has 20 years in the field

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0078

4059746f-7ebf-e911-abc7-f4e9d4a75a52

2884

TQM/HPML

Credit

Data Discrepancy Violation

A HMDA Data Discrepancy has been identified for the Mortgage Loan Originator NMLS ID.  Audit NMLS ID XXXXXXX vs. Data Tape XXXXXX.

Lender agrees with audit finding. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 800 Reserves are higher than guideline minimum DU require 17.02 months reserves, loan qualified with 212.7 months reserves Years in Field Borrower has 20 years in the field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0078

fbe7f790-e7be-e911-abc7-f4e9d4a75a52

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 800 Reserves are higher than guideline minimum DU require 17.02 months reserves, loan qualified with 212.7 months reserves Years in Field Borrower has 20 years in the field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0078

955093d5-b6be-e911-abc7-f4e9d4a75a52

21

TQM/HPML

Credit

Failure to Obtain Final Application (1003)

The final application provided in the file does not have a complete schedule of REO. The initial 1003 reflects additional 3 properties and documentation in the file confirms that the borrowers owned these properties at the time of closing.

09/18/19: Lender provided the addendum to the final application, listed all properties owned at the time of closing. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 800 Reserves are higher than guideline minimum DU require 17.02 months reserves, loan qualified with 212.7 months reserves Years in Field Borrower has 20 years in the field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0078

b9688142-e6be-e911-abc7-f4e9d4a75a52

914

TQM/HPML

Credit

Missing income documentation

Per DU, Self-employed consumers must provide personal and business tax returns covering the most recent one-year period. The file contains XXXX personal tax returns and XXXX/XXXX Schedules K-1s.  File is missing XXXX personal tax return or evidence that XXXX Application for Automatic Extension was filed.

09/16/2019-XXXX tax extension provided. Condition cleared.09/06/19: Lender provided the XXXX payment voucher. File is missing XXXX personal tax return or evidence that XXXX Application for Automatic Extension was filed. Condition maintained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 800 Reserves are higher than guideline minimum DU require 17.02 months reserves, loan qualified with 212.7 months reserves Years in Field Borrower has 20 years in the field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00123

18e20114-65d6-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 5.90 months reserves  Years Self Employed Borrower has 8.5 years self-employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00123

281d4d2f-66d6-e911-abc7-f4e9d4a75a52

724

Not Covered/Exempt

Credit

Missing Documentation

Missing copy of HUD, original note and mortgage for primary residence.  Additional conditions may apply.

09/18/19: Lender provided the Final CD, DOT and Note for the primary residence. Condition cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 5.90 months reserves  Years Self Employed Borrower has 8.5 years self-employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00213

90f16719-f9d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 302.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 790 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 71.69%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00174

a64b25d2-49cf-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum CLTV is 75.00% Lender guidelines show CLTV max of 80.00% Current Mortgage Payment is lower than previous payment Previous mortgage payment was $XXXX, current pmt is $XXXX.XX No Mortgage Lates No mortgage lates on showing on credit 98 month reviewed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00134

dcb1de0a-1fe9-49f6-9c49-c22b0697a322

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

09/05/2019: This finding is deemed non-material and rated a B.

Years on Job Borrower has 17 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 764 Reserves are higher than guideline minimum UW Guides require 9.07 months reserves, loan qualified with 30.20 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00134

0fecfd5a-04d0-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 17 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 764 Reserves are higher than guideline minimum UW Guides require 9.07 months reserves, loan qualified with 30.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00134

dd4197b1-05d0-e911-abc7-f4e9d4a75a52

909

TQM/Non-HPML

Credit

Missing AUS results

AUS results in file were dated post-close. Missing AUS results dated prior to transaction date.  Additional conditions may apply.

09/24/19: Lender provided the pre close AUS showing the property type attached. The post close AUS shows the corrected property type detached. The property is a Detached 2 Unit Property and do not have an option through DU to have a property type of 2-family. Condition cleared.   09/18/19: Pre-Close AUS Results shows attached(#18). Post-Close AUS shows Detached. The property type according to the appraisal is a 2 family. Condition maintained.

Years on Job Borrower has 17 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 764 Reserves are higher than guideline minimum UW Guides require 9.07 months reserves, loan qualified with 30.20 months reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00146

e5ca2361-6ccf-e911-abc7-f4e9d4a75a52

3181

Not Covered/Exempt

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Flood Certification Fee and the Tax Service Fee in section B of the final Closing Disclosure are missing the name of the service provider. Provide corrected CD and letter of explanation to the Borrower.

09/04/19: This finding is deemed non-material and rated a B.

Years in Field Borrower has 13 years in field FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Reserves are higher than guideline minimum UW Guides require 7.39 months reserves, loan qualified with 53.20 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00146

e035c9bb-56a6-4494-83b4-6a900915927b

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

09/04/19: This finding is deemed non-material and rated a B.

Years in Field Borrower has 13 years in field FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Reserves are higher than guideline minimum UW Guides require 7.39 months reserves, loan qualified with 53.20 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00146

35d87148-a8ca-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 13 years in field FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Reserves are higher than guideline minimum UW Guides require 7.39 months reserves, loan qualified with 53.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00146

a55ff534-983c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

Years in Field Borrower has 13 years in field FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Reserves are higher than guideline minimum UW Guides require 7.39 months reserves, loan qualified with 53.20 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0042

415f0c26-1fe0-4eb4-b308-98e5ec9313dd

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report Fee, Flood Certificate Fee, and Tax Service Fee in section B of the final Closing Disclosure are missing names of the service providers. The CD reflects names of the lender and broker as payees while names of the actual service providers were not disclosed. Provide corrected CD and letter of explanation to the Borrower.

08/20/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 Reserves are higher than guideline minimum LPA require 17.66 months in reserves, loan qualified with 175.10 months in reserves Years Self Employed Borrower self-employed for 4 years

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0042

3da62fbc-ff76-4d90-84ab-f6c49d135389

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing verification of the monthly housing payment for the recently purchased investment property.

08/26/2019- PITI on REO#6 verified. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 Reserves are higher than guideline minimum LPA require 17.66 months in reserves, loan qualified with 175.10 months in reserves Years Self Employed Borrower self-employed for 4 years

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0042

f0e4dcc0-c178-47bb-a216-1635c13eaac1

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosures for lender and broker

08/20/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 Reserves are higher than guideline minimum LPA require 17.66 months in reserves, loan qualified with 175.10 months in reserves Years Self Employed Borrower self-employed for 4 years

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0042

b1b3d192-732c-4900-ba97-d1e03b2332ec

2880

TQM/Non-HPML

Compliance

Missing HUD Homeownership Organization Counseling Disclosure

Missing HUD Homeownership Organization Counseling Disclosure

08/20/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 Reserves are higher than guideline minimum LPA require 17.66 months in reserves, loan qualified with 175.10 months in reserves Years Self Employed Borrower self-employed for 4 years

Y

3

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0042

a45e15c1-81c3-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 Reserves are higher than guideline minimum LPA require 17.66 months in reserves, loan qualified with 175.10 months in reserves Years Self Employed Borrower self-employed for 4 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0042

ac934317-80c3-e911-abc7-f4e9d4a75a52

852

TQM/Non-HPML

Credit

Failure to Obtain Required Documentation

Documentation to verify a housing payment for the recently purchased investment property disclosed on the final application as property #6 was not provided. Additional conditions may apply.

08/26/2019- PITI on REO#6 verified. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 Reserves are higher than guideline minimum LPA require 17.66 months in reserves, loan qualified with 175.10 months in reserves Years Self Employed Borrower self-employed for 4 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0079

64d3ce39-a8b7-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 Years on Job Borrower has 8 years on job Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $3,604.89 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0079

0159c7d2-a6b7-e911-abc7-f4e9d4a75a52

824

Not Covered/Exempt

Credit

Insufficient Reserves

20.50 mos. < 24.26 mos. required, per lender. Assets verified of $XXXXXXX.XX, minus cash to close of $XXXXXXX.XX = $XXXXX.XX for reserves which is not sufficient for the subject and additional financed properties

08/28/19: Lender provided all the bank statements listed on the 1003 and verified on the AUS. Condition cleared. 08/21/19: Lender provided a revised AUS. Reserves required to be verified. $XXXXX.XX.  Condition maintained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 Years on Job Borrower has 8 years on job Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $3,604.89 in disposable income

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0083

bbbf6d03-42bd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum AUS Guides require 0  months reserves, loan qualified with  3.40 months reserves Years in Field Borrower has 10 years in Field   No Mortgage Lates Credit Report verifies 24 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0083

dfb50e6f-3fbd-e911-abc7-f4e9d4a75a52

32

Not Covered/Exempt

Credit

Failure to obtain Income Documentation

AUS requires YTD paystub along with W-2's or Standard WVOE. Loan file is missing current YTD paystub

09/04/2019- Current paystub on borrower and co borrower provided. Condition cleared.08/21/2019- XXXX W2's provided. Current YTD paystub or standard WVOE on Borrower and Co Borrower not provided. Condition retained.08/16/19: Lender provided the income documentation for the borrower and co borrower. The paystubs for borrower 1 are dated December XXXX.  Employment/base income for XXXXXXXXXXXXX for base non-fluctuating earnings or fluctuating hourly earnings must be supported by a YTD paystub documenting all YTD earnings and W-2(s) for the most recent calendar year, OR a written VOE documenting all YTD earnings and earnings for the most recent calendar year. Condition Maintained.

Reserves are higher than guideline minimum AUS Guides require 0  months reserves, loan qualified with  3.40 months reserves Years in Field Borrower has 10 years in Field   No Mortgage Lates Credit Report verifies 24 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0065

6f5272f2-23c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

LTV is lower than guideline maximum UW Guides require FICO of 680, loan qualified with FICO of 760 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 16.41% Years Self Employed Borrower is 10 years self employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0065

2c7087f5-64c3-e911-abc7-f4e9d4a75a52

701

Not Covered/Exempt

Credit

Failure to obtain Employment Verification

Verification of the borrower’s business must be obtained within 120 calendar days prior to the note date via the following a third party verification, such as a CPA letter, VOE with the CPA or regulatory agency/applicable licensing bureau.

09/09/19: Lender provided the VVOE for the borrower. File must contain verification of current existence of each business through a third-party source dated no more than 120 days prior to the Note Date or after the Note Date but prior to the Delivery Date. Condition cleared.

LTV is lower than guideline maximum UW Guides require FICO of 680, loan qualified with FICO of 760 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 16.41% Years Self Employed Borrower is 10 years self employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0054

069c07f0-92bf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 6 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 759 Reserves are higher than guideline minimum UW Guides require 11.67 months reserves, loan qualified with 44.3 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00101

4318e66c-73c3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/17/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 771 FICO. Reserves are higher than guideline minimum UW Guides require 12.48 months reserves, loan qualified with 208.70 months reserves. Years on Job Borrower has been on job  for 5.5 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00101

bf4260ac-84c3-e911-abc7-f4e9d4a75a52

9

Not Covered/Exempt

Property

Appraisal not provided

Appraisal not provided in the loan file. Loan was approved with a PIW.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B. 08/22/2019: Upon further review, the AUS allowed for the PIW.  Condition cleared.

FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 771 FICO. Reserves are higher than guideline minimum UW Guides require 12.48 months reserves, loan qualified with 208.70 months reserves. Years on Job Borrower has been on job  for 5.5 years

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00101

2f7a041b-85c3-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

08/22/2019: Upon further review, the AUS allowed for the PIW.  Condition cleared.

FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 771 FICO. Reserves are higher than guideline minimum UW Guides require 12.48 months reserves, loan qualified with 208.70 months reserves. Years on Job Borrower has been on job  for 5.5 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00120

1771ec53-85c3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/17/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $6,054.88 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 751 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 39.05%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00120

212bfd8d-87c3-e911-abc7-f4e9d4a75a52

9

Not Covered/Exempt

Property

Appraisal not provided

Appraisal not provided in the loan file. Loan was approved with a PIW.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B. 08/22/2019: Upon further review, the AUS allowed for the PIW.  Condition cleared.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $6,054.88 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 751 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 39.05%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00120

01ef36bf-87c3-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

08/30/19: UCPD report not required, since loan was approved with a PIW. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $6,054.88 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 751 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 39.05%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00223

0404ed64-11d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 30 years in field  Reserves are higher than guideline minimum UW Guides require 8.95 months reserves, loan qualified with 16.70 months reserves FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00223

44d91f26-aed0-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Operating Income statement for property #2 on the final application is missing.

10/07/2019-Operating income statement provided. Condition cleared.

Years in Field Borrower has 30 years in field  Reserves are higher than guideline minimum UW Guides require 8.95 months reserves, loan qualified with 16.70 months reserves FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00223

0d343446-b4d0-e911-abc7-f4e9d4a75a52

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Missing current lease/rental agreement for subject property Unit #2 located on XXXX Schedule E part I. Lease in file is expired.

10/03/2019- Lease addendum executed XX/XX/XXXX shows same tenant on month to month lease. Condition cleared.09/25/2019- Lender provided current leases and rent checks on non-subject REO. Condition requested a current lease for Unit #2 on subject property  as the lease in file page 345 expired on XX/XX/XXXX. Provide current updated lease or if the same tenant remains on an expired lease month to month then evidence of rent received i.e. copies of rent checks or property management transaction statements showing rents received are enough. Condition retained.

Years in Field Borrower has 30 years in field  Reserves are higher than guideline minimum UW Guides require 8.95 months reserves, loan qualified with 16.70 months reserves FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00223

4db94512-aed0-e911-abc7-f4e9d4a75a52

852

Not Covered/Exempt

Credit

Failure to Obtain Required Documentation

Note or evidence of Principal and Interest payment for Property #2 on the final application is missing.

10/07/2019-Note on new loan verifying P&I provided. Condition cleared.10/03/2019- VOM provided is on the mortgage paid off reflected on the final ALTA of the simultaneous refinance of REO#2. The P&I payment for new loan amount of $XXXXXXX reflected on final ALTA is required, Condition retained.09/25/2019- Final ALTA showing simultaneous refinance of REO#2 page 191 does not show the new P&I payment. Provide copy of Note or first payment letter or evidence of what the new P&I payment associated with the simultaneous refinance on this property. Condition retained.

Years in Field Borrower has 30 years in field  Reserves are higher than guideline minimum UW Guides require 8.95 months reserves, loan qualified with 16.70 months reserves FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00204

d458b6c9-dbd0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualfiied with 754 FICO Reserves are higher than guideline minimum UW Guides require 8.94 months reserves, loan qualified with 16.70 months  Years in Field Borrower has 30 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00204

dc0a73da-dbd0-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Missing Operating Income statement for property #1 listed on the final application.

9/23/19: Lender provided the current lease. Condition cleared. 09/17/19: According to the selling guide: The Seller must substantiate the rental income using the income approach on the appraisal and copies of the present lease(s), if applicable, must support the rental income used to qualify the Borrower. Lease expired XX/XX/XXXX and the loan closed XX/XX/XXXX. Please provide evidence of payments from January to July XXXX. Condition maintained.  09/16/19: Lender provided the lease agreements. The lease in the amount of $XXXX.XX is expired XX/XX/XXXX.  If month to month, please provide rental payment history as outlined in the agreement. Condition maintained. 09/13/19: Lender provided PITIA and cash flow analysis. File is missing  the lease or operating Income statement for property #1 listed on the final application. Condition maintained.

FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualfiied with 754 FICO Reserves are higher than guideline minimum UW Guides require 8.94 months reserves, loan qualified with 16.70 months  Years in Field Borrower has 30 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0036

dfa3384f-d1e0-45c7-b353-7a93b0a37bf5

3181

TQM/HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Appraisal, Credit Report, Flood Certification, and Tax Service fees in section B of the final Closing Disclosure are missing the name of the service providers. Only Lender and Broker were listed as payees however, names of actual service providers for who's benefit the fees were collected were not disclosed.

08/12/2019: This finding is deemed non-material and rated a B.

Years in Field Borrower has 38 years in Field   Reserves are higher than guideline minimum UW Guides require 26.27 months reserves, loan qualified with 5943 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 731

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0036

90352363-defe-4587-92c7-e8c10a7db447

2854

TQM/HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to excessive DTI.

09/03/19: Review of figures used in Lender figures shows difference is due to rounding. DTI variance of 0.01% causes issue since variance  is not due to omissions of debts and is related to rounding. Condition cleared.

Years in Field Borrower has 38 years in Field   Reserves are higher than guideline minimum UW Guides require 26.27 months reserves, loan qualified with 5943 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 731

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0036

ac115201-215b-4255-8166-c21e162ae667

48

TQM/HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for Lender and Broker.

08/12/2019: This finding is deemed non-material and rated a B.

Years in Field Borrower has 38 years in Field   Reserves are higher than guideline minimum UW Guides require 26.27 months reserves, loan qualified with 5943 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 731

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0036

0b506b56-fabd-e911-abc7-f4e9d4a75a52

3284

TQM/HPML

Compliance

Missing corresponding C.O.C for most Recent L.E/C.D. in File

The LE does not reflect a good faith estimate for Homeowner's Insurance Premium. The final CD reflects Homeowner's Insurance Premium of $XXX resulting in a $XXX refund due for cure.  Provide corrected CD, evidence of Refund to the Borrower, letter of explanation and proof of delivery to the Borrower.

08/27/19: File reviewed by outside counsel. It has been determined that since the hazard insurance is not escrowed, the condition can be downgraded to Rated as B. Condition waived with a final rating of a B.

Years in Field Borrower has 38 years in Field   Reserves are higher than guideline minimum UW Guides require 26.27 months reserves, loan qualified with 5943 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 731

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0036

04f06e36-a4be-e911-abc7-f4e9d4a75a52

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 38 years in Field   Reserves are higher than guideline minimum UW Guides require 26.27 months reserves, loan qualified with 5943 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 731

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0036

6288cc97-f6bd-e911-abc7-f4e9d4a75a52

4

TQM/HPML

Credit

DTI Exceeds Guidelines

The DU reflects a maximum allowable DTI of 45.73%. Due to the improper calculation of debts, the actual DTI is 45.74%. The lender rounded the P&I payments for the primary residence and property #2 on the final application

09/03/19: Review of figures used in Lender figures shows difference is due to rounding. DTI variance of 0.01% causes issue since variance  is not due to omissions of debts and is related to rounding. Condition cleared.

Years in Field Borrower has 38 years in Field   Reserves are higher than guideline minimum UW Guides require 26.27 months reserves, loan qualified with 5943 months reserves FICO is higher than guideline minimum UW Guides Overlay require FICO of 680, loan qualified with FICO of 731

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0061

7de89bc7-49b5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition is for informational purposes only.  Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $13,205.46 in disposable income   Reserves are higher than guideline minimum UW Guides require 50.49 months reserves, loan qualified with 174.50 months reserves Years on Job Borrower has 23 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0061

a41187df-4db5-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 46.348%.  Due to the improper calculation of rental income, the actual DTI is 47.67%.

08/14/2019- Audit REO corrected audit DTI is 46.22. Condition rescinded.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $13,205.46 in disposable income   Reserves are higher than guideline minimum UW Guides require 50.49 months reserves, loan qualified with 174.50 months reserves Years on Job Borrower has 23 years on job

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV0061

588e4f43-22b9-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Evidence of principal and interest for property #9 on the final application not provided.

09/04/2019- First payment letter and closing statement verifying P&I. Condition cleared.08/27/2019- Lender provided insurance declaration page reflects loss payee. P&I on mortgage for REO#9 missing. Condition retained.08/14/2019-Lender response that property is a lot appears to be on REO#10 file page 130. Audit is referring to REO#9 file page 130 reflects on final 1003 as 2-4 Unit property and has a P&I payment. The verification of P&I on this property is missing from the loan file.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $13,205.46 in disposable income   Reserves are higher than guideline minimum UW Guides require 50.49 months reserves, loan qualified with 174.50 months reserves Years on Job Borrower has 23 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0061

09a8f33d-21b9-e911-abc7-f4e9d4a75a52

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Lease agreement for property #9 on the final application not provided.

08/27/2019-Newly purchased rental property - no lease agreement availabe

09/11/2019: Lender provided the appraisal with the operating income section for property #9. Condition cleared.08/27/2019- Lender is required to support the $XXXX.XX gross rental income used. If a lease is not available due to recent borrower acquisition of the property then provide the appraisal from that transaction complete with appraiser rental operating income section. Condition retained.08/14/2019-Lender response that property is a lot appears to be on REO#10 file page 130. Audit is referring to REO#9 file page 130 reflects on final 1003 as 2-4 Unit property and has a gross rental income. The lease agreement for this property is missing from the loan file.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $13,205.46 in disposable income   Reserves are higher than guideline minimum UW Guides require 50.49 months reserves, loan qualified with 174.50 months reserves Years on Job Borrower has 23 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0061

3b4bc525-4cb5-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of taxes and insurance for property #9 on the final application not provided.

08/27/2019- Lender provided evidence if taxes and insurance on REO#9. Condition cleared.08/14/2019-Lender response that property is a lot appears to be on REO#10 file page 130. Audit is referring to REO#9 file page 130 reflects on final 1003 as 2-4 Unit property and has a mortgage payment. The verification of Taxes and Insurance on this property is missing from the loan file.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $13,205.46 in disposable income   Reserves are higher than guideline minimum UW Guides require 50.49 months reserves, loan qualified with 174.50 months reserves Years on Job Borrower has 23 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0061

1d4aeb4e-4ab5-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing page 2

08/14/2019- UCPD report provided. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $13,205.46 in disposable income   Reserves are higher than guideline minimum UW Guides require 50.49 months reserves, loan qualified with 174.50 months reserves Years on Job Borrower has 23 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0051

e9a3957f-5c73-419e-90ad-b17d8e6bf73f

3181

Not Covered/Exempt

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Flood Certificate, Re inspection, and Tax Service Fees in section B of the final Closing Disclosure are missing the name of the service provider. Fees payable to the lender must be placed in Section A.  Provide corrected CD and letter of explanation to the Borrower.

08/20/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 11.53 months reserves, loan qualified with 15.40 months reserves  FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO Years in Field Borrower has 19 years in field

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0051

885e7cb0-7ec3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 11.53 months reserves, loan qualified with 15.40 months reserves  FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO Years in Field Borrower has 19 years in field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0051

256b4122-62c0-e911-abc7-f4e9d4a75a52

21

Not Covered/Exempt

Credit

Failure to Obtain Final Application (1003)

All pages of the final application were not provided. Additionally, closing disclosure in file reflects property recently purchased is missing from final application.

09/09/19: Lender provided a revised AUS/1008 and 1003. DTI of 41.223% is within tolerance. Condition cleared. 08/30/19: Final application is incomplete. Missing Property:  HUD (460). Condition maintained.

Reserves are higher than guideline minimum UW Guides require 11.53 months reserves, loan qualified with 15.40 months reserves  FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO Years in Field Borrower has 19 years in field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0051

ad3c33ac-60c0-e911-abc7-f4e9d4a75a52

1

Not Covered/Exempt

Credit

General Credit Exception

DU reflects an additional $XXXX.XX in other debts not found in loan file.  Provide evidence of other debts used to qualify.  Additional conditions may apply.

09/09/19: Lender provided a revised AUS/1008 and 1003. DTI of 41.223% is within tolerance. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 11.53 months reserves, loan qualified with 15.40 months reserves  FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO Years in Field Borrower has 19 years in field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0051

d33328a4-60c0-e911-abc7-f4e9d4a75a52

1375

Not Covered/Exempt

Credit

Missing 1008 or Underwriter Approval

The final 1008 is missing from the loan file.  1008 DTI does not match DU.

09/09/19: Lender provided a revised AUS/1008 and 1003. DTI of 41.223% is within tolerance. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 11.53 months reserves, loan qualified with 15.40 months reserves  FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO Years in Field Borrower has 19 years in field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0051

d000ccd4-60c0-e911-abc7-f4e9d4a75a52

724

Not Covered/Exempt

Credit

Missing Documentation

Missing 1007 used to calculate rental income for property #3 on the final application.  (Lender notes reflect 1007)

09/09/19: Lender provided the appraisal and 1007 to calculate rental income for property #3. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 11.53 months reserves, loan qualified with 15.40 months reserves  FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 754 FICO Years in Field Borrower has 19 years in field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0097

092bd524-40d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 99.10 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 27.86% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 690

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0045

67357477-31c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 778 Reserves are higher than guideline minimum UW Guides require 2  months reserves, loan qualified with  6.90 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00140

82968122-ad80-4b4d-8359-dad8c50bbb6f

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

The HUD Homeownership Counseling Disclosure is dated XX/XX/XXXX and the application date is XX/XX/XXXX

09/10/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,357.61 in disposable income  Reserves are higher than guideline minimum UW Guides require 27.7 months reserves, loan qualified with 226.70 months reserves Years on Job Borrower has 14 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00140

e5b27551-f7d3-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of PITIA for property #3 on the final application

09/12/2019- Simultaneous Note, RE taxes and insurance on REO#3 provided. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,357.61 in disposable income  Reserves are higher than guideline minimum UW Guides require 27.7 months reserves, loan qualified with 226.70 months reserves Years on Job Borrower has 14 years on job

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00140

cc20fd15-91cc-4c54-8195-375fc62c48c2

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/10/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,357.61 in disposable income  Reserves are higher than guideline minimum UW Guides require 27.7 months reserves, loan qualified with 226.70 months reserves Years on Job Borrower has 14 years on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00140

fe330075-d4d3-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,357.61 in disposable income  Reserves are higher than guideline minimum UW Guides require 27.7 months reserves, loan qualified with 226.70 months reserves Years on Job Borrower has 14 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00140

79176f6c-d9d3-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

Evidence of Principal and Interest expense for property #3 on the final application which is being simultaneously refinanced not provided.

