0000891092-18-008231.txt : 20181113 0000891092-18-008231.hdr.sgml : 20181113 20181113171530 ACCESSION NUMBER: 0000891092-18-008231 CONFORMED SUBMISSION TYPE: ABS-15G/A PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20181113 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20181113 DATE AS OF CHANGE: 20181113 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Residential mortgages - Other/Combined RCO 2018-VFS1 Trust FILER: COMPANY DATA: COMPANY CONFORMED NAME: RCO 2018-VFS1 Depositor LLC CENTRAL INDEX KEY: 0001756355 IRS NUMBER: 832185093 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G/A SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-04185 FILM NUMBER: 181179082 BUSINESS ADDRESS: STREET 1: 3020 OLD RANCH PARKWAY STREET 2: SUITE 180 CITY: SEAL BEACH STATE: CA ZIP: 90740 BUSINESS PHONE: (562) 735-6554 MAIL ADDRESS: STREET 1: 3020 OLD RANCH PARKWAY STREET 2: SUITE 180 CITY: SEAL BEACH STATE: CA ZIP: 90740 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: RCO 2018-VFS1 Depositor LLC CENTRAL INDEX KEY: 0001756355 IRS NUMBER: 832185093 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G/A SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 3020 OLD RANCH PARKWAY STREET 2: SUITE 180 CITY: SEAL BEACH STATE: CA ZIP: 90740 BUSINESS PHONE: (562) 735-6554 MAIL ADDRESS: STREET 1: 3020 OLD RANCH PARKWAY STREET 2: SUITE 180 CITY: SEAL BEACH STATE: CA ZIP: 90740 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: RCO 2018-VFS1 Depositor LLC CENTRAL INDEX KEY: 0001756355 IRS NUMBER: 832185093 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G/A SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-04185 BUSINESS ADDRESS: STREET 1: 3020 OLD RANCH PARKWAY STREET 2: SUITE 180 CITY: SEAL BEACH STATE: CA ZIP: 90740 BUSINESS PHONE: (562) 735-6554 MAIL ADDRESS: STREET 1: 3020 OLD RANCH PARKWAY STREET 2: SUITE 180 CITY: SEAL BEACH STATE: CA ZIP: 90740 ABS-15G/A 1 e2842abs15ga.htm ASSET-BACKED SECURITIZER REPORT

OMB Number: 3235-0675

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM ABS-15G/A

ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

____

Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period______________ to _________________

Date of Report (Date of filing) __________________

Commission File Number of securitizer: __________________

Central Index Key Number of securitizer:__________________

Name and telephone number, including area code, of the person
to contact in connection with this filing

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(l) [ ]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

X Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001756355

RCO 2018-VFS1 Trust

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): Not applicable

Central Index Key Number of underwriter (if applicable): Not applicable

Ron McMahan, Chief Executive Officer, (562) 735-6555

Name and telephone number, including area code, of the person
to contact in connection with this filing

FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.

EXPLANATORY NOTE

This Form ABS-15G/A replaces in its entirety the Form ABS-15G filed by RCO 2018-VFS1 Depositor LLC on November 1, 2018.

Exhibits

99.1	Ernst & Young LLP Report of Independent Accountants on Applying Agreed-Upon Procedures
99.2	AMC Diligence, LLC (“AMC”) Executive Summary
99.3	AMC Rating Agency Grades
99.4	AMC Valuation Report
99.5	AMC Exception Grades Report
99.6	AMC Data Compare Report

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RCO 2018-VFS1 DEPOSITOR LLC

Date: November 13, 2018

By:

/s/ Ron McMahan

	Name:	Ron McMahan
	Title:	Chief Executive Officer

EXHIBIT INDEX

Exhibit Number

99.1	Ernst & Young LLP Report of Independent Accountants on Applying Agreed-Upon Procedures
99.2	AMC Executive Summary
99.3	AMC Rating Agency Grades
99.4	AMC Valuation Report
99.5	AMC Exception Grades Report
99.6	AMC Data Compare Report

EX-99.1 2 e2842ex99-1.htm ERNST & YOUNG LLP REPORT OF INDEPENDENT ACCOUNTANTS ON APPLYING AGREED-UPON PROCEDURES

Exhibit 99.1

RCO 2018-VFS1 Trust

Mortgage-Backed Notes, Series 2018-VFS1

Sample Mortgage Loan and Sample Mortgaged Property Agreed-Upon Procedures

Report To:

Residential Credit Opportunities II, LLC

RCO 2018-VFS1 Depositor LLC

31 October 2018

Ernst & Young LLP

5 Times Square

New York, NY 10036

Tel: +1 212 773 3000

Fax: +1 212 773 6350

ey.com

Report of Independent Accountants on Applying Agreed-Upon Procedures

Residential Credit Opportunities II, LLC

RCO 2018-VFS1 Depositor LLC

3020 Old Ranch Parkway, Suite 180

Seal Beach, California 90740

Re:

RCO 2018-VFS1 Trust (the “Issuer”)
Mortgage-Backed Notes, Series 2018-VFS1 (the “Notes”)
Sample Mortgage Loan and Sample Mortgaged Property Agreed-Upon Procedures

We have performed the procedures enumerated in Attachment A, which were agreed to by Residential Credit Opportunities II, LLC (the “Sponsor”), RCO 2018-VFS1 Depositor LLC (the “Depositor”) and Nomura Securities International, Inc. (the “Initial Purchaser,” together with the Sponsor and Depositor, the “Specified Parties”), solely to assist the Depositor with respect to a pool of fully-amortizing, fixed-rate and adjustable-rate, residential rental mortgage loans (the “Mortgage Loans”) secured by first liens primarily on one-to-four family residential properties (the “Mortgaged Properties”) relating to the Issuer’s securitization transaction. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of the procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

For the purpose of the procedures described in this report, the Sponsor, on behalf of the Depositor, provided us with:

An electronic data file labeled “04 RCO 2018-VFS1 Investor Tape.xlsx” and corresponding record layout and decode information (the “Preliminary Data File”) that the Sponsor, on behalf of the Depositor, indicated contains information as of 30 September 2018 (the “Cut-off Date”) relating to certain mortgage loans (the “Preliminary Mortgage Loans”) that are each secured by one or more mortgaged properties (the “Preliminary Mortgaged Properties”) which the Sponsor, on behalf of the Depositor, indicated are expected to be representative of the Mortgage Loans and Mortgaged Properties, respectively,

Page 2 of 3

Imaged copies of the:

Promissory note, borrower certifications and acknowledgements, security deed and/or occupancy affidavit (as applicable and collectively, the “Note”),

ii.

Payment letter to the borrower or first payment letter (as applicable and collectively, the ”Payment Letter”),

iii.

Appraisal report, appraiser’s certification or CDA/appraisal desktop review assignment (as applicable and collectively, the “Appraisal”),

iv.

Lease agreement or rental contract (as applicable and collectively, the “Lease Agreement”),

Underwriting approval (the “Underwriting Approval”) and

vi.

Settlement statement, closing disclosure or purchase and sale agreement (as applicable and collectively, the “Settlement Statement,” together with the Note, Payment Letter, Appraisal, Lease Agreement and Underwriting Approval, the “Source Documents”),

that the Sponsor, on behalf of the Depositor, indicated relate to the Sample Mortgage Loans and Sample Mortgaged Properties (both as defined in Attachment A),

The list of relevant characteristics relating to the:

Sample Mortgaged Properties (the “Sample Mortgaged Property Characteristics”) and

ii.

Sample Mortgage Loans (the “Sample Mortgage Loan Characteristics,” together with the Sample Mortgaged Property Characteristics, the “Sample Characteristics”)

on the Preliminary Data File, which is shown on Exhibit 1 to Attachment A, and

Instructions, assumptions and methodologies, which are described in Attachment A.

The procedures described in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Preliminary Data File, Source Documents, Sample Characteristics and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform and we have not performed any procedures other than those listed in Attachment A with respect to the Preliminary Data File. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Source Documents or any other information provided to us by the Sponsor, on behalf of the Depositor, upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion as to (a) the existence of the Preliminary Mortgage Loans, Preliminary Mortgaged Properties, Mortgage Loans or Mortgaged Properties, (b) questions of legal or tax interpretation and (c) the accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Sponsor, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the American Institute of Certified Public Accountants on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

Page 3 of 3

The agreed-upon procedures described in this report were not performed for the purpose of:

Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or

Making any findings with respect to:

Whether the origination of the Mortgage Loans conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria or other requirements,

ii.

The value of the collateral securing the Mortgage Loans,

iii.

Whether the originators of the Mortgage Loans complied with federal, state or local laws or regulations or

iv.

Any other factor or characteristic of the Mortgage Loans that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions.

This report is intended solely for the use of the Specified Parties and is not intended to be and should not be used by anyone other than the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

31 October 2018

Attachment A

Procedures performed and our associated findings

As instructed by the Sponsor, on behalf of the Depositor, we randomly selected a sample of 598 Preliminary Mortgage Loans (the “Sample Mortgage Loans”) from the Preliminary Data File. For the purpose of this procedure, the Sponsor, on behalf of the Depositor, did not inform us as to the basis for how they determined the number of Sample Mortgage Loans or the methodology they instructed us to use to select the Sample Mortgage Loans from the Preliminary Data File.

We noted that the 598 Sample Mortgage Loans are secured by 702 Preliminary Mortgaged Properties (each, a “Sample Mortgaged Property”). For the purpose of the procedures described in this report, the 598 Sample Mortgage Loans and the corresponding 702 Sample Mortgaged Properties are referred to as Sample Numbers 1-0 through 598-4. The Sample Mortgage Loans are represented by Sample Numbers with a right-most digit of “0” and Sample Mortgaged Properties are represented by Sample Numbers with a right-most digit other than “0.”

For each Sample Mortgage Loan and Sample Mortgaged Property, we compared the Sample Characteristics, as applicable, listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information located on, or to the corresponding information we recalculated using information located on, the Source Documents, subject to the instructions, qualifications, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes to Exhibit 1 to Attachment A. The Source Document(s) that we were instructed by the Sponsor, on behalf of the Depositor, to use for each Sample Characteristic are shown on Exhibit 1 to Attachment A. Except for the information shown on Exhibit 2 to Attachment A, all such compared information was in agreement.

Exhibit 1 to Attachment A
Page 1 of 7

Sample Characteristics and Source Documents

Sample Mortgaged Property Characteristics

Sample Mortgaged Property Characteristic	Preliminary Data File Field Name	Source Document(s)	Note(s)

Collateral ID	Collateral ID	Note	i.

Property state	State	Note or Appraisal	ii.

Property zip code	Zip Code	Note or Appraisal	ii.

Property type	Property Type	Appraisal	ii., iii.

Property condition	Property Condition	Appraisal	ii., iv.

Appraisal value	Appraisal Value	Appraisal or Underwriting Approval	ii.

Occupancy status	Owner Occupancy	Note, Appraisal or Underwriting Approval	ii.

Property purpose	Loan Purpose	(a) Settlement Statement or (b) Settlement Statement, Note and recalculation	v.

Purchase price (if applicable)	Purchase Price	Settlement Statement

Market rent	Rent	Appraisal or Underwriting Approval	ii., vi.

Exhibit 1 to Attachment A
Page 2 of 7

Sample Mortgage Loan Characteristics

Sample Mortgage Loan Characteristic	Preliminary Data File Field Name	Source Document(s)	Note(s)

Collateral ID	Collateral ID	Note	i.

Original principal balance	Original Balance	Note

Initial interest rate	Original Rate	Note

First payment date	First Payment Date	Note

Maturity date	Maturity Date	Note

Original term to maturity	Original Maturity Term	(a) Note or (b) Note and recalculation	vii.

Prepayment penalty type	Prepay Penalty Type	Note

ARM index	ARM Index	Note

ARM margin	ARM Margin	Note

Initial periodic cap	Initial Periodic Cap	Note and recalculation	viii.

Life rate cap	Life Rate Cap	Note and recalculation	ix.

Rate adjustment frequency	Rate Adjustment Frequency	Note

Subsequent periodic cap	Subsequent Perodic Cap	Note

Initial rate adjustment period	Initial Rate Adjustment Period	Note and recalculation	x.

Original loan-to-value ratio	Originator Original LTV	(a) Appraisal, Settlement Statement, Note and recalculation or (b) Appraisal, Note and recalculation	ii., xi.

T&I payment	T & I & A Payment	(a) Payment Letter and recalculation, (b) Payment Letter, Appraisal and recalculation or (c) Payment Letter, Underwriting Approval and recalculation	ii., xii.

Exhibit 1 to Attachment A
Page 3 of 7

Notes:

For identification purposes only.

ii.

For the purpose of comparing the indicated Sample Mortgaged Property Characteristics or Sample Mortgage Loan Characteristics for each Sample Mortgaged Property or Sample Mortgage Loan, respectively, the Sponsor, on behalf of the Depositor, provided one or more of the indicated Source Documents. The Sponsor, on behalf of the Depositor, instructed us to note agreement if the information on the Preliminary Data File agreed to the corresponding information on at least one such Source Document. We performed no procedures to reconcile any differences that may exist between various Source Documents, or within a single Source Document, for the indicated Sample Mortgaged Property Characteristics.

Additionally, for certain Sample Mortgaged Properties, the Sponsor, on behalf of the Depositor, provided us with more than one Appraisal. The Sponsor, on behalf of the Depositor, instructed us to use the most recent Appraisal for the purpose of comparing the indicated Sample Mortgaged Property Charactistics and Sample Mortgage Loan Characteristics.

iii.

For the purpose of comparing the property type Sample Mortgaged Property Characteristic for each Sample Mortgaged Property, the Sponsor, on behalf of the Depositor, instructed us to note agreement with a property type of “SFR”, as shown on the Preliminary Data File, if the property type, as shown on the Appraisal, is “Condominium” or “PUD” (in accordance with note ii., as applicable).

iv.

For the purpose of comparing the property condition Sample Mortgaged Property Characteristic for each Sample Mortgaged Property that does not have the property condition specifically stated on the Appraisal, the Sponsor, on behalf of the Depositor, instructed us to note agreement if the property condition, as shown on the Preliminary Data File, agreed with the corresponding property condition, as shown on the Appraisal (in accordance with note ii., as applicable) in accordance with the decode table that is shown below:

Preliminary Data File Value	Appraisal Value

C1	Excellent
C2	Very good
C3	Good
C3	Above average
C3	Average plus
C3	Average/update
C4	Average
C5	Fair
C6	Poor

Exhibit 1 to Attachment A
Page 4 of 7

Notes: (continued)

For the purpose of comparing the property purpose Sample Mortgaged Property Characteristic for each Sample Mortgaged Property, the Sponsor, on behalf of the Depositor, instructed us to note agreement with a property purpose of “P,” as shown on the Preliminary Data File, if we observed a purchase price, as shown on the Settlement Statement, corresponding to the Sample Mortgaged Property (each, a “Sample Purchase Property”).

For the purpose of comparing the property purpose Sample Mortgaged Property Characteristic for each Sample Mortgaged Property that is not a Sample Purchase Property (except for Sample Numbers 64-1, 77-1, 97-1, 178-1, 209-1, 287-1, 289-1, 342-1, 482-1, 540-1 and 547-1), the Sponsor, on behalf of the Depositor, instructed us to note agreement with a property purpose of:

(a)

“CO,” as shown on the Preliminary Data File, if the cash to borrower, as shown on the Settlement Statement (the “Amount to Borrower”), is greater than the lesser of (i) $1,000 or (ii) 1% of the original principal balance of the corresponding Sample Mortgage Loan, as shown on the Note, or

(b)

“RT,” as shown on the Preliminary Data File, if the Amount to Borrower is less than or equal to the lesser of (i) $1,000 or (ii) 1% of the original principal balance of the corresponding Sample Mortgage Loan, as shown on the Note.

For the purpose of comparing the property purpose Sample Mortgaged Property Characteristic for Sample Numbers 64-1, 77-1, 97-1, 178-1, 209-1, 287-1, 289-1, 342-1, 482-1, 540-1 and 547-1, the Sponsor, on behalf of the Depositor, instructed us to note agreement with a property purpose of:

(a)

“CO,” as shown on the Preliminary Data File, if the Amount to Borrower is greater than the greater of (i) $2,000 or (ii) 2% of the original principal balance of the corresponding Sample Mortgage Loan, as shown on the Note, or

(b)

“RT,” as shown on the Preliminary Data File, if the Amount to Borrower is less than or equal to the greater of (i) $2,000 or (ii) 2% of the original principal balance of the corresponding Sample Mortgage Loan, as shown on the Note.

vi.

For the purpose of comparing the market rent Sample Mortgaged Property Characteristic, the Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/- $1.00 or less.

vii.

For the purpose of comparing the original term to maturity Sample Mortgage Loan Characteristic for each Sample Mortgage Loan that does not have the original term to maturity specifically stated on the Note, the Sponsor, on behalf of the Depositor, instructed us to recalculate the original term to maturity as the sum of:

(a)

The difference in months between the maturity date and first payment date, both as shown on the Note, and

(b)

Exhibit 1 to Attachment A
Page 5 of 7

Notes: (continued)

viii.

For the purpose of comparing the initial periodic cap Sample Mortgage Loan Characteristic for each Sample Mortgage Loan with an ARM margin value greater than “0.000(%),” as shown on the Note (each, a “Sample ARM Mortgage Loan”), the Sponsor, on behalf of the Depositor, instructed us to recalculate the initial periodic cap as the difference between the:

(a)

Initial rate adjustment maximum interest rate and

(b)

Initial interest rate,

both as shown on the Note.

For each Sample Mortgage Loan that is not a Sample ARM Mortgage Loan (each, a “Sample FRM Mortgage Loan”), the Sponsor, on behalf of the Depositor, instructed us not to compare the initial periodic cap Sample Mortgage Loan Characteristic.

ix.

For the purpose of comparing the life rate cap Sample Mortgage Loan Characteristic for each Sample ARM Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to recalculate the life rate cap as the difference between the:

(a)

Subsequent rate adjustment maximum interest rate and

(b)

Initial interest rate,

both as shown on the Note.

For each Sample FRM Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us not to compare the life rate cap Sample Mortgage Loan Characteristic.

For the purpose of comparing the initial rate adjustment period Sample Mortgage Loan Characteristic for each Sample ARM Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to recalculate the initial rate adjustment period as the difference in months between the:

(a)

Change date and

(b)

First payment date,

both as shown on the Note.

For each Sample FRM Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us not to compare the initial rate adjustment period Sample Mortgage Loan Characteristic.

Exhibit 1 to Attachment A
Page 6 of 7

Notes: (continued)

xi.