09/12/2019- Simultaneous Note, RE taxes and insurance on REO#3 provided. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,357.61 in disposable income  Reserves are higher than guideline minimum UW Guides require 27.7 months reserves, loan qualified with 226.70 months reserves Years on Job Borrower has 14 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00140

27d4df85-d9d3-e911-abc7-f4e9d4a75a52

1688

TQM/Non-HPML

Credit

Missing Evidence of Taxes and Insurance

Evidence of Taxes, Insurance and HOA dues for property #3 on the final application which is being simultaneously refinanced not provided.

09/12/2019- Simultaneous Note, RE taxes and insurance on REO#3 provided. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,357.61 in disposable income  Reserves are higher than guideline minimum UW Guides require 27.7 months reserves, loan qualified with 226.70 months reserves Years on Job Borrower has 14 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00128

c957614a-e181-43ee-9328-dadd7c5aa015

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

The HUD Homeownership Counseling Disclosure is dated XX/XX/XXXX and the application date is XX/XX/XXXX

09/09/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,851.54 in disposable income   Reserves are higher than guideline minimum UW Guides require 29.2  months reserves, loan qualified with  232.4 months reserves Years on Job Borrower has 14 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00128

8fbf7db8-501b-4851-a111-7a2dc5b961e2

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of PITIA for property #3 on the final application

09/18/19: Lender provided evidence of PITIA for property #3 on the final application which is being simultaneously refinanced. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,851.54 in disposable income   Reserves are higher than guideline minimum UW Guides require 29.2  months reserves, loan qualified with  232.4 months reserves Years on Job Borrower has 14 years on job

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00128

54c413d2-fc4d-4160-bcdb-8c5f06a5578f

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/09/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,851.54 in disposable income   Reserves are higher than guideline minimum UW Guides require 29.2  months reserves, loan qualified with  232.4 months reserves Years on Job Borrower has 14 years on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00128

ad31d0e1-4fd3-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,851.54 in disposable income   Reserves are higher than guideline minimum UW Guides require 29.2  months reserves, loan qualified with  232.4 months reserves Years on Job Borrower has 14 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00128

38ce0b32-ccd3-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

Evidence of Principal and Interest for property #3 on the final application which is being simultaneously refinanced not provided.

09/18/19: Lender provided evidence of Principal and Interest for property #3 on the final application which is being simultaneously refinanced. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,851.54 in disposable income   Reserves are higher than guideline minimum UW Guides require 29.2  months reserves, loan qualified with  232.4 months reserves Years on Job Borrower has 14 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00128

584b8305-51d3-e911-abc7-f4e9d4a75a52

21

TQM/Non-HPML

Credit

Failure to Obtain Final Application (1003)

Page 1 of final application for the subject transaction was not provided.

09/18/19: Lender provided the complete final application for the subject transaction. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,851.54 in disposable income   Reserves are higher than guideline minimum UW Guides require 29.2  months reserves, loan qualified with  232.4 months reserves Years on Job Borrower has 14 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00128

435a7293-ccd3-e911-abc7-f4e9d4a75a52

1688

TQM/Non-HPML

Credit

Missing Evidence of Taxes and Insurance

Evidence of Taxes, Insurance and HOA for property #3 on the final application which is being simultaneously refinanced not provided.

09/18/19: Lender provided evidence of Taxes, Insurance and HOA for property #3 on the final application which is being simultaneously refinanced. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $18,851.54 in disposable income   Reserves are higher than guideline minimum UW Guides require 29.2  months reserves, loan qualified with  232.4 months reserves Years on Job Borrower has 14 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0032

7b30915b-1025-448d-bcb5-5a0a4fe9d738

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

The HUD Homeownership Counseling Disclosure is dated XX/XX/XXXX and the application date is XX/XX/XXXX

08/23/2019: This finding is deemed non-material with a final grade of a “B”

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 13.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 807 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 23.76%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0032

1893266f-6564-47fe-a2b5-dec266988636

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

08/22/2019: This finding is deemed non-material with a final grade of a B

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 13.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 807 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 23.76%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0032

41f3580b-a1c5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 13.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 807 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 23.76%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00108

ab568277-7dce-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 62.759% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 99 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 780

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00108

0619a945-80ce-e911-abc7-f4e9d4a75a52

824

Not Covered/Exempt

Credit

Insufficient Reserves

9.3 months required, per lender.  Assets verified  of $XXXXX.XX,   minus cash to close of $XXXX.XX  = $XXXXX.XX for reserves which is not sufficient for the subject and additional financed properties.  File missing evidence of Investment Accounts listed on the Final Application.

09/25/2019- 2 months investment account statements verified with sufficient assets. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 62.759% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 99 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 780

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0053

a9dbfa84-a5be-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum Guides maximum CLTV of 80%, loan qualified with CLTV of 66.67% Years on Job Borrower has 14 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0053

1ad41f25-14be-e911-abc7-f4e9d4a75a52

1643

Not Covered/Exempt

Credit

Failure to Verify Housing History

Guidelines require satisfactory housing payment history for 12 months.  Payment history not provided on credit report.  VOM required to verify.

09/18/19: Lender provided a satisfactory loan history for REO #2. Appears to be a concurrent refinance with the subject. Loan ending XXXX. Condition cleared. 09/17/19: AUS condition #14 file page 140 requires a satisfactory pay history on a XXXXXXXXXX XXXXXXXX loan. This loan appears to be associated with REO#2. Condition maintained. 09/16/2019-AUS condition #14 file page 140 requires a satisfactory pay history on a XXXXXXXXXX XXXXXXXX loan. This loan appears to be associated with REO#2 file page 166 and reflects on the liabilities section of the 1003 file page 168. The documentation provided addresses mortgages on other properties. Condition retained.09/10/19: Please upload the rebuttal for review. Condition maintained.

CLTV is lower than guideline maximum Guides maximum CLTV of 80%, loan qualified with CLTV of 66.67% Years on Job Borrower has 14 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0027

ad99b597-545a-4ca4-a3b9-173623fb129e

3181

TQM/HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Appraisal Fee, Credit Report Fee, Flood Certificate Fee, and Tax Service fee in section B of the final Closing Disclosure are missing the names of the service providers. The CD lists the lender and the broker as payees instead of the actual service providers. Provide corrected CD and letter of explanation to the Borrower.

08/22/2019: This finding is deemed non-material and rated a B.

Years Self Employed Borrower has 13.5 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 722 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.1%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0027

1e88e64f-1025-4bd9-bfdd-73eaa1ebfa1f

48

TQM/HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosures for the lender and broker

08/22/2019: This finding is deemed non-material and rated a B.

Years Self Employed Borrower has 13.5 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 722 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.1%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0027

6a2e76b5-64c4-e911-abc7-f4e9d4a75a52

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Years Self Employed Borrower has 13.5 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 722 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.1%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00159

c91f0133-b4d4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW guides require maximum DTI of 43%, loan submitted with DTI of 36% FICO is higher than guideline minimum UW Guides require 680 FICO, loan submitted with FICO score of 803. Years in Field Borrower has been in his field of work for 9 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00159

93d9737c-c3d4-e911-abc7-f4e9d4a75a52

1684

Not Covered/Exempt

Credit

Missing Third Party Fraud Tool (Report)

The file is missing a third party fraud report. Please provide an industry standard fraud tool along with any supporting document based on fraud report findings. Additional conditions may apply.

09/18/19: Lender provided a copy of the third-party fraud report. No outstanding issues noted.  Condition cleared.

DTI is lower than guideline maximum UW guides require maximum DTI of 43%, loan submitted with DTI of 36% FICO is higher than guideline minimum UW Guides require 680 FICO, loan submitted with FICO score of 803. Years in Field Borrower has been in his field of work for 9 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00149

169a0aa6-bb4b-4b89-ad82-61cd1a18b2e2

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

HUD Homeownership Counseling Disclosure not provided within 3 days of application. The Disclosure is dated XX/XX/XXXX and the Application is dated XX/XX/XXXX

09/04/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $14,651.76 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 797 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 34.20%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00149

f85855e9-cc1f-48c4-8ad7-a5b115500865

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure"

09/04/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $14,651.76 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 797 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 34.20%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00149

3d0c6441-38cb-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $14,651.76 in disposable income.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 797 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 34.20%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00224

5f89beae-62d5-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing income documentation

10/03/19: Review of loan file reflects borrower is self employed and pays themselves wages. W2 income reflected on personal returns matches reported compensation to officer reflected on the business returns. W2 income supported. Condition cleared. 10/02/2019- Business Tax returns for XXXX and XXXX with statement 1 and supporting schedules provided. XXXX W2 and XXXX W2 which are part of the XXXX and XXXX personal returns are missing. Condition retained.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 44.91% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 714 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.30 months reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00224

d2c0e1fb-6522-417d-850b-7201b1de62b7

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Lender and Broker Affiliated Business Disclosure

09/12/2019:This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 44.91% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 714 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.30 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00224

f65b3fbb-61d5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 44.91% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 714 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.30 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00224

34fe5504-63d5-e911-abc7-f4e9d4a75a52

914

TQM/Non-HPML

Credit

Missing income documentation

Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and (if applicable) a cash flow form or equivalent. File is missing XXXX signed personal and business tax returns and 2 years W2 for the Borrower

10/03/19: Review of loan file reflects borrower is self employed and pays themselves wages. W2 income reflected on personal returns matches reported compensation to officer reflected on the business returns. W2 income supported. Condition cleared. 10/02/2019- Business Tax returns for XXXX and XXXX with statement 1 and supporting schedules provided. XXXX W2 and XXXX W2 which are part of the XXXX and XXXX personal returns are missing. Condition retained.09/24/19: Lender provided form 1125-E. File is missing XXXX signed personal and business tax returns (XXXXXXXXXXXX XXXXXXXXXXX) and 2 years W2 for the Borrower. Condition maintained.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 44.91% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 714 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.30 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0048

542c0e52-b9c5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.47% Years Self Employed Borrower 10 years self employed CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 48.95%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0062

00cff79f-cec4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with 9.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 69.24% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 725

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0062

31019680-cec4-e911-abc7-f4e9d4a75a52

9

Not Covered/Exempt

Property

Appraisal not provided

Appraisal not provided in the loan file. Loan was approved with a PIW.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B. 08/29/2019 – Investor confirmed that they agreed to a stipulation allowing 3% of the final pool to have PIW’s. AUS allowed a PIW for this loan. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with 9.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 69.24% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 725

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0062

4655bf8e-cec4-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

08/29/2019 – Investor confirmed that they agreed to a stipulation allowing 3% of the final pool to have PIW’s. AUS allowed a PIW for this loan. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with 9.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 69.24% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 725

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00200

99561d3b-38d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 29.72% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 742 Years in Field Borrower has 11 years in Field   Reserves are higher than guideline minimum UW Guides require 11.17 months’ reserves, loan qualified with 29.40 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0090

e6dbcf22-2fc0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 66.44% FICO is higher than guideline minimum UW Guides require FICO of 620, loan qualified with FICO of 791 Reserves are higher than guideline minimum UW Guides require 3.02 months reserves, loan qualified with 12.8 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0090

768f18bc-38c0-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 35.15%.  Due to the improper calculation of income, the actual DTI is 42.43%. The Lender qualified the Borrower using higher net rental income than supported by most recent Schedule E.

08/23/2019- Lender provided corrected LP AUS adjustment to rental income and at DTI 42%. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 66.44% FICO is higher than guideline minimum UW Guides require FICO of 620, loan qualified with FICO of 791 Reserves are higher than guideline minimum UW Guides require 3.02 months reserves, loan qualified with 12.8 months reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0090

5603cce3-37c0-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

File is missing PITI verification for Property #2, Property #3 and Property #5 on the final application. Lender used amounts from the credit report which does not verify whether taxes and insurance expenses are escrowed.

08/27/2019-Mortgage statement for REO#5 specifies on the statement that escrows are for taxes and Insurance. Mortgage statement for REO#2 and#3 only reflect escrow and do not specify for taxes and Insurance. Audit compared amount escrowed to amounts on Schedule E and determined that escrows on mortgage statements cover both taxes and insurance. Condition cleared.08/23/2019- Lender provided updated AUS. Provided documentation the payment amounts used for REO#2,#3, and #5 included taxes and insurance. Condition retained.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 66.44% FICO is higher than guideline minimum UW Guides require FICO of 620, loan qualified with FICO of 791 Reserves are higher than guideline minimum UW Guides require 3.02 months reserves, loan qualified with 12.8 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00147

adefc777-51cf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 38.24% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 755 Years in Field Borrower has 10 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00147

cd79b8ee-7cce-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of Insurance for property #5 on the final application not provided.

09/06/19: Lender provided evidence of insurance for property #5 on the final application. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 38.24% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 755 Years in Field Borrower has 10 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0043

7fb0b9c3-47c8-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 46.14% Reserves are higher than guideline minimum UW Guides require 25.32 months reserves, loan qualified with 32.9 months reserves Years Self Employed Borrower has 11 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00113

7f391469-b0d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 7 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 805 DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 33.27%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00347

09a09111-2a0d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 26.02% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 771 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 37.10 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00103

02c4c1e5-4fd6-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum Loan qualified with FICO score of 788 Years on Job Loan qualified with 6 years on the job Reserves are higher than guideline minimum UW guides require 6 months' reserves; loan qualified with 12 months' reserves Years in Field Borrower has 8 years in field. No Mortgage Lates Housing History - No mortgage lates.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0066

7f979263-d9bd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 25 years in Field   Reserves are higher than guideline minimum UW Guides require 8 months reserves, loan qualified with 1,185.70 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months credit report verifies 79 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0066

5ada3524-dbbd-e911-abc7-f4e9d4a75a52

793

Not Covered/Exempt

Credit

Failure to obtain Condo Questionnaire

The Condo Questionnaire is missing from the loan file.  Additional conditions may apply.

09/10/19: Audit review of property indicates that the property is a detached condo. Per FNMA guides condo questionnaire or limited review is not required for a detached condo. Condition cleared.

Years in Field Borrower has 25 years in Field   Reserves are higher than guideline minimum UW Guides require 8 months reserves, loan qualified with 1,185.70 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months credit report verifies 79 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00205

d395426d-83dd-4709-8b51-ea54fb63e390

3254

TQM/Non-HPML

Compliance

Information required for CD 'Contact Information' section not completed, or completed in error

The final Closing Disclosure Contact Information section is incomplete.  The State license ID of the Settlement Agent is missing.  Provide re-disclosed CD and letter of explanation.

09/11/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  9.70 reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.3 FICO is higher than guideline minimum UW Guides require FICO of 680oan qualified with FICO of 788

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00205

a6d98986-19cd-4e82-a883-a5376ba3ada2

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

09/11/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  9.70 reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.3 FICO is higher than guideline minimum UW Guides require FICO of 680oan qualified with FICO of 788

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00205

f2df6db2-a2d4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  9.70 reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.3 FICO is higher than guideline minimum UW Guides require FICO of 680oan qualified with FICO of 788

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00205

5668c9be-a2d4-e911-abc7-f4e9d4a75a52

828

TQM/Non-HPML

Credit

Failure to Obtain Credit Report

A supplemental credit report is not in file reflecting primary residence first mortgage payment history. A online printout is in file reflecting payment due XX/XX/XXXX was made XX/XX/XXXX.

09/16/19: Lender provided evidence of tax and insurance for the borrower's primary residence. Condition cleared. 09/13/2019-Pay history for mortgage on primary is satisfactory. 1003 and AUS reflect primary home payment of $XXXX.XX. Credit report reflects P&I of $XXX.XX. Mortgage statement page 250 and 252 reflects no escrows. Provide evidence of RE taxes and Insurance on primary so audit can verify total primary home payment. Condition retained.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  9.70 reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.3 FICO is higher than guideline minimum UW Guides require FICO of 680oan qualified with FICO of 788

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0016

7c4cb9a9-1dc4-e911-abc7-f4e9d4a75a52

2884

Not Covered/Exempt

Credit

Data Discrepancy Violation

A HMDA Data Discrepancy has been identified for the Street Address.  Audit Street Address is XXXXXXXXXXXXXXX vs. Data Tape Street Address XXXXXXXXXX. A HMDA Data Discrepancy has been identified for the Property Value.  Audit Property value is $XXXXXX vs. Data Tape Property value $XXXXXX.

09/17/19: Lender agrees with audit finding for property value. Condition cleared. 08/27/19: Lender agrees with audit finding for Address discrepancy.

Reserves are higher than guideline minimum AUS require 8.42 months reserves, loan qualified with 267.5 months reserves Years Self Employed Borrower has 10.83 years Self Employed No Mortgage Lates Credit report  verifies 70 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0016

1e7f681f-9abf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum AUS require 8.42 months reserves, loan qualified with 267.5 months reserves Years Self Employed Borrower has 10.83 years Self Employed No Mortgage Lates Credit report  verifies 70 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00287

291b5d23-5610-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 795 Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 11.40 months reserves Years Self Employed Borrower has 10 years self employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00287

f7643939-5610-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 26.71%.  Due to the miscalculation of net rental income, the actual DTI is 44.67%. The investment properties along with the primary residence were all in process of being refinanced without updated statements provided. Additional conditions may apply.

12/18/2019-Lender provided simultaneous CD’s for non-subject primary and both non-subject investment REO’s. Condition cleared.12/17/2019-Lender provided updated AUS with DTI 48.70. Provided CD’s on two non-subject investment property REO’s which are involved in a simultaneous refinance documenting the payoff of LN#XXXX and LN#XXXX in AUS #14 and document new loans for $XXXXXX.XX and $XXXXXX.XX in AUS#15. Provide CD on simultaneous refinance of non-subject primary to document new PITI payment. Provide audit with lender calculation for subject property cash flow of $XXX.XX. Does not match to calculation on file page 324. Condition retained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 795 Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 11.40 months reserves Years Self Employed Borrower has 10 years self employed

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00444

2a85847d-3f11-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years Self Employed Borrower has been self employed for 10 years Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 11.20 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 795

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00444

55f7de9e-3f11-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 26.71%.  Due to the miscalculation of net rental income, the actual DTI is 50.08%. Additional conditions may apply.

12/20/2019- CD with HOA provided. Audit DTI 47.54. Condition cleared.12/19/2019-Missing simultaneous Closing CD on REO XXXXX XXXXXXXXXXXXXXXXX. First payment letter does not provide amount for HOA. CD required to determine PITIA. Audit DTI currently 50.38%. Condition retained.12/17/2019-Lender provided updated AUS with DTI of 48.468%. Provided CD’s on other two non-subject property REOs which are involved in a simultaneous refinance and non-subject primary refinance for AUS conditions #13 and #14. Condition retained.12/7/2019- Condition dated XX/XX/XXXX references AUS condition #33 on AUS submission #12. Condition retained.12/05/2019-Lender AUS #33 reflects subject property net cash flow of $XXXX.XX. Lender REO worksheet reflects a gross rental income calculation on subject property of $XXXX.XX which audit agrees. Audit then minuses the proposed PITI of $XXXX.XX to arrive at the subject property NRI of -$XXX.XX. AUS and 1003 reflect NRI income of $XXXX.XX for REO property XXXXX XXXXXXXXXXXXXXXXX. Lender provided REO work sheet shows a gross rental income calculation of $XXXX.XX which audit agrees. Audit then minuses the existing PITIA of $XXXX.XX to arrive at the NRI of $XXX.XX. There is a minor discrepancy in the NRI for REO 330 J due to a variance in the gross rental income however this is not seen material. The NRI discrepancy on the subject and REO XXXXX XXXXXXXXXXXXXXXX are the main issue. Condition retained.

Years Self Employed Borrower has been self employed for 10 years Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 11.20 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 795

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00209

c97c44a7-5dcb-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 16.60  months reserves, loan qualified with  61.40 months reserves Years on Job Borrower has 18 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 736

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00184

3fbae357-d7ed-475b-8885-81333838db19

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/03/2019: This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum 22.77%  lower than guidline max of 45% CLTV is lower than guideline maximum 59.99 lower than guideline max of 80% Reserves are higher than guideline minimum 5 additional months reserves verified

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00184

ae453f94-70ce-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum 22.77%  lower than guidline max of 45% CLTV is lower than guideline maximum 59.99 lower than guideline max of 80% Reserves are higher than guideline minimum 5 additional months reserves verified

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00184

d96fc760-2a3d-ea11-bfd5-f4e9d4a75ba2

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal Not Provided

1/22/20: Loan Approved with a PIW, final grade will be a B.

DTI is lower than guideline maximum 22.77%  lower than guidline max of 45% CLTV is lower than guideline maximum 59.99 lower than guideline max of 80% Reserves are higher than guideline minimum 5 additional months reserves verified

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0013

20fd022a-18c0-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to excessive DTI.

09/16/2019-Businee tax returns extension in file. Personal returns cannot be filed until business returns are done. Audit documented HOA add back. Amount used was lower than on line 19 of schedule E. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 17.65 months reserves, loan qualified with 19.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0013

e9c2d7c8-712e-4661-817a-8c45dfc356a4

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

08/16/2019:  This finding is deemed non-material with a final grade of a “B”.

Reserves are higher than guideline minimum UW Guides require 17.65 months reserves, loan qualified with 19.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0013

811fcca7-29c0-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 17.65 months reserves, loan qualified with 19.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0013

3ba5a1a3-17c0-e911-abc7-f4e9d4a75a52

4

TQM/Non-HPML

Credit

DTI Exceeds Guidelines

The AUS reflects a maximum allowable DTI of 45.84%.  Due to the improper calculation of debts the actual DTI is 50.06%.  Variance due to REO income/loss calculation.

09/16/2019-Businee tax returns extension in file. Personal returns cannot be filed until business returns are done. Audit documented HOA add back. Amount used was lower than on line 19 of schedule E. Condition cleared.09/16/2019-Audit calculates audit DTI of 45.63. AUS condition #12 file page 109 requires most recent tax return or lease. No lease in file on REO #4. File contains XXXX personal return file page 336. Audit analysis of REO schedule E is not complete. Schedule E line 19 file page 341 shows HOA charges. Audit DTI needs support of HOA add back in Net rental income calculation. The supportive addendum giving the breakdown is not included with the XXXX return.  Provided addendum and evidence personal XXXX 1040 tax returns are on extension. Condition retained.

Reserves are higher than guideline minimum UW Guides require 17.65 months reserves, loan qualified with 19.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0013

067a2a9a-29c0-e911-abc7-f4e9d4a75a52

38

TQM/Non-HPML

Property

General Property Exception 1

The UCPD Report is missing from the loan file

08/28/19: Lender provided the UCDP report for the subject property. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 17.65 months reserves, loan qualified with 19.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00119

838b7c59-5acb-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 36.64% Years on Job Borrower has 10 years on job FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified with FICO of 772

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00119

e01fd30d-993c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Appraisal missing from loan file.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 36.64% Years on Job Borrower has 10 years on job FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified with FICO of 772

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00119

3350efb9-3bcf-e911-abc7-f4e9d4a75a52

38

Not Covered/Exempt

Property

General Property Exception 1

The UCPD Report is missing from the loan file

09/09/2019-PIW file. UCPD not required. Conditions Rescinded.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 36.64% Years on Job Borrower has 10 years on job FICO is higher than guideline minimum UW guides require FICO of 680, loan qualified with FICO of 772

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV0012

7d090fa4-58eb-4c51-b8a7-209de464c8f1

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 0.40  months reserves, loan qualified with 89.5 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 702 Years Self Employed Borrower has 22 years Self Employed

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0012

f027f145-15c5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum UW Guides require 0.40  months reserves, loan qualified with 89.5 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 702 Years Self Employed Borrower has 22 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0074

eb9e2812-e8bb-4f59-8d35-5459ee7f648f

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for Broker and Lender

09/19/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 12.29 months reserves, loan qualified with 46.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 715 Years in Field Borrower has been in same field for 15 years

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0074

cd1ec133-15c5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum UW Guides require 12.29 months reserves, loan qualified with 46.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 715 Years in Field Borrower has been in same field for 15 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0017

6bec74d3-f2c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

FICO is higher than guideline minimum UW guidelines require FICO score min 680 loan qualifed with FICO of 744 LTV is lower than guideline maximum UW guidelines require min DTI of 45% loan qualifed with DTI of 32.20% Years Self Employed borrower has been self employed 21 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0094

a9a9e72b-b0d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 29 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 799 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 401.80 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.53%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0044

86c57d9b-28c5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Years on Job Borrower has 9 years on same job Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 402.70 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 780

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00218

53a31de3-f0d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 53.70 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 814

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00218

c40f1118-1ad3-e911-abc7-f4e9d4a75a52

793

Not Covered/Exempt

Credit

Failure to obtain Condo Questionnaire

The Condo Questionnaire is missing from the loan file.  Additional conditions may apply.

09/18/19: Upon further review, this property is located in a PUD project. The PUD project meets the underwriting requirements of the applicable project classification. Condition rescinded.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 53.70 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 814

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV00218

981e4445-1ad3-e911-abc7-f4e9d4a75a52

1646

Not Covered/Exempt

Credit

Failure to Verify Sale of Previous Property

File is missing the final Settlement Statement or Closing Disclosure verifying property #1 on the final application was paid off and Borrower netted sufficient cash to close and/or reserves. Additional conditions may apply.