For the purpose of comparing the original loan-to-value ratio Sample Mortgage Loan Characteristic for each Sample Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to recalculate the original loan-to-value ratio of each Sample Mortgage Loan by:

(a)

Calculating the property value (the “Property Value”) of each related Sample Mortgaged Property as:

(1)

In the case of a Sample Purchase Property, the lesser of (A) the appraisal value, as shown on the Appraisal or Underwriting Approval (in accordance with note ii., as applicable), and (B) the purchase price (if applicable), as shown on the Settlement Statement, and

(2)

In the case of a Sample Mortgaged Property that is not a Sample Purchase Property, the appraisal value (except for Sample Number 452-0, for which the Sponsor, on behalf of the Depositor, instructed us to use the CDA value), as shown on the Appraisal or Underwriting Approval (in accordance with note ii., as applicable),

(b)

Calculating the aggregate property value (the “Loan Value”) as the sum of the Property Values calculated in (a) above,

(c)

Dividing the:

(1)

Original principal balance, as shown on the Note, by

(2)

Loan Value, as calculated in (b) above, and

(d)

Multiplying the value calculated in (c) above by 100.

For the purpose of comparing the original loan-to-value ratio Sample Mortgage Loan Characteristic, the Sponsor, on behalf of the Depositor, instructed us to ignore absolute differences of +/- 0.01% or less.

xii.

For the purpose of comparing the T&I payment Sample Mortgage Loan Characteristic for each Sample Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to recalculate the T&I payment of each Sample Mortgage Loan as the sum of the:

(a)

Taxes, as shown on the Payment Letter,

(b)

Insurance, as shown on the Payment Letter, and

(c)

HOA amount (the “HOA Amount”), as shown on the Payment Letter, Appraisal or Underwriting Approval (subject to the instruction provided by the Sponsor, on behalf of the Depositor, described in the succeeding paragraph of this note xii.).

For the purpose of recalculating the T&I payment for each Sample Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to use the HOA Amount, as shown on the Appraisal or Underwriting Approval (in accordance with note ii., as applicable), if the T&I payment calculated using the HOA Amount, as shown on the Payment Letter, does not agree with the T&I payment, as shown on the Preliminary Data File.

For the purpose of comparing the T&I payment Sample Mortgage Loan Characteristic, the Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/- $1.00 or less.

Exhibit 1 to Attachment A
Page 7 of 7

Notes: (continued)

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, qualifications, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, that are described in the notes above.

Exhibit 2 to Attachment A

Sample Mortgage Loan and

Sample Mortgaged Property Sample Characteristic Differences

Sample Number	Sample Characteristic	Preliminary Data File Value	Source Document Value

22-1	Property condition	C4	C3

66-1	Purchase price (if applicable)	[REDACTED]	[REDACTED]

83-1	Property condition	C3	C2

85-0	Prepayment penalty type	54321 Penalty for Prepay	321 Penalty for Prepay

113-1	Property condition	C3	C2

165-1	Property condition	C3	C4

177-1	Property condition	C3	C4

178-1	Property condition	C3	C4

186-1	Property condition	C3	C4

207-1	Property condition	C3	C4

261-0	Prepayment penalty type	321 Penalty for Prepay	54321 Penalty for Prepay

452-1	Appraisal value	[REDACTED]	[REDACTED]

500-0	Prepayment penalty type	1 Penalty for Prepay	3 Penalty for Prepay

588-3	Appraisal value	[REDACTED]	[REDACTED]

EX-99.2 3 e2842ex99-2.htm AMC DILIGENCE, LLC ("AMC") EXECUTIVE SUMMARY

Exhibit 99.2

DESCRIPTION OF DUE DILIGENCE PERFORMED

(1) Type of assets that were reviewed.

AMC Diligence, LLC (“AMC”) performed certain due diligence services described below on business purpose loans. The review was conducted on behalf of Residential Credit Opportunities II, LLC (“Client”) from November 2016 to October 2018 via files imaged and provided by Client (the “Review”).

(2) Sample size of the assets reviewed.

All 1,180 loans were reviewed by AMC. To AMC’s knowledge, the Review covered 100% of the securitization loan population.

(3) Determination of the sample size and computation.

The Review was conducted consistent with the criteria, as may be relevant for this securitization, for the NRSRO(s) identified in Item 3 of the ABS Due Diligence-15E.

(4) Quality or integrity of information or data about the assets: review and methodology.

AMC collected data fields during the course of the review and compared it to the tape provided by the Client. The data reconciliation, where such information was available, involved 29 potential fields as listed below:

# of Units	Interest Rate Life Cap	Occupancy	Refi Purpose
Amortization Type	Interest Rate Life Floor	Original Interest Rate	Representative FICO
Borrower Full Name	Interest Rate Life Max	Original Loan Amount	State
Borrower Last Name	Interest Rate Periodic Cap	Original LTV	Street
City	LTV Valuation Value	Original P&I	Zip
Debt Service Coverage Ratio	Margin	Original Term
First Payment Date	Maturity Date	Property Type
Index Type	Note Date	Purpose

(5) Origination of the assets and conformity to stated underwriting or credit extension guidelines, standards, criteria or other requirements: review and methodology.

AMC reviewed asset origination to determine conformity to the stated underwriting or credit extension guidelines, standards, criteria or other requirements that were provided to AMC and/or as directed by Client. The credit review focuses on the borrower’s credit profile and adherence to guidelines. Conformity to applicable guidelines was also assessed during the review.

Credit Application: AMC verified that the application: (i) was signed by all listed borrowers, (ii) was substantially filled out, (iii) contained all known borrower-owned properties on the Real Estate Owned section or attachments, and (iv) contained information concerning the borrowers’ property management / landlord experience.

Credit Report: AMC verified that a credit report was present for each applicable borrower and gathered data from such credit report including (i) representative FICO, (ii) credit scores from Equifax, Experian, and Transunion (if available), and (iii) the number and length of trade lines. In addition, AMC verified that any public records listed were disclosed on the application and adequately explained and in compliance with guidelines. Credit reports were not provided for Foreign Nationals.

Employment and Income: AMC determined whether applicable supporting employment and income documentation required by the guidelines was present in the mortgage loan file. While AMC did not calculate a borrower DTI, AMC did calculate a “Property DTI” per guidelines. This documentation included (i) monthly rental income information, (ii) property vacancy status, and (iii) the presence of Articles of Incorporation. In addition, a reserve calculation was performed in accordance with the guidelines.

Asset Review: AMC assessed whether the asset documentation required by the guidelines was present in the mortgage

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loan file.

Insurance: AMC reviewed insurance information in the file to verify (i) the presence of Rent Loss insurance equal to six (6) months PITIA, (ii) that hazard insurance meet the minimum required amount of coverage in the guidelines, and (iii) that flood insurance certification was for the correct borrower, property, lender and loan number and was a “Life of Loan” certification. For properties in a flood zone per the flood certification, AMC confirmed that flood insurance met guidelines requirements (including coverage amount).

Title: AMC verified whether the appropriate vestee was on the title document (if a purchase, the seller; if a refinance, the borrower) and reviewed the Title Commitment for the disclosure issues such as assessments; covenants, conditions and restrictions; access problems; the vicinity of property to military airports; prior leases; court orders/divorce decrees; public probate issues; foreclosures; bankruptcies; judgment liens; state and federal tax liens; and environmental liens. AMC’s review looked for instances of delinquent taxes (non-liens) and the presence of oil, gas, water, or mineral rights.

Each loan, reviewed under this scope, was reviewed for adherence to the relevant credit policy as indicated by the Client. For this review, procedures followed included:

Reviewing the provided Note, Mortgage/DOT, and Guaranty Agreement(s) to confirm execution, adherence to the credit policy, and agreement with other Loan Approval documentation.

Examining appraisal reports, BPO’s, and appraisal reviews to determine if the property type is consistent with underwritten property type and usage (such as evidence/an indication of either owner or tenant occupancy) and comparing this information against other relevant information contained within applicable sections of the loan file to evaluate consistency, accuracy, and adheres to the credit policy.

Reviewing environmental reporting, Flood Certification, and Evidence of Insurance to confirm accuracy and adherence to credit policy requirements.

Reviewing credit reporting, VOR/VOM, Background Check(s), and any applicable Letter(s) of Explanation to confirm accuracy, adherence to credit policy requirements, and consistency with the Final Loan Approval worksheet.

Reviewing HUD-1’s, Title Search, Purchase Agreements, existing leases/rent rolls, and verification of funds with loan terms, and underwritten approved terms and amounts/LTV/LTC as well as adherence to credit policy requirements.

Reviewing LOI/LOE(s) for presence of un-qualified statement of business and occupancy intent, confirmation that the LOI/LOE cited address is consistent with the subject property address, and that signatory(s) are consistent with the identified borrower(s)/guarantor(s).

Reviewing Final Form 1003/Loan application to ensure complete execution that the subject property listed is consistent with the subject property, and that the listed residence for the Individual(s) is an address other than the subject property.

Confirming, if applicable, business license(s) and P&L’s are present, valid, and adheres to credit policy requirements.

Confirming, if applicable, second mortgage documents are present, valid, align with approved terms amounts, and adhere to credit policy requirements.

Reviewing final loan approval worksheets for accuracy, completion, documentation of approval for any exceptions, and evaluating such items for agreement/consistency with all other documentation contained in the review file.

Reviewing the Certification of Business Purpose and Certification of Non-Owner Occupancy and Indemnity for presence of completed fields, and verifying that the hand written Primary Residence address differs from the subject property address, and is signed/dated as required.

Verifying presence of a complete Certification of Non-Owner Occupancy and Indemnity document for each individual borrower/co-borrower/guarantor identified within the subject note/guaranty agreement, including the presence of either individual certifications or one certificate containing all required signatures.

Comparing the Primary Residence address(es) listed for consistency between the Final Form 1003/Loan application(s) and the Certification(s) of Non-Owner Occupancy and Indemnity.

Documenting any non-approved credit policy exceptions and/or inconsistencies and reporting and/or marking such items for further dialogue.

(6) Value of collateral securing the assets: review and methodology.

AMC reviewed the appraisal included in the loan file for the following information: (i) property type, (ii) age of appraisal, (iii) verification of the property address, (iv) completeness and appropriateness of the appraisal form, (v) the analysis of demand, supply, and marketing time as contained in the appraisal, (vi) property values, (vii) appraiser comments regarding lot size, zoning, and well and septic conditions as well as legal use restrictions, (viii) a comparable sales analysis

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including age, distance, and adjustments, (ix) property age, (x) predominate market value, and (xi) a quality and condition ratings. In addition, AMC sought to verify the licensing of the appraiser, if possible.

If more than one valuation was provided, AMC confirmed consistency among the valuation products and if there were discrepancies that could not be resolved, AMC created an exception and worked with the client on the next steps which included ordering of additional valuation products such as collateral desktop analyses, broker’s price opinions, and full appraisals. If the property valuation products included in AMC’s review resulted in a variance of more than 10% then the client was notified of such variance and a second independent valuation product was generally ordered.

(7) Compliance of the originator of the assets with federal, state and local laws and regulations: review and methodology.

Not applicable.

(8) Other: review and methodology.

In addition to the procedures above, AMC conducted the following supplemental reviews:

Document Review

For each mortgage loan, AMC reviewed the loan file to verify whether the following documents, if applicable, were included in the file and if the data on these documents was consistent and logical.

Initial Application	Personal Guarantee	Mortgage/Deed of Trust
Credit Report	Appraisal	Note
Asset Documentation	Title / Preliminary Title	Certificate of Business Purpose / Non-Owner Occupancy
Sales Contract	Final HUD-1	Article of incorporation, if applicable
Hazard and/or flood insurance policies	Fraud/OFAC reports	Landlord Experience
Operating Agreement	Lease(s) and evidence of payment

Compliance / Owner Occupancy Review

AMC reviewed the information contained in the mortgage file in order to: (i) verify the presence, signature presence, and correct address of a business purpose certificate and non-owner occupancy declaration, (iii) verify that the application and other supporting documentation (income/asset documentation, hazard insurance, license/passport/Visa, credit report, certificate of non-owner occupancy declaration) lists a borrower’s address different from the property address, (iii) verify that the appraisal states the property is tenant occupied or vacant, (iv) verify that the same person signed the application and non-owner occupancy declaration, (v) verify the presence of insurance (hazard coverage plus liability coverage; landlord/rent loss insurance) on the subject property, (vi) verify that the property appraisal contains a current rent / rental analysis, (vii) for a refinance and if in the guidelines, verify that there is a lease on the subject property, (viii) verify the presence of rental assignment language in the borrower contract, (ix) provide an indication whether the borrower is a renter or homeowner (if renter, reasonableness review of whether borrower is occupying the property based upon factors above and proximity), and (x) if part of the guidelines, confirm real estate landlord experience is present for the borrower (if not part of the guidelines, reasonableness review of whether borrower is occupying the property based on factors above and other indications as reasonably appropriate).

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SUMMARY OF FINDINGS AND CONCLUSIONS OF REVIEW

AMC reviewed 1,180 mortgage loans in the securitization population. Of these loans, fifty (50) mortgage loans had an exception related to credit items and/or guideline adherence.

OVERALL RESULTS GRADING SUMMARY

After considering the grading implications of the Credit and Property/Valuation sections below, 90.76% of the Loans by number in the pool possessed a NRSRO grade of “A”, or “B”.

NRSRO Grade (S&P)	# Loans	% of Loans
A	760	64.41%
B	311	26.36%
C	109	9.24%
Total	1,180	100.00%

Please see the various summaries below and the Exception Detail section for additional detail on exceptions within each category of Review.

CREDIT REVIEW RESULTS SUMMARY

AMC conducted a credit review on all 1,180 loans in the securitization population. Fifty (50) mortgage loans were found to have a total of seventy (70) guideline exceptions; however, these exceptions were waived by the Client. The table below summarizes the individual exceptions which carried an associated “B”, “C”, or “D” level exception grade.

Loan Grade	# Loans	% of Loans
A	1,130	95.76%
B	50	4.24%
C	0	0.00%
D	0	0.00%

Exception Type	Exception Level Grade	Exception Category	Total
Credit	B	Credit	51
		Guideline	10
		Borrower and Mortgage Eligibility	4
		Fix and Flip/Rental	2
		Insurance	1
		Property - Appraisal	1
		Missing Document	1
		*Total Credit Grade (B) Exceptions:*	70
Total Credit Exceptions:			70

NON-OWNER OCCUPIED RESULTS SUMMARY

AMC reviewed all 1,180 mortgage loans for non-owner occupancy through the procedures above. None of the loans have an open exception concerning non-owner occupancy.

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VALUATION RESULTS SUMMARY

AMC conducted a valuation review on all 1,180 loans in the securitization population. The 109 loans which were graded a “C” were due to either a missing secondary valuation or a secondary valuation product that had a variance by more than 10%. The 289 loans which were graded a “B” were due to the first review product coming in outside of the 10% variance but did have a better quality next product ordered that came within the 10% variance.

Loan Grade	# Loans	% of Loans
A	782	66.27%
B	289	24.49%
C	109	9.24%
D	0	0.00%

Exception Type	Exception Level Grade	Exception Category	Total
Property	C	Property - Appraisal	109
	C	*Total Property Grade (C) Exceptions:*	*109*
	B	Value Reconciliation	291
	B	*Total Property Grade (B) Exceptions:*	*291*
Total Property Exceptions:			400

TAPE DATA INTEGRITY REVIEW RESULTS SUMMARY

A tape integrity review was conducted by AMC utilizing data that was captured by AMC during the Guideline Review and comparing such information to the securitization tape. In total, 30 mortgage loans exhibited at least one (1) variance across twenty-nine (29) unique data fields.

Label	Delta(s)	% of Loans
Borrower Last Name	22	1.86%
Debt Service Coverage Ratio	1	0.08%
Property Type	4	0.34%
Borrower Full Name	2	0.17%
# of Units	1	0.08%
Total	30	2.54%

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ADDITIONAL LOAN POPULATION SUMMARY*

Loan Purpose	Loan Count	% of Loans	Original Balance	% of Balance
Cash Out: Debt Consolidation	8	0.68%	$1,840,150.00	0.92%
Cash Out: Home Improvement/Renovation	35	2.97%	$4,620,450.00	2.30%
Cash Out: Other/Multi-purpose/Unknown Purpose	806	68.31%	$134,276,593.00	66.97%
First Time Home Purchase	24	2.03%	$3,537,698.00	1.76%
Other-than-first-time Home Purchase	154	13.05%	$28,604,232.00	14.27%
Rate/Term Refinance - Borrower Initiated	153	12.97%	27,635,611.00	13.78%
Total	1,180	100.00%	$200,514,734.00	100.00%

Property Type	Loan Count	% of Loans	Original Balance	% of Balance
Single Family Detached	583	49.41%	$85,675,105.00	42.73%
Condo, Low Rise	28	2.37%	$4,673,657.00	2.33%
Condo, High Rise	4	0.34%	$1,004,550.00	0.50%
PUD	51	4.32%	$10,602,778.00	5.29%
Townhouse	5	0.42%	$486,700.00	0.24%
1 Family Attached	93	7.88%	$11,173,641.00	5.57%
2 Family	230	19.49%	$39,455,125.00	19.68%
3 Family	89	7.54%	$18,299,581.00	9.13%
4 Family	48	4.07%	$10,218,900.00	5.10%
Other	10	0.85%	$1,716,388.00	0.86%
Unavailable	39	3.31%	$17,208,309.00	8.58%
Total	1,180	100.00%	$200,514,734.00	100.00%

Amortization Type	Loan Count	% of Loans	Original Balance	% of Balance
Fixed	405	34.32%	$60,168,972.00	30.01%
Adjustable	775	65.68%	$140,345,762.00	69.99%
Total	1,180	100.00%	$200,514,734.00	100.00%

Lien Position	Loan Count	% of Loans	Original Balance	% of Balance
1	1,180	100.00%	$200,514,734.00	100.00%
Total	1,180	100.00%	$200,514,734.00	100.00%

Original Term	Loan Count	% of Loans	Original Balance	% of Balance
241-360 Months	1,180	100.00%	$200,514,734.00	100.00%
Total	1,180	100.00%	$200,514,734.00	100.00%

*Percentages may not sum to 100% due to rounding.

**Please note that unknown / other property type is typically due to cross-collateralized loans where multiple property types may be collateralized by the same loan.

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EX-99.3 4 e2842ex99-3.htm AMC RATING AGENCY GRADES

Exhibit 99.3

Rating Agency Grades

Run Date - 11/12/2018 5:06:37 PM

LOAN INFORMATION

INITIAL CREDIT LOAN GRADES

INITIAL COMPLIANCE LOAN GRADES

INITIAL PROPERTY LOAN GRADES

INITIAL OVERALL LOAN GRADES

FINAL CREDIT LOAN GRADES

FINAL COMPLIANCE LOAN GRADES

FINAL PROPERTY LOAN GRADES

FINAL OVERALL LOAN GRADES

AMC Loan ID

Customer Loan ID

Seller Loan ID

Deal Number

Original Loan Amount

DBRS

Fitch

Kroll

Moody's

S&P

DBRS

Fitch

Kroll

Moody's

S&P

DBRS

Fitch

Kroll

Moody's

S&P

DBRS

Fitch

Kroll

Moody's

S&P

DBRS

Fitch

Kroll

Moody's

S&P

DBRS

Fitch

Kroll

Moody's

S&P

DBRS

Fitch

Kroll

Moody's

S&P

DBRS

Fitch

Kroll

Moody's

S&P

201061599

201390236

201390847

201395881

201600757

201985125

202077373

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204102405

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204196952

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204785783

EX-99.4 5 e2842ex99-4.htm AMC VALUATION REPORT

Exhibit 99.4

Valuation Report
Run Date - 11/12/2018 5:06:38 PM

LOAN INFORMATION						ORIGINATION VALUES								AVM VALUES						DESK REVIEW VALUES						BPO VALUES					FIELD REVIEW VALUES					2055 VALUES					UPDATED VALUES					MULTIPROPERTY VALUES
AMC Loan ID	Customer Loan ID	Seller Loan ID	Note Date	Original Loan Amount	Sales Price	Appraised Value	Value for LTV	Appraisal Date	Second Appraisal Value	Variance Amount	Variance Percent	Second Appraisal Date	Second Appraisal Type	Appraised Value	Variance Amount	Variance Percent	Company	Confidence Score	Appraisal Date	Appraised Value	Variance Amount	Variance Percent	Company	Risk Score	Appraisal Date	Appraised Value	Variance Amount	Variance Percent	Company	Appraisal Date	Appraised Value	Variance Amount	Variance Percent	Company	Appraisal Date	Appraised Value	Variance Amount	Variance Percent	Company	Appraisal Date	Appraised Value	Variance Amount	Variance Percent	Company	Appraisal Date	Aggregate Appraised Value	Aggregate Variance Amount	Aggregate Variance Percent	Collateral Underwriter Risk Score
201061599
201390236
201390847
201395881
201600757
201985125											-22.80%		AVM			-22.797%
202077373											24.59%		AVM			24.591%
202355717													Desk Review
202384841													Desk Review
202384842											5.07%		AVM			5.070%
202384843																																																-37.21%
202388149											-31.26%		AVM			-31.261%
202388150											6.55%		AVM			6.552%
202388151											64.38%		AVM			64.376%
202388152											-73.17%		AVM			-73.171%
202392477											20.54%		AVM			20.543%
202392478													Desk Review			-35.575%
202396515											-6.54%		AVM			-6.537%
202396516											2.85%		AVM			2.847%
202396517																																																-1.69%
202396518											-35.81%		AVM			-35.805%
202396519											-31.87%		AVM			-31.868%
202396903											11.57%		AVM			11.572%
202396904											34.55%		AVM			34.549%
202396905											46.30%		AVM			46.305%
202402856											20.51%		AVM			20.506%
202402857													Desk Review
202402858													Desk Review
202402859											-3.43%		AVM			-3.425%
202403228													Desk Review			-59.230%
202403229											-11.63%		AVM			-11.634%
202403230													Desk Review
202403231													Desk Review
202403232											5.48%		AVM			5.480%
202404067											64.14%		AVM			64.136%
202404068											-13.81%		AVM			-13.813%
202418668											-37.43%		AVM			-37.432%
202418669													Desk Review
202418670											67.63%		AVM			67.625%
202418671											92.78%		AVM			92.783%
202421741													Desk Review
202421742											2.87%		AVM			2.871%
202421744											11.63%		AVM			11.629%
202421745													Desk Review
202421747													Desk Review
202425066											-46.65%		AVM			-46.647%
202425067											0.46%		AVM			0.455%
202425234													Desk Review			-29.199%
202425235											-61.49%		AVM			-61.488%
202425236													Desk Review
202425237											-26.99%		AVM			-26.991%
202425238													Desk Review
202425881											0.21%		AVM			0.212%
202425882													Desk Review
202425883											26.38%		AVM			26.384%
202425884													Desk Review
202425885											-24.71%		AVM			-24.708%
202426592											-3.46%		AVM			-3.459%
202426594													Desk Review
202426595											-28.77%		AVM			-28.767%
202444750											-16.67%		AVM			-16.665%
202444751											17.97%		AVM			17.973%
202444752											19.36%		AVM			19.365%
202444753											8.45%		AVM			8.450%
202462395											8.93%		AVM			8.930%
202462396													Desk Review			-25.538%
202480816											6.41%		AVM			6.414%
202480817													Desk Review
202480818											-4.01%		AVM			-4.009%
202480819											10.37%		AVM			10.368%
202480820											-67.22%		AVM			-67.224%
202489593											-34.34%		AVM			-34.337%
202489594													Desk Review
202489595											-25.82%		AVM			-25.821%
202489597											-3.84%		AVM			-3.841%
202492059													Desk Review
202492061											9.09%		AVM			9.095%
202492062											-9.61%		AVM			-9.613%
202494891													Desk Review
202494892											-3.97%		AVM			-3.971%
202494893											-1.88%		AVM			-1.875%
202494894											17.66%		AVM			17.655%
202494895											8.93%		AVM			8.929%
202499995											-39.56%		AVM			-39.562%						0.657%
202499997													Desk Review
202499998											-47.69%		AVM			-47.689%
202499999											-2.60%		AVM			-2.599%
202502677											27.36%		AVM			27.361%
202502678											-1.52%		Desk Review									-1.515%
202505054											14.36%		AVM			14.359%
202505055											-4.89%		AVM			-4.895%
202505056											-29.82%		AVM			-29.824%
202505658											-9.92%		AVM			-9.919%
202505659											-16.61%		AVM			-16.613%
202505660											-62.91%		AVM			-62.909%
202505661											2.80%		AVM			2.804%
202505662											6.07%		AVM			6.067%
202505663													Desk Review
202515710											-22.33%		AVM			-22.327%
202515711											51.95%		AVM			51.951%
202515712											-15.97%		AVM			-15.975%
202515713											11.22%		AVM			11.224%
202515714											-28.26%		AVM			-28.257%
202515764											-38.72%		AVM			-38.724%
202515765											-19.54%		AVM			-19.538%
202515766											4.35%		AVM			4.351%
202515767											-52.69%		AVM			-52.688%
202515768											-32.11%		AVM			-32.106%
202516181											-23.58%		AVM			-23.580%
202516183											-2.13%		Desk Review									-2.128%
202534144											-24.58%		AVM			-24.580%
202534145													Desk Review
202534147													Desk Review
202534148													Desk Review
202549426													Desk Review
202549427													Desk Review
202549428													Desk Review
202549429											10.87%		AVM			10.869%
202549430													Desk Review
202558375											-1.04%		AVM			-1.039%
202558376											7.63%		AVM			7.630%
202558377											-45.51%		AVM			-45.513%
202558378											-32.67%		AVM			-32.670%
202558379													Desk Review
202579416											-17.61%		AVM			-17.612%
202579417											20.11%		AVM			20.106%
202637070											-24.89%		AVM			-24.890%
202637071											8.81%		AVM			8.810%
202637072											-10.50%		AVM			-10.495%
202637073											-2.40%		AVM			-2.400%
202637074											-23.83%		AVM			-23.825%
202638006											53.80%		AVM			53.796%
202638007											41.14%		AVM			41.139%
202638008													Desk Review
202638009											-13.65%		AVM			-13.653%
202642032											12.71%		AVM			12.711%
202642033											8.59%		AVM			8.594%
202642034													Desk Review
202642035											-27.27%		AVM			-27.269%
202642289											-1.87%		AVM			-1.871%
202642290											-17.57%		AVM			-17.567%
202642291											-42.51%		AVM			-42.507%
202642292											-23.26%		AVM			-23.263%
202646189											-46.19%		AVM			-46.194%
202646190																																																-8.77%
202646300											-24.80%		AVM			-24.796%
202646301											-25.36%		AVM			-25.361%
202646302													Desk Review
202647865											-0.47%		AVM			-0.475%
202647866											65.81%		AVM			65.811%
202647867											-22.11%		AVM			-22.108%
202647868													Desk Review
202647869													Desk Review
202648226											45.84%		AVM			45.836%
202648227											-28.88%		AVM			-28.881%
202648228											-0.18%		AVM			-0.182%
202648229											-35.60%		AVM			-35.601%						13.939%
202648230											-1.00%		AVM			-0.997%
202649348											-33.24%		AVM			-33.243%
202649349											114.45%		AVM			114.450%
202649350											-56.26%		AVM			-56.260%
202649351											-2.99%		AVM			-2.988%
202649352											-2.97%		AVM			-2.967%
202687053													Desk Review			-40.359%
202687054											-6.04%		AVM			-6.042%
202687055											-9.27%		AVM			-9.268%
202689321											52.47%		AVM			52.468%
202689322											-50.91%		AVM			-50.912%
202689789													Desk Review
202689790											-0.20%		AVM			-0.201%
202689791											-5.49%		AVM			-5.492%
202689792													Desk Review
202689793													Desk Review
202690985											180.96%		AVM			180.961%
202690986											81.83%		AVM			81.830%
202690987											-7.05%		AVM			-7.054%
202690988											102.35%		AVM			102.350%
202690989													Desk Review
202692221											-35.75%		AVM			-35.746%						-7.407%
202692222											-35.74%		AVM			-35.739%						-7.407%
202692223											104.81%		AVM			104.809%
202692224											-30.86%		AVM			-30.856%
202692225											10.80%		AVM			10.800%
202693241													AVM
202693242											-34.93%		AVM			-34.929%
202695220											-8.33%		AVM			-8.330%
202695221													Desk Review
202698404											-4.98%		AVM			-4.983%
202698405											6.14%		AVM			6.141%
202698407											9.96%		AVM			9.956%
202700393											16.74%		AVM			16.740%
202700394											-15.77%		AVM			-15.771%
202700395													Desk Review
202700396											-14.86%		AVM			-14.862%
202702787													Desk Review
202702788											6.18%		AVM			6.179%
202702789											-6.51%		AVM			-6.506%
202702790											-0.97%		AVM			-0.966%
202703130											-0.97%		AVM			-0.967%
202703131											15.07%		AVM			15.066%
202704650													Desk Review
202705056											-38.10%		AVM			-38.100%
202705057											8.93%		AVM			8.932%
202705058											8.77%		AVM			8.773%
202705059											7.30%		AVM			7.303%
202705060											-5.72%		AVM			-5.722%
202707381											-24.81%		AVM			-24.807%
202707382											-12.86%		AVM			-12.859%
202708957											0.58%		AVM			0.579%
202708958											-5.26%		AVM			-5.257%
202708959											-18.88%		AVM			-18.876%
202710904													Desk Review
202710905											-12.14%		AVM			-12.139%
202710906											-71.76%		AVM			-71.756%
202710907													Desk Review
202710908																																																-9.05%
202725010											6.32%		AVM			6.324%
202725011											0.88%		AVM			0.880%
202725012											-19.47%		AVM			-19.474%
202725013											-26.46%		AVM			-26.463%
202725014											0.52%		AVM			0.515%
202725015											-29.40%		AVM			-29.399%
202725016											-26.43%		AVM			-26.431%
202725018											15.72%		AVM			15.715%
202725019											-16.93%		AVM			-16.927%
202725185											-26.23%		AVM			-26.229%
202725186													Desk Review
202725187											-15.67%		AVM			-15.668%
202725188											-36.12%		AVM			-36.118%
202725189											-11.90%		AVM			-11.901%
202728237											-44.71%		AVM			-44.705%
202728238											7.90%		AVM			7.895%
202759267											-36.82%		AVM			-36.825%
202759268													AVM
202759269													Desk Review
202759270											-16.69%		AVM			-16.688%
202790564											-21.93%		AVM			-21.931%
202790565											8.64%		AVM			8.638%
202790990											-25.87%		AVM			-25.865%
202790991													Desk Review
202790992											-12.70%		AVM			-12.703%
202790993											54.03%		AVM			54.033%
202790994													Desk Review
202791362													Desk Review
202791363											25.39%		AVM			25.391%
202791364													Desk Review
202791365											1.34%		AVM			1.335%
202791366													Desk Review
202791592											19.75%		AVM			19.750%
202791593											-9.07%		AVM			-9.068%
202791594											-47.56%		AVM			-47.560%
202792920											24.03%		AVM			24.032%
202792921											0.93%		AVM			0.926%
202792922											-33.28%		AVM			-33.276%
202792923											-68.20%		AVM			-68.195%
202792924													Desk Review
202792951											13.64%		AVM			13.636%
202793065											30.44%		AVM			30.435%
202793066													Desk Review
202793067											-23.28%		AVM			-23.280%
202793068											-55.52%		AVM			-55.521%
202793069											-11.19%		AVM			-11.195%
202795812													Desk Review
202795813																																																-4.19%
202796682											-7.43%		AVM			-7.432%
202796683													Desk Review
202796684											64.05%		AVM			64.050%
202796947													Desk Review
202796948											1.50%		AVM			1.503%
202796949											-49.93%		AVM			-49.931%
202796950											66.84%		AVM			66.840%
202800817													Desk Review
202800818													Desk Review
202800819													Desk Review
202800820											-24.51%		AVM			-24.509%
202800821											-19.10%		AVM			-19.104%
202801313											8.26%		AVM			8.257%
202801314											-49.24%		AVM			-49.236%
202801315											3.78%		AVM			3.781%
202801316											-20.02%		AVM			-20.018%
202802217											-12.80%		AVM			-12.799%
202802218											2.81%		AVM			2.811%
202802219											9.91%		AVM			9.915%
202802220											14.26%		AVM			14.261%
202802221																																																-8.08%
202802540											-0.95%		Desk Review									-0.948%
202802541											24.77%		AVM			24.771%
202802542											-9.22%		AVM			-9.224%
202813414													Desk Review
202813415													Desk Review
202813416											0.57%		AVM			0.570%
202813417											-7.71%		AVM			-7.707%
202813418											-12.71%		AVM			-12.710%
202815141											-35.61%		AVM			-35.610%
202815142											-19.21%		AVM			-19.205%
202815143											-7.96%		AVM			-7.958%
202816578													Desk Review
202816579													Desk Review
202816580											-9.42%		AVM			-9.420%
202817845											12.13%		AVM			12.132%
202824158													Desk Review
202824159													Desk Review
202824160											-12.73%		AVM			-12.731%
202837711											-5.80%		Desk Review									-5.797%
202837712													Desk Review
202837713													Desk Review
202853257													Desk Review
202853258											-8.52%		AVM			-8.524%
202853259													Desk Review
202853260													Desk Review
202859193													Desk Review
202859194													Desk Review
202863033											3.94%		AVM			3.937%
202863034											11.66%		AVM			11.662%
202898676											-12.93%		AVM			-12.927%
202898677											-1.20%		AVM			-1.201%
202906169													Desk Review
202906170											43.27%		AVM			43.270%
202906171											-7.40%		AVM			-7.398%
202912956											-42.40%		AVM			-42.403%						-6.557%
202914532													Desk Review
202914533											-13.23%		AVM			-13.225%
202917313											-56.87%		AVM			-56.868%
202917314											-54.08%		AVM			-54.078%
202917315													Desk Review
202917316											48.79%		AVM			48.788%
202917317																																																0.00%
202924844													Desk Review
202924845													Desk Review
202924846													Desk Review
202924847											-9.23%		AVM			-9.229%
202924848													Desk Review
202928187											-27.86%		AVM			-27.857%
202928188																																																0.00%
202940025											10.62%		AVM			10.623%
202940026											-5.78%		AVM			-5.779%
202940027													Desk Review
202940028													Desk Review
202940029											-2.92%		AVM			-2.921%
202940030											8.91%		AVM			8.906%
202952405													Desk Review
202952406											5.52%		AVM			5.522%
202952407													Desk Review
202953829													Desk Review
202953830													Desk Review
202953831													Desk Review
202953833											8.19%		AVM			8.194%
202955062											-8.00%		Desk Review									-8.000%
202955063													Desk Review
202955064											-41.40%		AVM			-41.396%
202955065											-64.18%		AVM			-64.183%
202955066											-63.31%		AVM			-63.311%						-9.483%
202957925											-2.85%		AVM			-2.849%
202957926													Desk Review
202957927													Desk Review
202957928													Desk Review
202964326											-9.38%		AVM			-9.385%
202964327											-17.03%		AVM			-17.034%
202964328													Desk Review
202964329											1.16%		AVM			1.157%
202964330											-3.09%		AVM			-3.095%
202994597											-42.90%		AVM			-42.896%
202997411													Desk Review
202997412											-25.43%		AVM			-25.427%
203004015											11.87%		AVM			11.868%
203004016											-3.05%		AVM			-3.053%
203010463											0.51%		AVM			0.509%
203010465											-40.83%		AVM			-40.833%
203010466											15.59%		AVM			15.593%
203010467											22.58%		AVM			22.577%
203010468																																																0.90%
203024912																																																-1.19%
203037244											-2.55%		Desk Review									-2.546%
203037245											-0.06%		AVM			-0.055%
203037246											-32.82%		AVM			-32.815%
203037247											4.99%		AVM			4.990%
203037248											4.53%		AVM			4.532%
203038892											4.04%		AVM			4.038%
203038893											-14.86%		AVM			-14.857%
203043031											-20.94%		AVM			-20.936%
203043032													Desk Review
203043033											-4.38%		AVM			-4.384%
203043034													Desk Review
203050545											0.88%		AVM			0.878%
203050546											23.40%		AVM			23.395%
203050547											-9.90%		AVM			-9.898%
203050548													Desk Review
203050549													Desk Review			17.344%
203056462																																																-7.75%
203056519											8.12%		AVM			8.125%
203056520											137.19%		AVM			137.191%
203056521													Desk Review
203056522													Desk Review
203059191											-14.44%		AVM			-14.437%
203059192											12.28%		AVM			12.279%
203059193											5.85%		AVM			5.849%
203059194											-31.71%		AVM			-31.705%
203059195											-11.43%		AVM			-11.429%
203065934													Desk Review
203065935													Desk Review
203065936											17.09%		AVM			17.089%
203068424													Desk Review
203068425											37.49%		AVM			37.488%
203068426													Desk Review
203068428											-45.48%		AVM			-45.483%
203074204											-1.45%		AVM			-1.447%
203074205													Desk Review
203074206											-43.74%		AVM			-43.740%
203074208											-18.65%		AVM			-18.654%						-9.524%
203077353											-11.92%		AVM			-11.915%
203077354											-22.67%		AVM			-22.675%
203077355													Desk Review
203080593											3.57%		AVM			3.570%
203080594											8.69%		AVM			8.691%
203080595													Desk Review
203080596											-23.25%		AVM			-23.252%
203080597											-12.49%		AVM			-12.495%
203085619											-1.48%		AVM			-1.482%
203085620													Desk Review
203085621											9.22%		AVM			9.218%
203085622													Desk Review
203085623											50.19%		AVM			50.190%
203086606													Desk Review
203086607											-1.69%		AVM			-1.692%
203086608													Desk Review
203086609											-18.19%		AVM			-18.194%
203086610											-30.83%		AVM			-30.830%
203086644																																																-3.07%
203086645											-29.87%		AVM			-29.870%
203086646											-6.44%		AVM			-6.435%
203086647											-5.67%		AVM			-5.672%
203086648											28.61%		AVM			28.609%
203087678											-9.09%		Desk Review									-9.091%
203087679											-8.46%		AVM			-8.459%
203087680											12.47%		AVM			12.472%
203087681											-10.85%		AVM			-10.855%
203087682											44.45%		AVM			44.449%
203087703													Desk Review
203087704											-42.45%		AVM			-42.448%
203087705											-49.65%		AVM			-49.648%
203087706											-10.92%		AVM			-10.925%
203087707											13.23%		AVM			13.229%
203091245											-5.89%		AVM			-5.886%
203091246											-6.75%		AVM			-6.752%
203091247													Desk Review
203091248											-17.41%		BPO															-17.411%
203091249											-9.26%		Desk Review									-9.259%
203091380													Desk Review
203091381													Desk Review
203091382											-30.45%		AVM			-30.451%
203091383											-47.05%		AVM			-47.050%
203091384													Desk Review
203094877											2.65%		AVM			2.648%
203094878													Desk Review
203094879											-23.96%		AVM			-23.960%
203094880											-36.86%		AVM			-36.857%
203102466											-9.19%		AVM			-9.193%
203102467											22.16%		AVM			22.160%
203102468											-54.43%		AVM			-54.431%
203102469													Desk Review
203102470											-11.61%		AVM			-11.613%
203110691											-3.35%		AVM			-3.349%
203110692											22.83%		AVM			22.830%
203110693											-33.93%		AVM			-33.933%
203110694											-26.62%		AVM			-26.615%
203110695											-42.57%		AVM			-42.575%						-8.019%
203111175													Desk Review
203111176											-38.51%		AVM			-38.508%
203111177											-27.23%		AVM			-27.232%
203111178											-32.81%		AVM			-32.814%
203112584											-2.60%		AVM			-2.601%
203112585											-27.09%		AVM			-27.088%
203112586													Desk Review
203112587											-19.12%		AVM			-19.122%
203112588													Desk Review
203116222													Desk Review
203116223													Appraisal			-5.647%
203124403																																																-3.07%
203124404											-71.18%		AVM			-71.179%						1.648%
203124405											31.04%		AVM			31.042%
203124406											-12.46%		AVM			-12.459%
203124408											-24.14%		AVM			-24.141%
203126860											3.97%		AVM			3.973%
203126861											-4.99%		AVM			-4.987%
203131857													Desk Review
203131858											-43.51%		AVM			-43.509%
203131859											0.63%		AVM			0.633%
203131860											-2.36%		AVM			-2.365%
203131861											-33.74%		AVM			-33.737%
203132368											90.06%		AVM			90.058%
203132369											111.01%		AVM			111.014%
203132370											106.07%		AVM			106.066%
203137456											73.64%		AVM			73.641%
203137457											22.93%		AVM			22.932%
203137458											63.63%		AVM			63.629%
203137459											-19.12%		AVM			-19.115%
203137460											57.27%		AVM			57.266%
203147051											1.97%		AVM			1.973%
203147052											59.02%		AVM			59.018%
203147053																																																-32.95%
203156669											6.06%		AVM			6.065%
203156670											-22.63%		AVM			-22.630%
203156671											-9.05%		AVM			-9.054%
203156672											-6.09%		Desk Review									-6.087%
203156673											31.07%		AVM			31.067%
203158563													Desk Review
203158564											-20.61%		AVM			-20.608%
203158565											7.23%		AVM			7.229%
203158691													Desk Review
203158692													Desk Review
203158693											-25.39%		AVM			-25.393%
203165755											8.92%		AVM			8.918%
203165756											-17.97%		AVM			-17.970%
203165757											8.17%		AVM			8.166%
203165758											-30.56%		AVM			-30.558%
203168229											-56.49%		AVM			-56.486%
203168230											-39.45%		AVM			-39.449%
203168231													Desk Review
203168232											19.70%		AVM			19.703%
203168233											20.88%		AVM			20.879%
203170406											8.61%		AVM			8.612%
203170407											-31.08%		AVM			-31.079%
203170408											-9.15%		AVM			-9.154%
203170409													Desk Review
203170410													Desk Review
203172117											0.87%		AVM			0.867%
203172118													Desk Review
203172120													Desk Review
203172121											-5.67%		AVM			-5.666%
203172633											-6.68%		AVM			-6.683%
203172634											-14.96%		AVM			-14.960%
203172635													Desk Review
203180034											-12.41%		AVM			-12.410%
203180035											-11.29%		AVM			-11.289%
203185711											-23.22%		AVM			-23.219%
203185712											-15.46%																																					-15.46%
203185963													Desk Review
203185964											-0.16%		AVM			-0.155%
203185965											30.41%																																					30.41%
203204242													Desk Review
203204243													Desk Review
203204244																																																0.00%
203204410																						-21.739%
203204411											-19.75%		AVM			-19.751%
203207537											-9.85%		AVM			-9.853%
203207538											-6.45%		Desk Review									-6.452%
203207539											-16.91%		AVM			-16.912%						-6.133%
203210409											19.88%		AVM			19.878%