10/03/2019- Signed settlement statement verifying sufficient assets netted provided. Condition cleared.09/30/19: The estimated/final settlement statements in the file or the ones provided, are not signed by the borrower or certified by the title agent.  In order clear this condition, we will need either the signed final CD or borrower signed or settlement agent certified final settlement statement. Condition maintained. 09/18/19: Please provide the signed final CD or signed/certified settlement statement verifying property #1 on the final application was paid off and Borrower netted sufficient cash to close and/or reserves. Condition maintained.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 53.70 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 814

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00194

474925d8-4208-45e8-9e5b-5491aebe54de

3174

TQM/Non-HPML

Compliance

Incorrect disclosure of Origination Charges - Section A

The Tax Service Fee paid to the lender reflected in section B of the final Closing Disclosure should be reflected in section A.  Provide corrected CD and letter of explanation to the Borrower.

08/30/2019: This finding is deemed non material and rated a "B"

Years in Field Borrower has 18 years in Field No Mortgage Lates Credit Report verifies 99 months payment history with no late payments reported Reserves are higher than guideline minimum DU require 6 months reserve, loan qualified with 20.20 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00194

dfbd724d-098b-48fb-80f7-93a5345f48d9

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report and Flood Certificate fees in section B of the final Closing Disclosure are missing the names of actual service provider. The CD reflects names of the broker and lender that collected fees on behalf of the 3rd parties. Provide corrected CD and letter of explanation to the Borrower.

08/30/2019: This finding is deemed non material and rated a "B"

Years in Field Borrower has 18 years in Field No Mortgage Lates Credit Report verifies 99 months payment history with no late payments reported Reserves are higher than guideline minimum DU require 6 months reserve, loan qualified with 20.20 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00194

9c86fbfa-b2ac-4f29-9d4c-573be8b05571

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for TQM due to excessive DTI.

09/09/2019-Simultaneous closing CD verifying current PITIA on primary and pay off of debts on AUS condition #12. Condition cleared.09/06/19: Lender provided the settlement statement, however it is not signed. Please provide verification of the new primary housing payment of $X,XXX.XX with the signed final CD. The current PITIA for the primary residence was included in the calculation of debts. The actual DTI is 48.27%. Condition maintained.

Years in Field Borrower has 18 years in Field No Mortgage Lates Credit Report verifies 99 months payment history with no late payments reported Reserves are higher than guideline minimum DU require 6 months reserve, loan qualified with 20.20 months reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00194

d0f5df52-4026-4d9d-b9eb-49e9cbf0c8ea

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosures for the lender and broker

08/30/2019: This finding is deemed non material and rated a "B"

Years in Field Borrower has 18 years in Field No Mortgage Lates Credit Report verifies 99 months payment history with no late payments reported Reserves are higher than guideline minimum DU require 6 months reserve, loan qualified with 20.20 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00194

c1c5f74f-4ccb-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 18 years in Field No Mortgage Lates Credit Report verifies 99 months payment history with no late payments reported Reserves are higher than guideline minimum DU require 6 months reserve, loan qualified with 20.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00194

032aa5a5-a3cb-e911-abc7-f4e9d4a75a52

4

TQM/Non-HPML

Credit

DTI Exceeds Guidelines

The DU approved a maximum allowable DTI of 40.29%. DU required verification the two mortgages secured with the primary residence were paid-off in a refinance transaction and verification of the new primary housing payment of $X,XXX.XX. This documentation was not provided in the file. The current PITIA for the primary residence was included in the calculation of debts. The actual DTI is 48.27%.

09/09/2019-Simultaneous closing CD verifying current PITIA on primary and pay off of debts on AUS condition #12. Condition cleared.09/06/19: Lender provided the settlement statement, however it is not signed. Please provide verification of the new primary housing payment of $X,XXX.XX with the signed final CD. The current PITIA for the primary residence was included in the calculation of debts. The actual DTI is 48.27%. Condition maintained.

Years in Field Borrower has 18 years in Field No Mortgage Lates Credit Report verifies 99 months payment history with no late payments reported Reserves are higher than guideline minimum DU require 6 months reserve, loan qualified with 20.20 months reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0076

963b33a8-b0bf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 25.06% Years Self Employed Borrower has 33 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0076

1231b2de-45c3-e911-abc7-f4e9d4a75a52

920

Not Covered/Exempt

Credit

Missing Note

Note in the file is missing page 3.

08/27/2019- Signed Note all pages provided. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 25.06% Years Self Employed Borrower has 33 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0091

cbc2d725-c2e2-41cd-a43d-4a5ff7ce25aa

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the Broker and Lender.

09/19/2019: This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 26.70% Years in Field Borrower has 10 years in Field   CLTV is lower than guideline maximum UW Guides maximum CLTV of 66%, loan qualified with CLTV of 65.29% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 764

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0091

eb743c37-2bc5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 26.70% Years in Field Borrower has 10 years in Field   CLTV is lower than guideline maximum UW Guides maximum CLTV of 66%, loan qualified with CLTV of 65.29% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 764

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00188

f6d6e4c2-fbd3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 5 months reserves, loan qualified with 24.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 726 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00473

ddf63c1f-3811-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 810 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.16% Reserves are higher than guideline minimum UW Guides require 12 months reserves, loan qualified with 87.70 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00473

6c09b392-f811-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 24.34%.  Due to the improper calculation of debts, the actual DTI is 28.16%. Audit calculated greater negative rental income based on Schedule E of Borrower's XXXX tax returns and PITIA documentation in file.

Can you please provide a breakdown of how you came up with 28.16%?

12/04/2019- 1008 page 124 reflects REO under simultaneous refinance with subject. Signed new P&I notes in file. Audit matches to lender XXX. DTI slightly higher as audit using higher primary payment. DTI with 3% tolerance. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 810 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.16% Reserves are higher than guideline minimum UW Guides require 12 months reserves, loan qualified with 87.70 months reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00473

218419f1-f911-ea11-94d7-f4e9d4a75ba2

1687

Not Covered/Exempt

Credit

Missing Evidence of Property Taxes

Evidence of property taxes for properties #3 and #4 on the final application not provided.

12/04/2019- RE taxes on REO #3&4 provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 810 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.16% Reserves are higher than guideline minimum UW Guides require 12 months reserves, loan qualified with 87.70 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0093

460303e7-b1d4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 640, loan qualified with FICO of 775 Reserves are higher than guideline minimum UW Guides require 13 months reserves, loan qualified with 57.40 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 21.99%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00127

1c0a8ba2-051f-45cf-9937-82deec0559da

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the Lender and Broker.

09/11/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 66.87% Full Documentation Full Documentation FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 772

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00127

8c4763fb-bed4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 66.87% Full Documentation Full Documentation FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 772

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00110

6189022a-bfd4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.10% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 775 Reserves are higher than guideline minimum UW Guides require 4 months reserves, loan qualified with  62.50 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00110

7914cebd-86d4-e911-abc7-f4e9d4a75a52

992

Not Covered/Exempt

Credit

Invalid AUS

The Agency Guidelines require loan data to be resubmitted to DU if the data changes from the time the AUS was last run. The most recent AUS in file reflects Borrower was qualified using Base Income, Lender qualified the Borrower using Commission Income.

10/02/2019-Updated AUS provided. Condition cleared.09/18/19: AUS provided reflects Borrower was qualified using Base Income, Lender qualified the Borrower using Commission Income. Condition maintained.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.10% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 775 Reserves are higher than guideline minimum UW Guides require 4 months reserves, loan qualified with  62.50 months reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00201

6bf41529-18d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 7  months reserves, loan qualified with  42.70 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 805 Years on Job Borrower has 29 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00201

4d8375d3-23d3-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 48.76%. Due to the improper calculation of debts, the actual DTI is 52.12%. The lender did not include the $XXX.XX monthly HOA dues for investment property B listed on the tax return.

09/18/2019- Audit adjusted for missing HOA add back. DTI matches AUS. Condition cleared.09/16/19: Lender added back $X,XXX.XX for HOA line 19. Line 19 Other on the borrower's XXXX schedule E shows $XXX.XX for Repairs/Plumbing. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 7  months reserves, loan qualified with  42.70 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 805 Years on Job Borrower has 29 years on job

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00201

833a7394-25d3-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of taxes and insurance for the primary residence not provided.

09/16/19: Lender provided evidence of tax and insurance for the borrower's primary residence. Condition cleared. 09/13/2018-The mortgage payment statement provided reflects escrows as “Taxes and/or Insurance” or just as ‘Escrow”. It cannot be determined from the statement alone that the escrow amount on the statement covers both taxes and insurance. Please provide a document which verifies an annual cost amount of taxes such as on a property detail report or an annual amount of Insurance such as HOI declaration page, so audit can verify the escrow amount on the statement covers both Taxes and Insurance. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 7  months reserves, loan qualified with  42.70 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 805 Years on Job Borrower has 29 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00155

76d34b9e-46ce-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Primary Residence Borrower has resided in subject for 12 years Years on Job Borrower has 12 years on job Years in Field Borrower has 12 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0024

61d26500-82bf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

08/15/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801 Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 52.60 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0024

28a71064-11be-e911-abc7-f4e9d4a75a52

91

Not Covered/Exempt

Credit

Failure to obtain Purchase Contract

A copy of the purchase contract was not provided

09/06/2019- Signed sales contract provided. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801 Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 52.60 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00169

72e62d5b-5acf-e911-abc7-f4e9d4a75a52

3181

Not Covered/Exempt

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Appraisal, Flood and Tax Service Fees are paid to the Lender and Broker in section B of the final Closing Disclosure. It should be paid to the service provider or FBO the service provider.

9/4/2019: This finding is deemed non-material and rated a B

Reserves are higher than guideline minimum UW Guides require 11 months reserves, loan qualified with 22.40 months reserves Years on Job Borrower has 15 years on job. FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 784.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00169

87434c69-13a3-47cf-8f11-e9d81796d234

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Lender's and Broker's Affiliated Business Disclosure.

9/4/2019: This finding is deemed non-material and rated a B

Reserves are higher than guideline minimum UW Guides require 11 months reserves, loan qualified with 22.40 months reserves Years on Job Borrower has 15 years on job. FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 784.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00139

fa320422-67cb-e911-abc7-f4e9d4a75a52

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage, DTI exceeds DU resubmission tolerance and file is missing required asset verification.

09/06/2019- CD on simultaneous primary refinance verifying sufficient cash funds for subject transaction and new PITI provided. Audit calculated current fulltime income, DTI within tolerance. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Full Documentation Full Documentation CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00139

c924e24a-ffce-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Full Documentation Full Documentation CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00139

d507f2d1-face-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a maximum allowable DTI of 40.76%.  Due to the improper calculation of income, the actual DTI is 49.75%. Borrower is an hourly wage earner with a stable or increasing monthly income which required the Lender to average year-to-date and prior year base income per Fannie Mae Income trending guideline requirement, lender incorrectly qualified the Borrower using hourly rate.

09/06/2019- Audit calculated current fulltime income, DTI within tolerance. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Full Documentation Full Documentation CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00139

9c8eeb46-60cb-e911-abc7-f4e9d4a75a52

1652

Not Covered/Exempt

Credit

Improper Calculation of Income

The lender failed to accurately calculate the Borrower's income.  A monthly income of $X,XXX.XX was used by the lender to determine the DTI. The income is to be calculated by averaging year-to-date plus prior year base income, per Fannie Mae guidelines (Fannie Mae Income Trend: B3-3.1-01).  Lender calculated Borrower’s qualifying income using hourly income calculation which can only be used to determine how the Borrower’s income is trending compared to the previous year, once the increasing income trend was determined, the Lender was required to average year-to-date plus prior year base income.  The Borrower's actual income was $X,XXX.XX. A recalculation of DTI based on the Borrower's proper income calculation results in a DTI of 49.75% which fails to meet the program maximum of 40.76%.

09/06/2019- Audit calculated current fulltime income, DTI within tolerance. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Full Documentation Full Documentation CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00139

c0bbcf53-5fcb-e911-abc7-f4e9d4a75a52

29

Not Covered/Exempt

Credit

Insufficient asset documentation in file - assets do not cover closing costs

Verified assets of $0 less cash to close $X,XXX.XX results in $X,XXX.XX shortage of funds to close. File is missing proceeds from the primary residence refinance transaction.

09/06/2019- CD on simultaneous primary refinance verifying sufficient cash funds for subject transaction and new PITI provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Full Documentation Full Documentation CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00139

d97bedda-face-e911-abc7-f4e9d4a75a52

992

Not Covered/Exempt

Credit

Invalid AUS

The Agency Guidelines require loan data to be resubmitted to DU if the data changes from the time the AUS was last run. The most recent AUS in file reflects Borrower monthly qualifying base hourly income as $X,XXX.XX vs. $X,XXX.XX actual. It appears that the Lender did not calculate income per Fannie Mae Income Trend guideline requirement, Borrower’s income trend is increasing which requires the Lender to average year-to-date and prior year base income.

09/06/2019- Audit calculated current fulltime income, DTI within tolerance. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Full Documentation Full Documentation CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00139

8afa8d2e-15cf-e911-abc7-f4e9d4a75a52

724

Not Covered/Exempt

Credit

Missing Documentation

File is missing PITI verification for the Borrower’s refinanced primary residence.

09/06/2019- CD on simultaneous primary refinance verifying sufficient cash funds for subject transaction and new PITI provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Full Documentation Full Documentation CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0071

b415ce12-b3c5-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to the loan file is missing an executed closeout letter for the HELOC paid at closing.

09/06/19: Lender provided the signed HELOC letter showing paid and closed. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 24.88% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 802 Reserves are higher than guideline minimum UW Guides require 9.01  months reserves, loan qualified with 22.50 months reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0071

b951a472-ecc4-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

The loan file is missing an executed closeout letter for the HELOC paid at closing.

09/06/19: Lender provided the signed HELOC letter showing paid and closed. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 24.88% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 802 Reserves are higher than guideline minimum UW Guides require 9.01  months reserves, loan qualified with 22.50 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00195

03287f54-4fcf-e911-abc7-f4e9d4a75a52

3181

Not Covered/Exempt

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Appraisal, Credit Report, Flood and Tax Service Fees in section B of the Closing Disclosure are paid to the Lender and Broker. Fees should be paid to the service provider or FBO the service provider.

9/4/2019: This finding is deemed non-material and rated a B

Reserves are higher than guideline minimum UW Guides require 11.62 months reserves, loan qualified with 17.30 months reserves. FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 784. Years on Job Borrower has 15 years on job.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00195

455acd62-47e6-4638-9d60-180716b4e851

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

9/4/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 11.62 months reserves, loan qualified with 17.30 months reserves. FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 784. Years on Job Borrower has 15 years on job.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0046

fdd1231e-e7c2-e911-abc7-f4e9d4a75a52

3227

Not Covered/Exempt

Compliance

Missing Closing Disclosure / CD Not in File

The loan file is missing the Closing Disclosure with final figures as disclosed on the final ALTA Settlement Statement. Additional conditions may apply. No Cure.

08/26/2018- Final ALTA page 53 matches to closing CD page 81. Condition cleared.

Years Self Employed Borrower has been self employed for 10 years  LTV is lower than guideline maximum Loan was qualified with an LTV of 75% FICO is higher than guideline minimum Loan qualified with a FICO of 812

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0046

178a053d-82c3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years Self Employed Borrower has been self employed for 10 years  LTV is lower than guideline maximum Loan was qualified with an LTV of 75% FICO is higher than guideline minimum Loan qualified with a FICO of 812

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0046

8759737f-e5c2-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 2.83%. Due to the improper calculation of income, the actual DTI is 30.82%. Lender used a higher rental income than what was reflected on XXXX Schedule E.

08/29/19: Lender provided a revised AUS. Upon recalculation of the REO's DTI is 17.79% and is within guidelines. Condition cleared.

Years Self Employed Borrower has been self employed for 10 years  LTV is lower than guideline maximum Loan was qualified with an LTV of 75% FICO is higher than guideline minimum Loan qualified with a FICO of 812

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0046

c336b7bd-e6c2-e911-abc7-f4e9d4a75a52

701

Not Covered/Exempt

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by DU was not provided for co-borrower.

08/26/2019- VVOE with 10 days of note date on co Borrower provided. Condition cleared.

Years Self Employed Borrower has been self employed for 10 years  LTV is lower than guideline maximum Loan was qualified with an LTV of 75% FICO is higher than guideline minimum Loan qualified with a FICO of 812

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00114

ffc2f2b2-4fbd-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/17/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum AUS requires 8.92  months reserves, loan qualified with 13.60 months reserves Years on Job Borrower has 12 years on job No Mortgage Lates Credit report  verifies 35 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00114

2be1e755-993c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

Reserves are higher than guideline minimum AUS requires 8.92  months reserves, loan qualified with 13.60 months reserves Years on Job Borrower has 12 years on job No Mortgage Lates Credit report  verifies 35 months payment history with no late payments reported

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00124

f5c4a53a-abd4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides does not require minimum disposable income, loan qualified with $19,556.81 in disposable income   Reserves are higher than guideline minimum UW Guides require 61.5 months reserves, loan qualified with 74.6 months reserves Years Self Employed Borrower has 9 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00124

d33a7c65-05d4-e911-abc7-f4e9d4a75a52

793

Not Covered/Exempt

Credit

Failure to obtain Condo Questionnaire

The Condo Questionnaire is missing from the loan file.  Additional conditions may apply.

09/17/19: Upon further review, A condominium questionnaire or project review are not required for a detached property. FNMA guides require confirmation that the project and the unit are in compliance with all other Fannie Mae requirements for property eligibility and appraisal standards. The project and the unit have the required insurance as described in Subpart B7, Insurance. Condition rescinded.

Disposable Income is higher than guideline minimum UW Guides does not require minimum disposable income, loan qualified with $19,556.81 in disposable income   Reserves are higher than guideline minimum UW Guides require 61.5 months reserves, loan qualified with 74.6 months reserves Years Self Employed Borrower has 9 years Self Employed

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV00115

52e73826-62ce-e911-abc7-f4e9d4a75a52

3181

Not Covered/Exempt

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report Fee, Flood Certificate Fee and Tax Service Fee in section B of the final Closing Disclosure is missing the name of the service provider (needs FBO information). Provide corrected CD and letter of explanation to the Borrower.

Finding deemed non-material and rated a B

FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 791 Years in Field Borrower has 21 years in Field   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; VOR/VOM/credit report verifies 48 months payment history with no late payments reported

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00115

0f170eaf-4ace-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/17/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 791 Years in Field Borrower has 21 years in Field   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; VOR/VOM/credit report verifies 48 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00115

1bad34b3-993c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 791 Years in Field Borrower has 21 years in Field   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; VOR/VOM/credit report verifies 48 months payment history with no late payments reported

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00151

7f02d959-94c4-4ffd-835a-d80fbf9e6ae8

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the Lender and the Broker.

09/05/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 219.80 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.49%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00151

b328dee9-afd0-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 219.80 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.49%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00151

4007f92f-d8d0-e911-abc7-f4e9d4a75a52

920

TQM/Non-HPML

Credit

Missing Note

An executed Note is missing from the file.

09/12/2019- Signed Note provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 219.80 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.49%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00220

83a0e882-7ed6-e911-abc7-f4e9d4a75a52

3186

TQM/Non-HPML

Compliance

Incorrect disclosure of DID SHOP Fee (Section C) & Recording Fee (Section E)

The Title-Storage, Title-Lender Title insurance, and Title-Settlement fees are reflected in section C of the final Closing Disclosure. The Borrower did not shop for their own title service provider and used the provider on the WLSP. The title fees should be listed in section B of the final Closing Disclosure. Provide corrected CD and LOE to the Borrower.

09/13/2019: This finding is deemed non-material and rated a B.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $8049 in disposable income  Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00220

aedbe26e-7dd6-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified mortgage due to missing employment verification, income documentation, and evidence of PITI for all properties.

10/10/2019:  Lender provided evidence that the primary residence is the responsibility of the non-borrowing spouse.  Lender provided updated 1008, 1003, and AUS, condition cleared.  10/02/2019- VVOE provided and accepted.Property detail report showing primary in spouses name is not evidence that borrower is not financial obligated on the loan. A spouse may be on the note and not on title. Lender disclosed the primary housing payment on the 1003 liabilities section item 12 file page 122. Condition retained.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $8049 in disposable income  Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00220

0f3a2f36-f5fc-4afc-9536-5b75c6895bd6

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the lender and broker.

09/13/2019: This finding is deemed non-material and rated a B.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $8049 in disposable income  Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00220

940de973-7bd6-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $8049 in disposable income  Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00220

2cebd5c8-7cd6-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

Audit is unable to determine the PITI for all properties due to the following: missing HELOC statements (statements in file do not list the property addresses), missing Closing statements for properties with simultaneous closings. Additional conditions may apply

10/10/2019:  Lender provided evidence that the primary residence is the responsibility of the non-borrowing spouse.  Lender provided updated 1008, 1003, and AUS, condition cleared.   10/9/19: According to the FNMA selling guide: If the debts are on the loan application, DU will also include them in the DTI ratio. If the debts do not belong to the borrower, the lender may provide supporting documentation, remove the debts from the loan application, and resubmit the loan casefile to DU in order for the DTI to be updated to exclude the non-applicant debts Lender disclosed the primary housing payment on the 1003 liabilities section item 12 file page 122 and is included in the DTI calculations. Lender states the borrow has no ownership. Property detail report shows purchased in XXXX with a principle loan amount of $XXX,XXX.XX not listed on the borrower’s CBR. Property profile lists the RE taxes on primary, as shown on the 1003. The property detail report showing primary in spouses name is not evidence that borrower is not financial obligated on the loan. A spouse may be on the note and not on title. Verification of the PITI payment for the primary residence disclosed on file page 119 is required.  Condition maintained. 10/02/2019-Property detail report showing primary in spouses name is not evidence that borrower is not financial obligated on the loan. A spouse may be on the note and not on title. Lender disclosed the primary housing payment on the 1003 liabilities section item 12 file page 122. Verification of the PITI payment for the primary residence disclosed on file page 119 is required. Condition retained.09/27/19: Lender provided the closing disclosures, first payment letters, first page of the appraisal, and copies of the note to verify the PITIA for the REO's listed on the final 1003. Please provide the verification of the PITIA for the borrower's primary residence. Condition maintained.09/23/19: Lender provided the closing disclosures, first payment letters, first page of the appraisal, and copies of the note to verify the PITIA for the REO's listed on the final 1003. Please provide the verification of the PITIA for the borrower's primary residence. Condition maintained.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $8049 in disposable income  Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00220

acc33d29-7dd6-e911-abc7-f4e9d4a75a52

701

TQM/Non-HPML

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by lender's guidelines was not provided for the borrower. The VVOE in file is dated more than 10 days prior to the Note date.

10/02/2019-VVOE on borrowers' employment with 10 days of note date provided. Condition cleared.09/27/19: The VOE on page 150 of 527 is for the borrower’s business. For salaried borrower’s,an employment verification dated within 10 days of the note date as required by lender's guidelines was not provided for the borrower. The VVOE in file is dated more than 10 days prior to the Note date. Condition maintained.09/23/19: Lender provided the business license for the borrower S-Corp. For the borrower's W-2 income, the VVOE is dated more than 10 days prior to the Note date. Condition maintained.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $8049 in disposable income  Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00220

779059b0-7bd6-e911-abc7-f4e9d4a75a52

32

TQM/Non-HPML

Credit

Failure to obtain Income Documentation

Per AUS, Self-employed consumers must provide the following information: signed, dated individual tax returns, with all applicable tax schedules for the most recent two years; for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet. File is missing XXXX personal tax returns, XXXX business returns including 1120s and K1s for both S Corps (evidence 1 of the S Corps is the spouse’s was not provided), and a complete schedule E for XXXX and XXXX(the XXXX schedule E in file does not reflect any rental income). Additional conditions may apply.

10/09/19:  Lender provided the 1120 as shown on Schedule E part II. Incorporated XX/XX/XXXX. K-1 shows 100% ownership by spouse. No prior year applicable. XXXX 1120S and K1 on the second S-Corp.  holds REO’s previously reflected on XXXX Schedule E personal tax return. AUS  requires most recent income tax return for net rental income. P&L and Balance sheet not required by AUS. Loss on the second S Corp is considered in income calculations. XXXX personal tax return file page 344 reflects the S-Corp.’s on Schedule E part II. Condition cleared.09/27/19: Lender provided XXXX 1040’s (Pg 183 of 527). XXXX 1040’s Pg 302 of 527). Tax returns for business (Page 228 of 528) (Incorporated XX/XX/XXXX), XXXX form 4562 (Pg 83 of 527). Missing XXXX business returns including 1120s and K1s for both S Corps (evidence that one of the S Corps is the spouse’s was not provided), and a complete schedule E for XXXX and XXXX (the XXXX schedule E in file does not reflect any rental income). Condition maintained.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $8049 in disposable income  Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00220

2510053b-7dd6-e911-abc7-f4e9d4a75a52

854

TQM/Non-HPML

Credit

Failure to obtain Lease Agreements

Missing current leases for properties in which lease income is being used.

10/02/2019-Apprasial with operating income statement provided. Condition cleared.09/27/19: Appraisal on page 161 of 527 is incomplete and does not include form 1007 or operating statement. Condition maintained.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $8049 in disposable income  Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00221

321c67a5-75d5-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified mortgage due to missing employment verification, income documentation, and evidence of PITI for all properties.