203210410											15.44%																																					15.44%
203210411											2.36%		AVM			2.361%
203210412																																																0.00%
203216542													Desk Review
203216543											13.60%		AVM			13.603%
203216544													Desk Review
203220782													Desk Review
203226926											-83.37%		AVM			-83.374%
203261499											-31.52%		AVM			-31.517%
203267664											5.49%		AVM			5.494%
203267665													Desk Review
203267666											-1.92%																																					-1.92%
203282170													Desk Review
203282171											2.27%		AVM			2.275%
203282172													Desk Review
203282173											-24.35%		AVM			-24.350%
203282174											-5.79%		AVM			-5.789%
203305691													Desk Review
203305692											-13.14%		AVM			-13.142%
203305693											-24.80%		AVM			-24.804%
203305694													Desk Review
203305695											-0.53%		AVM			-0.527%
203305882											160.53%		AVM			160.526%
203305883											-5.27%		AVM			-5.267%
203305884											3.83%		AVM			3.828%
203305886											2.50%		AVM			2.499%
203305954													Desk Review
203322253													Desk Review
203322254													Desk Review
203322255											-11.36%		AVM			-11.363%
203322256											0.20%		AVM			0.199%
203332784													Desk Review
203332785											11.50%																																					11.50%
203355864											-9.52%		Desk Review									-9.524%
203355865											-11.34%		AVM			-11.342%
203355964											-68.54%		AVM			-68.542%
203355965											51.40%		AVM			51.405%
203355966											-5.88%		Desk Review									-5.882%
203355967											-5.40%		AVM			-5.404%
203355968											6.31%		AVM			6.312%
203356041													Desk Review
203356042													Desk Review
203356043													Desk Review
203356044											-7.37%		AVM			-7.366%
203356045											-3.85%		Desk Review									-3.846%
203358270											-0.04%		AVM			-0.037%
203358271													Desk Review
203358272											1.50%		Desk Review									1.500%
203358273											-0.98%		Desk Review									-0.976%
203358274													Desk Review			-3.858%
203358275													Desk Review
203358276											-5.46%		AVM			-5.457%
203358277											1.16%		AVM			1.163%
203358278											-0.49%		Desk Review									-0.493%
203358950													Desk Review
203358951											-42.80%		AVM			-42.800%
203358952													Desk Review
203358953													Desk Review
203358954											28.87%		AVM			28.867%
203360331											6.32%		AVM			6.317%
203360332											-17.37%		AVM			-17.370%
203360333													Desk Review
203360334													Desk Review
203360335											21.81%		AVM			21.810%
203360343													Desk Review
203360344											27.76%		AVM			27.756%
203360345													Desk Review
203360346											6.36%		AVM			6.362%
203360347											1.28%		AVM			1.283%
203360742											33.41%		AVM			33.413%
203360743											-7.48%		AVM			-7.480%
203360744											-28.58%		AVM			-28.585%
203360745											-25.14%		AVM			-25.143%
203360746											-0.71%		AVM			-0.715%
203416012											-6.54%		AVM			-6.540%
203416013											-37.81%		AVM			-37.812%
203416014											-11.02%		AVM			-11.023%
203432334											13.27%		AVM			13.275%
203432335											-8.74%		AVM			-8.740%
203432336											27.19%		AVM			27.192%
203439751											6.59%																																					6.59%
203441480													Desk Review
203441481											-29.98%		AVM			-29.984%
203441482											-10.70%		AVM			-10.695%
203441483													Desk Review
203457889											11.20%		AVM			11.201%
203475409											-25.34%		AVM			-25.338%
203475410											8.62%		Appraisal			-4.601%
203475411													Desk Review
203475412													AVM
203475413											40.85%		AVM			40.853%
203498227											-57.72%		AVM			-57.715%
203498228													Desk Review
203498229											-47.85%		AVM			-47.847%
203498230													Desk Review
203498231													Desk Review
203500809											-7.82%		AVM			-7.824%
203500810													Desk Review
203500811											46.99%		AVM			46.991%
203516979											-9.20%		AVM			-9.201%
203516980													AVM
203541619													Desk Review
203541620											90.58%		AVM			90.576%
203544031											7.73%		AVM			7.731%
203544032													Desk Review
203544740											-1.27%		AVM			-1.273%
203544741											-9.04%		AVM			-9.040%
203544742													Desk Review
203544743											7.52%		AVM			7.520%
203544744													Desk Review
203547793											-0.81%		AVM			-0.810%
203547794													Desk Review
203549027											-67.97%		AVM			-67.970%
203549028													Desk Review
203550711													Desk Review
203550712													Desk Review
203550713											-15.58%		AVM			-15.581%
203550714											-16.05%		AVM			-16.047%
203551682													Desk Review
203551683											95.66%		AVM			95.657%
203551684											-0.54%		AVM			-0.541%
203551685													Desk Review
203551686													Desk Review
203551741											-48.11%		AVM			-48.107%
203554133											-31.05%		AVM			-31.055%
203554134											-20.82%		AVM			-20.817%
203554135													Desk Review
203554136													Desk Review
203554137											-38.91%		AVM			-38.912%
203554272											1.93%		AVM			1.932%
203554273													Desk Review
203554274											1.57%																																					1.57%
203555675											-3.79%		AVM			-3.787%
203555676											-0.98%		AVM			-0.975%
203555677											-23.11%		AVM			-23.106%
203573559											1.94%		AVM			1.939%
203573560													Desk Review
203573561											50.54%		AVM			50.542%
203575179											26.09%		AVM			26.091%
203575610													Desk Review
203575611											31.88%		AVM			31.878%
203575613													Desk Review
203575614											5.98%		AVM			5.985%
203590607													Desk Review
203590608											-65.21%		AVM			-65.206%
203590609											5.89%		AVM			5.887%
203600450											2.31%		AVM			2.308%
203600451											-32.74%		AVM			-32.741%
203600452											4.85%		AVM			4.853%
203600453													Desk Review
203600454											-24.71%		AVM			-24.709%
203600782											-22.36%		AVM			-22.364%
203600783													Desk Review
203600784											21.05%		Appraisal
203600785											43.56%		Appraisal
203608592											-46.91%		AVM			-46.913%						-7.857%
203608593													Desk Review
203608594											-15.71%		AVM			-15.712%
203608595													Desk Review
203608596											-54.97%		AVM			-54.967%
203611549											-30.14%		AVM			-30.142%
203611550											-17.60%		AVM			-17.605%
203611551											-41.71%		AVM			-41.709%
203611552											-48.54%		AVM			-48.536%
203627586											-6.06%		AVM			-6.060%
203627587											-14.75%		AVM			-14.752%						-8.824%
203627588											-47.53%		AVM			-47.531%
203627590											-25.78%		AVM			-25.775%
203632588											-15.27%		AVM			-15.266%
203634916													Desk Review
203634917											-20.03%		AVM			-20.030%
203634919													Desk Review
203635676											-33.77%		AVM			-33.768%
203635677											-7.11%		AVM			-7.110%
203635678											-3.05%		AVM			-3.047%
203635679													Desk Review
203635680											-10.18%		AVM			-10.182%
203645232													Desk Review
203645233											-15.46%		AVM			-15.462%
203645234											-18.30%		AVM			-18.302%
203645235											6.38%		AVM			6.383%
203645236											-54.80%		AVM			-54.798%
203645480													Desk Review
203645481											-2.83%		AVM			-2.825%
203645482													Desk Review
203645483													Desk Review
203645484											-9.09%		Desk Review									-9.091%
203647967											-11.33%		AVM			-11.335%
203647968													Desk Review
203647969											8.01%		AVM			8.014%
203647970													Desk Review
203647971											-3.09%		AVM			-3.088%
203647972											-1.55%		AVM			-1.546%
203647973											-11.56%		AVM			-11.558%
203647974											113.93%		AVM			113.933%
203647975											-9.05%		AVM			-9.048%
203658580													Desk Review
203658581											36.03%		AVM			36.029%
203658582													Desk Review
203658583											-51.30%		AVM			-51.298%
203658584													Desk Review
203658586													Desk Review
203658587											2.35%		AVM			2.353%
203658588											1.62%																																					1.62%
203658598													Desk Review
203658599													Desk Review
203658600													Desk Review
203668003											37.12%		AVM			37.123%
203668004													Desk Review
203668005													Desk Review
203668006													Desk Review
203668007											-5.78%		AVM			-5.783%
203669887													Desk Review
203669888													Desk Review
203669889											-59.19%		AVM			-59.187%
203669908													Desk Review
203669909											-36.37%		AVM			-36.371%
203669910													Desk Review
203939903											-6.10%		AVM			-6.097%
203939904											-6.61%		Desk Review									-6.609%
203939905											-12.86%		AVM			-12.860%
203939906											0.66%		AVM			0.660%
203939907											-32.41%		Desk Review									-10.185%
203973824											-12.49%		AVM			-12.488%
203973825											2.13%		AVM			2.133%
203973826													Desk Review
203973827													Desk Review
203973828											-50.05%		AVM			-50.047%
203973830											-2.03%		AVM			-2.025%
203973831													Desk Review
203973832													Desk Review
203973833											-52.10%		AVM			-52.103%
203973843													Desk Review
203973844											4.76%		AVM			4.759%
203973845											51.52%		AVM			51.519%
203973846													Desk Review
203973847											10.34%		Appraisal			-0.844%
203973858													Desk Review
203973859											-10.42%		AVM			-10.422%						-8.642%
204044392													Desk Review
204044393											-5.69%		AVM			-5.688%
204044394											-6.77%		AVM			-6.774%
204044395											1.45%		AVM			1.448%
204044396											-8.06%		Desk Review									-8.060%
204078012											-1.96%		AVM			-1.956%
204078013													Desk Review
204091760											-1.82%		AVM			-1.815%
204091761													Desk Review
204092839											10.71%		Appraisal			14.055%
204092840																						-6.609%
204092841											-16.23%		AVM			-16.230%
204092842											0.13%		AVM			0.134%
204092843											-48.96%		AVM			-48.960%
204102405													Desk Review
204102406											-21.83%		AVM			-21.835%
204102407													Desk Review
204102408											28.40%		AVM			28.399%
204102409											-30.16%		AVM			-30.164%
204125535											-46.64%		AVM			-46.643%
204125536											-46.06%		AVM			-46.062%
204125537													Desk Review
204126836													Desk Review
204126837											-8.67%		AVM			-8.671%
204126838													Desk Review
204128014													Desk Review
204128015											-16.11%		AVM			-16.113%
204128016											-5.76%		AVM			-5.765%
204128017											-20.64%		AVM			-20.645%
204145063											-45.21%		AVM			-45.214%
204145064											-9.34%		AVM			-9.344%
204145065											7.32%		AVM			7.325%
204145066													Desk Review
204145067											-40.32%		AVM			-40.320%
204145081											-7.22%		AVM			-7.219%
204145082											-29.79%		AVM			-29.793%
204145667											67.13%		AVM			67.127%
204145668											17.38%		AVM			17.376%
204145669													Desk Review
204145670											16.79%		AVM			16.786%
204145671											-10.43%		AVM			-10.432%
204145783													Desk Review
204145784													Desk Review
204146864											-7.84%		AVM			-7.838%
204146865											2.20%		AVM			2.198%
204146866											2.66%																																					2.66%
204146869													Desk Review			-76.293%
204146870											-19.29%		AVM			-19.287%
204146871													Desk Review
204146872													Desk Review
204147054													Desk Review
204147055											-14.92%		AVM			-14.919%
204147056											-18.46%		AVM			-18.461%						-4.947%
204147057											-4.94%		AVM			-4.940%
204147058													Desk Review
204148411													Desk Review
204148412													Desk Review
204148413											4.32%																																					4.32%
204148478											-12.88%		AVM			-12.881%						-3.014%
204148479											0.62%		AVM			0.623%
204148480											-16.08%		AVM			-16.081%
204164024											12.86%		AVM			12.863%
204164025											28.77%		AVM			28.769%
204164026											-5.58%		AVM			-5.578%
204164027											-14.86%		AVM			-14.862%
204164028											-20.63%		AVM			-20.634%
204164029											-9.75%		AVM			-9.754%
204164030											-8.58%		AVM			-8.580%
204164031											-61.17%		AVM			-61.166%
204164032													Desk Review
204164033													Desk Review
204183333											3.89%		AVM			3.890%
204183334											0.00%																																					0.00%
204183335											10.37%																																					10.37%
204196952													Desk Review
204196953											-43.15%		AVM			-43.147%
204196954													Desk Review
204196955											3.93%		AVM			3.934%
204210392											-3.51%		AVM			-3.513%
204210393													Desk Review
204210394											-20.25%		AVM			-20.250%
204210395											-10.43%		AVM			-10.427%
204217953													Desk Review
204217954													Desk Review
204217955													Desk Review
204217956											33.69%		AVM			33.689%
204217957											-13.03%		AVM			-13.026%
204225239											-10.36%		AVM			-10.364%
204225240											3.76%		AVM			3.761%
204225241											-25.67%		AVM			-25.672%
204225242													Desk Review
204234573											-43.11%		AVM			-43.111%
204234776											-20.29%		AVM			-20.291%
204269228											6.40%		AVM			6.397%
204269229											-20.84%		AVM			-20.835%
204269230											-18.04%		AVM			-18.037%
204269231											-28.25%		AVM			-28.253%
204269232													Desk Review
204269233											36.06%		AVM			36.058%
204269234											-28.13%		AVM			-28.134%
204269235													Desk Review
204269236											-7.26%		AVM			-7.260%
204269237													Desk Review
204270354											9.68%		Appraisal
204270355											-38.20%		AVM			-38.199%
204270356											18.91%		AVM			18.910%
204278650													Desk Review
204278651													Desk Review
204278652													Desk Review
204278653													Desk Review
204281435											-39.01%		AVM			-39.012%
204281436													Desk Review
204281437											10.85%		AVM			10.849%
204281438											-35.13%		AVM			-35.128%
204281935											-14.07%		AVM			-14.069%
204325945											-10.67%		AVM			-10.675%
204325946													Desk Review
204325947											-38.03%		AVM			-38.031%
204325948											-31.66%		AVM			-31.664%
204326175											10.06%		AVM			10.057%
204326176											-18.07%		AVM			-18.067%
204326177													Desk Review
204326181											-20.33%		AVM			-20.329%
204326182											-19.70%		AVM			-19.705%
204326183											18.08%		AVM			18.079%
204326184											21.28%		AVM			21.282%
204327995											-2.76%		AVM			-2.759%
204327996											-57.46%		AVM			-57.464%
204327997													Desk Review
204329673																						-10.769%
204331749											-8.04%		Desk Review									-8.036%
204331750											-2.61%																																					0.00%
204332695											44.42%		AVM			44.417%
204332696											-25.76%		AVM			-25.763%
204332697											-18.10%		AVM			-18.105%
204332699											-4.63%		Desk Review									-4.630%
204332700													Desk Review
204332822											-2.72%		AVM			-2.723%
204332823													Desk Review
204332824											17.29%		AVM			17.291%
204332825											-22.81%		AVM			-22.811%
204333819											155.83%		AVM			155.828%
204333820											-26.19%		AVM			-26.190%
204333821											39.55%		AVM			39.551%
204333822											12.25%		AVM			12.252%
204345677											-6.25%		Desk Review									-6.250%
204345678											-4.30%		AVM			-4.298%
204345679											-20.27%		AVM			-20.269%						-2.778%
204345680											27.91%		AVM			27.909%
204349143											42.26%		AVM			42.263%
204349144											-32.61%		AVM			-32.615%
204349145													Desk Review
204349146													Desk Review
204349147											131.41%		AVM			131.407%
204349148													Desk Review
204352786											-20.21%		AVM			-20.210%
204352787													Desk Review
204352788													Desk Review
204352789											-33.53%		AVM			-33.530%
204357383											50.05%		AVM			50.050%
204357384											0.20%		AVM			0.201%
204357385											8.72%		AVM			8.722%
204357386											-12.04%		AVM			-12.036%
204359099													Desk Review
204359100											-16.10%		AVM			-16.096%
204362797													Desk Review
204362798													Desk Review
204362799													Desk Review
204362800													Desk Review
204362801													Desk Review
204362802													Desk Review
204362803											2.96%		AVM			2.959%
204362804											-5.89%		AVM			-5.893%
204362805											-45.43%		AVM			-45.428%
204362806											-7.91%		Desk Review									-7.907%
204378099											-31.53%		AVM			-31.528%
204378100													Desk Review
204383884													Desk Review
204383885													Desk Review
204383886											16.83%		AVM			16.833%
204383887											-42.53%		AVM			-42.529%
204421192											-46.35%		AVM			-46.348%
204421193													Desk Review
204421194											90.15%		AVM			90.153%
204421195											11.83%		AVM			11.830%
204421197													Desk Review
204421198											2.87%																																					2.87%
204425771													Desk Review
204425772													Desk Review
204425773											-18.66%		AVM			-18.657%
204425774											14.85%		AVM			14.846%
204426926											-22.49%		AVM			-22.493%
204426927											-48.17%		AVM			-48.173%
204432144													Desk Review
204432145											-6.97%		AVM			-6.968%
204432146													Desk Review
204432147											-18.42%		AVM			-18.424%
204449240											-11.43%		AVM			-11.430%
204449241													Desk Review
204451728											-10.42%		AVM			-10.416%
204451729											-10.17%		AVM			-10.174%
204451730											-55.01%		AVM			-55.007%
204454564													Desk Review
204454565											-1.47%		AVM			-1.474%
204454566											-7.57%		AVM			-7.571%
204469662													Desk Review
204469663											7.47%		AVM			7.474%
204469664											-19.16%		AVM			-19.160%
204470819											-11.45%		AVM			-11.451%
204470820											-32.95%		AVM			-32.950%
204470821											-9.48%		AVM			-9.479%
204470822											-13.29%		AVM			-13.286%
204475775											-32.18%		AVM			-32.181%
204475776											13.31%		AVM			13.309%
204475777											-26.92%		AVM			-26.917%
204475778											-4.75%		AVM			-4.754%
204477345													Desk Review
204477346											-15.48%		AVM			-15.482%
204477347													Desk Review
204477348											-23.23%		AVM			-23.226%
204477349											1.38%		AVM			1.376%
204477838											11.32%																																					11.32%
204477839											-18.00%		AVM			-17.998%
204479362
204479363
204479364
204479365
204479366
204479369
204479373
204479375
204479376
204479377											-29.21%		AVM			-29.214%						-8.759%
204479378
204479379											-7.51%		AVM			-7.513%
204479380
204479381
204479382
204479384
204479385
204479386
204479387
204479389
204479391
204479392
204479393
204479394
204479395
204479396
204479398
204479399
204479400
204479401
204479402
204479404
204479407
204479408
204479411
204479412
204479413
204479414											-1.85%		AVM			-1.849%
204479415											10.06%		AVM			10.063%
204479416											-24.92%		AVM			-24.923%
204479530													Desk Review
204479531											-18.38%		AVM			-18.376%
204482362											-4.01%		AVM			-4.009%
204482363											-9.78%		AVM			-9.781%
204482364											-12.19%		AVM			-12.187%
204482365											104.69%		AVM			104.685%
204482366													Desk Review
204482367											-21.13%		AVM			-21.125%
204482368											-49.02%		AVM			-49.022%
204482856													Desk Review
204490530													Desk Review
204490531													Desk Review
204490532											-61.82%		AVM			-61.817%
204490533													Desk Review
204490534											6.93%		AVM			6.932%
204490602
204490603
204490605
204490608
204490609
204490610
204490612											161.56%		AVM			161.555%
204490613											-47.50%		AVM			-47.496%						-15.556%
204490614													Desk Review
204490628
204490629
204490633											-10.94%		AVM			-10.940%
204490635											-26.15%		AVM			-26.148%
204490636											-17.07%		AVM			-17.065%
204490638													Desk Review
204490639											8.64%		AVM			8.643%
204490640											96.92%		AVM			96.921%
204490641											1.77%		AVM			1.772%
204490646											57.74%		AVM			57.740%
204490654											-19.60%		AVM			-19.596%
204490655											58.71%		AVM			58.705%
204490656													Desk Review
204490657											-17.06%		AVM			-17.060%
204490658													Desk Review
204490659											223.03%		AVM			223.027%
204490660											-36.16%		AVM			-36.158%
204490661											-34.82%		AVM			-34.825%						-8.571%
204490662											86.88%		AVM			86.883%
204490709													Desk Review
204490710											8.10%		AVM			8.102%
204490711													Desk Review
204490712													Desk Review
204497021											-6.96%		AVM			-6.956%
204497023											-23.02%		AVM			-23.020%
204497024											-11.08%		AVM			-11.079%
204497025													Desk Review
204498615											-27.31%		AVM			-27.306%						-9.483%
204498616													Desk Review
204498617													Desk Review
204500783											-19.75%		AVM			-19.752%						-1.379%
204500784											22.60%		AVM			22.599%
204500785											-14.14%		AVM			-14.137%
204500786													Desk Review
204503713											-31.97%		AVM			-31.974%
204503714													Desk Review
204511964											-6.96%		AVM			-6.955%
204511965											-64.00%		AVM			-63.997%
204511970											-40.45%		AVM			-40.447%
204511971											-8.39%		AVM			-8.392%						-5.594%
204511972											-18.00%		AVM			-17.999%
204511973											-2.72%		AVM			-2.716%
204511974											-12.52%		AVM			-12.518%						-9.375%
204515261											9.29%		AVM			9.288%
204515262													Desk Review
204515263											21.18%		AVM			21.180%
204515264											23.13%		AVM			23.134%
204547193											-14.22%		AVM			-14.220%
204547194											4.17%																																					4.17%
204547195											-11.65%		AVM			-11.650%
204547196													Desk Review
204549029											-8.42%		AVM			-8.420%
204549030											-2.24%																																					-2.24%
204549169											6.82%		AVM			6.820%
204630391											-1.22%		AVM			-1.216%
204630392											48.91%		AVM			48.911%
204630393											-20.08%		AVM			-20.081%
204630394											-7.62%		AVM			-7.618%
204630825													Desk Review
204630826											-13.35%		AVM			-13.346%
204662459											-25.90%		AVM			-25.896%
204662460													Desk Review
204662461											-55.30%		AVM			-55.302%
204662462											-17.09%		AVM			-17.095%
204662463											-12.55%		AVM			-12.547%
204682485											-1.54%		AVM			-1.540%
204682486																																																0.00%
204682491													Desk Review
204682492											16.49%		AVM			16.490%
204682493											-23.33%		AVM			-23.326%
204682494													Desk Review
204682495											-26.37%		AVM			-26.370%
204742417											-14.27%		AVM			-14.274%
204742418											-6.17%		AVM			-6.173%
204742419											-42.30%		AVM			-42.297%
204764516													Desk Review
204764517													Desk Review
204764518											-2.15%		AVM			-2.152%
204764520													Desk Review
204764521																																																0.00%
204767087											-21.70%		AVM			-21.704%
204767088											13.79%		AVM			13.792%
204767089											-10.00%		AVM			-10.000%
204767090											-29.17%		AVM			-29.169%
204767091											-17.99%		AVM			-17.985%
204767299											22.78%		AVM			22.782%
204768121											-29.91%		AVM			-29.906%						-3.448%
204768122													Desk Review
204768123											-6.10%		AVM			-6.104%
204768124											-15.75%		AVM			-15.749%
204770023													Desk Review
204770024											-30.49%		AVM			-30.490%
204770025											-43.95%		AVM			-43.955%
204779510											-21.21%		AVM			-21.209%
204779511											11.46%		AVM			11.457%
204779512													Desk Review
204779513											-32.19%		AVM			-32.192%
204785775													Desk Review
204785776											-53.80%		AVM			-53.800%
204785777											18.68%		AVM			18.680%
204785778											-15.60%		AVM			-15.601%
204785779											-39.31%		AVM			-39.306%
204785780											-38.94%		AVM			-38.944%
204785781													Desk Review
204785782													Desk Review
204785783													Desk Review

EX-99.5 6 e2842ex99-5.htm AMC EXCEPTION GRADES REPORT

Exhibit 99.5

Exception Grades

Run Date - 11/12/2018 10:12:50 PM

Rating Agency Grades

AMC Loan ID

Customer Loan ID

Seller Loan ID

Loan Exception ID

Exception ID

Exception Date

Exception Type

Exception Category

Exception Subcategory

Exception

Exception Detail

Exception Information

Compensating Factors

Follow-up Comments

Cleared Date

Cured Date

Waived Date

Exception Level Grade

Exception Level Rating

Note Date

Property State

Occupancy

Purpose

Exception Remediation

Overall
Initial Loan Grade

Overall
Final Loan Grade

Credit
Initial Loan Grade

Credit
Final Loan Grade

Compliance
Initial Loan Grade

Compliance
Final Loan Grade

Property
Initial Loan Grade

Property
Final Loan Grade

Originator QM ATR Status

TPR QM ATR Status

Is Curable

201061599

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

201390236

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

There is no evidence of landlord insurance (hazard insurance plus liability) and thus casts doubt on the business purpose of the loan.

Reviewer Comment (2017-03-02): Received binder and email showing policy does have loss of rent coverage

Seller Comment (2017-02-27): See (REDACTED) - Insurance Binder Email. Loss of rent coverage of $21,600 and replacement cost coverage.

03/02/2017

Investment

Refinance - Cash-out - Other

201390236

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

201390847

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

201395881

Credit

Fix and Flip

General

Missing Document: Spousal Consent not provided.

Borrower: (REDACTED)

Reviewer Comment (2017-03-06): Both borrowers are signors, additional spousal consent not requried

Seller Comment (2017-03-06): (REDACTED) are 50/50 owners. They both signed the personal guaranty so why is spousal consent needed?

03/06/2017

Investment

Refinance - Cash-out - Other

201395881

Credit

Miscellaneous

Credit Exception:

Lender exception approval in file for lack of trade lines.

Guideline variance approved by lender at time of origination

Reviewer Comment (2017-03-02): (REDACTED) Received exception approval showing limited trades, accepted based on high Fico.

03/02/2017

Investment

Refinance - Cash-out - Other

201395881

Credit

Miscellaneous

Credit Exception:

Lender exception approval is in file regarding the unique/ rural nature of the subject property.

Guideline variance approved by lender at time of origination

Reviewer Comment (2017-03-02): (REDACTED) Received exception approval for rural and unique property based on a reduction of LTV to 70.

03/02/2017

Investment

Refinance - Cash-out - Other

201395881

Credit

Miscellaneous

Credit Exception:

Lender exception approval is in file with regard to the presence of the appraiser's name on the National Fraud Protection Database per the Fraud Report in file.

Guideline variance approved by lender at time of origination

Reviewer Comment (2017-02-22): Lender approved exception at approval based on the appraiser's current status: Active and in good standing with ASC and HUD

02/22/2017

Investment

Refinance - Cash-out - Other

201395881

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

201600757

Credit

Loan Package Documentation

Application / Processing

Missing Document: Spousal Consent Form not provided

Texas is a community property state.

Reviewer Comment (2017-04-10): Spousal Consent received. Exception cleared.

04/10/2017

Investment

Refinance - Cash-out - Other

201600757

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

201985125

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Reviewer Comment (2018-11-09): Secondary valuation provided

11/09/2018

Investment

Refinance - Cash-out - Other

201985125

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202077373

Credit

Assets

Asset Calculation / Analysis

Cash available for Closing is insufficient to cover Cash From Borrower.

Calculated Available for Closing of ___ is less than Cash From Borrower of ___.

Reviewer Comment (2017-07-20): Cash to close not required to be verified

Seller Comment (2017-07-14): Per our guidelines, we do not need to prove cash to close from the borrower on a refi.

07/20/2017

Investment

Refinance - Rate/Term

202077373

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

___, and verified reserves are ___.

Reviewer Comment (2017-07-20): Assets meet reserves, cash to close not required to be verified

Seller Comment (2017-07-14): Please see the uploaded all assets showing the funds to be $1,262.60 and covers the one month of reserves $779.15.

07/20/2017

Investment

Refinance - Rate/Term

202077373

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Reviewer Comment (2018-11-09): Received secondary valuation

11/09/2018

Investment

Refinance - Rate/Term

202384841

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

No Document from Mortgage holders for loans paid off.

Reviewer Comment (2017-10-05): Received statement

10/05/2017

Investment

Refinance - Cash-out - Other

202384843

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202388149

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

202388150

Credit

Insurance

Insurance Documentation

Insurance Policy Expiration Date is less than 30 days of the Note Date and does not have automatic renewal.

Reviewer Comment (2017-10-05): Received renewal

10/05/2017

Investment

Refinance - Cash-out - Other

202388152

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202396516

Credit

Miscellaneous

Credit Exception:

Credit exception in file page 127 representing lender exception approval to allow excess acreage of subject property

Reviewer Comment (2017-10-24): Excess acreage allowed with approval, approval granted

Reviewer Comment (2017-10-24): to clear

Reviewer Comment (2017-10-05): Exception approval for excess acreage.

Seller Comment (2017-10-04): Executive approval in file. What else is needed?

10/24/2017

Investment

Purchase

202396516

Credit

Miscellaneous

Credit Exception:

Credit exception in file page 129 representing lender exception approval to allow for private purchase

Reviewer Comment (2017-10-24): Private party transaction allowed with enhanced review/approval, approval in file

Reviewer Comment (2017-10-24): to clear

Reviewer Comment (2017-10-05): Executive approval in file for private purchase

Seller Comment (2017-10-04): Executive approval in file. What else is needed?

10/24/2017

Investment

Purchase

202396516

Credit

Credit Eligibility

Borrower has

Credit Report: Original // Borrower: (REDACTED) ___ open Tradelines which is less than the minimum required by guidelines.

Reviewer Comment (2017-10-05): Guideline allows for 2 tradelines along with prior tradelines with 24 months during last 7 years, borrower meets this.

10/05/2017

Investment

Purchase

202396517

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Reviewer Comment (2018-11-11): Secondary Product in file as required.

Reviewer Comment (2017-10-05): Not a Beachpoint requirement

11/11/2018

Investment

Refinance - Cash-out - Other

202396517

Credit

Missing Document

Appraisal Documentation

The appraisal is missing from file and required by guidelines.

Reviewer Comment (2017-10-05): Appraisla in file

Seller Comment (2017-10-04): Appraisals are in your loan file we submitted (REDACTED) pages 438-721.

10/05/2017

Investment

Refinance - Cash-out - Other

202396518

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

202396519

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2017-10-05): Received statement

10/05/2017

Investment

Refinance - Cash-out - Other

202396519

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202396903

Credit

Miscellaneous

Credit Exception:

Borrower has a late payment on (REDACTED) with (REDACTED). Lender exception approval is in file.

Reviewer Comment (2018-08-14): Met guidelines with enhanced review, move to clear

Reviewer Comment (2017-10-03): Lender approved an exception at origination to allow for a late payment on (REDACTED) with (REDACTED). Compensating factors include an LOE to explain the misunderstanding and the borrower has documented an amount of assets which far exceeds the guideline requirement.

08/14/2018

Investment

Refinance - Cash-out - Other

202396904

Credit

Investment Product

General

Lease Remaining Months of

Address: (REDACTED) ___ is less than required minimum amount remaining per guidelines.

Not required. Override in QA

Reviewer Comment (2017-10-05): Lease is in file

Seller Comment (2017-10-04): Lease is (REDACTED) to (REDACTED)

10/05/2017

Investment

Refinance - Cash-out - Other

202396904

Credit

Miscellaneous

Credit Exception:

Borrower has a late payment on (REDACTED) with (REDACTED). Lender exception approval is in file.