10/07/2019-XXXX 1120S and K1 on XXX XXXXXXXX provided. Date incorporated XX/XX/XXXX. No prior year applicable. XXXX 1120Sand K1 on XXX XXXXXXXX holds REO’s previously reflected on XXXX Schedule E personal tax return. AUS condition #15 requires most recent income tax return for net rental income. P&L and Balance sheet not required by AUS. Loss on XXX XXXXXXXX considered in income calculations. XXXX personal tax return file page 506 reflects XXX XXXXXXXX and XXX XXXXXXXX on Schedule E part II via attached statement page 523. Condition cleared.

Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7641 in disposable income

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00221

eb61f103-6e78-4089-aedf-56d061228727

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the lender and broker.

09/12/2019: This finding is deemed non-material and rated a B.

Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7641 in disposable income

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00221

13529f94-79d5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7641 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00221

4524b5c7-73d5-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

Audit is unable to determine the PITI for all properties due to the following: missing HELOC statements (statements in file do not list the property addresses), missing payment and tax info for the 7th property listed on the final 1003, and missing Closing statements for properties with simultaneous closings.  Additional conditions may apply.

09/23/2019-Mortgage statement on REO#6 provided. Reflects escrows. Audit used taxes on appraisal for REO#6 to verify escrow covers both taxes and insurance. First payment letter, Note and closing CD verifying PITI on simultaneous close REO #7 provided. First payment letter, Note and closing CD verifying PITI on simultaneous close REO #9 provided. CD shows HELOC paid off. First payment letter, Note and closing CD verifying PITI on simultaneous close REO #1 provided. CD shows HELOC paid off. First payment letter, Note and closing CD verifying PITI on simultaneous close REO #3(XXXX XXXXXXX XXXX) provided.

Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7641 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00221

82b83c49-75d5-e911-abc7-f4e9d4a75a52

701

TQM/Non-HPML

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by lender's guidelines was not provided for the borrower. The VVOE in file is dated more than 10 days prior to the Note date.

10/02/2019- Post close VVOE on borrowers' employer provided. Condition cleared.09/24/2019: Lender provided verification of a LLC business PDF page 1 of 10 which is not the borrowers disclosed employer on the 1003. The VVOE’s on the disclosed 1003 employer PDF pages 8 of 10 and 9 of 10 are dated XX/XX/XXXX and XX/XX/XXXX respectively, which is greater than 10 business days from closing. Condition maintained.09/23/2019-Lender provided verification of a LLC business PDF page 1 of 10 which is not the borrowers disclosed employer on the 1003. The VVOE’s on the disclosed 1003 employer PDF pages 8 of 10 and 9 of 10 are dated XX/XX/XXXX and XX/XX/XXXX respectively, which is greater than 10 business days from closing. Condition retained.

Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7641 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00221

3c914f74-acd5-e911-abc7-f4e9d4a75a52

32

TQM/Non-HPML

Credit

Failure to obtain Income Documentation

Per AUS, Self-employed consumers must provide the following information: signed, dated individual tax returns, with all applicable tax schedules for the most recent two years; for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet. File is missing XXXX personal tax returns, XXXX and XXXX business returns including 1120s and K1s for both S Corps (evidence 1 of the S Corps is the spouse’s was not provided), and a complete schedule E (the XXXX schedule E in file does not reflect any rental income). Additional conditions may apply.

10/07/2019-XXXX 1120S and K1 on XXX XXXXXXXX provided. Date incorporated XX/XX/XXXX. No prior year applicable. XXXX 1120Sand K1 on XXXX XXXXXXXX holds REO’s previously reflected on XXXX Schedule E personal tax return. AUS condition #15 requires most recent income tax return for net rental income. P&L and Balance sheet not required by AUS. Loss on DTH holdings considered in income calculations. XXXX personal tax return file page 506 reflects XXX XXXXXXXX and XXX XXXXXXXX on Schedule E part II via attached statement page 523. Condition cleared.

Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7641 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00221

8cf74468-acd5-e911-abc7-f4e9d4a75a52

854

TQM/Non-HPML

Credit

Failure to obtain Lease Agreements

Missing current leases for properties in which lease income is being used.

10/02/2019-Apprasial with operating income statement provided. Condition cleared.

Years in Field Borrower has 10 years in Field Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 57.5 months reserves Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7641 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00230

41cf5542-b3d5-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified mortgage due to missing employment verification, income documentation, and evidence of PITI for all properties.

10/10/2019: Lender provided evidence that the primary residence is the responsibility of the non-borrowing spouse. Lender provided updated 1008, 1003, and AUS, condition cleared.  09/24/19: Lender provided the closing disclosures, first payment letters, first page of the appraisal, and copies of the note to verify the PITIA for the REO's listed on the final 1003. Please provide the verification of the PITIA for the borrower's primary residence. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 33.44  months reserves, loan qualified with 82.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 778 Years on Job Borrower on job 5 years

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00230

21e58cb7-a1d5-e911-abc7-f4e9d4a75a52

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the lender and broker.

09/12/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 33.44  months reserves, loan qualified with 82.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 778 Years on Job Borrower on job 5 years

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00230

6076997a-a1d5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 33.44  months reserves, loan qualified with 82.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 778 Years on Job Borrower on job 5 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00230

5deaf004-b4d5-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

Audit is unable to determine the PITI for all properties due to the following: missing HELOC statements (statements in file do not list the property addresses), missing payment and tax info for the 7th property listed on the final 1003, and missing Closing statements for properties with simultaneous closings. Additional conditions may apply.

10/10/2019: Lender provided evidence that the primary residence is the responsibility of the non-borrowing spouse. Lender provided updated 1008, 1003, and AUS, condition cleared.  10/9/19: According to the FNMA selling guide: If the debts are on the loan application, DU will also include them in the DTI ratio. If the debts do not belong to the borrower, the lender may provide supporting documentation, remove the debts from the loan application, and resubmit the loan casefile to DU in order for the DTI to be updated to exclude the non-applicant debts Lender disclosed the primary housing payment on the 1003 liabilities section item 12 file page 122 and is included in the DTI calculations. Lender states the borrow has no ownership. Property detail report shows purchased in XXXX with a principle loan amount of $XXX,XXX.XX not listed on the borrower’s CBR. Property profile lists the RE taxes on primary, as shown on the 1003. The property detail report showing primary in spouses name is not evidence that borrower is not financial obligated on the loan. A spouse may be on the note and not on title. Verification of the PITI payment for the primary residence disclosed on file page 119 is required.  Condition maintained.09/24/19: Lender provided the closing disclosures, first payment letters, first page of the appraisal, and copies of the note to verify the PITIA for the REO's listed on the final 1003. Please provide the verification of the PITIA for the borrower's primary residence. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 33.44  months reserves, loan qualified with 82.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 778 Years on Job Borrower on job 5 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00230

2e6804ca-b3d5-e911-abc7-f4e9d4a75a52

701

TQM/Non-HPML

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by lender's guidelines was not provided for the borrower. The VVOE in file is dated more than 10 days prior to the Note date.

10/09/19: Lender provided the VVOE dated post close. Lenders have the option of obtaining the verbal verification of employment after the note date but prior to delivery. Condition cleared.  10/09/19: Lender provided the business license. Please provide the VVOE within 10 days of the note date for the borrower's W2 income. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 33.44  months reserves, loan qualified with 82.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 778 Years on Job Borrower on job 5 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00230

8790ccf4-b3d5-e911-abc7-f4e9d4a75a52

32

TQM/Non-HPML

Credit

Failure to obtain Income Documentation

Per AUS, Self-employed consumers must provide the following information: signed, dated individual tax returns, with all applicable tax schedules for the most recent two years; for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet. File is missing XXXX personal tax returns, XXXX and XXXX business returns including 1120s and K1s for both S Corps (evidence 1 of the S Corps is the spouse’s was not provided), and a complete schedule E (the XXXX schedule E in file does not reflect any rental income). Additional conditions may apply.

10/09/19:  Lender provided the 1120 as shown on Schedule E part II. Incorporated XX/XX/XXXX. K-1 shows 100% ownership by spouse. No prior year applicable. XXXX 1120S and K1 on the second S-Corp. holds REO’s previously reflected on XXXX Schedule E personal tax return. AUS requires most recent income tax return for net rental income. P&L and Balance sheet not required by AUS. Loss on the second S Corp is considered in income calculations. XXXX personal tax return file page 344 reflects the S-Corp.’s on Schedule E part II. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 33.44  months reserves, loan qualified with 82.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 778 Years on Job Borrower on job 5 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00230

0ee31fd4-b3d5-e911-abc7-f4e9d4a75a52

854

TQM/Non-HPML

Credit

Failure to obtain Lease Agreements

Missing current leases for properties in which lease income is being used.

10/09/19: Lender provided the appraisal and form 1007 to verify rental income not shown on Schedule E. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 33.44  months reserves, loan qualified with 82.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 778 Years on Job Borrower on job 5 years

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00225

84d1dc27-e9d4-e911-abc7-f4e9d4a75a52

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified mortgage due to missing employment verification, income documentation, and evidence of PITI for all properties.

10/09/19: Lender provided the VVOE dated post close. Lenders have the option of obtaining the verbal verification of employment after the note date but prior to delivery. Lender provided the appraisal and Form 1007 for REO#2 file page 107. Estimated monthly market rent of $X,XXX.XX or $X,XXX.XX as of XX/XX/XXXX. Lender provided XXXX 1120S for audit schedule E REO Calculations. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 28 months reserves, loan qualified with 64.60 months reserves Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7488 in disposable income

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00225

c0afdfc0-cb9b-4251-bbfe-cc3f62910efa

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the Lender and the Broker.

09/12/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 28 months reserves, loan qualified with 64.60 months reserves Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7488 in disposable income

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00225

fb985ab3-afd5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 28 months reserves, loan qualified with 64.60 months reserves Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7488 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00225

1f18c30d-b0d5-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Audit is unable to determine the PITI for all properties due to the following: missing HELOC statements (statements in file do not list the property addresses), missing payment and tax info for the 7th property listed on the final 1003, and missing Closing statements for properties with simultaneous closings. Additional conditions may apply.

10/10/2019: Lender provided evidence that the primary residence is the responsibility of the non-borrowing spouse. Lender provided updated 1008, 1003, and AUS, condition cleared.  10/9/19: According to the FNMA selling guide: If the debts are on the loan application, DU will also include them in the DTI ratio. If the debts do not belong to the borrower, the lender may provide supporting documentation, remove the debts from the loan application, and resubmit the loan casefile to DU in order for the DTI to be updated to exclude the non-applicant debts Lender disclosed the primary housing payment on the 1003 liabilities section item 12 file page 122 and is included in the DTI calculations. Lender states the borrow has no ownership. Property detail report shows purchased in XXXX with a principle loan amount of $XXX,XXX.XX not listed on the borrower’s CBR. Property profile lists the RE taxes on primary, as shown on the 1003. The property detail report showing primary in spouses name is not evidence that borrower is not financial obligated on the loan. A spouse may be on the note and not on title. Verification of the PITI payment for the primary residence disclosed on file page 119 is required.  Condition maintained.  09/23/2019-Mortgage statement on REO#7 (XXXXX XXXXXXX) provided. Reflects escrows. Audit used taxes on appraisal for REO#7 to verify escrow covers both taxes and insurance. First payment letter, Note and closing CD verifying PITI on simultaneous close REO #8 provided. First payment letter, Note and closing CD verifying PITI on simultaneous close REO #2 provided. CD shows HELOC paid off. First payment letter, Note and closing CD verifying PITI on simultaneous close REO #3 provided. CD shows HELOC paid off. First payment letter, Note and closing CD verifying PITI on simultaneous close REO #4 provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 28 months reserves, loan qualified with 64.60 months reserves Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7488 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00225

a2d606e3-afd5-e911-abc7-f4e9d4a75a52

701

Not Covered/Exempt

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by lender's guidelines was not provided for the borrower. The VVOE in file is dated more than 10 days prior to the Note date

10/09/19: Lender provided the VVOE dated post close. Lenders have the option of obtaining the verbal verification of employment after the note date but prior to delivery. Condition cleared. 09/23/2019-Lender provided verification of a LLC business PDF page 1 of 10 which is not the borrowers disclosed employer on the 1003. The VVOE’s on the disclosed 1003 employer PDF pages 8 of 10 and 9 of 10 are dated XX/XX/XXXX and XX/XX/XXXX respectively, which is greater than 10 business days from closing. Condition retained.

Reserves are higher than guideline minimum UW Guides require 28 months reserves, loan qualified with 64.60 months reserves Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7488 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00225

3de6b5f8-afd5-e911-abc7-f4e9d4a75a52

32

Not Covered/Exempt

Credit

Failure to obtain Income Documentation

Per AUS, Self-employed consumers must provide the following information: signed, dated individual tax returns, with all applicable tax schedules for the most recent two years; for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet. File is missing XXXX personal tax returns, XXXX and XXXX business returns including 1120s and K1s for both S Corps (evidence 1 of the S Corps is the spouse’s was not provided), and a complete schedule E (the XXXX schedule E in file does not reflect any rental income). Additional conditions may apply.

10/03/2019- Borrower is employed. REO held within S corporation. Lender provided XXXX 1120S for audit schedule E REO Calculations. Lender held income loss from business against borrower income in total income calculation. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 28 months reserves, loan qualified with 64.60 months reserves Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7488 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00225

139cc6fb-e7d4-e911-abc7-f4e9d4a75a52

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Missing current lease/rental agreement for all rental properties listed on 1003 except subject.

10/09/2019: Lender provided the appraisal and Form 1007 for REO#2 file page 107. Estimated monthly market rent of $X,XXX.XX or $X,XXX.XX as of XX/XX/XXXX.  Condition cleared. 10/03/2019- XXXX 1120 S provided for schedule E audit of gross rental income. REO#2 file page 107 does not appear on 1120 S Schedule E. Lender worksheet file page 360 shows a calculation based on a lease payment. Provide lease on REO#2.Condition retained.

Reserves are higher than guideline minimum UW Guides require 28 months reserves, loan qualified with 64.60 months reserves Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7488 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00231

c06785f5-a9d5-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified mortgage due to missing employment verification, income documentation, and evidence of PITI for all properties.

10/07/2019-XXXX 1120S and K1 on XXX XXXXXXX provided. Date incorporated XX/XX/XXXX. No prior year applicable. XXXX 1120Sand K1 on XXX XXXXXXXX holds REO’s previously reflected on XXXX Schedule E personal tax return. AUS condition #15 requires most recent income tax return for net rental income. P&L and Balance sheet not required by AUS. Loss on XXX XXXXXXXX considered in income calculations. XXXX personal tax return file page 344 reflects XXX XXXXXXXX and XXX XXXXXXXX on Schedule E part II via attached statement page 349. Condition cleared.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7653 in disposable income  Reserves are higher than guideline minimum UW Guides require 39 months reserves, loan qualified with 87 months reserves

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00231

76b2adfa-24a6-47f9-bb8e-c2a1aae0bff4

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the Lender and the Broker.

09/12/2019: This finding is deemed non-material and rated a B.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7653 in disposable income  Reserves are higher than guideline minimum UW Guides require 39 months reserves, loan qualified with 87 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00231

408b8d36-41d5-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7653 in disposable income  Reserves are higher than guideline minimum UW Guides require 39 months reserves, loan qualified with 87 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00231

2901e5ac-aad5-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

Audit is unable to determine the PITI for all properties due to the following: missing HELOC statements (statements in file do not list the property addresses), missing payment and tax info for the 7th property listed on the final 1003, and missing Closing statements for properties with simultaneous closings. Additional conditions may apply.

09/16/19: Lender provided the tax information for the 7th property listed on the final 1003, and Closing statements for properties with simultaneous closings. Condition cleared.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7653 in disposable income  Reserves are higher than guideline minimum UW Guides require 39 months reserves, loan qualified with 87 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00231

f7cce928-aad5-e911-abc7-f4e9d4a75a52

701

TQM/Non-HPML

Credit

Failure to obtain Employment Verification

An employment verification dated within 10 days of the note date as required by lender's guidelines was not provided for the borrower. The VVOE in file is dated more than 10 days prior to the Note date

09/16/19: Lender provided the VVOE dated within 10 days of the note. Condition cleared.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7653 in disposable income  Reserves are higher than guideline minimum UW Guides require 39 months reserves, loan qualified with 87 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00231

e4b08993-aad5-e911-abc7-f4e9d4a75a52

32

TQM/Non-HPML

Credit

Failure to obtain Income Documentation

Per AUS, Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet.  File is missing XXXX personal tax returns, XXXX and XXXX business returns including 1120s and K1s for both S Corps (evidence 1 of the S Corps is the spouse’s was not provided), and a complete schedule E (the XXXX schedule E in file does not reflect any rental income).  Additional conditions may apply.

10/07/2019-XXXX 1120S and K1 on XXX XXXXXXXX provided. Date incorporated XX/XX/XXXX. No prior year applicable. XXXX 1120Sand K1 on XXX XXXXXXXXs holds REO’s previously reflected on XXXX Schedule E personal tax return. AUS condition #15 requires most recent income tax return for net rental income. P&L and Balance sheet not required by AUS. Loss on XXX XXXXXXXX considered in income calculations. XXXX personal tax return file page 344 reflects XXX XXXXXXXX and XXX XXXXXXXX on Schedule E part II via attached statement page 349. Condition cleared.09/26/19: According to the tax return, was incorporated XX/XX/XXXX. Per AUS, Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet.  File is missing XXXX personal tax returns, XXXX and XXXX business returns including 1120s and K1s for both S Corps (evidence 1 of the S Corps is the spouse’s was not provided), and a complete schedule E (the XXXX schedule E in file does not reflect any rental income). File is missing XXXX personal tax returns, XXXX and XXXX business returns including 1120s and K1s for both S Corps (evidence 1 of the S Corps is the spouse’s was not provided), and a complete schedule E.  Condition maintained. 09/16/19:  Lender provided XXXX for the holding company and XXXX 1040’s. File is missing XXXX personal tax returns, XXXX and XXXX business returns including 1120s and K1s for both S Corps (evidence 1 of the S Corps is the spouse’s was not provided),and a complete schedule E  Condition maintained

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7653 in disposable income  Reserves are higher than guideline minimum UW Guides require 39 months reserves, loan qualified with 87 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00231

fe250e44-aad5-e911-abc7-f4e9d4a75a52

854

TQM/Non-HPML

Credit

Failure to obtain Lease Agreements

Missing current leases for properties in which lease income is being used.

09/26/19: REO# 9: Market rents used. Property purchased XX/XX/XXXX. Uploaded appraisal to M4 to evidence rents. Condition cleared.

Years in Field Borrower has 10 years in Field Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $7653 in disposable income  Reserves are higher than guideline minimum UW Guides require 39 months reserves, loan qualified with 87 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0041

081c2414-d9c5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum AUS require 6  months reserves, loan qualified with  263.2 months reserves No Mortgage Lates Credit report verifies 80 months payment history with no late payments reported Years on Job Borrower has 17.3  years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0041

2f1c07d9-bfc5-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 17.51%.  Due to the improper calculation of income, the actual DTI is 30.48%. It appears the lender utilized rental income for the subject property, however, verification of the rental income was not provided.

09/16/19: Lender provided the complete revised 1003. Condition cleared. 09/12/19: Lender provided a revised AUS/1008 and 1003 page 2 of 5. Please provide the complete revised 1003.  Condition maintained.

Reserves are higher than guideline minimum AUS require 6  months reserves, loan qualified with  263.2 months reserves No Mortgage Lates Credit report verifies 80 months payment history with no late payments reported Years on Job Borrower has 17.3  years on job

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00177

15a306ae-7660-42c7-a30b-28efa0cd6da9

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Lender and Broker Affiliated Business Disclosure

09/11/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 23.23% Reserves are higher than guideline minimum UW Guides require 24.34 months reserves, loan qualified with  62.50 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00177

e35a7e9b-bed4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 23.23% Reserves are higher than guideline minimum UW Guides require 24.34 months reserves, loan qualified with  62.50 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0086

317d7864-34d3-e911-abc7-f4e9d4a75a52

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing income documentation.

09/13/19: Lender provided the cash flow analysis. For certain loan case files DU will issue a message permitting only one year of personal and business tax returns, provided lenders document the income by: obtaining signed individual and business federal income tax returns for the most recent year, confirming the tax returns reflect at least 12 months of self-employment income, and completing Fannie Mae’s Cash Flow Analysis (Form 1084) or any other type of cash flow analysis form that applies the same principles.  Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 16.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.86% Years Self Employed Borrower has 20 years Self Employed

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0086

dad630b9-ab33-418e-a453-9703c0352f07

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/09/2019: This finding is deemed non-material with a final grade of a “B”.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 16.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.86% Years Self Employed Borrower has 20 years Self Employed

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0086

d3f1abc5-76e9-4647-8055-474bea2cff21

3326

Not Covered/Exempt

Compliance

Missing E Consent Disclosure

Missing the Borrower's Consent to Receive Communications Electronically. Provide E Consent  disclosure for the borrower.  No Cure

09/09/2019: This finding is deemed non-material with a final grade of a “B”.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 16.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.86% Years Self Employed Borrower has 20 years Self Employed

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV0086

37b7d86d-35d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 16.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.86% Years Self Employed Borrower has 20 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0086

616662a1-34d3-e911-abc7-f4e9d4a75a52

914

Not Covered/Exempt

Credit

Missing income documentation

Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules. File is missing the signed personal Federal tax returns for XXXX and the file is missing the signed business tax returns for XXXX, however the selling guide will allow the Cash Flow form in lieu of the XXXX signed returns. Cash Flow form missing from loan file.

09/13/19: Lender provided the cash flow analysis. For certain loan casefiles DU will issue a message permitting only one year of personal and business tax returns, provided lenders document the income by: obtaining signed individual and business federal income tax returns for the most recent year, confirming the tax returns reflect at least 12 months of self-employment income, and completing Fannie Mae’s Cash Flow Analysis (Form 1084) or any other type of cash flow analysis form that applies the same principles.  Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 16.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.86% Years Self Employed Borrower has 20 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00212

0b5cdf0d-dad3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 785 Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with  24.40 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.71

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00232

e005bf17-a8a5-433d-804b-88209296276e

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

HUD Homeownership Counseling Disclosure not provided within 3 days of application.

09/13/2019: Finding deemed non-material, loan will be graded a B for all agencies

Years Self Employed Borrower has 26 years Self Employed DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.33% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 34.58%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00232

dee9a280-d430-480e-942d-c99a7b871635

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report Fee, Flood Certificate Fee and Tax Service Fee in section B of the final Closing Disclosure is missing the name of the service provider. Fees payable to the broker and lender must be reflected in Section A.  Provide corrected CD and letter of explanation to the Borrower.

09/13/2019: Non-material per SFIG guidance, loan will be graded a B for all agencies

Years Self Employed Borrower has 26 years Self Employed DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.33% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 34.58%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00232

cf4d5795-b6d4-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing credit report

10/03/2019-Credit report that matches to AUS provided. Condition cleared.09/30/19: The credit report provided is dated XX/XX/XXXX. DU shows a date of XX/XX/XXXX. Please provide the credit report used in the AUS analysis or update AUS with provided credit report. Condition maintained.09/20/2019-Credit report provided dated XX/XX/XXXX does not match to the credit report ID used in the AUS item #27 file page 124. Provide the credit report used in the AUS analysis or update AUS with provided credit report. Condition retained.

Years Self Employed Borrower has 26 years Self Employed DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.33% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 34.58%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00232

c2043dbc-d289-49e0-9e69-e80c8f5d6bbe

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/13/2019: Finding deemed non-material, loan will be graded a B for all agencies

Years Self Employed Borrower has 26 years Self Employed DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.33% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 34.58%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00232

94f91311-4dd6-e911-abc7-f4e9d4a75a52

3228

TQM/Non-HPML

Compliance

Missing Loan Estimate / LE Not in File

The LE, dated XX/XX/XXXX, is missing from the loan file.   No Cure

09/19/2019- LE dated XX/XX/XXXX provided. Condition cleared.

Years Self Employed Borrower has 26 years Self Employed DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.33% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 34.58%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00232

5f006d8b-32d6-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years Self Employed Borrower has 26 years Self Employed DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.33% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 34.58%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00232

90468664-b6d4-e911-abc7-f4e9d4a75a52

912

TQM/Non-HPML

Credit

Missing credit report

A credit report for the borrower was not provided.

10/03/2019-Credit report that matches to AUS provided. Condition cleared.09/30/19: The credit report provided is dated XX/XX/XXXX. DU shows a date of XX/XX/XXXX. Please provide the credit report used in the AUS analysis or update AUS with provided credit report. Condition maintained.09/20/2019-Credit report provided dated XX/XX/XXXX does not match to the credit report ID used in the AUS item #27 file page 124. Provide the credit report used in the AUS analysis or update AUS with provided credit report. Condition retained.

Years Self Employed Borrower has 26 years Self Employed DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.33% CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 34.58%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00179

229f93dd-e340-42be-8a2d-12d2e1f1627b

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Lender and Broker Affiliated Business Disclosures

9/10/2019:  This finding is deemed non-material and is rated a B.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 26 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 742

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00179

0066ac48-3fd4-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report  verifies 26 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 742

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0050

cf2cc037-2cc5-e911-abc7-f4e9d4a75a52

3296

Not Covered/Exempt

Compliance

Closing Disclosure document error

Home Warranty in Section H of the final Closing Disclosure does not reflect the word "Optional". Provide re-disclosed CD and letter of explanation.  No Cure.

09/13/19: Lender provided the corrected CD and LOE to the borrower. Loan will be graded a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

3

2

D

B

D

B

D

B

D

B

D

B

Cleared

FSMT20201INV0050

4223dff5-2bc5-e911-abc7-f4e9d4a75a52

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing documentation.