08/14/2018

Investment

Refinance - Cash-out - Other

202402856

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Payoff letter is not in file. Only information from credit report, not sufficient.

Reviewer Comment (2017-10-20): Received payoff

10/20/2017

Investment

Refinance - Cash-out - Other

202402857

Credit

Miscellaneous

Credit Exception:

Credit exception in file page 160 representing lender's exception approval to allow borrower credit lates and low FICO

Reviewer Comment (2017-10-31): Borrower meets (REDACTED) guidelines

Reviewer Comment (2017-10-31): To clear

Reviewer Comment (2017-10-20): Approved based on excellant pay history and paying off debt

Seller Comment (2017-10-16): What else is needed here? Borrower was approved due to to deep credit and mortgage history by our executive team.

10/31/2017

Investment

Refinance - Cash-out - Other

202403229

Credit

Miscellaneous

Credit Exception:

Lender exception is apparent in file on page 123 representing lender exception approval for non-warrantable condo

Reviewer Comment (2017-10-20): Non-warrantable condo allowed with enhanced review ---- loan meets guidelines enhanced review done

Seller Comment (2017-10-16): What else is needed? Condo Questionnaire completed and executive approval received for the non-warrantable condo which falls within our guidelines.

10/20/2017

Investment

Refinance - Cash-out - Other

202403229

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202403230

Credit

Miscellaneous

Credit Exception:

Decision exception is apparent in file on page 111 representing lender exception approval to allow property to be considered as a multi-family unit and not considered as multi-use or mixed use property

Reviewer Comment (2017-10-19): Enhanced review in file, property is not a nail salon, appears tenant may do some nails but is clearly a lived in property

Seller Comment (2017-10-16): Through further review, it was determined the property was not a multi-use property. What else is needed?

10/19/2017

Investment

Refinance - Cash-out - Other

202403230

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 113 representing lender exception for third party appraisal to be used for value

Reviewer Comment (2017-10-19): Third party appraisals allowed per guidelines with enhanced review - Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Appraisal was approved through enhanced review. What else is needed?

10/19/2017

Investment

Refinance - Cash-out - Other

202403231

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

No written payoff documentation from lenders

Reviewer Comment (2017-10-19): Received statement

10/19/2017

Investment

Refinance - Rate/Term

202403231

Credit

Miscellaneous

Credit Exception:

Credit exception in file on page 114 representing lender exception approving exisitng liens greater than 30% which is outside of guidelines

Reviewer Comment (2017-10-19): This is allowed by guidelines with enhanced review --- Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Enhanced review approved the liens greater than 30%. What else is needed?

10/19/2017

Investment

Refinance - Rate/Term

202403232

Credit

Miscellaneous

Credit Exception:

Credit exception is apparent in file on pae 144 representing lender exception approval to allow for the borrower a private purchase without a copy of the land contract.

Reviewer Comment (2017-10-19): Private purchase allowed. Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Private purchases approved through enhance review. It is stated on approval that the land contract was reviewed and then the purchase was approved.

10/19/2017

Investment

Purchase

202403232

Credit

Miscellaneous

Credit Exception:

Credit exception is apparent in file on page 146 allowing charge off on credit report

Reviewer Comment (2017-10-19): Charge off allowed with review, Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Borrower was approved due to substantial depth of credit through enhanced review. What else is needed?

10/19/2017

Investment

Purchase

202404067

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

No documentation from Lender.

Reviewer Comment (2017-10-19): Received payoff statement

10/19/2017

Investment

Refinance - Cash-out - Other

202404068

Credit

Miscellaneous

Credit Exception:

Credit exception is apparent in file on page 158 representing lender exception approval to allow a private purchase

Reviewer Comment (2017-10-18): This is allowed per guidelines, Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Private purchase approved through ER approval.What else is needed?

10/18/2017

Investment

Purchase

202404068

Credit

Miscellaneous

Credit Exception:

Credit exception is apparent in file on page 160 representing lender exception approval to allow seasoning less than guidelines require

Reviewer Comment (2017-10-31): Borrower meets (REDACTED) guidelines

Reviewer Comment (2017-10-31): to clear

Reviewer Comment (2017-10-18): Exception approval for seasoning, less than 1 year (short by a month), based on FiCO and experience

Seller Comment (2017-10-16): Seasoning approved through ER approval.What else is needed?

10/31/2017

Investment

Purchase

202404068

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

202418668

Credit

Miscellaneous

Credit Exception:

Exception decision in file on page 112 representing lender exception approval to proceed as non-owner occupied property

Reviewer Comment (2017-10-19): Loan meets guidelines, nothing prohibits loan from a prior conversion to a non-owner occupied property, Enhanced review done to ensure

Seller Comment (2017-10-16): Property was approved as non-owner occupied through enhanced review and review of lease. What else is needed here?

10/19/2017

Investment

Refinance - Cash-out - Other

202418668

Credit

Miscellaneous

Credit Exception:

Guidelines require rent loss coverage equal to six months or greater. Policy in file is only for one month

Reviewer Comment (2017-10-19): Received email from (REDACTED) showing rent loss compensation in case of loass at full value up to 12 months

Seller Comment (2017-10-16): Rent loss insurance is for 12 months.

10/19/2017

Investment

Refinance - Cash-out - Other

202418668

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202418669

Credit

Credit Eligibility

Borrower has

Credit Report: Original // Borrower: (REDACTED)

Reviewer Comment (2017-10-18): Received credit report

Seller Comment (2017-10-16): Confused exactly what this exception is. Do you need the credit report?

10/18/2017

Investment

Refinance - Rate/Term

202418669

Credit

Investment Product

General

Lease Remaining Months of

Address: (REDACTED)

Reviewer Comment (2017-10-18): Lease meets guidelines

Seller Comment (2017-10-16): Confused on what exactly is the exception here. The lease is from (REDACTED) with an automatic month to month renewal at the end of the lease.

10/18/2017

Investment

Refinance - Rate/Term

202418669

Compliance

State Compliance

(Doc Error) Note Error: Loan does not comply with state prepayment penalty requirements

Prepayment Penalty Term of 60 months as reflected per Subject Lien Note exceeds max allowed of 12 months per (REDACTED) State restrictions.

Reviewer Comment (2017-10-18): Does not apply to business purpose loans

Seller Comment (2017-10-16): Is the Statute being referred to (REDACTED) and if so, doesn't this referring to own occupancy mortgage loans and no loans on investment property?

10/18/2017

Investment

Refinance - Rate/Term

Yes

202418669

Credit

Miscellaneous

Credit Exception:

Missing Lease Agreement for Unit 2. Lender approval reflects 2nd Unit currently rented with monthly payment of $(REDACTED). File includes Lease Agreement for Unit 1 only.

Reviewer Comment (2017-10-23): Received Lease

10/23/2017

Investment

Refinance - Rate/Term

202418670

Compliance

State Compliance

(Doc Error) Note Error: Loan does not comply with state prepayment penalty requirements

Prepayment Penalty Term of 60 months exceeds max allowed of 12 months per (REDACTED) State requirements.

Reviewer Comment (2017-10-18): Not applicable to business purpose loans

Seller Comment (2017-10-16): I believe I found it in (REDACTED). It appears this applies to owner occupied mortgage loans and not mortgage loans held for investment purposes.

Seller Comment (2017-10-16): What statute are you referencing about the (REDACTED) state requirements?

10/18/2017

Investment

Refinance - Cash-out - Other

Yes

202421741

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-10-18): Received copy of ID

10/18/2017

Investment

Purchase

202421741

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Reviewer Comment (2017-11-01): Statement shows more than 2 months

Seller Comment (2017-10-23): First page show several months of activity. Guidelines do not require two months activity on all accounts.

Reviewer Comment (2017-10-18): Received same information in loan file, need verification of more than 1 month

11/01/2017

Investment

Purchase

202421741

Credit

Miscellaneous

Credit Exception:

Credit exception in file page 138 allowing for credit related lates for borrower under the Rental 360 program

Reviewer Comment (2017-10-18): Loan meets requirements of no 1x60 in past 12 months, Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Borrower explained credit lates. Borrower approved through enhanced review having a credit score of 700. What else is needed?

10/18/2017

Investment

Purchase

202421741

Credit

Miscellaneous

Credit Exception:

Exception approval in file for private purchase with standard related conditions

Reviewer Comment (2017-10-18): Private purchases allowed --- Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Private purchase approved through enhanced review based upon certain conditions. What else is needed?

10/18/2017

Investment

Purchase

202421742

Credit

Miscellaneous

Credit Exception:

Credit exception in file page 115 allowing credit related lates

Reviewer Comment (2017-11-09): Meets guidelines.

Reviewer Comment (2017-11-09): Credit lates meets guidelines.

Reviewer Comment (2017-11-01): Exception reviewed and approved, borrower is seasoned investor and has $96K in assets, 699 mid score

Seller Comment (2017-10-16): Borrower is an active investor and is a past borrower. Credit approved through Enhanced Review. What else is needed?

11/09/2017

Investment

Refinance - Cash-out - Other

202421742

Credit

Miscellaneous

Credit Exception:

Lenders exception in file on page 117 allowing late payments on (REDACTED) loans from (REDACTED)

Reviewer Comment (2017-11-10): Received pay history showing no late pays

Reviewer Comment (2017-11-10): Addtional compensating factors to include 65%

Reviewer Comment (2017-11-01): Exception reviewed and approved, borrower is seasoned investor and has $96K in assets, 699 mid score

Seller Comment (2017-10-16): Borrower's pay history approved through enhanced review. What else is needed?

11/10/2017

Investment

Refinance - Cash-out - Other

202421745

Credit

Miscellaneous

Credit Exception:

Decision exception is apparrent in file page 107 representing lender exception approval to allow fot 6th property in a 30 day period

Reviewer Comment (2017-10-19): Guidelines allow for more than 5 properties in same 30 day period as long as there is executive approval, executive/enhanced review provided allowing for 6 properties located in file

Seller Comment (2017-10-16): Borrower approved for 6th loan due to excellent credit history and perfect loan pay history through ER approval. What else is needed?

10/19/2017

Investment

Refinance - Cash-out - Other

202425066

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202425235

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202425236

Credit

Miscellaneous

Credit Exception:

Lender exception in file page 112 allowing open collection account

Guideline variance approved by lender at time of origination.

Reviewer Comment (2017-10-31): Borrower has a 666 mid score and over $70K in assets

Reviewer Comment (2017-10-20): Enhanced Approval based on perfect pay with (REDACTED)

Seller Comment (2017-10-16): What else is needed? Borrower and deep mortgage credit history and was approved through executive approval.

10/20/2017

Investment

Refinance - Cash-out - Other

202425237

Credit

Miscellaneous

Credit Exception:

Lender exception in file page 145 allowing private purchase transaction

Reviewer Comment (2017-10-18): Private purchases allowed - Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Private purchase approved through enhanced review. What else is needed?

10/18/2017

Investment

Purchase

202425237

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

202425238

Credit

Miscellaneous

Credit Exception:

Lender exception in file page 104 allowing for a third party appraisal to be used for valuation

Reviewer Comment (2017-10-19): Third party appraisals allowed with enhanced review and approval, approval and enhanced review provided

Seller Comment (2017-10-16): Third party appraisal met the guidelines so was approved through ER approval. What else is needed?

10/19/2017

Investment

Refinance - Cash-out - Other

202425881

Credit

Miscellaneous

Credit Exception:

Lender's exception in file on page 152 allowing for private purchase

Reviewer Comment (2017-10-19): Private purchase allowed - Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Private purchase approved through ER review. What else is needed?

10/19/2017

Investment

Purchase

202425881

Credit

Miscellaneous

Credit Exception:

Lender's exception in file page 154 allowing for charge off on credit report

Reviewer Comment (2017-10-19): Charge offs are allowed subject to enhanced review - enhanced review done, loan meets guidelines

Seller Comment (2017-10-16): Borrower approved through enhanced review due to substantial depth of credit and multiple mortgages pad. What else is needed?

10/19/2017

Investment

Purchase

202425883

Credit

Miscellaneous

Credit Exception:

Lender exception in file allowing non-warrantable condo

Reviewer Comment (2017-11-09): Loan meets guidelines, ER in file

Reviewer Comment (2017-11-09): Meets guidelines

Reviewer Comment (2017-11-01): Enhanced review completed, borrower has 734 FICO and over $34K in reserves

Seller Comment (2017-10-16): Non-warrantable condo approved after review of condo questionnaire and other document. What else is needed?

11/09/2017

Investment

Refinance - Cash-out - Other

202425884

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Reviewer Comment (2017-10-19): Per email receipt from insurance agent borrower has 10% rent loss coverage

Seller Comment (2017-10-16): Rent loss insurance is 10% of the property's value.

10/19/2017

Investment

Refinance - Rate/Term

202425885

Credit

Miscellaneous

Credit Exception:

Credit exception in file on page 110 allowing for past due interest on existing mortgage

Reviewer Comment (2017-10-18): Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-17): Loan was approved through enhanced review after letter of explanation sent from attorney.

10/18/2017

Investment

Refinance - Rate/Term

202425885

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

202426592

Credit

Miscellaneous

Credit Exception:

Exception in file page 154 allowing existing CDAIR review to be used with errors.

Reviewer Comment (2017-11-01): Received corrected

Seller Comment (2017-10-16): See attached corrected CDAIR.

11/01/2017

Investment

Purchase

202426592

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 156 allowing for private purchase.

Reviewer Comment (2017-10-19): Private purchases allowed with enhanced review --- Loan meets guidelines, ER is just as a side note/explanation

Seller Comment (2017-10-16): Private purchase approved through ER approval. What else is needed?

10/19/2017

Investment

Purchase

202426592

Credit

Miscellaneous

Credit Exception:

Lender exception in file approving property condition C4 as bedrooms presently do not have carpeting

Reviewer Comment (2017-10-19): Deferred maintenance allowed with condition reviewed level 2 approved, ER in file

Seller Comment (2017-10-16): ER approval of property based upon the bedrooms will be tiled as soon as loan is complete bringing the property to C3 rating.

10/19/2017

Investment

Purchase

202426595

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202444750

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

202444751

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 112 granting approval for late credit items and charge off per credit report

Reviewer Comment (2017-10-31): Borrower meets 9/2017 guidelines

Reviewer Comment (2017-10-31): To clear

Reviewer Comment (2017-10-20): Enhanced review for lates

Seller Comment (2017-10-19): Credit lates were reviewed through enhanced review and approved.

10/31/2017

Investment

Refinance - Cash-out - Other

202444752

Compliance

State Compliance

(Doc Error) Note Error: Loan does not comply with state prepayment penalty requirements

Prepayment Penalty Term of 60 months as reflected per Subject Lien Note exceeds max allowed of 36 months per Michigan State requirements.

Reviewer Comment (2017-10-20): NA to business purpose loans

Seller Comment (2017-10-19): Isn't this law for residential mortgages only and not investment consumer loans?

10/20/2017

Investment

Purchase

Yes

202444753

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Written document from lender not in file.

Reviewer Comment (2017-10-20): Received payoff

10/20/2017

Investment

Refinance - Rate/Term

202480816

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2017-11-01): No statement to be provided

Seller Comment (2017-10-31): There is no mortgage loan paid off.

11/01/2017

Investment

Refinance - Cash-out - Other

202480817

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2017-11-01): No mortgage

Seller Comment (2017-10-31): There is no mortgage loan payoff. This should not be an exception.

11/01/2017

Investment

Refinance - Cash-out - Other

202480817

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 112 allowing C4 condition due to small water stain on ceiling of Unit 2 and trim missing near roof of Unit 1

Reviewer Comment (2017-11-01): With ER meets guidelnies

Seller Comment (2017-10-31): What else is needed here? C4 meets the Guidelines and ER approval in the file for further review of property.

11/01/2017

Investment

Refinance - Cash-out - Other

202480818

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

No written payoff in file.

Reviewer Comment (2017-11-01): Received payoff

11/01/2017

Investment

Refinance - Rate/Term

202480819

Credit

Loan Package Documentation

Closing / Title

Missing Lien(s) negatively impacting title

No evidence in file to validate Judgments on Title Commitment were paid off prior to closing or with proceeds of subject Cash Out; as allowed per Lender Guidelines due to total amount of outstanding/open Judgments do not exceed 30% of Loan Amount.

Reviewer Comment (2017-11-01): received title commitment

Seller Comment (2017-10-31): All judgments were removed from title and determined not to be liens on our property. See title endorsement attached.

11/01/2017

Investment

Refinance - Cash-out - Other

202480820

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202489593

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202489595

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202489597

Credit

Loan Package Documentation

Application / Processing

Missing Document: Bylaws not provided

Reviewer Comment (2017-11-01): Not required per guidleines

Seller Comment (2017-10-31): Guidelines do not require the collection of the corporation's Bylaws.

11/01/2017

Investment

Refinance - Cash-out - Other

202489597

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

Reviewer Comment (2017-11-01): Not required by guidelines

Seller Comment (2017-10-31): Guidelines do not require the collection of the corporate resolution.

11/01/2017

Investment

Refinance - Cash-out - Other

202489597

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Reviewer Comment (2017-11-01): Rent loss not required on vacant propertie

Seller Comment (2017-10-31): Rent loss insurance coverage is not available until a lease is in place. Will be added when a lease is in place.

11/01/2017

Investment

Refinance - Cash-out - Other

202489597

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-11-01): Received ID

11/01/2017

Investment

Refinance - Cash-out - Other

202492061

Credit

Fix and Flip

General

Insufficient funds for Reserves.

Reviewer Comment (2017-11-01): Received EMD

Seller Comment (2017-10-31): Verified reserves are $4,287.06 ($59,591.41-$55,304.05)

11/01/2017

Investment

Purchase

202492061

Credit

Assets

Asset Calculation / Analysis

Cash available for Closing is insufficient to cover Cash From Borrower.

Reviewer Comment (2017-11-01): Received EMD

Seller Comment (2017-10-31): Cash available for closing is $59,591.41 ($5,000+54,591.41). Check (REDACTED) was already cashed and available for closing and should be counted towards the cash available for closing.

11/01/2017

Investment

Purchase

202492062

Credit

Loan Package Documentation

Application / Processing

Missing Document: Other not provided

Only assignment of lease to LLC is in file. The actual lease is missing.

Reviewer Comment (2017-11-01): received lease

11/01/2017

Investment

Refinance - Cash-out - Other

202492062

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Reviewer Comment (2017-11-14): 2 months are only required on 1 account not all

Seller Comment (2017-11-01): We only require 2 months on 1 account, and not on both accounts.

Reviewer Comment (2017-11-01): received 2 months for account (REDACTED) but not for (REDACTED)

11/14/2017

Investment

Refinance - Cash-out - Other

202492062

Credit

Investment Product

General

REO property does not have a lease in place and required by guidelines.

Address: (REDACTED)

Copy of lease not in file.