09/12/19:  Per Lender, "XXX XXXXXX XX XXX X” is a null and void address (typographical error). The borrower's correct present address is listed on the revised 1003 and initial signed/dated 1003 and supporting REO documentation.  The borrower only has ownership in the subject and primary.  A revised and corrected AUS/1008/1003 was provided. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0050

c287530e-d15c-4157-b4a9-8765d4ca91c1

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing affiliated business disclosure

This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0050

881622bc-ca15-40e0-ab7c-951275f3e2ac

3326

Not Covered/Exempt

Compliance

Missing E Consent Disclosure

Missing the Borrower's Consent to Receive Communications Electronically. Provide E Consent disclosure for the Borrower’s.  No Cure.

09/05/19: Lender provided the e consent disclosure for the borrowers. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0050

2bcbb078-2cc5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0050

389327c8-2cc5-e911-abc7-f4e9d4a75a52

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Missing current lease/rental agreement for the subject property. Per the AUS Approval, if there is an existing rental or lease agreement on the subject, copies of the agreements must be provided to ensure that first lien position is not at risk.  The appraisal indicates that both units are currently rented.  Copies of the rental/ lease agreement were not provided.

09/06/19: Lender provided the signed operating statement for the subject property. Current market rents for both units $X,XXX.XX. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0050

5bfc83ab-2cc5-e911-abc7-f4e9d4a75a52

724

Not Covered/Exempt

Credit

Missing Documentation

Evidence of Principal & Interest payment for property #1 on the final application not provided.  Additional conditions may apply upon receipt.

09/12/19:  Per Lender, "XXX XXXXXX XX XXX X” is a null and void address (typographical error). The borrower's correct present address is listed on the revised 1003 and initial signed/dated 1003 and supporting REO documentation.  The borrower only has ownership in the subject and primary.  A revised and corrected AUS/1008/1003 was provided.   Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0050

c720e289-2cc5-e911-abc7-f4e9d4a75a52

1687

Not Covered/Exempt

Credit

Missing Evidence of Property Taxes

Evidence of property taxes for property #1 on the final application not provided.  Additional conditions may apply upon receipt.

09/12/19:  Per Lender, "XXX XXXXXX XX XXX X” is a null and void address (typographical error). The borrower's correct present address is listed on the revised 1003 and initial signed/dated 1003 and supporting REO documentation.  The borrower only has ownership in the subject and primary.  A revised and corrected AUS/1008/1003 was provided.   Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0050

09bd5b9e-2cc5-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of insurance for property #1 on the final application not provided.  Additional conditions may apply upon receipt.

09/12/19:  Per Lender, "XXX XXXXXX XX XXX X” is a null and void address (typographical error). The borrower's correct present address is listed on the revised 1003 and initial signed/dated 1003 and supporting REO documentation.  The borrower only has ownership in the subject and primary.  A revised and corrected AUS/1008/1003 was provided.   Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 40.15%, loan qualified with DTI of 37.38% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with  12.3 months reserves Years Self Employed Borrower has 5 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0082

165e5bd0-bbbf-e911-abc7-f4e9d4a75a52

822

Not Covered/Exempt

Credit

Assets are not sourced/seasoned

The statement for account #3 on final application reflects a transfer of $XX,XXX.XX on XX/XX/XXXX. The statement for account #2 on final application reflects a transfer of $XX,XXX.XX on XX/XX/XXXX. There is no evidence in the file documenting the source of the transfers.

08/26/19: Lender provided the source of funds for transfer of $XX,XXX.XX on XX/XX/XXXX and for transfer of $XX,XXX.XX on XX/XX/XXXX. Condition cleared.

Disposable Income is higher than guideline minimum Loan qualified with disposable income of $11,668.45 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 17.63% LTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0082

08e5fe0e-80c2-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/11/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum Loan qualified with disposable income of $11,668.45 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 17.63% LTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0082

91ca72dd-cdbe-e911-abc7-f4e9d4a75a52

16

Not Covered/Exempt

Credit

Failure to obtain Flood Certificate

Life of loan Flood Certificate not provided.

08/22/19: Lender provided the flood certificate for the subject property. Condition cleared.

Disposable Income is higher than guideline minimum Loan qualified with disposable income of $11,668.45 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 17.63% LTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00176

78c01cbc-fdd3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $5,698.08 in disposable income   Reserves are higher than guideline minimum UW Guides require 39.00  months reserves, loan qualified with 94.00 months reserves Years in Field Borrower has 27 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00145

b3389abe-2d2b-4afe-acbb-fcf17f546756

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

09/10/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 748 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 66.25% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported Years Self Employed Borrower has 20 years Self Employed Reserves are higher than guideline minimum AUS Guides require 55.74 months’ reserves, loan qualified with 134.70 months’ reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00145

efeeeb04-ec8e-4ee4-a728-8aa117715fe1

1665

Not Covered/Exempt

Compliance

Missing Special Information Booklet / Home Loan Toolkit

Missing Home Loan Toolkit.

09/10/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 748 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 66.25% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported Years Self Employed Borrower has 20 years Self Employed Reserves are higher than guideline minimum AUS Guides require 55.74 months’ reserves, loan qualified with 134.70 months’ reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00145

ba33d9a2-0cd4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 748 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 66.25% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported Years Self Employed Borrower has 20 years Self Employed Reserves are higher than guideline minimum AUS Guides require 55.74 months’ reserves, loan qualified with 134.70 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00168

99b0a5e6-2ed0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 5.06 months’ reserves, loan qualified with 14.00 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 782 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 39%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00208

33939bc9-0b2a-48e6-8950-ee1ce0cc28d9

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

HUD Homeownership Counseling Disclosure not provided within 3 days of application. The Disclosure is dated XX/XX/XXXX and the Application is dated XX/XX/XXXX. The brokers disclosure did not include a list of the 10 counseling agencies.

09/07/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 29.90 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 716 Years Self Employed Borrower has 21 years Self Employed

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00208

01cb8163-45ee-4d20-9bd5-4489048c09c7

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Tax Service Fee in section B of the final Closing Disclosure is missing the name of the service provider. It should be the name of the party ultimately receiving the payment or reflect FBO. If the lender is the correct payee, the fee should be disclosed in Section A, Origination Fees. Please provide an LOE and corrected CD to the borrower.

09/07/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 29.90 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 716 Years Self Employed Borrower has 21 years Self Employed

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00208

2402515e-ffd3-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing signed HELOC closure letter and missing 2nd lien note for the primary residence

09/18/19: Lender provided the signed authorization to close the line of credit. Evidence of the PITIA for the borrower's primary residence. Second lien is documented on the CBR. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 29.90 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 716 Years Self Employed Borrower has 21 years Self Employed

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00208

0f138bc3-79ba-4f87-b0e3-5b47ea563fb4

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/07/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 29.90 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 716 Years Self Employed Borrower has 21 years Self Employed

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00208

43c099e4-fed3-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 29.90 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 716 Years Self Employed Borrower has 21 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00208

48fa6cc7-82d1-e911-abc7-f4e9d4a75a52

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

The HELOC closure letter in file is not signed by the borrowers.

09/18/19: Lender provided the signed authorization to close the line of credit. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 29.90 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 716 Years Self Employed Borrower has 21 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00208

9f780f1a-83d1-e911-abc7-f4e9d4a75a52

853

TQM/Non-HPML

Credit

Failure to Obtain Second Lien Note

Second lien Note not provided for the primary residence.

09/18/19: Lender provided evidence of the PITIA for the borrower's primary residence. Second lien is documented on the CBR. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 26 months reserves, loan qualified with 29.90 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 716 Years Self Employed Borrower has 21 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00138

1a72ac3b-0fd4-e911-abc7-f4e9d4a75a52

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of principal and interest for REO property.

09/18/19: Lender provided evidence of the principal and interest payment for property #7 listed on final 1003. Condition cleared.

LTV is lower than guideline maximum Loan qualified with 75.00% FICO is higher than guideline minimum Loan qualifed with  FICO of 791 DTI is lower than guideline maximum Loan qualified with DTI of 39.12%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00138

bfa25592-0cd4-e911-abc7-f4e9d4a75a52

724

Not Covered/Exempt

Credit

Missing Documentation

Evidence of principal and interest payment for property #7 listed on final 1003 not provided. Additional conditions may apply.

09/18/19: Lender provided evidence of the principal and interest payment for property #7 listed on final 1003. Condition cleared.

LTV is lower than guideline maximum Loan qualified with 75.00% FICO is higher than guideline minimum Loan qualifed with  FICO of 791 DTI is lower than guideline maximum Loan qualified with DTI of 39.12%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0021

2a5e247b-aac5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 30.60 months reserves Years on Job Co-Borrower has 6 years on job  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 735

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00122

f56fe9e8-f7d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 13 years on job Reserves are higher than guideline minimum UW Guides require 18.85  months reserves, loan qualified with  37.70 months reserves FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 774 FICO

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00157

a6f99774-3acf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 789 Years in Field Borrower has 7 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 33.15%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00222

a2609352-00d4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW guidelines reuire max DTI of 45% loan qualified with DTI of 27.03% Years Self Employed Borrower has been Self Employed 20 years  FICO is higher than guideline minimum UW guidelines require min FICO of 680, loan qualified wth a FICO of 775

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00222

cef0252c-e6d3-e911-abc7-f4e9d4a75a52

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Missing current lease/rental agreement for property #1 located on the borrower's final application.

10/11/2019- Lender adjusted 1003, 1008 and AUS and held PITI for REO#1 in DTI provided. Lease no longer required. Condition cleared.

DTI is lower than guideline maximum UW guidelines reuire max DTI of 45% loan qualified with DTI of 27.03% Years Self Employed Borrower has been Self Employed 20 years  FICO is higher than guideline minimum UW guidelines require min FICO of 680, loan qualified wth a FICO of 775

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00185

9b09d0b8-b0d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 730 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.25% Reserves are higher than guideline minimum UW Guides require 8.43 months’ reserves, loan qualified with 19.80 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00185

61e92f70-c6d0-e911-abc7-f4e9d4a75a52

32

Not Covered/Exempt

Credit

Failure to obtain Income Documentation

AUS in file requires verification of the rental income or loss from properties with either the borrower's most recent federal income tax return or current lease agreement. File is missing lease agreements and/or federal income tax returns. Additional conditions may apply.

09/20/2019- Lease agreement provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 730 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.25% Reserves are higher than guideline minimum UW Guides require 8.43 months’ reserves, loan qualified with 19.80 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0031

f20146a0-16c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 750 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 459.40 months reserves Years on Job Borrower has 30 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0031

8c908bb8-45c4-e911-abc7-f4e9d4a75a52

15

Not Covered/Exempt

Credit

Failure to obtain Hazard Insurance Declaration

The effective date of the hazard insurance declaration in file is post funding.

08/30/19: Upon further review the effective date of the hazard insurance is prior to the note/disbursement date. Condition rescinded.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 750 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 459.40 months reserves Years on Job Borrower has 30 years on job

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV00186

11292fa1-68cb-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 795 Reserves are higher than guideline minimum UW Guides require 13 months reserves, loan qualified with 15 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0047

e65af66f-5dc4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Reserves are higher than guideline minimum UW Guides require 10.81  months reserves, loan qualified with 422.20 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 805 Years in Field Borrower has 2 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0047

c4ddda86-5dc4-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 18.46%. Due to the miscalculation of net rental income for the subject property, the actual DTI is 22.17%.

08/30/19: Lender provided a revised AUS with a DTI of 22.99%. DTI is within tolerance. Condition cleared. 08/26/2019-Lender AUS reflects a subject property net cash flow of $X.XX file page 116. Audit gross rental income file page 443 is $X,XXX x 75% = $X,XXX.XX less proposed PITI $X,XXX.XX = -$X,XXX.XX. Condition retained.

Reserves are higher than guideline minimum UW Guides require 10.81  months reserves, loan qualified with 422.20 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 805 Years in Field Borrower has 2 years in Field

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00196

e2b680e3-d4d3-e911-abc7-f4e9d4a75a52

3296

TQM/Non-HPML

Compliance

Closing Disclosure document error

The final CD has fees paid to the Broker in Section B. The payee cannot be the broker and must be the 3rd party vendor.

09/10/2019: This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.55% Years on Job Borrower has 10 years on job FICO is higher than guideline minimum UW Guides require FICO of 640, loan qualified with FICO of 781

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00196

0ea8f4d1-c27c-44be-b576-934177156c13

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Lender and Broker Affiliated Business Disclosure

09/10/2019: This finding is deemed non-material and rated a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.55% Years on Job Borrower has 10 years on job FICO is higher than guideline minimum UW Guides require FICO of 640, loan qualified with FICO of 781

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00196

8601f945-d5d3-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35.55% Years on Job Borrower has 10 years on job FICO is higher than guideline minimum UW Guides require FICO of 640, loan qualified with FICO of 781

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00459

aad00f79-8894-4ccf-ab4c-b495ab0a80b5

2862

TQM/HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

The HUD Homeownership Organization Counseling Disclosure is dated XX/XX/XXXX and the application date is XX/XX/XXXX.

12/15/2019  This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW guides maximum CLTV of 80%, loan qualified with CLTV of 70% Reserves are higher than guideline minimum UW guides require 6 months' reserves, loan qualified with 164.5 months' reserves FICO is higher than guideline minimum UW guides require FICO of 680, loan qualifed with FICO of 777

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00459

a830a178-14e0-4220-820b-e5d03fa7538a

48

TQM/HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

12/15/2019  This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW guides maximum CLTV of 80%, loan qualified with CLTV of 70% Reserves are higher than guideline minimum UW guides require 6 months' reserves, loan qualified with 164.5 months' reserves FICO is higher than guideline minimum UW guides require FICO of 680, loan qualifed with FICO of 777

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00170

168b9aa2-56c4-485a-90c6-ef9f1738ab02

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Appraisal Fee and Credit Report Fee reflected in section B of the final Closing Disclosure should be reflected in section A or should include an FBO and the actual payee name. Provide corrected CD and letter of explanation to the Borrower.

09/04/2019: This finding is deemed non material per SFIG and will be graded a B for all agencies.

Disposable Income is higher than guideline minimum Loan qualified with disaposable income of $10,902.01 FICO is higher than guideline minimum Loan qualified with FICO of 740. CLTV is lower than guideline maximum Loan qualified with CLTV of 75.00%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00170

d7364530-5bcf-e911-abc7-f4e9d4a75a52

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for Lender and Broker.

09/04/2019: This finding is deemed non material and will be graded a B for all agencies.

Disposable Income is higher than guideline minimum Loan qualified with disaposable income of $10,902.01 FICO is higher than guideline minimum Loan qualified with FICO of 740. CLTV is lower than guideline maximum Loan qualified with CLTV of 75.00%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00170

6e85c43f-5acf-e911-abc7-f4e9d4a75a52

841

TQM/Non-HPML

Credit

Failure to Obtain Flood Certificate

Life of loan Flood Certificate provided is not legible. Please provide an uncorrupted pdf.

09/06/2019- Flood certificate provided. Condition cleared.

Disposable Income is higher than guideline minimum Loan qualified with disaposable income of $10,902.01 FICO is higher than guideline minimum Loan qualified with FICO of 740. CLTV is lower than guideline maximum Loan qualified with CLTV of 75.00%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00170

495f1e96-59cf-e911-abc7-f4e9d4a75a52

909

TQM/Non-HPML

Credit

Missing AUS results

Missing legible AUS results. AUS in file is a corrupt pdf.

09/06/2019- AUS provided. Condition cleared.

Disposable Income is higher than guideline minimum Loan qualified with disaposable income of $10,902.01 FICO is higher than guideline minimum Loan qualified with FICO of 740. CLTV is lower than guideline maximum Loan qualified with CLTV of 75.00%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0085

f772b6f7-466d-4a39-a929-e00ae9d217e1

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage, The AUS reflects a DTI of 40%. Due to the miscalculation of bonus income, the actual DTI is 43.86%.

08/27/2019-Re calculated bonus income adjust audit DTI to 42.18 which is with tolerance. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 730 CLTV is lower than guideline maximum UW Guides maximum CLTV of 75%, loan qualified with CLTV of 57.41% No Mortgage Lates UW Guides require 0x30 days late in the most recent 12 months; credit report verifies 99 months payment history with no late payments reported

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0085

0cfb168c-51c4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 730 CLTV is lower than guideline maximum UW Guides maximum CLTV of 75%, loan qualified with CLTV of 57.41% No Mortgage Lates UW Guides require 0x30 days late in the most recent 12 months; credit report verifies 99 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0085

9e45b9a9-51c4-e911-abc7-f4e9d4a75a52

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 40%. Due to the miscalculation of bonus income, the actual DTI is 43.86%.

08/27/2019-how was the bonus income miscalculated? provide your calculations and a specific explanation before this can be addressed?

08/27/2019-Re calculated bonus income adjust audit DTI to 42.18 which is with tolerance. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 730 CLTV is lower than guideline maximum UW Guides maximum CLTV of 75%, loan qualified with CLTV of 57.41% No Mortgage Lates UW Guides require 0x30 days late in the most recent 12 months; credit report verifies 99 months payment history with no late payments reported

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV0085

9ad86fa2-52c4-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Evidence of P & I for refinance of property #2 on the final application not provided.

08/27/2019- P&I reflects on credit report. Disclosed loan matches via account numbers to 1003. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 730 CLTV is lower than guideline maximum UW Guides maximum CLTV of 75%, loan qualified with CLTV of 57.41% No Mortgage Lates UW Guides require 0x30 days late in the most recent 12 months; credit report verifies 99 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0085

1e5dbb45-98c5-e911-abc7-f4e9d4a75a52

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of taxes and insurance for refinance of property #2 on the final application not provided.

8/26/19: Upon further review documentation located in loan file, condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 730 CLTV is lower than guideline maximum UW Guides maximum CLTV of 75%, loan qualified with CLTV of 57.41% No Mortgage Lates UW Guides require 0x30 days late in the most recent 12 months; credit report verifies 99 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00189

01497c2a-37cf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 35% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 792 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 58.86%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00227

9372389b-e4d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 8.46 months’ reserves, loan qualified with 68.20 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 798 Years Self Employed Borrower has 20 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00227

56ade2b8-e5d0-e911-abc7-f4e9d4a75a52

1692

Not Covered/Exempt

Credit

Missing Evidence REO Property is Owned Free and Clear

Evidence property #2 on the final application is free & clear not provided.

10/11/2019- Property detail report with deed of release verifies REO#2 is owned free and clear. Condition cleared.10/09/19: Lender provided a Deed of Release, however the address of the property was not provided. Please provide evidence of property #2 is free & clear with either a credit supplement or property profile. Condition maintained.

Reserves are higher than guideline minimum UW Guides require 8.46 months’ reserves, loan qualified with 68.20 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 798 Years Self Employed Borrower has 20 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0069

3f425d7a-2ec4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

08/27/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared

Years in Field 25 years in the same field Reserves are higher than guideline minimum DU required 10.81  months reserves, loan qualified with 507 months reserves Years in Primary Residence 23 years in primary residence

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0069

0d7fa284-10c5-e911-abc7-f4e9d4a75a52

920

Not Covered/Exempt

Credit

Missing Note

Note in the file is missing page 2

09/04/2019- Note all pages provided. Condition cleared.

Years in Field 25 years in the same field Reserves are higher than guideline minimum DU required 10.81  months reserves, loan qualified with 507 months reserves Years in Primary Residence 23 years in primary residence

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0098

f3ab2c5c-0ad4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Primary Residence Borrower 1 has been in primary residence over 4 years Reserves are higher than guideline minimum Reserves required were $89,265; loan qualified with $422,000 in verified assets FICO is higher than guideline minimum FICO required 680; loan qualified with FICO score of 730

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00142

f284a361-38f0-414a-8717-90ed721810ca

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/13/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW guides require 680 FICO, loan submitted with 697 FICO Reserves are higher than guideline minimum UW guides require 6 months reserves, loan submitted with 26 months reserves CLTV is lower than guideline maximum UW guides require max CLTV of 70%, loan submitted with CLTV of 55%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00142

8f2a1bca-68d6-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW guides require 680 FICO, loan submitted with 697 FICO Reserves are higher than guideline minimum UW guides require 6 months reserves, loan submitted with 26 months reserves CLTV is lower than guideline maximum UW guides require max CLTV of 70%, loan submitted with CLTV of 55%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00129

862c5ff3-00d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 708 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 32.22% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 78.70 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00215

aa2e0268-337b-48cc-bad5-ddc084f0f7fa

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

09/09/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $5,222.57 in disposable income   Years in Field Borrower has 10 years in Field   Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 10.1 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00215

ead6f8c6-03d3-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $5,222.57 in disposable income   Years in Field Borrower has 10 years in Field   Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 10.1 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00106

a78be525-ebd3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months’ reserves, loan qualified with 55 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 34.80% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00106

1a857628-a9d4-e911-abc7-f4e9d4a75a52

1687

Not Covered/Exempt

Credit

Missing Evidence of Property Taxes

Missing evidence of taxes for property #3 on the final application.  Lender used additional $XXX.XX not found in loan file.

09/24/19: Lender provided the property profile clarifying the monthly taxes of $XXX.XX. Upon further review, (Schedule E/260) It appears the lender used higher amount of $X,XXX.XX/XXX.XX for property B, instead of $X,XXX.XX/$XXX.XX for the property A. The difference of $XXX.XX. DTI of 33.65% is lower than AUS of 35%. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 0 months’ reserves, loan qualified with 55 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 34.80% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00210

ff51a5a6-b3e5-4fba-bf5f-d2d4aefbd11e

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

08/29/19: This finding is deemed non-material and rated a B.

Years on Job Borrower has 24 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 744 CLTV is lower than guideline maximum Uw Guides maximum CLTV of 80%, loan qualified with CLTV of 56.86%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00210

18d39376-c1ca-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition for informational purposes only.  Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 24 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 744 CLTV is lower than guideline maximum Uw Guides maximum CLTV of 80%, loan qualified with CLTV of 56.86%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00210

bd26cb19-69cb-e911-abc7-f4e9d4a75a52

12

TQM/Non-HPML

Credit

Failure to obtain Mortgage/Deed of Trust

All pages of the Mortgage/Deed of Trust were not provided. Mortgage in file is for different borrower/property

09/06/2019- Mortgage with all pages provided. Condition cleared.

Years on Job Borrower has 24 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 744 CLTV is lower than guideline maximum Uw Guides maximum CLTV of 80%, loan qualified with CLTV of 56.86%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0026

9732f447-4fc3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete

08/22/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Mortgage Lates credit report verifies >99 months payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 402.6 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 38.02%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0026

e934f862-2ec4-e911-abc7-f4e9d4a75a52

1689

Not Covered/Exempt

Credit

Missing Evidence of HOA Fees

Missing evidence of HOA dues for property #3 on the final loan application.

08/27/2019- HOA for REO#3 provided. Condition cleared.

No Mortgage Lates credit report verifies >99 months payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 402.6 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 38.02%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00187

f2e1e93f-58d5-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW guidelines require min FICO of 680 loan was qualifed with a FICO of 806 CLTV is lower than guideline maximum UW guidelines require max CLTV of 80% loan qualifed with a CLTV of 75% Reserves are higher than guideline minimum UW guidelines require 0 months reserves, loan qualified with 14.60 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00187

23910dab-6ed5-e911-abc7-f4e9d4a75a52

992

Not Covered/Exempt

Credit

Invalid AUS

The Lender's Guidelines/Agency Guidelines require loan data to be resubmitted to LP if the data changes from the time the AUS was last run. The most recent AUS in file reflects a DTI of 21% vs. the actual DTI of 25.18%.  Variance due to lender calculation reflects TIP income for B1 was included in wage and tip calc.  LP does not reflect rental losses for subject property.

09/23/2019-Please provide detailed calculation of how you are getting 25.18% DTI.

10/01/2019-Updated AUS with corrected debt. Condition cleared.09/23/2019- Lender AUS total monthly debt of $X,XXX.XX file page 119 is present housing $X,XXX.XX and other monthly payments of $XX.XX. It does not include the subject property negative cash flow of -$XXX.XX as disclosed on lender 1008 file page 136. Audit agrees with lender 1008. Provide corrected AUS. Condition retained.

FICO is higher than guideline minimum UW guidelines require min FICO of 680 loan was qualifed with a FICO of 806 CLTV is lower than guideline maximum UW guidelines require max CLTV of 80% loan qualifed with a CLTV of 75% Reserves are higher than guideline minimum UW guidelines require 0 months reserves, loan qualified with 14.60 months reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00100

4ca74ae5-f3d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months’ reserves, loan qualified with 15.70 months’ reserves  DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.91% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 761

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00131

bb8250a0-8087-4a7b-8e65-0ec6bac7cee2

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Lender and Broker Affiliated Disclosure

09/13/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 75%, loan qualified with CLTV of 50.96% Years on Job Borrower has14 years on job DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 27.59

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00131

f2a9a2df-4bd6-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 75%, loan qualified with CLTV of 50.96% Years on Job Borrower has14 years on job DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 27.59

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00137

e19f25f1-edd3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 8.53 months reserves, loan qualified with 76.50 months reserves  FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 780 FICO CLTV is lower than guideline maximum UW Guides maximum CLTV is 80.00%, loan qualified with 70.00% CLTV.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00211

2daab3ee-d5cf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 32.4months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 752 Years on Job Borrower has 4.42 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV0096

ff136291-bdd4-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of property taxes for primary residence.

09/13/2019- Insurance declaration page with no loss payee reflected and property detail report with RE taxes provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 40 months reserves. FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 800 FICO. CLTV is lower than guideline maximum UW Guides allow a maximum CLTV of 80%, loan qualified with a 30.85% CLTV.

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV0096

62a1fd5d-edd3-e911-abc7-f4e9d4a75a52

1677

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Lender Affiliated Business Disclosure.

09/10/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 40 months reserves. FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 800 FICO. CLTV is lower than guideline maximum UW Guides allow a maximum CLTV of 80%, loan qualified with a 30.85% CLTV.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV0096

e6b114ae-eed3-e911-abc7-f4e9d4a75a52

1688

TQM/Non-HPML

Credit

Missing Evidence of Taxes and Insurance

Missing evidence of property taxes for primary residence.

09/13/2019- Insurance declaration page with no loss payee reflected and property detail report with RE taxes provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 40 months reserves. FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 800 FICO. CLTV is lower than guideline maximum UW Guides allow a maximum CLTV of 80%, loan qualified with a 30.85% CLTV.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00182

9b8c74c6-01d4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 25.11% FICO is higher than guideline minimum UW guidelines require min FICO of 680 loan was qualifed with FICO of 768 LTV is lower than guideline maximum UW guidelines require a max LTV of 80 loan was qualfed with LTV of 73.60

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00190

e95f32bc-bad3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years Self Employed Borrower has 21 years Self Employed CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 43.32% FICO is higher than guideline minimum UW Guides require 680 FICO, loan qualified with 733 FICO

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00299

b08cb23d-317e-47fb-8205-b8548177ed7b

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Tax Service Fee and Flood Certificate Fee paid to the lender reflected in section B of the final Closing Disclosure should be reflected in section A or the correct service provider should be listed. Provide corrected CD and letter of explanation to the Borrower.

11/27/2019: This finding is deemed non-material and rated a B.

No Mortgage Lates : UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 26.71% Years on Job Borrower has 7 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00299

75707c80-313f-4788-9540-11ae5d7c605b

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the Lender.

11/27/2019: This finding is deemed non-material and rated a B.

No Mortgage Lates : UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 26.71% Years on Job Borrower has 7 years on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00299

eff74133-4111-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Mortgage Lates : UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 26.71% Years on Job Borrower has 7 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00226

564e9b2a-3bff-4881-8a58-798fe27683d2

3246

Not Covered/Exempt

Compliance

Borrower did not acknowledge receipt of initial C.D. 3 days prior to consummation

Missing evidence of borrower receipt of Initial Closing Disclosure 3 business days prior to consummation.

10/03/2019-Lender tracking log shows initial CD XX/XX/XXXX received by borrower on XX/XX/XXXX. Condition cleared.

Years in Field Borrower has 11 years in Field   Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $11,401 in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 77 months payment history with no late payments reported

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00226

8bb35329-c357-43e6-b2e2-de716a5f6f6e

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

09/04/2019: This finding is deemed non-material and rated a B.

Years in Field Borrower has 11 years in Field   Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $11,401 in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 77 months payment history with no late payments reported

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00226

e358b7b2-3dcf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 11 years in Field   Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $11,401 in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 77 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00226

c1902d15-5ccf-e911-abc7-f4e9d4a75a52

724

Not Covered/Exempt

Credit

Missing Documentation

Evidence to clearly identify current Principal and Interest expense for property #1 and #2 on the final application not provided.  Mortgages are held outside the US and do not identify property address or identify the monthly expense.

09/26/19: Lender provided evidence of the PITIA for the borrower’s other real estate owned. The properties are located in XXXXXXXXXX. It appears the exchange rate was applied by the Lender. Condition cleared.

Years in Field Borrower has 11 years in Field   Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $11,401 in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 77 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00226

b3deb448-5bcf-e911-abc7-f4e9d4a75a52

1687

Not Covered/Exempt

Credit

Missing Evidence of Property Taxes

Evidence of property taxes for property #1 and #2 on the final application not provided.

09/26/19: Lender provided the tax invoices for REO#1 and REO#2. Condition cleared. 09/09/2019- Evidence of property taxes on REO#1 and REO#2 have not been provided. A document for 1 property identified by an Assessor ID number which cannot be cross matched to a property address reflects no assessment for the current XXXX tax year and does not provided any information on  most recent RE tax obligation. Provided evidence of RE taxes on REO#1 and REO#2. Condition retained.

Years in Field Borrower has 11 years in Field   Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $11,401 in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 77 months payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00233

c9d99dbb-496e-4b21-8cc6-4c8c1e7fc8dd

3169

TQM/Non-HPML

Compliance

Borrower did not receive initial C.D. 3 days prior to consummation or did not acknowledge receipt of initial C.D. 3 days prior to consummation (Mailbox Rule)

Missing evidence of borrower receipt of Initial Closing Disclosure 3 business days prior to consummation. The initial Closing Disclosure is dated XX/XX/XXXX. When factoring mailbox rule/presumed receipt, the timing requirement to consummation is not met.  No cure.

09/26/19: Lender provided evidence of receipt of initial CD 3 days prior to consummation. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 10.7 months reserves, loan qualified with  18.0 months reserves Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $4,315 in disposable income   CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 54.59%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00233

2973c815-09d1-e911-abc7-f4e9d4a75a52

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing lease agreement and all assets are not sourced

10/03/1019-Sourcing of large deposits not required.Lender provided the 12 month payments showing no lates per DU #15. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 10.7 months reserves, loan qualified with  18.0 months reserves Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $4,315 in disposable income   CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 54.59%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00233

f31bc2cc-a5c6-465c-8c34-54b277b3d98b

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

0906/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 10.7 months reserves, loan qualified with  18.0 months reserves Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $4,315 in disposable income   CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 54.59%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00233

56df66b5-f2d0-e911-abc7-f4e9d4a75a52

822

TQM/Non-HPML

Credit

Assets are not sourced/seasoned

The statement for the asset on the final application reflects deposits of $X,XXX.XX on XX/XX/XXXX, $XX,XXX.XX on XX/XX/XXXX, $X,XXX.XX on XX/XX/XXXX, $X,XXX.XX on XX/XX/XXXX, $X,XXX.XX on XX/XX/XXXX, $X.XXX.XX on XX/XX/XXXX, $X,XXX.XX on XX/XX/XXXX, and $XX,XXX.XX on XX/XX/XXXX. There is no evidence in the file documenting the source of these deposits.

10/03/2019-Large deposits sourcing not required on refinance transaction. Condition rescinded.

Reserves are higher than guideline minimum UW Guides require 10.7 months reserves, loan qualified with  18.0 months reserves Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $4,315 in disposable income   CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 54.59%

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV00233

c6be35e1-08d1-e911-abc7-f4e9d4a75a52

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 10.7 months reserves, loan qualified with  18.0 months reserves Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $4,315 in disposable income   CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 54.59%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00233

94570c99-03d1-e911-abc7-f4e9d4a75a52

854

TQM/Non-HPML

Credit

Failure to obtain Lease Agreements

Missing current lease/rental agreement for property #1 on the final application.

09/26/19: Upon further review, the operating statement for REO#1 was located in the file on page 721. Schedule E rental income used for the subject property. Lender provided the 12 month payments showing no lates per DU #15. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 10.7 months reserves, loan qualified with  18.0 months reserves Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $4,315 in disposable income   CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 54.59%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00125

b1358aaf-47d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 21 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 20.61% Reserves are higher than guideline minimum AUS Guides require 0 months’ reserves, loan qualified with 210. months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00125

91c37e16-d8d3-e911-abc7-f4e9d4a75a52

992

Not Covered/Exempt

Credit

Invalid AUS

The Lender's Guidelines/Agency Guidelines require loan data to be resubmitted to Loan Prospector if the data changes from the time the AUS was last run. The most recent AUS in file reflects  the incorrect loan amount. Additional Conditions may apply.

09/17/19: Lender provided the revised AUS with a DTI of 18% and the correct loan amount. DTI is within tolerance. Condition cleared.

Years in Field Borrower has 21 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 20.61% Reserves are higher than guideline minimum AUS Guides require 0 months’ reserves, loan qualified with 210. months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00265

dd0e4804-2f40-4a49-95a0-3a00dba00f15

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

12/18/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum Guides require 6 months’ reserves, loan qualified with 31.80 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 731 Current Rate is lower than previous rate Refinance reduces rate from 4.75% to 4.625%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00207

14a3b26a-4bd3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 177.60 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 806 Years on Job Borrower has 11 years on job DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 6.51%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00192

00a2f0fc-cdd3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW guidelines require min FICO of 680, loan qualifed with FICO of 803 Years Self Employed Borrower has been self employed for 18 years  DTI is lower than guideline maximum UW guidelines require DTI Max of 45%, loan qualified with DTI of 18.46%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00158

55ce202a-9cd6-e911-abc7-f4e9d4a75a52

3296

Not Covered/Exempt

Compliance

Closing Disclosure document error

The final CD has fees paid to the Broker in Section B. The payee cannot be the broker and must be the 3rd party vendor.

09/23/2019-The broker was billed, paid the Credit Report and Appraisal fee in advance; XXXXXXXXX reimbursed the Broker on behalf of borrower.09/23/2019-The broker was billed, paid the Credit Report and Appraisal fee in advance; XXXXXXXXX reimbursed the Broker on behalf of borrower.

09/25/2019- Borrower LOX and  PCCD dated XX/XX/XXXX with payee name and HOA name added. Condition cleared.09/23/2019-In addition to the broker name the ultimate payee name is required to be disclosed. Example Appraisal payee- Broker name XXX XXXXXXXXX company. HOA payee name is required. Provided corrected CD and LOX to borrower. Condition retained.09/18/19: The appraisal fee and the credit report fee on the final CD are paid to the broker. The HOA Certification Fee is TBD. The fees must be paid to a third party vendor. Condition maintained. /

Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $18059 in disposable income  Years on Job Borrower has 10 years on job Reserves are higher than guideline minimum UW Guides require 12.6 months reserves, loan qualified with 34.7 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00158

d585c871-ce2a-40cb-89a2-be04ffa8c826

3295

Not Covered/Exempt

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $XXXX.XX  a month vs. the calculated value of $XXX.XX a month. The lender used the incorrect amount of $XXX for the  taxes vs. the actual amount of $XXX.XX.  (NOT IN ESCROW) Provide re-disclosed CD and letter of explanation.

09/13/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $18059 in disposable income  Years on Job Borrower has 10 years on job Reserves are higher than guideline minimum UW Guides require 12.6 months reserves, loan qualified with 34.7 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00158

3ab44f0c-9dd6-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $18059 in disposable income  Years on Job Borrower has 10 years on job Reserves are higher than guideline minimum UW Guides require 12.6 months reserves, loan qualified with 34.7 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00158

5631dfcf-9cd6-e911-abc7-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Missing verification of a $XX,XXX debt, with a monthly payment of $XXX, that is listed on the final 1003.

09/25/2019-Copy of note verifying loan amount and payment. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides do not require disposable income, loan qualified with $18059 in disposable income  Years on Job Borrower has 10 years on job Reserves are higher than guideline minimum UW Guides require 12.6 months reserves, loan qualified with 34.7 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00203

1a366f6e-0fcf-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 17.80 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 785 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 74.51%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00104

f9d367e2-66d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 25 years in Field   Reserves are higher than guideline minimum UW Guides require 12  months reserves, loan qualified with 2,504.30 months reserves Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $11,765.94 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00165

b9794c0e-36d0-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $1,558.66 in disposable income   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 776 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 6.8 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00143

03287001-728f-4ab1-a94f-96d4dc24fd4c

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for Lender and Broker.

09/11/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 783 DTI is lower than guideline maximum

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00143

d493d09a-fad3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 783 DTI is lower than guideline maximum

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00143

57d36ee1-fcd3-e911-abc7-f4e9d4a75a52

852

Not Covered/Exempt

Credit

Failure to Obtain Required Documentation

Lender did no provide copy of Mortgage Statement, taxes, insurance for REOs listed on the final 1003.

09/25/2019- Mortgage statements and property detail reports verify PITI on Primary and all REO's, Condition cleared.09/24/2019-Lender provided property detail reports on Primary and REO#1 verifying property taxes. The breakdown PITI on the Primary is already verified by the mortgage statement on page 455. The mortgage loans for the 3 REO’s appear on the credit report, but it is not known that the payments on the credit report include escrows (taxes and insurance). Audit cannot complete its analysis on the 3 REO properties without verification of the complete PITI payments. Condition retained.09/19/2019-Mortgage statements provided on primary residence and REO properties. The mortgage statements on the Primary residence and REO#1 reflects escrow but it cannot be determined that the amount escrowed is for both Taxes and Insurance. Provided either an HOI declaration page Or evidence of RE taxes such a property detail report so audit can verify the amount being escrowed covers both taxes and insurance. Condition retained.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 783 DTI is lower than guideline maximum

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00143

cb066233-83d5-e911-abc7-f4e9d4a75a52

724

Not Covered/Exempt

Credit

Missing Documentation

File is missing Cash Flow Analysis (Form 1084) or equivalent for Partnership income being used to qualify the Borrower.

09/27/19: Lender provided Cash Flow Analysis (Form 1084) or equivalent for Partnership income being used to qualify the Borrower. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 783 DTI is lower than guideline maximum

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00143

089d2011-fbd3-e911-abc7-f4e9d4a75a52

2789

Not Covered/Exempt

Credit

Missing Executed Business Returns

Self-employed Borrower must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent year;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last most recent year.  Signed business returns not provided.

10/01/2019- XXXX K1 shows <25% ownership. Condition cleared.09/27/19: Lender provided the XXXX K-1 which shows <25% ownership. Please provide the XXXX K-1 or evidence of extension. Condition maintained.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 783 DTI is lower than guideline maximum

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00143

be8c9bc1-fad3-e911-abc7-f4e9d4a75a52

2793

Not Covered/Exempt

Credit

Missing K-1

Missing K-1's for Business A on XXXX Schedule E Part II.  If 25% or greater ownership, additional conditions will apply.

09/20/2019- K1's provided. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 783 DTI is lower than guideline maximum

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00467

a3657a24-af3c-ea11-bfd5-f4e9d4a75ba2

76

Not Covered/Exempt

Property

570 - Review Appraisal Missing

CDA variance > than 10% origination value. Pending field review to support value.

01/27/20: CDA ordered for current appraisal value variance is 0%. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 69.41% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 719 Years in Field Borrower has 18 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00148

779690d2-fcd3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review.  Condition for informational purposes only.  Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW guidelines require max FICO 680 loan qualifed with 731 FICO  DTI is lower than guideline maximum UW guidelines require max DTI of 45% loan qualifed with DTI of 25.49% No Mortgage Lates UW guidelines require 0x30 mortgage late, loan qualifed with 0 mortgage lates reviewed over 83 months

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00228

0d997c23-f159-4e59-9fc2-bf41058d18dc

3295

Not Covered/Exempt

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $XXX.XX a month vs. the calculated value of $X,XXX.XX a month. The lender used the incorrect amount of $XX.XX for the hazard insurance vs. the actual amount of $XX.XX (NOT IN ESCROW) Provide re-disclosed CD and letter of explanation.

09/13/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 18  months reserves, loan qualified with  114.30 months reserves Years in Field Borrower has 10 years in Field   Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $11,749.70 in disposable income

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00228

4ec6e991-dae5-464c-b629-27ad5b2b92b5

3181

Not Covered/Exempt

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Flood Cert and Tax Service Fee in Section B of the final Closing Disclosure is missing the name of the service provider. Service Provider cannot be listed as the Lender and must be listed as the 3rd party vendor.  Provide corrected CD and letter of explanation to the Borrower.

09/13/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 18  months reserves, loan qualified with  114.30 months reserves Years in Field Borrower has 10 years in Field   Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $11,749.70 in disposable income

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00228

aa71a57f-b838-461f-a696-a0a9881ca62a

48

Not Covered/Exempt

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosures for Lender and Broker.

09/13/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 18  months reserves, loan qualified with  114.30 months reserves Years in Field Borrower has 10 years in Field   Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $11,749.70 in disposable income

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00228

df81d72e-68d6-e911-abc7-f4e9d4a75a52

2884

Not Covered/Exempt

Credit

Data Discrepancy Violation

A HMDA Data Discrepancy has been identified for the Property Value.  Audit Property value is $XXX,XXX vs. Data Tape Property value $XXX,XXX.

10/03/2019-Lender accepts audit value of XXXk. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 18  months reserves, loan qualified with  114.30 months reserves Years in Field Borrower has 10 years in Field   Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $11,749.70 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00228

50a22048-1fd4-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 18  months reserves, loan qualified with  114.30 months reserves Years in Field Borrower has 10 years in Field   Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $11,749.70 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00133

2bf06a09-30d3-e911-abc7-f4e9d4a75a52

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

09/16/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 39.55% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 791. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 19.40 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00380

29a4098d-510d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 739. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 18.80 months reserves DTI is lower than guideline maximum UW Guides require maximum DTI of 45%, loan qualified with DTI of 37.74%.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00314

49d46f6b-5dda-4795-854a-272eeccdbb1b

3295

TQM/Non-HPML

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $XXX.XX a month vs. the calculated value of $XXX.XX a month. The lender used the incorrect amount of $XX.XX for the hazard insurance vs. the actual amount of $XX.XX. (NOT IN ESCROW) Provide re-disclosed CD and letter of explanation.

11/29/2019: This finding is deemed non-material under SFIG and rated a “B”

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $9,449 in disposable income   Reserves are higher than guideline minimum UW Guides require 10.2 months reserves, loan qualified with 23 months reserves Years on Job Borrower has 12 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00314

e1157444-37e9-4160-80cf-9d2f0a536c06

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

11/27/2019: This finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $9,449 in disposable income   Reserves are higher than guideline minimum UW Guides require 10.2 months reserves, loan qualified with 23 months reserves Years on Job Borrower has 12 years on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00314

2c37d88c-4611-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides do not require minimum disposable income, loan qualified with $9,449 in disposable income   Reserves are higher than guideline minimum UW Guides require 10.2 months reserves, loan qualified with 23 months reserves Years on Job Borrower has 12 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00431

87f80332-222b-4f11-b490-ac4ddc87d3cc

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Tax Service Fee in section B of the final Closing Disclosure is missing the name of the actual service provider or paid by the lender “FBO” (3rd party service provider). The Credit Report Fee in Section B of the final Closing Disclosure is missing the name of the actual service provider or paid by the lender “FBO” (3rd party service provider). Provide corrected CD and letter of explanation to the Borrower.

12/20/2019: This finding is deemed non-material and per SFIG rated a B.

CLTV is lower than guideline maximum UW guides maximim CLTV is 80%, loan qualified with CLTV of 75%. DTI is lower than guideline maximum UW guides maximum DTI is 45%, loan qualified with DTI of 38.84%. FICO is higher than guideline minimum UW guides minimum FICO is 680, loan qualified with FICO of 785.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00431

e349e324-1f74-4096-8649-f57af82e6e1c

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to payment history not provided on credit report for property #2 on final application.

12/24/2019 - REO 2 is a non subject refi. The original financing appears on credit report with 11 months verified from XX/XX to XX/XX. Lender provided XXXX Mortgage statement and XXXXXXXX payoff both of which reflect no current or YTD late fees. New note dated XX/XX/XXXX provided. New loan to new to rate. 12 month history verified.

CLTV is lower than guideline maximum UW guides maximim CLTV is 80%, loan qualified with CLTV of 75%. DTI is lower than guideline maximum UW guides maximum DTI is 45%, loan qualified with DTI of 38.84%. FICO is higher than guideline minimum UW guides minimum FICO is 680, loan qualified with FICO of 785.

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00431

a6478f31-2d23-ea11-8f12-f4e9d4a75a52

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for lender.

12/20/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW guides maximim CLTV is 80%, loan qualified with CLTV of 75%. DTI is lower than guideline maximum UW guides maximum DTI is 45%, loan qualified with DTI of 38.84%. FICO is higher than guideline minimum UW guides minimum FICO is 680, loan qualified with FICO of 785.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00431

a5bc8a03-2a23-ea11-8f12-f4e9d4a75a52

1643

TQM/Non-HPML

Credit

Failure to Verify Housing History

Guidelines require satisfactory housing payment history for 12 months.  Payment history not provided on credit report for property #2 on final application. VOM required to verify.

12/24/2019 - REO 2 is a non subject refi. The original financing appears on credit report with 11 months verified from XX/XX to XX/XX. Lender provided XXXX Mortgage statement and XXXXXXXX payoff both of which reflect no current or YTD late fees. New note dated XX/XX/XXXX provided. New loan to new to rate. 12 month history verified.

CLTV is lower than guideline maximum UW guides maximim CLTV is 80%, loan qualified with CLTV of 75%. DTI is lower than guideline maximum UW guides maximum DTI is 45%, loan qualified with DTI of 38.84%. FICO is higher than guideline minimum UW guides minimum FICO is 680, loan qualified with FICO of 785.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00463

6960b273-b30c-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 9.60 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 53.26% Years in Field Borrower has 15 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00468

70a961bd-fc1f-ea11-8f12-f4e9d4a75a52

21

Not Covered/Exempt

Credit

Failure to Obtain Final Application (1003)

Pages 3 and 4 of the borrower's final application was not provided.

12/20/2019- Final 1003 all pages provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; VOR/VOM/credit report (whichever is applicable) verifies 48 months payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 7 months reserves, loan qualified with 17.10 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00288

9dd83afd-7638-4741-bb68-b9ded0e324d8

50

TQM/Non-HPML

Compliance

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided. File is missing verification that the disclosures were provided to the Borrower.

11/27/2019: This finding is deemed non-material with a final grade of a “B”.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 20.23% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 697 Years on Job Borrower has 32 years on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00288

52a47713-e76d-4a4d-8329-f7f615baaa5c

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

The HUD Homeownership Organization Counseling Disclosure is dated XX/XX/XXXX and the application date is XX/XX/XXXX.

11/27/2019: This finding is deemed non-material with a final grade of a “B”.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 20.23% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 697 Years on Job Borrower has 32 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00288

e1e39c96-0b11-ea11-94d7-f4e9d4a75ba2

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Flood Cert and Tax Service Fees paid to the Lender reflected in section B of the final Closing Disclosure should be reflected in section A or the correct service provider should be listed. Provided corrected CD and letter of explanation to the Borrower.

11/27/2019: This finding is deemed non-material with a final grade of a “B”.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 20.23% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 697 Years on Job Borrower has 32 years on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00288

42fe8525-3d0d-41c7-8bda-22b32775a1c4

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Broker and Lender Affiliated Business Disclosure.

11/27/2019: This finding is deemed non-material with a final grade of a “B”.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 20.23% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 697 Years on Job Borrower has 32 years on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00288

58ecd10c-0511-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 20.23% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 697 Years on Job Borrower has 32 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00351

bd9ad619-2c11-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides require 0 months reserves, loan qualified with 41.90 months reserves Reserves are higher than guideline minimum UW Guides require 8 months reserves, loan qualified with 1,002.30 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 761

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00476

48f959f8-aa0f-ea11-94d7-f4e9d4a75ba2

3296

Not Covered/Exempt

Compliance

Closing Disclosure document error

The final Closing Disclosure is missing the number of month for the property taxes in section F.

11/24/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 757 Reserves are higher than guideline minimum UW Guides require 9 months’ reserves, loan qualified with 54.80 months’ reserves. Years in Field Borrower has 13 years in Field.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00476

5fc476ca-aa0f-ea11-94d7-f4e9d4a75ba2

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing VOM for the primary residence.

12/23/2019- Updated AUS provided. Condition cleared.12/19/2019 Lender provided closing CD on primary verifying new PITI payment of $X,XXX.XX. Audit DTI is now 46.29% which exceeds lender AUS DTI of 43% by more than 3%. Provide an updated AUS. Condition retained.12/04/2019- Loan file contains mortgage statement file page 499 verifying primary housing payment of $X,XXX.XX and credit report verifies payment history file page 494. Lender used a lower primary home payment of $X,XXX.XX in AUS file page 219 and 1008 file page 232. Provide documentation such as a CD for a simultaneous refinance that supports the use of $X,XXX.XX as the primary housing payment. Condition retained.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 757 Reserves are higher than guideline minimum UW Guides require 9 months’ reserves, loan qualified with 54.80 months’ reserves. Years in Field Borrower has 13 years in Field.

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00476

a614d2e3-aa0f-ea11-94d7-f4e9d4a75ba2

2136

Not Covered/Exempt

Compliance

Missing Note

Note is missing from the file.

12/04/2019-Note provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 757 Reserves are higher than guideline minimum UW Guides require 9 months’ reserves, loan qualified with 54.80 months’ reserves. Years in Field Borrower has 13 years in Field.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00476

0a12bd2c-ab0f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 757 Reserves are higher than guideline minimum UW Guides require 9 months’ reserves, loan qualified with 54.80 months’ reserves. Years in Field Borrower has 13 years in Field.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00476

ce7c0e6e-aa0f-ea11-94d7-f4e9d4a75ba2

1643

Not Covered/Exempt

Credit

Failure to Verify Housing History

DU required a payment history/VOM for the new mortgage secured with the primary residence with the monthly payment of $X,XXX.XX.  The file contain information for the previous mortgage only, and no evidence that the primary residence was refinanced prior to the subject transaction.

12/04/2019-PRIMARY in on XXXXXXX XXXXXX and Mtg statement with XXXXXXX loans is in file AND XXXXXXX Loans is verified on the credit report showing 5 mos payment history. Please advise why you are not accepting the credit report showing a paid as agreed history for 5 mos as verification of the mortgage.