Reviewer Comment (2017-11-01): received lease

11/01/2017

Investment

Refinance - Cash-out - Other

202492062

Credit

Miscellaneous

Credit Exception:

Default Reserve is required to include HOA fee. Default on HUD is $1,565.71 vs required PITIA of $1,930.71.

Reviewer Comment (2017-11-01): HOA not included in reserve calculations. P&I only

Seller Comment (2017-10-31): Guidelines state "Default Reserve required at closing equal to one month Total Monthly Payment (P&I plus escrows) to be held by servicer". The HOA fee is not escrowed so therefore is not included in the default reserve.

11/01/2017

Investment

Refinance - Cash-out - Other

202494891

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Reviewer Comment (2017-11-14): Only 1 account required to have more than 2 months

11/14/2017

Investment

Purchase

202494892

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-11-01): Received cert of good standing

11/01/2017

Investment

Refinance - Cash-out - Other

202494892

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-11-01): received ID

11/01/2017

Investment

Refinance - Cash-out - Other

202494892

Credit

Loan Package Documentation

Application / Processing

Missing Document: Other not provided

Missing Certificate of Incumbency.

Reviewer Comment (2017-11-01): received

11/01/2017

Investment

Refinance - Cash-out - Other

202494894

Credit

Loan Package Documentation

Application / Processing

Missing Document: Purchase Agreement / Sales Contract not provided

Reviewer Comment (2017-11-01): Received

11/01/2017

Investment

Purchase

202494894

Credit

Fix and Flip

General

Insufficient funds for Reserves.

Reviewer Comment (2017-11-01): Updated input

Seller Comment (2017-10-31): See cash reserves document uploaded. Reserves after closing are $18,869.40.($30,409.44-$11,540.04)

11/01/2017

Investment

Purchase

202494894

Credit

Assets

Asset Calculation / Analysis

Cash available for Closing is insufficient to cover Cash From Borrower.

Reviewer Comment (2017-11-01): Updated input

Seller Comment (2017-10-31): Cash available for closing is $140,409.44 ($110,000+$30,409.44)

11/01/2017

Investment

Purchase

202499995

Credit

Insurance

Insurance Documentation

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Guidelines require coverage, which in no event, is less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. Replacement cost coverage is not apparent in file. A limit of $154,000 is apparent and there is no indication that this is sufficient to cover replacement cost. Broad form coverage does not necessarily cover replacement cost.

Reviewer Comment (2017-11-14): Received email showing replacement cost

11/14/2017

Investment

Refinance - Cash-out - Other

202499995

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

202499995

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202499998

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202502677

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-11-01): Received ID

11/01/2017

Investment

Refinance - Cash-out - Other

202505054

Credit

Miscellaneous

Credit Exception:

Credit exception approval is in file allowing for non-owner occupied property previously occupied by the borrower. Investor consideration is required.

Reviewer Comment (2017-11-01): Borrower did not live in property, property is non-arm's length but meets guidelines

Seller Comment (2017-10-31): Borrower did not live in property and lives in Florida.

11/01/2017

Investment

Purchase

202505054

Credit

Loan Package Documentation

Application / Processing

Missing Document: Purchase Agreement / Sales Contract not provided

Reviewer Comment (2017-11-01): received

11/01/2017

Investment

Purchase

202505056

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202505659

Credit

Missing Document

Appraisal Documentation

The appraisal is missing from file and required by guidelines.

Reviewer Comment (2017-11-07): Received appraisal

11/07/2017

Investment

Refinance - Cash-out - Other

202505659

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202505660

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

No written payoff information in file.

Reviewer Comment (2017-11-07): Received payoff

11/07/2017

Investment

Refinance - Cash-out - Other

202505660

Credit

AUS Discrepancy / Guidelines Discrepancy

The hazard insurance policy does not reflect the Lender as Payee.

Mortgage section is blank.

Reviewer Comment (2017-11-07): Received with loss payee

Seller Comment (2017-11-06): (REDACTED) requires their name to be on the Hazard Insurance.

11/07/2017

Investment

Refinance - Cash-out - Other

202505660

Credit

Miscellaneous

Credit Exception:

The appraisal in file is effective (REDACTED) which is over 90 days from the note date.

Reviewer Comment (2017-11-07): Received update dated (REDACTED)

11/07/2017

Investment

Refinance - Cash-out - Other

202505660

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): Received CDA within 10%

11/09/2018

Investment

Refinance - Cash-out - Other

202505660

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202505661

Credit

Loan Package Documentation

Application / Processing

Missing Document: Purchase Agreement / Sales Contract not provided

Reviewer Comment (2017-11-07): Received purchase contract

11/07/2017

Investment

Purchase

202505661

Credit

Miscellaneous

Credit Exception:

The appraisal in file has an effective date of (REDACTED) which is not within 90 days of the note date.

Reviewer Comment (2017-11-07): received updated dated (REDACTED)

11/07/2017

Investment

Purchase

202505663

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 172 approving credit history

Reviewer Comment (2017-11-07): Not within last 12 months

Seller Comment (2017-11-06): Credit lates are not withing the 12 months and no mortgage late payments.

11/07/2017

Investment

Refinance - Cash-out - Other

202515710

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

202515711

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-11-07): Received printout from State showing licensed and active

11/07/2017

Investment

Purchase

202515711

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-11-07): Received ID

11/07/2017

Investment

Purchase

202515711

Credit

Miscellaneous

Credit Exception:

Guidelines reflect that loans over $1,000,000 require executive approval, however this was not evident in file.

Reviewer Comment (2017-11-07): Received executive approval

11/07/2017

Investment

Purchase

202515712

Credit

Miscellaneous

Credit Exception:

Lender exception in file page 115 approving normal wear and tear for subject property under the Rental360 program

Reviewer Comment (2017-11-07): Meets guidelines, no LTV restrictions due to owned more than 12 months

Seller Comment (2017-11-07): Property meets Guidelines as a C4 with minor maintenance needed due to normal wear and tear.

11/07/2017

Investment

Refinance - Cash-out - Other

202515712

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202515713

Credit

Loan Package Documentation

Application / Processing

Missing Document: Other not provided

Incumbency Certification not provided

Reviewer Comment (2017-11-07): Received

11/07/2017

Investment

Refinance - Cash-out - Other

202515713

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-11-07): Received cert of good standing

11/07/2017

Investment

Refinance - Cash-out - Other

202515713

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-11-07): Received ID

11/07/2017

Investment

Refinance - Cash-out - Other

202515714

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-11-14): Received showing active

Reviewer Comment (2017-11-07): received Cert of Fact from 2015, need document showing active currently

11/14/2017

Investment

Refinance - Rate/Term

202515714

Credit

Loan Package Documentation

Application / Processing

Missing Document: Other not provided

Missing Certificate of Incumbency

Reviewer Comment (2017-11-07): Received Cert of Incumbency

11/07/2017

Investment

Refinance - Rate/Term

202515714

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): Received desk review

11/09/2018

Investment

Refinance - Rate/Term

202515714

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

202515764

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202515765

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 107 approving payoff of existing mortgage with late fee

Reviewer Comment (2017-11-07): Meets guidelines with approval, approval in file

Seller Comment (2017-11-07): Enhanced review approved late fee on mortgage loan that occurred January 2013 which is not within 12 months of the loan. Guidelines met.

11/07/2017

Investment

Refinance - Cash-out - Other

202515765

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202515767

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-11-07): Received ID

11/07/2017

Investment

Refinance - Cash-out - Other

202515767

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202515768

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-11-07): Received doc showing licensed and active

11/07/2017

Investment

Refinance - Cash-out - Other

202515768

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

Reviewer Comment (2017-11-14): Cleare received

Seller Comment (2017-11-09): Guidelines do not require the corporate resolution to be reviewed. Guidelines were met with reviewing the Articles of Incorporation, list of shareholders and officers, proof of good standing, EIN, personal guarantees, and incumbency certificates.

Reviewer Comment (2017-11-07): Nothing received for Corporate resolution showing who has signing power

11/14/2017

Investment

Refinance - Cash-out - Other

202515768

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2017-11-07): Received payoff statement

11/07/2017

Investment

Refinance - Cash-out - Other

202515768

Credit

Loan Package Documentation

Application / Processing

Missing Document: Operating Agreement not provided

Reviewer Comment (2017-11-07): not required

Seller Comment (2017-11-07): Guidelines do not require the operating agreement.

11/07/2017

Investment

Refinance - Cash-out - Other

202515768

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-11-07): Received ID

11/07/2017

Investment

Refinance - Cash-out - Other

202515768

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202516181

Credit

Credit Documentation

Aged document: Primary Valuation is older than guidelines permit

Valuation Type: Appraisal / Valuation Report Date: (REDACTED) ___

The primary valuation is more than 90 days prior to the note and notary date with no re-certification in file

Reviewer Comment (2017-11-14): Received updated completion report dated (REDACTED)

11/14/2017

Investment

Refinance - Cash-out - Other

202516181

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202516183

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2017-11-14): Owned free and clear

Seller Comment (2017-11-07): There is not a mortgage loan payoff so a payoff statement not needed.

11/14/2017

Investment

Refinance - Cash-out - Other

202516183

Credit

Loan Package Documentation

Application / Processing

Missing Document: Guarantor Agreement not provided

The Guaranty Agreement in file is not signed by the Borrowing Member. The first page of the Guaranty appropriately reflects both members as Guarantors, however only one of them signed the document.

Reviewer Comment (2017-11-14): Received second agreement, they signed separately

Seller Comment (2017-11-07): Guarators signed separately.

11/14/2017

Investment

Refinance - Cash-out - Other

202516183

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 113 allowing condition of subject property due to no functional garage doors for Rental360 program

Reviewer Comment (2017-11-14): Property meets C4 guidelines with enhanced review provided

Seller Comment (2017-11-07): Property meets the C4 rating under the Guidelines. Garage is being used for storage and not needed for rental purposes.

11/14/2017

Investment

Refinance - Cash-out - Other

202516183

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-11-14): Received DL

11/14/2017

Investment

Refinance - Cash-out - Other

202534144

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2017-11-28): Received

11/28/2017

Investment

Refinance - Cash-out - Other

202534144

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202534145

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Guidelines require most recent 2 months of consecutive bank statements dated within two months of closing to verify reserves and proof of funds to close. 2 consecutive months' statements are not apparent in file for account number ending in 1920 and this account is needed to meet cash to close and reserves requirements.

Reviewer Comment (2017-11-14): 2 months were given on other existing account, second account is allowed within guidelines

Seller Comment (2017-11-09): The entity was started (REDACTED) so therefore, there will not be two months of bank activity. (REDACTED) is the general partner with the other partner being (REDACTED), who also owns (REDACTED) 100%. Two months of activity were given for (REDACTED) with a bank balance for (REDACTED).

11/14/2017

Investment

Purchase

202534147

Credit

Credit Documentation

Aged document: Primary Valuation is older than guidelines permit

Valuation Type: Appraisal / Valuation Report Date: (REDACTED)

Guidelines require appraisals to have an effective date within 90 days of loan closing. The appraisal in file has an effective date of (REDACTED) and subject loan has a disbursement date of (REDACTED).

Reviewer Comment (2017-11-14): Received appraisal update

11/14/2017

Investment

Refinance - Rate/Term

202534147

Credit

Miscellaneous

Credit Exception:

The leases on each of the 2 units are missing from the file. Among other things. these are needed to confirm the lease amounts used in the lender DSCR calculation.

Reviewer Comment (2017-11-14): Received leases

11/14/2017

Investment

Refinance - Rate/Term

202549426

Credit

Loan Package Documentation

Application / Processing

Missing Document: Purchase Agreement / Sales Contract not provided

Reviewer Comment (2017-11-14): Received purchase agreement

11/14/2017

Investment

Purchase

202549427

Credit

Miscellaneous

Credit Exception:

The appraisal reflects that 2 units are leased out on a month to month basis. The leases are needed (or evidence of the lease termination upon closing) as the lender DSCR calculation does not include consideration of the lower lease amounts noted on the appraisal. Current rents were prorated as a credit to the buyer on the HUD which would lead the reviewer to believe that they are active leases which will continue going forward. An increase to the DSCR may be apparent and will be determined upon receipt of the actual signed leases. Note: 1.4 is the minimum DSCR allowed per guidelines on a 4 unit dwelling.

Reviewer Comment (2017-11-14): Buyer provided letter showing they will not renew the lease however, they will if tenants agree to increase

11/14/2017

Investment

Purchase

202549428

Credit

Miscellaneous

Credit Exception:

Reviewer Comment (2017-11-14): Received letter showing leases will not be assumed by purchaser and can be renewed if tenants agree to increase

11/14/2017

Investment

Purchase

202549430

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Guide requires 2 consecutive statements (60 days transaction history). This is a new account so the history is not available and documentation does not appear to have been provided to confirm the source of the initial deposit of $39,828.55. This account appears to be needed to support 3 months' PITIA in reserves.

Reviewer Comment (2017-11-14): Have 2 months on one account, other account is too new

Seller Comment (2017-11-10): The flex checking account shows over 60 days in transactions. The S01 - CTCE -Prime is a new account so there is not 60 days of transactions. The Guidelines do not require the confirmation of the source of funds.

11/14/2017

Investment

Refinance - Cash-out - Other

202549430

Credit

Miscellaneous

Credit Exception:

The 2 leases on the 2 family subject property are not apparent in file. These are needed to confirm that the DSCR calculation on the lender approval was accurate.

Reviewer Comment (2017-11-14): Received leases

11/14/2017

Investment

Refinance - Cash-out - Other

202558377

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202558378

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202579416

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202637070

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202637072

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202637074

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202638007

Credit

Miscellaneous

Credit Exception:

The loan approval in file reflects that the DSCR was calculated using the in place rental income amount. However, a lease was not apparent in file. This is needed to confirm the DSCR.

Reviewer Comment (2017-11-28): Received lease

11/28/2017

Investment

Refinance - Cash-out - Other

202638009

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202642035

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202642290

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202642291

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202642292

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202646189

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202646190

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

Reviewer Comment (2017-11-22): Not required per client - to be ordered upon securitization if the particular agency requires it.

11/11/2018

Investment

Refinance - Cash-out - Other

202646300

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

202646301

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202647867

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Per guidelines rent loss coverage is required when the subject property is vacant and available. The agent email in file reflects that rent loss coverage was not available since the property was vacant.

Reviewer Comment (2017-11-28): Property is vacant

Seller Comment (2017-11-27): Rent loss is not required if the property is vacant and the insurance agent states that rent loss is not available because it is vacant.

11/28/2017

Investment

Refinance - Cash-out - Other

202647867

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202647869

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

A Certificate of Incumbency is not apparent in file.

Reviewer Comment (2017-11-28): Received Certificate of Incumbency

11/28/2017

Investment

Refinance - Cash-out - Other

202647869

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-11-28): Received Certification of Good Standing

11/28/2017

Investment

Refinance - Cash-out - Other

202648227

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202648228

Credit

Miscellaneous

Credit Exception:

In place rent used to determine the DSCR was $(REDACTED)/ month (total for both units). However, there is only 1 lease in file reflects $(REDACTED)/ month. The second lease reflecting $(REDACTED)/ month is not apparent in file. This is needed to confirm the accurate DSCR calculation as the minimum allowed DSCR is 1.30%.

Reviewer Comment (2017-11-28): Received lease for $(REDACTED) a month

11/28/2017

Investment

Refinance - Cash-out - Other

202648229

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202649348

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202649350

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202649351

Credit

Miscellaneous

Credit Exception:

An Enhanced Review is apparent in file on page 117 allowing subject transaction to proceed as non owner occupied dwelling even though a borrower check reflected the subject property address. The referenced explanation from the borrower is not apparent in file It is important to note that the subject property lease is in file, the appraisal reflects tenant occupied and the borrower's driver's license in file does not reflect the subject address.Please provide a copy of the check and borrower explanation in question to support this conclusion/ approval of non owner occupancy.

Reviewer Comment (2017-11-28): Received LOE

11/28/2017

Investment

Refinance - Cash-out - Other

202687055

Credit

Miscellaneous

Credit Exception:

Lender exception approval is in file page 158 to allow for a DSCR of 1.07 on a property with a present value (purchase price) below $250,000. Compensating factors are: 1) Credit: borrower has stellar credit with substantial depth and history of timely payments 2) Neighborhood: surrounding comps support value above purchase price and other new builds/remodels in the area 3) Property: condition rated C1; brand new construction; high quality finishes 4) Location: property is located in greater (REDACTED) area which is exhibiting strong economic growth and demand for rental properties

Guideline variance approved by lender at time of origination

Reviewer Comment (2017-11-29): Lender exception approval is in file page 158 to allow for a DSCR of 1.07 on a property with a present value (purchase price) below $250,000. Compensating factors are: 1) Credit: borrower has stellar credit with substantial depth and history of timely payments 2) Neighborhood: surrounding comps support value above purchase price and other new builds/remodels in the area 3) Property: condition rated C1; brand new construction; high quality finishes 4) Location: property is located in greater (REDACTED) area which is exhibiting strong economic growth and demand for rental properties

11/29/2017

Investment

Purchase

202689322

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202689790

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Reviewer Comment (2017-12-11): each acct not required for 60 day requirement

Seller Comment (2017-12-06): Per discussion with our underwriter, the savings account meets the 60 day requirement and the guideline for the total reserves does not require each account to show the full 60 day history.

Reviewer Comment (2017-12-05): Unable to clear - it appears that both the savings and the checking accounts are needed to support sufficient funds to close and reserves. Guidelines appear to require 60 days transaction history for each account being used. This is not apparent for the checking account.

Seller Comment (2017-12-05): Savings account shows more than 2 months activity.

12/11/2017

Investment

Purchase

202689790

Credit

Miscellaneous

Credit Exception:

Lender exception approval is in file on page 125 allowing DSCR of .81 based on the lower of the in place and market rent, where 1.00 is required. This is outside of guidelines for Rental 360 program.

Guideline variance approved by lender at time of origination

Reviewer Comment (2017-12-05): Lender approved an exception to allow a DSCR of .80 where 1.00 is required. This was approved through enhanced review due to the actual rent of $(REDACTED) per lease agreement, experienced investor, 6 months reserves, and a high end home in Georgia.

Seller Comment (2017-12-05): The lower DSCR was approved through enhanced review due to the actual rent of $(REDACTED) per lease agreement, experienced investor, 6 months reserves, and a high end home in Georgia.

12/05/2017

Investment

Purchase

202689790

Credit

Miscellaneous

Credit Exception:

The lender exception approval in file is cut off on the right side and is not entirely legible as a result.

Reviewer Comment (2017-12-05): Exception cleared as the complete legible copy was included in the trailing docs.