12/23/2019- Updated AUS provided. Condition cleared.12/19/2019 Lender provided closing CD on primary verifying new PITI payment of $X,XXX.XX. Audit DTI is now 46.29% which exceeds lender AUS DTI of 43% by more than 3%. Provide an updated AUS. Condition retained.12/04/2019- Loan file contains mortgage statement file page 499 verifying primary housing payment of $X,XXX.XX and credit report verifies payment history file page 494. Lender used a lower primary home payment of $X,XXX.XX in AUS file page 219 and 1008 file page 232. Provide documentation such as a CD for a simultaneous refinance that supports the use of $X,XXX.XX has the primary housing payment. Condition retained.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 757 Reserves are higher than guideline minimum UW Guides require 9 months’ reserves, loan qualified with 54.80 months’ reserves. Years in Field Borrower has 13 years in Field.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00366

aea43f40-e412-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 71.80% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 40.39% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 773

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00366

519660f6-993c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 71.80% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 40.39% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 773

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00292

08a7ec62-2d15-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 754 Reserves are higher than guideline minimum UW Guides require 7.7 months reserves, loan qualified with 42.90 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 34.82%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00271

1d52d49c-da12-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 9 months reserves, loan qualified with 79.50 months reserves Years on Job Borrower has 12 years on the job DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 34.85%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00271

334dc29b-3711-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Property

Missing Appraisal Completion Cert

Failure to obtain Appraisal Completion Certificate

12/09/2019-Apprasial completion certificate provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 9 months reserves, loan qualified with 79.50 months reserves Years on Job Borrower has 12 years on the job DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 34.85%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00441

09e1e899-1a09-42e9-b413-1ddcc7a4646a

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business disclosure.

12/22/2019: This finding is deemed non-material with a final grade of a “B”.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $10,33124 in disposable income   No Rental Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 25 months payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 14 months reserves, loan qualified with 45.30 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00307

a8d80dae-5b0c-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 15  months reserves, loan qualified with  163.9 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 11.67% Years Self Employed Borrower has 11.5 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00307

b234b3a1-9a3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

Reserves are higher than guideline minimum UW Guides require 15  months reserves, loan qualified with  163.9 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 11.67% Years Self Employed Borrower has 11.5 years Self Employed

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00397

1e287301-843f-4e99-a759-9fd853e9b08a

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

12/20/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of  745 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months;credit report  verifies 72 months payment history with no late payments reported Years Self Employed Borrower has 6 years Self Employed

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00409

bca4eb03-4723-ea11-8f12-f4e9d4a75a52

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report Fee in section B of the final Closing Disclosure is missing the name of the actual service provider.  Provide corrected CD and letter of explanation to the Borrower.

12/20/2019: This finding is deemed non-material with a final grade of a “B”.

DTI is lower than guideline maximum UW guides require maximum DTI of 45%, loan approved with DTI of 35.92% FICO is higher than guideline minimum UW guides require minimum FICO of 680, loan approved with FICO of 778 Reserves are higher than guideline minimum UW guides require 6 months reserves, loan approved with 12 months reservs

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00409

cd5d320e-d04b-49af-8a78-c8cc8363a8f7

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Lender and Broker Affiliated Business Disclosures.

12/20/2019: This finding is deemed non-material with a final grade of a “B”.

DTI is lower than guideline maximum UW guides require maximum DTI of 45%, loan approved with DTI of 35.92% FICO is higher than guideline minimum UW guides require minimum FICO of 680, loan approved with FICO of 778 Reserves are higher than guideline minimum UW guides require 6 months reserves, loan approved with 12 months reservs

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00427

a07bbb62-ee3b-48a7-919a-1de91f193ac3

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business disclosure.

12/24/2019:  This finding is deemed non-material  with a final grade of a “B”.

Reserves are higher than guideline minimum UW Guides require 58  months reserves, loan qualified with  241.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 2.31% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 808

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00384

0daaf0d2-650d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 67.90 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 753 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 22.65%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00355

fe31f881-530d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum Client Overlay maximum CLTV of 80%, loan qualified with CLTV of 70% FICO is higher than guideline minimum Client Overlay require FICO of 680, loan qualified with FICO of 753 Reserves are higher than guideline minimum AUS require 43.01 months’ reserves, loan qualified with 65.60 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00355

27a4098d-510d-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 17.59%. Due to the improper calculation of net rental income, the actual DTI is 22.98%. Additional conditions may apply.

12/08/2019- Updated AOS, 1008, and 1003 provided. Condition cleared.

CLTV is lower than guideline maximum Client Overlay maximum CLTV of 80%, loan qualified with CLTV of 70% FICO is higher than guideline minimum Client Overlay require FICO of 680, loan qualified with FICO of 753 Reserves are higher than guideline minimum AUS require 43.01 months’ reserves, loan qualified with 65.60 months’ reserves

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00405

e4b725b9-e61d-ea11-94d7-f4e9d4a75ba2

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to excessive DTI.

12/24/2019-Lender provided updated worksheet, 1008, 1003 and AUS. Condition cleared.

Full Documentation Loan is full documentation. Years in Field Borrower has 30 years in field. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 10.20 months reserves.

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00405

b2a4b56d-e61d-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a maximum allowable DTI of 15.17%.  Due to the improper calculation of the subject's negative net rental and the rental income, the actual DTI is 20.65%. Additional conditions may apply

12/24/2019-Lender provided updated worksheet, 1008, 1003 and AUS. Condition cleared.

Full Documentation Loan is full documentation. Years in Field Borrower has 30 years in field. Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 10.20 months reserves.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00323

7ce6072e-d30f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Mortgage Lates Borrowers have no Mortgage Lates within the last 150 reporting months. Years in Field Co-Borrower has 10 years in the field. Reserves are higher than guideline minimum DU Underwriting Guidelines require 20.92 months reserves, loan qualified with 114.10 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00323

b28a2108-9b3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

No Mortgage Lates Borrowers have no Mortgage Lates within the last 150 reporting months. Years in Field Co-Borrower has 10 years in the field. Reserves are higher than guideline minimum DU Underwriting Guidelines require 20.92 months reserves, loan qualified with 114.10 months reserves.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00369

fe0e4dd8-043c-4aff-b611-9fed36ad2af8

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

The HUD Homeownership Organization Counseling Disclosure is dated XX/XX/XXXX and the application date is XX/XX/XXXX.

12/17/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 708 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70% Years in Field Borrower has 5 years in Field

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00369

8dee076a-824a-41c8-abf6-02816b7d41e0

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

12/17/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 708 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70% Years in Field Borrower has 5 years in Field

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00324

ac76c0fc-af0c-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum Client Overlay maximum CLTV of 80%, loan qualified with CLTV of 72.04% DTI is lower than guideline maximum Client Overlay maximum DTI of 45%, loan qualified with DTI of 35.62% Reserves are higher than guideline minimum AUS require 8.11 months’ reserves, loan qualified with 20.40 months’ reserves FICO is higher than guideline minimum Client Overlay require FICO of 680, loan qualified with FICO of 806

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00324

1ff1e427-9b3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

CLTV is lower than guideline maximum Client Overlay maximum CLTV of 80%, loan qualified with CLTV of 72.04% DTI is lower than guideline maximum Client Overlay maximum DTI of 45%, loan qualified with DTI of 35.62% Reserves are higher than guideline minimum AUS require 8.11 months’ reserves, loan qualified with 20.40 months’ reserves FICO is higher than guideline minimum Client Overlay require FICO of 680, loan qualified with FICO of 806

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00374

1b71fc16-8c0f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Rental Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 15 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides maximum FICO of 680, loan qualified with FICO of 768 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 32.03%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00379

42b6686d-2d0d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 Reserves are higher than guideline minimum UW Guides require 8 months reserves, loan qualified with 47.50 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 36.26%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00372

f0e8ace2-7f10-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.15% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 797 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 62%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00372

133a8ec1-ba0f-ea11-94d7-f4e9d4a75ba2

1644

Not Covered/Exempt

Credit

Failure to Verify Legal Residency

Evidence of Borrower's residency not provided.  Per final application, Borrower is a non-permanent resident.

12/13/2019-The Borrower is a U.S. Citizen. Please see attached Updated 1003.

12/13/2019- Lender provided corrected 1003 with borrower marked as US Citizen. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.15% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 797 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 62%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00269

b7871ba3-40ce-44b5-8e01-3998f0ba696c

3174

TQM/Non-HPML

Compliance

Incorrect disclosure of Origination Charges - Section A

The Lender Paid Broker Comp in Section A of the final Closing Disclosure incorrectly reflects the lender as the service provider. Provide corrected CD and letter of explanation to the Borrower.

11/26/2019: This finding is deemed non-material under SFIG and rated a “B”

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,373.64 in disposable income   Reserves are higher than guideline minimum UW Guides require 6.85 months reserves, loan qualified with 16.20 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00269

8630fbd2-db0f-ea11-94d7-f4e9d4a75ba2

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Tax Service fee and Flood Certificate fee paid to the lender reflected in section B of the final Closing Disclosure should be reflected in section A or the correct service provider should be listed. Additionally, the Appraisal fee, Comparable Rent Schedule fee and Credit Report fee in section B of the final Closing Disclosure is paid to the Broker and should be paid to the service provider or FBO the service provider. Provide corrected CD and letter of explanation to the Borrower.

11/26/2019: This finding is deemed non-material under SFIG and rated a “B”

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,373.64 in disposable income   Reserves are higher than guideline minimum UW Guides require 6.85 months reserves, loan qualified with 16.20 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00269

a80eb4e1-9bba-43bd-8624-00cd7852429a

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

11/25/2019:  This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,373.64 in disposable income   Reserves are higher than guideline minimum UW Guides require 6.85 months reserves, loan qualified with 16.20 months reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00269

f3e635d3-da0f-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 788 Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,373.64 in disposable income   Reserves are higher than guideline minimum UW Guides require 6.85 months reserves, loan qualified with 16.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00395

a0916f5b-1715-ea11-94d7-f4e9d4a75ba2

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report in section B of the final Closing Disclosure is paid to the Broker and should be paid to the service provider or FBO the service provider. Additionally, the Tax Service Fee and Flood Certificate Fee paid to the lender reflected in section B of the final Closing Disclosure should be reflected in section A or the correct service provider should be listed. Provide corrected CD and letter of explanation to the Borrower.

12/02/2019: This finding is deemed non-material under SFIG and rated a “B”

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 58.70 months reserves Disposable Income is higher than guideline minimum UW Guides does not require minimum disposable income, loan qualified with $5,436 in disposable income   Years in Field Borrower has 20 years in Field

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00395

cdb628ce-a575-43ef-9863-dc7e6f98342e

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

11/27/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 58.70 months reserves Disposable Income is higher than guideline minimum UW Guides does not require minimum disposable income, loan qualified with $5,436 in disposable income   Years in Field Borrower has 20 years in Field

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00395

8863c733-6211-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 58.70 months reserves Disposable Income is higher than guideline minimum UW Guides does not require minimum disposable income, loan qualified with $5,436 in disposable income   Years in Field Borrower has 20 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00383

95e5ec69-370d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 6.6 years on job Reserves are higher than guideline minimum UW Guides require 8  months reserves, loan qualified with  33.2 months reserves FICO is higher than guideline minimum UW Guides maximum FICO of 680, loan qualified with FICO of 759

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00383

aba4e090-080e-ea11-94d7-f4e9d4a75ba2

22

Not Covered/Exempt

Credit

Failure to obtain 3rd party verification of employment

Guidelines require a VVOE within 10 business days prior to the note date. The VVOE is missing for the Co-Borrower.

12/09/2019-VVOE with 10 days of note date provided. Condition cleared.

Years on Job Borrower has 6.6 years on job Reserves are higher than guideline minimum UW Guides require 8  months reserves, loan qualified with  33.2 months reserves FICO is higher than guideline minimum UW Guides maximum FICO of 680, loan qualified with FICO of 759

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00386

b68967af-200e-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years Self Employed Borrower has 28 years Self Employed DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 20.15% Reserves are higher than guideline minimum UW Guides require 21.4 months reserves, loan qualified with 365 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00279

ff458c89-350e-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 20 years in the field. Reserves are higher than guideline minimum DU Underwriting Guidelines require 7.29 months reserves, loan qualified with 13.10 months reserves. No Mortgage Lates Borrowers have no Mortgage Lates within the last 99 reporting months.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00279

1b3531a5-350e-ea11-94d7-f4e9d4a75ba2

2788

Not Covered/Exempt

Credit

Missing Executed Personal Tax Returns

Guidelines require 2 years signed and dated personal tax returns with all schedules.  XXXX Signed returns not provided.

12/10/2019-Signed XXXX tax returns provided. Condition cleared.

Years in Field Borrower has 20 years in the field. Reserves are higher than guideline minimum DU Underwriting Guidelines require 7.29 months reserves, loan qualified with 13.10 months reserves. No Mortgage Lates Borrowers have no Mortgage Lates within the last 99 reporting months.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00279

7d69352e-5110-ea11-94d7-f4e9d4a75ba2

920

Not Covered/Exempt

Credit

Missing Note

Note in the file is missing pages 2 and 3.

12/12/2019-Note all pages provided. Condition cleared.

Years in Field Borrower has 20 years in the field. Reserves are higher than guideline minimum DU Underwriting Guidelines require 7.29 months reserves, loan qualified with 13.10 months reserves. No Mortgage Lates Borrowers have no Mortgage Lates within the last 99 reporting months.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00343

80d6bc72-4b10-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 25.84% Reserves are higher than guideline minimum UW Guides require 0 months’ reserves, loan qualified with 259.80 months’ reserves  Years Self Employed Borrower has 39 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00251

a89ebc4c-532e-4a41-8c87-e6a85ee03e08

2862

TQM/Non-HPML

Compliance

HUD Homeownership Counseling Disclosure not provided within 3 days of application

HUD Homeownership Counseling disclosure not provided within 3 business days of application date. The HUD Homeownership Counseling disclosure provided is dated XX/XX/XXXX, the broker's application date was XX/XX/XXXX.

12/17/2019:  This finding is deemed non-material with a final grade of a “B”.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $16,494.69 in disposable income   Reserves are higher than guideline minimum UW Guides require 2 months reserves, loan qualified with 16.40 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 99 months payment history with no late payments reported

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00319

55faefab-1e11-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 14.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 26.86% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 803

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00377

5a3b13b2-83cb-4af1-aeef-2c89b1e80657

50

TQM/HPML

Compliance

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided

FACTA - Notice to Home Loan Applicant & Consumer Score Disclosure not provided

11/25/2019: This finding is deemed non-material with a final grade of a “B”

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 726. Reserves are higher than guideline minimum UW Guides require 31 months reserves, loan qualified with 33.09 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70%.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00377

97b58907-aa25-ea11-8f12-f4e9d4a75a52

2884

TQM/HPML

Credit

Data Discrepancy Violation

A HMDA Data Discrepancy has been identified for Loan Purpose.  Audit Loan Purpose: Refi Cash Out- Other vs. Data Tape: Cash out Refinance.

01/17/2020- CD reflects a lender paid off at closing. Loan purpose is cash out refinance and not "Other" which matches to lender data tape. Condition rescinded.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 726. Reserves are higher than guideline minimum UW Guides require 31 months reserves, loan qualified with 33.09 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70%.

Y

1

1

A

A

A

A

A

A

A

A

A

A

Rescind

FSMT20201INV00377

ccffa1c0-370d-ea11-94d7-f4e9d4a75ba2

2950

TQM/HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/03/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 726. Reserves are higher than guideline minimum UW Guides require 31 months reserves, loan qualified with 33.09 months reserves CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70%.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00346

9744bd94-790c-ea11-94d7-f4e9d4a75ba2

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report in section B of the final Closing Disclosure is paid to the Broker and should be paid to the service provider or FBO the service provider. Additionally, The Tax Service fee paid to the lender reflected in section B of the final Closing Disclosure should be reflected in section A or the correct service provider should be listed. Provide corrected CD and letter of explanation to the Borrower.

11/25/2019: This finding is deemed non-material with a final grade of a “B”

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 67.20 months’ reserves  CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 36.10%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00346

ab0723ea-bb0f-ea11-94d7-f4e9d4a75ba2

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing executed Home Equity Line of Credit (HELOC) closure letter reflecting HELOC was frozen and closed.

12/04/2019-this is the documentation XXXXX will provide to show heloc is closed

12/04/2019- payoff closure letter from HELOC provider provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 67.20 months’ reserves  CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 36.10%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00346

a5cf3732-42d2-4043-9aa8-3647282bade8

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for Lender and Broker.

11/25/2019: This finding is deemed non-material with a final grade of a “B”

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 67.20 months’ reserves  CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 36.10%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00346

64983430-8b0c-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 67.20 months’ reserves  CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 36.10%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00346

165d1dae-7f0c-ea11-94d7-f4e9d4a75ba2

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

Missing executed Home Equity Line of Credit (HELOC) closure letter reflecting HELOC was frozen and closed.

12/04/2019- payoff closure letter from HELOC provider provided. Condition cleared.11/27/2019:  Investor will not accept a processor certification to verify the HELOC was paid off and closed.  Condition maintained for the executed HELOC closure letter from the borrower.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 705 Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 67.20 months’ reserves  CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 36.10%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00364

717fb6b4-5210-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years Self Employed Borrower has 30 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 782 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 6.34 months’ reserves, loan qualified with 39 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00364

66f3bc7b-700e-ea11-94d7-f4e9d4a75ba2

32

Not Covered/Exempt

Credit

Failure to obtain Income Documentation

The Borrower's income is required to be documented with signed, dated individual tax returns, with all applicable tax schedules for the most recent year. The loan file contains only the signature page of the borrower's recent year 1040.  Copies of the signed, dated individual tax returns, with all applicable tax schedules for the most recent year are required to fulfill guidelines. Additional Conditions may apply.

12/04/2019- XXXX tax return provided and complies with AUS requirement. Condition cleared.

Years Self Employed Borrower has 30 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 782 No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 6.34 months’ reserves, loan qualified with 39 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00391

cb380b79-e3a3-4ed1-858c-725871ee5a1d

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

11/27/19: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 19.3 months reserves, loan qualified with 24.4 months reserves. DTI is lower than guideline maximum UW Guides allow a maximum DTI Ratio of 45%, loan qualified with a 40.05% DTI. FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 754 FICO.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00391

268f22d1-4411-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 19.3 months reserves, loan qualified with 24.4 months reserves. DTI is lower than guideline maximum UW Guides allow a maximum DTI Ratio of 45%, loan qualified with a 40.05% DTI. FICO is higher than guideline minimum UW Guides require a minimum FICO score of 680, loan qualified with a 754 FICO.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00252

ad43ca85-1228-496e-b8fc-2bbb538811db

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

12/13/2019: This finding is deemed non-material and rated a B.

Years on Job Borrower has 7 years on job Reserves are higher than guideline minimum UW Guides require 6 months’ reserves,  loan qualified with 16.20 months’ reserves  No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00262

7ac6736e-560d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.87% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 777 Years in Field Borrower has 20 years in field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00283

5d82204c-2711-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require 9.92 months reserves, loan qualified with 78 months reserves Years on Job Borrower has 12 years on job No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00283

4fc3905f-de12-ea11-94d7-f4e9d4a75ba2

855

Not Covered/Exempt

Credit

Failure to obtain Verification of Mortgage

Evidence of P & I for property #2 on the final application not provided. Additional conditions may apply.

12/05/2019-Property is a timeshare and the taxes and insurance is shared among all the vacation owners, which all included in the $XXX.

12/09/2019- Note and first payment letter verifying PITI provided. Condition cleared.12/05/2019- Lender provided information on time share unit. Audit is requesting information on REO #2. Condition retained.

FICO is higher than guideline minimum UW Guides require 9.92 months reserves, loan qualified with 78 months reserves Years on Job Borrower has 12 years on job No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00283

9e1c6e88-2811-ea11-94d7-f4e9d4a75ba2

1688

Not Covered/Exempt

Credit

Missing Evidence of Taxes and Insurance

Evidence of property taxes and insurance for property #2 on the final application not provided. Additional conditions may apply.

12/05/2019-Property is a timeshare and the taxes and insurance is shared among all the vacation owners, which all included in the $XXX.

12/05/2019-  Lender provided information on time share unit. Audit is requesting information on REO #2. Condition retained.

FICO is higher than guideline minimum UW Guides require 9.92 months reserves, loan qualified with 78 months reserves Years on Job Borrower has 12 years on job No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00313

3f1588d5-b80f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 14.43% Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 10.20 months’ reserves  Years Self Employed Borrower has 5 years Self Employed

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00289

b9785464-7e0d-ea11-94d7-f4e9d4a75ba2

3181

Not Covered/Exempt

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B : The appraisal fee, credit report fee, flood certification fee and tax service Fee paid to the lender and/or broker reflected in section B of the final Closing Disclosure should be reflected in section A or is missing the name of the service provider.  No Cure.

11/22/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 58.85% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 737 Years in Field Borrower has 27 years in Field

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00289

a9ddee60-860d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 58.85% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 737 Years in Field Borrower has 27 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00289

3f72cdce-740d-ea11-94d7-f4e9d4a75ba2

915

Not Covered/Exempt

Credit

Missing asset documentation

Lender's guidelines require 2 months' bank statements, 2 months' investor portfolio statements, 2 months' 401K or other retirement account statements, terms and conditions of withdrawal from 401K if Borrower < 59 1/2 years old and  verification of the down payment for a purchase.  The loan file is missing 2 months of bank statements to support assets entered into DU.

12/10/2019- Two months bank statements verifying sufficient funds provided. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 58.85% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 737 Years in Field Borrower has 27 years in Field

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00340

a52bac8c-b10f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 9 months reserves, loan qualified with 262.60 months reserves FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 762 Years on Job Borrower has 22 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00340

a6c57343-b00f-ea11-94d7-f4e9d4a75ba2

854

Not Covered/Exempt

Credit

Failure to obtain Lease Agreements

Current lease/rental agreement for property #1 on the final application not provided. Additional conditions may apply.

12/12/2019-Appraisal on  REO1 with fair rental value provided. Condition cleared.12/09/2019-  Lender provided first payment letter and note showing REO was recently acquired. Lender used gross rental income on REO to calculate an NRI instead of holding the entire PITI in subject property DTI. This gross rental income is require do be supported by either a current lease or the appraisal from that transaction documenting the fair rental value to the REO property. Condition retained.

Reserves are higher than guideline minimum UW Guides require 9 months reserves, loan qualified with 262.60 months reserves FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 762 Years on Job Borrower has 22 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00297

15e2b1e7-a30f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years in Field Borrower has 25 years in the field. Reserves are higher than guideline minimum DU Underwriting Guides require 9.19 months reserves, loan qualified with 187.30 months reserves. FICO is higher than guideline minimum Agency Underwriting Guidelines require FICO of 680 loan qualified with FICO of 762.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00297

fcf0ec2d-a40f-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a maximum allowable DTI of 48.41%.  Due to the improper calculation of debts, the actual DTI is 52.83%.  Borrower failed to provide documentation supporting omission of the following debts: XXXXX XXXX, Acct#XXXX and XXXX, Acct #XXXX.

12/10/2019-Please provide calculation breakdown.

12/16/2019- Lender provided CD on simultaneous transaction reflecting XXXXX card acct#XXXX and XXXX acct #XXXX satisfied as part of that closing. That transaction is disclosed on subject  1003 REO with correct PITI. Debts removed from audit DTI. Condition cleared.12/12/2019- Lender provided a PCCD dated XX/XX/XXXX reflecting payoff to XXXXX card acct#XXXX and XXXX acct #XXXX. CD reflects an increased loan amount from $XXX,XXX.XX to $XXX,XXX.XX. Provide the accompanying AUS, 1008, Note , Mortgage, title and other credit package documents associated with the increased loan amount. Condition retained.12/10/2019- File does not contain documentation to exclude the debts listed on AUS condition #11 file page 119. Provide documentation used to exclude the debts excluded from the DTI as required in AUS#11. Condition retained.

Years in Field Borrower has 25 years in the field. Reserves are higher than guideline minimum DU Underwriting Guides require 9.19 months reserves, loan qualified with 187.30 months reserves. FICO is higher than guideline minimum Agency Underwriting Guidelines require FICO of 680 loan qualified with FICO of 762.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00297

a115d5f3-a40f-ea11-94d7-f4e9d4a75ba2

992

Not Covered/Exempt

Credit

Invalid AUS

The Lender's Guidelines/Agency Guidelines require loan data to be resubmitted to DU if the data changes from the time the AUS was last run. The most recent AUS in file reflects no documentation in file supporting the omission of the following debts: XXXXX XXXX, Acct#XXXX and XXXX, Acct #XXXX.  Loan does not meet criteria for Temporary Qualified Mortgage.  Additional conditions may apply.

12/16/2019- Lender provided CD on simultaneous transaction reflecting XXXXX card acct#XXXX and XXXX acct #XXXX satisfied as part of that closing. That transaction is disclosed on subject  1003 REO with correct PITI. Debts removed from audit DTI. Condition cleared.12/12/2019- Lender provided a PCCD dated XX/XX/XXXX reflecting payoff to XXXXX card acct#XXXX and XXXX acct #XXXX. CD reflects an increased loan amount from $XXX,XXX.XX to $XXX,XXX.XX. Provide the accompanying AUS, 1008, Note , Mortgage, title and other credit package documents associated with the increased loan amount. Condition retained.12/10/2019- File does not contain documentation to exclude the debts listed on AUS condition #11 file page 119. Provide documentation used to exclude the debts excluded from the DTI as required in AUS#11. Condition retained.

Years in Field Borrower has 25 years in the field. Reserves are higher than guideline minimum DU Underwriting Guides require 9.19 months reserves, loan qualified with 187.30 months reserves. FICO is higher than guideline minimum Agency Underwriting Guidelines require FICO of 680 loan qualified with FICO of 762.

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00275

5a329c12-7769-42a3-be48-0f334f8da8f2

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

12/18/2019:  This finding is deemed non-material with a final grade of a “B”.

Reserves are higher than guideline minimum UW Guides require 25 months reserves, loan qualified with 46.20 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $3, 266.94 in disposable income   No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 17 months with no late payments

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00286

f2fc5c07-2d15-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum Agency Underwriting Guidelines require FICO of 680 loan qualified with FICO of 798 Years in Field Borrower has 18 years in the field. Years on Job Co-Borrower has 12 years on the job.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00286

b6d54281-9b3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

FICO is higher than guideline minimum Agency Underwriting Guidelines require FICO of 680 loan qualified with FICO of 798 Years in Field Borrower has 18 years in the field. Years on Job Co-Borrower has 12 years on the job.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00392

9bcc5193-3515-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 11 months reserves, loan qualified with 327 months reserves Years in Field Borrower has 18 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 31.84%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00392

98f5c06a-3315-ea11-94d7-f4e9d4a75ba2

793

Not Covered/Exempt

Credit

Failure to obtain Condo Questionnaire

The Condo Questionnaire is missing from the loan file.  Additional conditions may apply.

12/12/2019- Limited condo review. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 11 months reserves, loan qualified with 327 months reserves Years in Field Borrower has 18 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 31.84%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00392

8ed9e6ba-9b3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

Reserves are higher than guideline minimum UW Guides require 11 months reserves, loan qualified with 327 months reserves Years in Field Borrower has 18 years in Field   DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 31.84%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00359

5d7a6a3a-b80f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 10.26 months reserves, loan qualified with 182.40 months reserves Years on Job Borrower has 12.40 years on the job.   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 774

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00474

758af36d-aeec-477b-9cbc-d612d7247e3d

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

Exception this finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $31,165.82 in disposable income.   Reserves are higher than guideline minimum UW Guides require 8.94 months reserves, loan qualified with 133.80 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 19.17%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00371

fce2b9c9-d40f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Years in Field Borrower has 19 years in Field   Reserves are higher than guideline minimum UW Guides require 31.94 months’ reserves, loan qualified with 64.30 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00326

876867fe-ff14-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 9.5 months reserves, loan qualified with 148.90 months reserves Years on Job Borrower has 17 years on job Current Rate is lower than previous rate Refinance reduces rate from 4.875% to 4.125%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00326

627a0db6-be3b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal missing

Loan approved with a PIW, final grade will be a B.

Reserves are higher than guideline minimum UW Guides require 9.5 months reserves, loan qualified with 148.90 months reserves Years on Job Borrower has 17 years on job Current Rate is lower than previous rate Refinance reduces rate from 4.875% to 4.125%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00305

21c66b2f-6011-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769. Years in Field Borrower has 17 years in Field. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 73.65%.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00305

1ca709b1-bd3b-ea11-8f12-f4e9d4a75a52

77

Not Covered/Exempt

Property

571 - Appraisal Missing

Appraisal missing

Loan approved with a PIW, final grade will be a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769. Years in Field Borrower has 17 years in Field. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 73.65%.

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00280

f0315e78-b70f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 144.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 31.88% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 763

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00280

690df067-b70f-ea11-94d7-f4e9d4a75ba2

920

Not Covered/Exempt

Credit

Missing Note

Note in the file is missing pages 2 and 3.

11/27/2019:  Fully executed Note provided, condition cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 144.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 31.88% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 763

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00280

8119690e-9c3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 144.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 31.88% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 763

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00470

43b66f6c-b221-ea11-8f12-f4e9d4a75a52

701

Not Covered/Exempt

Credit

Failure to obtain Employment Verification

Verification of the borrower’s business must be obtained within 30 calendar days prior to the note date via the following a third party verification, such as a CPA letter, VOE with the CPA or regulatory agency/applicable licensing bureau.

12/23/2019-VVOE on borrower and co borrower provided. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 10.37% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 789 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 130.90 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00303

345ac87c-400d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 24.11% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 745 Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 95.40 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00389

fd2fc99e-8b0f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 15.80 months reserves Years on Job Borrower has 5 years on job CLTV is lower than guideline maximum UW Guides maximum CLTV of 58%, loan qualified with CLTV of 57.23%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00365

89f76f50-ad3d-4467-a5c5-bc74f13d0ed6

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Lender and Broker Business Disclosure

12/16/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 7  months reserves, loan qualified with  24.90 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 24.29% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 787

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00464

1d97ac18-c586-47ec-bb34-cd0409a8507a

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure from both the lender and broker.

12/18/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum Overlay maximum CLTV of 80%, loan qualified with CLTV of 75% FICO is higher than guideline minimum Overlay require FICO of 680, loan qualified with FICO of 742 Reserves are higher than guideline minimum AUS require 59.76 months’ reserves, loan qualified with 109.70 months’ reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00308

ffd7a767-b60f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Reserves are higher than guideline minimum UW Guides require 8.75 months’ reserves, loan qualified with 23.20 months’ reserves  Years on Job Borrower has 15 years on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00445

794bb9a7-63d4-400b-9451-a908b7f3c73a

3295

Not Covered/Exempt

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

(Added 12/11/2019) Lender provided updated AUS reflects removal of HOA fees and lender comment HOA fee included in error. Closing CD dated XX/XX/XXXX reflects HOA fees non escrowed  of $XXX.XX included in Estimated Taxes, insurance, & assessments. CD page 4 of 5 has non escrowed property costs over 1 year of $X,XXX.XX.

12/11/2019-Auditor reviewed.Non material. Loan will be graded a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.92% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 814 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  14.20 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00445

ed3c1b00-240d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.92% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 814 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  14.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00445

7526e6a8-b20c-ea11-94d7-f4e9d4a75ba2

1689

Not Covered/Exempt

Credit

Missing Evidence of HOA Fees

Missing evidence of HOA dues for the subject property.

12/11/2019-corrected AUS with no HOA dues, which should not have been included

12/11/2019- Lender provided updated AUS reflecting removal of HOA dues. Audit Google review of address found no information supporting the existence of an HOA. Condition cleared.12/03/21019- Lender included an HOA fee of $XXX.XX/month in AUS subject proposed payment file page 108. Provide documentation of HOA dues as loan is approved on PIW which does not provide a figure on the HOA as does an apprasial. Condition retained.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.92% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 814 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  14.20 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00445

2eade74c-9c3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 37.92% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 814 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  14.20 months reserves

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00336

3d590f01-5d0d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 27.51% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 755 Reserves are higher than guideline minimum UW Guides require 3.15 months’ reserves, loan qualified with 10.50 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00310

3c8dcc73-a710-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 7.50 months reserves, loan qualified with 13.50 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 771 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.97

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00310

5dcc0b8b-9c3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

Reserves are higher than guideline minimum UW Guides require 7.50 months reserves, loan qualified with 13.50 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 771 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 33.97

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00349

6f6dbf13-32e8-4d81-bf8b-9cc0885fee13

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Lender and Broker Affiliated Business Disclosure

12/13/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  43.10 months reserves Years Self Employed Borrower has 12 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 42.32%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00338

f597af80-c814-ea11-94d7-f4e9d4a75ba2

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Appraisal fee in section B of the final Closing Disclosure is missing the name of the service provider. Provide corrected CD and letter of explanation to the Borrower.

12/01/2019: This finding is deemed non-material and rated a B.

Years Self Employed Borrower 10 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 60%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00338

9f4e439d-c614-ea11-94d7-f4e9d4a75ba2

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to excessive DTI and missing documentation from refinance of the borrower's primary residence.

12/12/2019- Closing CD on departure residence with proof of loan satisfaction. Condition cleared.

Years Self Employed Borrower 10 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 60%

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00338

94144046-9cb5-488e-b878-16fd1b940fd3

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosures for the lender and broker

12/01/2019: This finding is deemed non-material and rated a B.

Years Self Employed Borrower 10 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 60%

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00338

77bb2f09-c114-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years Self Employed Borrower 10 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 60%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00338

461fe523-c114-ea11-94d7-f4e9d4a75ba2

4

TQM/Non-HPML

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 49%. Due to the improper calculation of income, the actual DTI is 50.16%. The lender incorrectly calculated income from self-employment by including car and truck expenses from Schedule C, line 9, as basis for business mileage depreciation deduction. The Schedule C does not reflect any business mileage on line 44(a).

12/10/2019-Please provide calculation breakdown.

12//10/2019-Schedule C page 323 line 43 says see additional vehicle information. Mileage add back appears on page 336 XX,XXX miles x .XXX cents = $XX,XXX. Lender worksheet page 262 used X.XX for mileage add back total $XX,XXX.XX. DTI matches to AUS. Condition cleared.

Years Self Employed Borrower 10 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 60%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00338

8d67df40-c114-ea11-94d7-f4e9d4a75ba2

741

TQM/Non-HPML

Credit

Failure to obtain Documentation

The AUS required evidence to support omission of the existing mortgage account, with the balance of $XXX,XXX, secured with the primary residence and disclosed on the borrower's credit report. According to the loan application, the borrower refinanced his primary residence simultaneously with the subject transaction. Additionally, documentation for the new mortgage, opened as a result of the refinance, in the amount of $XXX,XXX and with the monthly PITI payment of $X,XXX.XX, was not provided. The lender used the new housing payment to calculate the DTI. Evidence of satisfaction for the old mortgage and documentation to support the new housing expense were not provided as required by AUS.

12/12/2019- Closing CD on departure residence with proof of loan satisfaction. Condition cleared.

Years Self Employed Borrower 10 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 749 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 60%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00381

9dcd8c22-b30f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 63.15 months’ reserves, loan qualified with 111.90 months’ reserves  No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 42.53%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00381

383efc31-b30f-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 38.99%.  Due to the miscalculation of income and debts, the actual DTI is 42.53%. It appears the lender did not include the negative Schedule C income for the co-borrower and the audit used a more conservative figure for net rental income.

12/12/2019- Self employed loss on borrower tax return is secondary to primary employment income and is excluded per fannie selling guide. Audit DTI with tolerance. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 63.15 months’ reserves, loan qualified with 111.90 months’ reserves  No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 42.53%

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00281

c1ca0521-1c11-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 11 years on job Reserves are higher than guideline minimum UW Guides require 26.5 months reserves, loan qualified with 42.9 months reserves FICO is higher than guideline minimum UW Guides maximum FICO of 680, loan qualified with FICO of 788

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00281

678e7b32-3411-ea11-94d7-f4e9d4a75ba2

4

Not Covered/Exempt

Credit

DTI Exceeds Guidelines

The AUS reflects a DTI of 29.74%.  Due to the improper calculation of debts, the actual DTI is 48.62%. Lender did not include the taxes and hazard insurance for all OREO's. Additional conditions may apply.

12/04/2019- Lender provided updated P&I on all REO's. Tax and Insurance also provided. Condition cleared.

Years on Job Borrower has 11 years on job Reserves are higher than guideline minimum UW Guides require 26.5 months reserves, loan qualified with 42.9 months reserves FICO is higher than guideline minimum UW Guides maximum FICO of 680, loan qualified with FICO of 788

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00281

178bf51e-3511-ea11-94d7-f4e9d4a75ba2

1643

Not Covered/Exempt

Credit

Failure to Verify Housing History

Guidelines require satisfactory housing payment history for 12 months.  Payment history not provided on credit report.  VOM for property #2 on the final application required to verify.

12/05/2019-12 month pay history provided. Condition cleared.12/04/2019- The final page providing the 12 month pay history prior to the new financing on XX/XX/XXXX is cutoff and does not reflect the entire 12 month history. Condition retained.

Years on Job Borrower has 11 years on job Reserves are higher than guideline minimum UW Guides require 26.5 months reserves, loan qualified with 42.9 months reserves FICO is higher than guideline minimum UW Guides maximum FICO of 680, loan qualified with FICO of 788

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00272

0d1339a1-6e0e-ea11-94d7-f4e9d4a75ba2

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Flood Certificate Fee and Tax Service Fee reflected in section B of the final Closing Disclosure should be reflected in section A or list an FBO to the actual service provider. Provide corrected CD and letter of explanation to the Borrower.

11/24/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 793 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  15.90 months reserves Years on Job Borrower has 15 yesrs on job

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00272

6d1b040d-710e-ea11-94d7-f4e9d4a75ba2

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to DTI exceeding max allowed by DU.

12/12/2019- Updated AUS, 1008, and 1003 provided. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 793 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  15.90 months reserves Years on Job Borrower has 15 yesrs on job

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00272

861ad7c8-6d0e-ea11-94d7-f4e9d4a75ba2

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the lender and broker.

11/24/2019: This finding is deemed non-material and rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 793 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  15.90 months reserves Years on Job Borrower has 15 yesrs on job

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00272

2e45c174-6d0e-ea11-94d7-f4e9d4a75ba2

2950

TQM/Non-HPML

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 793 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  15.90 months reserves Years on Job Borrower has 15 yesrs on job

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00272

4a27b98a-cc0f-ea11-94d7-f4e9d4a75ba2

4

TQM/Non-HPML

Credit

DTI Exceeds Guidelines

The AUS reflects a maximum allowable DTI of 27.64%. Due to the improper calculation of income, the actual DTI is 34.77%. The lender included income from borrower's second job twice.

Please provide calculation breakdown.

12/12/2019- Updated AUS, 1008, and 1003 provided. Condition cleared.11/27/2019:  Income break down provided. B1 1st Job Base $XXXX.XX B1 2nd Job $XXXX.XX B2 Base $XX,XXX.XX.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 793 Reserves are higher than guideline minimum UW Guides require 6.00  months reserves, loan qualified with  15.90 months reserves Years on Job Borrower has 15 yesrs on job

Y

3

1

C

A

C

A

C

A

C

A

C

A

Cleared

FSMT20201INV00339

d5900243-950c-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 59.88% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 30.09%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00339

95c05391-910c-ea11-94d7-f4e9d4a75ba2

701

Not Covered/Exempt

Credit

Failure to obtain Employment Verification

AUS requires a VVOE within 10 business days prior to the note date. The VVOE is missing for the borrower.

12/04/2019-VVOE with 10 days of note date provided. Condition cleared.11/27/2019:  VVOE provided for borrower, however is expired.  The VVOE is not dated within 10 business days of the Note date, condition maintained.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 59.88% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 30.09%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00339

ce1d94bc-9c3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 59.88% DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 30.09%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00449

129fd31c-d30e-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 13.3 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 779 Reserves are higher than guideline minimum UW Guides require 7 months’ reserves, loan qualified with 312.60 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00424

e3cacfa6-8112-44a7-9fa0-918ee84ecb9a

3296

TQM/HPML

Compliance

Closing Disclosure document error

The final Closing Disclosure  reflects Taxes Dues paid to a taxing authority in Section H versus Section F. Provide re-disclosed CD and letter of explanation.

12/19/2019:  This finding is deemed non-material Per SFIG with a final grade of a “B”.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 21.79% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 741 CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70%

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00263

339680d3-af0f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months’ reserves, loan qualified with 5.40 months’ reserves  FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 781 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 26.29%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00294

e6265991-5011-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 737 CLTV is lower than guideline maximum  Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 202.60 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00434

2e5f24c1-e362-4d00-8358-1cd54c888ca4

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

12/19/2019: This finding is deemed non-material and rated a B.

CLTV is lower than guideline maximum Agency Underwriting Guidelines require 80% CLTV, loan qualified with 60.00% CLTV. Reserves are higher than guideline minimum Agency Underwriting Guidelines require 0 months reserves, loan qualified with 20.40 months reserves.  FICO is higher than guideline minimum Agency Underwriting Guidelines require FICO of 680 loan qualified with FICO of 742.

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00454

42a51c02-9d3c-ea11-bfd5-f4e9d4a75ba2

9

Not Covered/Exempt

Property

Appraisal not provided

Loan file is missing the Appraisal.

01/21/2020: Loan close with a PIW as the final value product. Loan will be graded a B.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 767 CLTV is lower than guideline maximum UW Guides require 6  months reserves, loan qualified with  9 months reserves Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $17,385.70 in disposable income

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00264

491c229d-a20c-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Years on Job Borrower has 9 years on job FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801 Reserves are higher than guideline minimum UW Guides require 8 months reserves, loan qualified with 137.30 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00348

13c4ff4a-8389-4945-9003-13344b195524

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

12/17/2019: This finding is deemed non-material with a final grade of a “B”

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with  6.80 months reserves Years in Field Borrower has 10 years in Field   FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 794

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00412

7adbc0a1-6f21-4ca1-9bb2-5253f51a3ab1

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Credit Report fee is paid to the broker, Flood certificate fee and Tax Service fee reflected in section B of the final Closing Disclosure should be reflected in section A or the correct service provider should be listed. Provide corrected CD and letter of explanation to the Borrower.

12/20/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 98.30 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 43 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,865.71 in disposable income

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00412

2fdbbe32-5994-4bb1-adfb-8a75a2bbac24

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure.

12/20/2019: This finding is deemed non-material and rated a B.

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 98.30 months reserves No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 43 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $5,865.71 in disposable income

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00373

2643c99e-d40f-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition for informational purposes only. Due Diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 39.10% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796 Reserves are higher than guideline minimum DU require 16.42 months’ reserves, loan qualified with 88.90 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00325

b627c7ae-4a15-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

FICO is higher than guideline minimum UW Guides require a FICO score 680 loan qualified with FICO of 783. Years on Job Borrower has 23.3 years on job. Reserves are higher than guideline minimum UW Guides require 10 months reserves, loan qualified with 180.40 months reserves.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00367

2ca80361-2d0d-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0  months reserves, loan qualified with  74.50 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 757 DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 34.05%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00322

f3fd449b-4711-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Disposable Income is higher than guideline minimum UW Guides require $0 in disposable income, loan qualified with $11,385 in disposable income   General Comp Factor 1 UW Guides require 9.06 months reserves, loan qualified with 14.20 months reserves. DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 28.95%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00258

66713099-7f1e-ea11-bda0-f4e9d4a75ba2

905

Not Covered/Exempt

Credit

Missing mortgage/deed of trust

Missing mortgage/deed of trust. Additional condition may apply.

12/18/2019-Mortgage provided. Condition cleared

Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with over 12 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 780 Full Documentation The loan is full documentation

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00333

16364779-7e0c-ea11-94d7-f4e9d4a75ba2

2950

Not Covered/Exempt

Credit

Document Deficiency - Other

Loan is pending HMDA data review. Condition is for informational purposes only. Due diligence firm to complete.

12/23/2019 - HMDA Data tape provided and HMDA Comparison was completed. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 6  months reserves, loan qualified with 22.80 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 801. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80% loan qualified with CLTV of 54.73%

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00419

89a1da4f-7925-ea11-8f12-f4e9d4a75a52

2854

Not Covered/Exempt

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet TQM due to missing evidence of PITI for newly refinanced REO.

12/26/2019- CD on REO#2 verifying PITI provided. Condition cleared.

Years Self Employed Borrower has 7.9 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 787 Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $13,542.89 in disposable income

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00419

a647b3c3-e124-ea11-8f12-f4e9d4a75a52

741

Not Covered/Exempt

Credit

Failure to obtain Documentation

Missing CD/HUD-1 for recent refinanced property #2 on the final loan application, verifying total monthly payment of $X,XXX.XX

12/26/2019- CD on REO#2 verifying PITI provided. Condition cleared.

Years Self Employed Borrower has 7.9 years Self Employed FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 787 Disposable Income is higher than guideline minimum UW Guides require $00 in disposable income, loan qualified with $13,542.89 in disposable income

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00417

f6c2a8c9-b0c2-4600-8a96-da0b48fe1056

3181

TQM/Non-HPML

Compliance

Incorrect disclosure of Services Borrower DID NOT SHOP Fee - Section B

The Appraisal fee in section B of the final Closing Disclosure is missing the name of the 3rd party service provider. Provide corrected CD and letter of explanation to the Borrower.

12/16/2019: Non-material per SFIG guidance, loan will be graded a B

Reserves are higher than guideline minimum UW Guides require 2.67  months reserves, loan qualified with  110.10 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 41.42% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 709

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged

FSMT20201INV00417

cc4c5710-2c6a-4270-816b-b125c93701be

2854

TQM/Non-HPML

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing hazard insurance policy for subject property.

12/24/2019-Hazard insurance declaration page provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 2.67  months reserves, loan qualified with  110.10 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 41.42% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 709

Y

3

1

C

A

C

A

D

A

C

A

C

A

Cleared

FSMT20201INV00417

c75ac215-f70c-45f6-a44d-5e3bce33a1ac

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the lender and broker

12/16/19: Finding deemed non-material, loan will be graded a B

Reserves are higher than guideline minimum UW Guides require 2.67  months reserves, loan qualified with  110.10 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 41.42% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 709

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00417

f847346e-3b20-ea11-8f12-f4e9d4a75a52

15

TQM/Non-HPML

Credit

Failure to obtain Hazard Insurance Declaration

A hazard insurance declaration for the subject property was not provided.

12/24/2019-Hazard insurance declaration page provided. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 2.67  months reserves, loan qualified with  110.10 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 41.42% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 709

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00408

d49dbcd7-03b1-47f4-ac04-f77206489a4c

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure

12/23/2019:  This finding is deemed non-material  with a final grade of a “B”.

DTI is lower than guideline maximum UW guides maximum DTI of 43%, loan qualified with DTI of 33.26% Reserves are higher than guideline minimum UW guides require 9 mths reserves, loan qualified with 50.30 months' reserves. FICO is higher than guideline minimum Loan qualified with FICO of 772

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00439

f5eb1008-9b34-42cd-aac2-980ba8063a9b

48

TQM/Non-HPML

Compliance

Missing Affiliated Business Disclosure

Missing Affiliated Business Disclosure for the Broker and the Lender.

12/14/2019: This finding is deemed non-material and rated a B.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Years on Job Borrower has 5 years on job Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 25.60 months’ reserves

Y

2

2

B

B

B

B

B

B

B

B

B

B

Acknowledged

FSMT20201INV00439

3dc24c3c-3e20-ea11-8f12-f4e9d4a75a52

14

TQM/Non-HPML

Credit

Failure to obtain Title

A Copy of Title for the subject property was not provided.

12/24/2019- Title provided. Condition cleared.12/18/2019- Title policy provided reflects a coverage loan amount $XXX,XXX.XX and not the loan amount $XXX,XXX.XX. Provide updated title or addendum showing correct coverage amount. Condition retained.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 24 months; credit report verifies 48 months’ payment history with no late payments reported Years on Job Borrower has 5 years on job Reserves are higher than guideline minimum UW Guides require 6 months’ reserves, loan qualified with 25.60 months’ reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00404

8a4d9e98-6723-ea11-8f12-f4e9d4a75a52

33

Not Covered/Exempt

Credit

Failure to obtain Asset Documentation

Lender's guidelines require a recent retirement depository or brokerage account statement, terms and conditions of withdrawal and evidence of receipt of funds if the value of the account is < 20% of the amount of funds needed for closing and reserves.  The loan file is missing recent depository or brokerage statement for retirement asset #3 on the final loan application. Additional conditions may apply.

12/24/2019- Current statements provided. Condition cleared.

CLTV is lower than guideline maximum UW guides maximum CLTV is 80%, loan qualified with CLTV of 74.94%. Years in Field Borrower has been in the same field 25 years. FICO is higher than guideline minimum UW guides minimum FICO is 680, loan qualified with FICO of 770.

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00414

9af9e160-4b20-ea11-8f12-f4e9d4a75a52

1500

Not Covered/Exempt

Credit

Missing Business Tax Returns

Missing business tax return for Business B on Schedule E Part II of xxxx tax return.

Missing business tax return for Business B on Schedule E Part II of XXXX tax return.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 796 Years Self Employed Borrower has been Self Employed for 21.5 years per CA  Secretary of State Business website Reserves are higher than guideline minimum UW Guides require 3.12 months reserves, loan qualified with 469.8 months reserves

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00406

4e272299-6323-ea11-8f12-f4e9d4a75a52

21

TQM/Non-HPML

Credit

Failure to Obtain Final Application (1003)

All pages of the final application was not provided.

12/24/2019-Final 1003 all pages provided. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 20.47% Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 32.70 months reserves FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 718

Y

3

1

D

A

D

A

D

A

D

A

D

A

Cleared

FSMT20201INV00415

8f995723-6355-43ce-8bf4-0062c5b0c452

3295

Not Covered/Exempt

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure dated XX/XX/XXXX indicates the Estimated Taxes, Insurance and Assessments as $XXX.XX a month vs. the calculated value of $XXX.XX a month. The lender did not include the total HOA of $XX.XX.  (NOT IN ESCROW) Provide re-disclosed CD and letter of explanation.

Exception this finding is deemed non-material and rated a B.

Disposable Income is higher than guideline minimum UW Guides require $0.00 in disposable income, loan qualified with $28,136.69 in disposable income.   DTI is lower than guideline maximum UW Guides maximum DTI of 45%, loan qualified with DTI of 10.25% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 775

Y

3

2

D

B

D

B

D

B

D

B

D

B

Acknowledged