12/05/2017

Investment

Purchase

202692221

Credit

Miscellaneous

Credit Exception:

Post closing reserves of 3 months PITIA ($2,626.35) are required per guidelines. Total documented assets are $23,296.01 (only 50% of the Guarantor's retirement account can be used per guidelines). However, $21,685.71 of this amount is already utilized to confirm sufficient reserves on other recent prior loans to this borrowing entity/ Guarantor.

Reviewer Comment (2017-12-29): Received HUD

Seller Comment (2017-12-11): Total documented assets are $92,429.75 which is $6,340.13 cash, $16,955.88 50% retirement balance, and $(REDACTED) cash paid out to borrower in recent prior loan.

12/29/2017

Investment

Refinance - Cash-out - Other

202692221

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202692222

Credit

Miscellaneous

Credit Exception:

Post closing reserves of 3 months PITIA ($2,407.59) are required per guidelines. Total documented assets are $23,296.01 (only 50% of the Guarantor's retirement account can be used per guidelines). However, $21,685.71 of this amount is already utilized to confirm sufficient reserves on other recent prior loans to this borrowing entity/ Guarantor.

12/29/2017

Investment

Refinance - Cash-out - Other

202692222

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202692223

Credit

Miscellaneous

Credit Exception:

Post closing reserves of 3 months PITIA are required per guidelines. Total documented assets are $23,296.01 (only 50% of the Guarantor's retirement account can be used per guidelines). However, these funds have already been utilized to confirm sufficient reserves on other recent prior loans to this borrowing entity/ Guarantor.

Reviewer Comment (2017-12-29): Received HUD for refinance of other property with cash out.

Seller Comment (2017-12-11): Total documents assets are $96,233.65 which are $6,340.13 cash, $(REDACTED) 50% retirement assets, and $72,937.64 cash paid out to borrower on prior recent loan.

Reviewer Comment (2017-12-06): Unable to clear - lender rebuttal and approval indication of more documented assets appears to include 2 IRA accounts that are not in the Guarantor's name. (REDACTED) only has 1 IRA account with a gross balance of $33,911.76 (net = $(REDACTED) as only 50% can be used per guidelines). The other 2 documented IRA accounts are in the name of (REDACTED) who is not a Guarantor.

Seller Comment (2017-12-05): Total documented assets are $49,413.86 (6,340.13 bank balance+$43,073.73 50% of IRA balance) which covers the 3 months of the PITIA plus other closing reserves. See Assets document and Underwriting Approval.

12/29/2017

Investment

Refinance - Cash-out - Other

202692224

Credit

Miscellaneous

Credit Exception:

12/29/2017

Investment

Refinance - Cash-out - Other

202692224

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202692225

Credit

Miscellaneous

Credit Exception:

Post closing reserves of 3 months PITIA ($1,980.81) are required per guidelines. Total documented assets are $23,296.01 (only 50% of the Guarantor's retirement account can be used per guidelines). However, $21,685.71 of this amount is already utilized to confirm sufficient reserves on other recent prior loans to this borrowing entity/ Guarantor.

12/29/2017

Investment

Refinance - Cash-out - Other

202693241

Credit

Loan Package Documentation

Application / Processing

Missing Document: Articles of Organization/Formation not provided

Reviewer Comment (2017-12-14): Received Articles

12/14/2017

Investment

Refinance - Cash-out - Other

202693241

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-12-14): Received COGS

12/14/2017

Investment

Refinance - Cash-out - Other

202693241

Credit

Loan Package Documentation

Application / Processing

Missing Document: Operating Agreement not provided

Certificate of Incumbency was not apparent in file.

Reviewer Comment (2017-12-14): Received Incumbancy

12/14/2017

Investment

Refinance - Cash-out - Other

202693241

Credit

Miscellaneous

Credit Exception:

Post closing reserves of 3 months PITIA ($2,022.60) are required per guidelines. Total documented assets are $23,296.01 (only 50% of the Guarantor's retirement account can be used per guidelines). However, $21,685.71 of this amount is already utilized to confirm sufficient reserves on other recent prior loans to this borrowing entity/ Guarantor.

Reviewer Comment (2017-12-14): Received HUD for refi of other property with cash out amount

Seller Comment (2017-12-11): Total documented assets are $96,233.65 which consists of $6,340.13 cash, $(REDACTED) 50% of retirement balance, and $72,937.64 cash out to borrower on recent prior loan.

12/14/2017

Investment

Refinance - Cash-out - Other

202693242

Credit

Miscellaneous

Credit Exception:

Post closing reserves of 3 months PITIA ($2,507.88) are required per guidelines. Total documented assets are $23,296.01 (only 50% of the Guarantor's retirement account can be used per guidelines). However, $21,685.71 of this amount is already utilized to confirm sufficient reserves on other recent prior loans to this borrowing entity/ Guarantor.

Reviewer Comment (2017-12-14): received HUD1 with proceeds of cash out from refi of other property

Seller Comment (2017-12-11): Total assets are $96,233.65 which is $6,340.13 cash, $(REDACTED) 50% of retirement balance, and $72,937.64 cash out from previous prior loan.

12/14/2017

Investment

Refinance - Cash-out - Other

202693242

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202695221

Credit

Miscellaneous

Credit Exception:

DSCR of 1.35 is less than the minimum required per guidelines of 1.4 on a 3 unit property. Lender approved an exception at origination with the following comp factors: Great credit, experienced investor with 16 investment properties, in place rent exceeds market rent and DSCR is above 1.4 using such in place rents

Reviewer Comment (2018-08-14): Met guidelines with enhanced review, move to clear

Reviewer Comment (2017-12-08): DSCR of 1.35 is less than the minimum required per guidelines of 1.4 on a 3 unit property. Lender approved an exception at origination with the following comp factors: Great credit, experienced investor with 16 investment properties, in place rent exceeds market rent and DSCR is above 1.4 using such in place rents

08/14/2018

Investment

Refinance - Cash-out - Other

202698407

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Executed Certificate of Incumbency is not apparent in file.

Reviewer Comment (2017-12-14): Received COGS and incumbency

12/14/2017

Investment

Purchase

202698407

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

Executed Certificate of Incumbency is not apparent in file.

Reviewer Comment (2017-12-14): Received Incumbency

12/14/2017

Investment

Purchase

202698407

Credit

Loan Package Documentation

Application / Processing

Missing Document: Operating Agreement not provided

Executed Certificate of Incumbency is not apparent in file.

Reviewer Comment (2017-12-14): Received

12/14/2017

Investment

Purchase

202700394

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Executed Certificate of Incumbency is not apparent in file.

Reviewer Comment (2017-12-14): Received COGS

12/14/2017

Investment

Refinance - Rate/Term

202700394

Credit

Loan Package Documentation

Application / Processing

Missing Document: Operating Agreement not provided

Executed Certificate of Incumbency is not apparent in file.

Reviewer Comment (2017-12-14): Received Incumbency

12/14/2017

Investment

Refinance - Rate/Term

202700394

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

202700396

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202702787

Credit

Loan Package Documentation

Application / Processing

Missing Document: Articles of Organization/Formation not provided

Reviewer Comment (2017-12-14): Received Articles

12/14/2017

Investment

Refinance - Cash-out - Other

202702787

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-12-14): Received COGS

12/14/2017

Investment

Refinance - Cash-out - Other

202702787

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

Reviewer Comment (2017-12-14): Received Incumbancy and Authorization

12/14/2017

Investment

Refinance - Cash-out - Other

202702787

Credit

Loan Package Documentation

Application / Processing

Missing Document: Operating Agreement not provided

Reviewer Comment (2017-12-14): Received Articles

Seller Comment (2017-12-11): Guidelines do not require the submission of the operating agreement.

12/14/2017

Investment

Refinance - Cash-out - Other

202702787

Credit

Miscellaneous

Credit Exception:

Appraisal in file reflects that the property is currently owned by an entity that is not the borrowing entity and the title report in file confirms that a warranty deed was to be executed at closing to transfer ownership to the borrowing entity. Guidelines reflect that the borrower must own the property for at least 30 days prior to closing. This guideline does not appear to have been met.

Reviewer Comment (2017-12-14): Seasoning waived, owned by same person

Seller Comment (2017-12-12): Seasoning Waived due to owner being the same.

12/14/2017

Investment

Refinance - Cash-out - Other

202702788

Credit

Miscellaneous

Credit Exception:

Reviewer Comment (2017-12-14): Seasoning waived, entity is owned by same owner

Seller Comment (2017-12-12): Seasoning waived due to same owner.

12/14/2017

Investment

Refinance - Cash-out - Other

202702789

Credit

Assets

Asset Calculation / Analysis

Cash available for Closing is insufficient to cover Cash From Borrower.

Earnest money in the amount of $(REDACTED) was not properly documented and sourced. Furthermore, the most recent asset statement reflected a recent deposit of $(REDACTED) which was not sourced with documentation.

Reviewer Comment (2017-12-14): Updated input

Seller Comment (2017-12-11): Deposits are not sourced. Cash available is $37,866.06 which is $18,366.06 bank balance plus deposit of $19,500.00

12/14/2017

Investment

Purchase

202702789

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

Earnest money for $(REDACTED) was not properly sourced.

Reviewer Comment (2017-12-14): Updated input

Seller Comment (2017-12-11): Cash available is $37,866.06 which is $18,366.06 bank balance plus deposit of $19,500.00. This covers $1,741.11 and cash for closing of $35,442.31.

12/14/2017

Investment

Purchase

202702790

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

Reviewer Comment (2017-12-14): Updated input

Seller Comment (2017-12-11): I do not know where the $2,626.15 is coming from. The verifies reserves are $57,444.79 which is the $3,000 deposit plus the (REDACTED) balance of $54,444.79.
This was included in loan file starting page 212.0

12/14/2017

Investment

Purchase

202702790

Credit

Miscellaneous

Credit Exception:

Appraisal market rent analysis is missing to support value of $(REDACTED)/ month gross market rent used for approval and DSCR

Reviewer Comment (2017-12-14): Received market rent analysis

12/14/2017

Investment

Purchase

202703130

Credit

Property - Appraisal

Appraisal Documentation

Missing Document: Appraisal was made "subject to" and Form 442 was not provided.

Valuation Type: Appraisal / Valuation Report Date: (REDACTED)

Guideline variance approved by lender at time of origination

Reviewer Comment (2017-12-27): Enhanced Review provided due to Subject to utilities being turned on.

Seller Comment (2017-12-14): Not sure what the Form 442 is. Enhance review approval in file for appraisal subject to utilities being turned on.

Reviewer Comment (2017-12-14): Bottom of page 3 shows, subject to

Seller Comment (2017-12-11): I am not seeing the subject to Form 442 anywhere on the appraisal. Can you tell me where that can be found?

12/27/2017

Investment

Purchase

202704650

Credit

Fix and Flip

General

The appraisal is missing and is required by guidelines.

Appraisal in file is partially corrupted. Unable to verify property data for review.

Reviewer Comment (2017-12-14): Received appraisal

12/14/2017

Investment

Refinance - Cash-out - Other

202705056

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): Received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

202705056

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202705060

Credit

Miscellaneous

Credit Exception:

Appraisal is missing 1007 market rent analysis to support rental income of $(REDACTED) per month used for approval of DSCR.

Reviewer Comment (2017-12-14): Received market rent

12/14/2017

Investment

Purchase

202707381

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202707382

Credit

Miscellaneous

Credit Exception:

The asset documentation in file is not sufficient to confirm 3 months' PITIA in reserves as the account holder's name was not confirmed by the DecisionLogic product. There is no evidence that the documented account belongs to the borrower.Also, the format of the document is questionable with regard to a symbol which would appear to be in place of a dollar sign, but cannot be certain.

Reviewer Comment (2017-12-14): Received email and copy of voided check with account number and entity name for proof of ownership

12/14/2017

Investment

Refinance - Cash-out - Home Improvement

202707382

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Home Improvement

202708959

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

202710905

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

202710906

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

202710906

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202710908

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

202725012

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202725013

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202725015

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202725016

Credit

Fix and Flip

General

Verification of Borrower's identity is missing.

Borrower: (REDACTED)

Reviewer Comment (2017-12-29): Received ID

12/29/2017

Investment

Refinance - Cash-out - Other

202725016

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202725019

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202725185

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202725187

Credit

Fix and Flip

General

Insufficient funds for Reserves.

Reviewer Comment (2018-01-04): Updated assets

Reviewer Comment (2018-01-04): Still not enough

Reviewer Comment (2018-01-04): Received additional checking account

Seller Comment (2018-01-02): Cash reserves are $$17,371,.27.

01/04/2018

Investment

Refinance - Rate/Term

202725187

Credit

Miscellaneous

Credit Exception:

Lender exception approval is apparent in file page 115. DSCR of 1.029 was approved where the minimum is 1.20 per guidelines.

Guideline variance approved by lender at time of origination

Reviewer Comment (2017-12-20): Noted comp factors: credit score, depth of credit, amount of reserves, RE investment experience

12/20/2017

Investment

Refinance - Rate/Term

202725187

Credit

Assets

Asset Calculation / Analysis

Cash available for Closing is insufficient to cover Cash From Borrower.

Reviewer Comment (2018-01-04): Updated assets

Seller Comment (2018-01-02): Cash reserves are $17,371.27. See trailing document 1445045 - Assets.

01/04/2018

Investment

Refinance - Rate/Term

202725187

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

202725188

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202725189

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202728237

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202759267

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202759269

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2017-12-29): Received COGS

12/29/2017

Investment

Refinance - Cash-out - Other

202759269

Credit

Loan Package Documentation

Application / Processing

Missing Document: Operating Agreement not provided

Reviewer Comment (2017-12-29): Not required

Seller Comment (2017-12-29): Operating agreement not required.

12/29/2017

Investment

Refinance - Cash-out - Other

202759270

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202790564

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202790990

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202790992

Credit

Miscellaneous

Credit Exception:

Lender enhanced review is apparent in file page 144 and appears to allow for the subject property in Colorado without MSA which the guidelines appear to require.

Reviewer Comment (2018-01-04): Enhanced review done as required

Seller Comment (2018-01-03): The property does not have a MSA zip code and therefore there is no MSA for the property. Enhanced review approved since the property is in a popular ski resort and vacation rentals are the dominant market.

01/04/2018

Investment

Purchase

202790992

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

202791365

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Reviewer Comment (2018-01-09): one account has more than 2 months, other account is new

Seller Comment (2018-01-05): Account (REDACTED) is a new account and that is why there is less than 2 months of activity. Account (REDACTED) show activity from (REDACTED).

01/09/2018

Investment

Refinance - Cash-out - Other

202791594

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202792922

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

202792923

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Reviewer Comment (2018-01-19): Received prior month's statement

Reviewer Comment (2018-01-10): Received statement with as of date of (REDACTED) and proof of ownership for same account with post closing (REDACTED) do not have 2 consecutive months prior to closing as required

Seller Comment (2018-01-05): Verified account was open through previous bank statements.

01/19/2018

Investment

Refinance - Rate/Term

202792923

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): received desk review

11/09/2018

Investment

Refinance - Rate/Term

202792923

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

202793067

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202793068

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): Received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

202793068

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202793069

Credit

Credit Eligibility

Public Record Issue:

Credit Report: Original // Public Record Type: 2nd Mortgage Charge-off / Balance: (REDACTED)

No evidence in file to validate account paid to current as required per Lender Guidelines.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-01-19): Per CSM and Lender Enhanced Review exception to confirm that the loan was paid current is waived with noted compensating factor: The second mortgage in question was secured by a property that was sold by the borrower in (REDACTED).

01/19/2018

Investment

Refinance - Cash-out - Other

202793069

Credit

Miscellaneous

Credit Exception:

Approval and Subject Property Valuation reflects Subject Property is currently occupied by Tenant with active Lease. Missing Lease Agreement as required per Lender Guidelines to confirm the monthly in place rent amount. This is needed to confirm the DSCR which is determined by the lesser of the in place and market rent.

Reviewer Comment (2018-01-10): Received lease

01/10/2018

Investment

Refinance - Cash-out - Other

202793069

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202795813

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

202796683

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Missing for the borrowing entity.

Reviewer Comment (2018-01-12): rECEVED cogs

01/12/2018

Investment

Refinance - Cash-out - Other

202796949

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Guidelines require this coverage for vacant properties.

Reviewer Comment (2018-01-12): Property is vacant, not available.

Seller Comment (2018-01-10): Rent loss insurance is not available if the property is currently not leased.See memo regarding the rent loss insurance.

01/12/2018

Investment

Refinance - Cash-out - Other

202796949

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202800819

Credit

Miscellaneous

Credit Exception:

File is missing VOM for subject mortgage being paid off to confirm no late payments over the prior 12 months and not currently past due per guidelines.

Reviewer Comment (2018-01-12): Received pay off statement

01/12/2018

Investment

Refinance - Cash-out - Home Improvement

202800819

Credit

Credit Eligibility

Borrower has

Borrower is a permanent resident alien. Green Card has not been provided.

Reviewer Comment (2018-01-12): Received green card

01/12/2018

Investment

Refinance - Cash-out - Home Improvement

202800820

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

202800821

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-01-12): Received COGs

01/12/2018

Investment

Refinance - Cash-out - Other

202800821

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

Certificate of Incumbency is missing from the file.

Reviewer Comment (2018-01-12): Received Cert. of Incumbency

01/12/2018

Investment

Refinance - Cash-out - Other

202800821

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202801314

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

202801316

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202802217

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

202802221

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

202802542

Credit

Miscellaneous

Credit Exception:

Foreign National borrowers are not eligible per guidelines. The borrowers each have a state issued Identification Card in file, however the application reflects that they are not citizens or permanent resident aliens. Unable to determine if their status is non permanent resident or Foreign National. No residency documentation was found in file.

Reviewer Comment (2018-01-19): Borrower is a non-permanent resident alien

Seller Comment (2018-01-16): Borrower is not a foreign national.but a non-permanent resident alien. See updated Underwriting Approval showing customer is not a foreign national.

01/19/2018

Investment

Purchase

202813418

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202815141

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202815142

Credit

Investment Product

General

REO property does not have a lease in place and required by guidelines.

Address: (REDACTED)

Guidelines require a copy of the signed lease agreement. $(REDACTED) monthly in place rent was used to calculate DSCR by the underwriter and the market rent analysis reflects that the property is leased for this amount as well. However, the lease is missing from the file.

Reviewer Comment (2018-01-22): Included in trailing docs. Lack of term not material as the lease amount is less than the market rent meaning without the lease the loan would still be approved based on market rent amount.

01/22/2018

Investment

Refinance - Cash-out - Other

202815142

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202816578

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-01-22): Included in trailing docs

01/22/2018

Investment

Refinance - Cash-out - Other

202816578

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Reviewer Comment (2018-11-09): Received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

202817845

Credit

Investment Product

General

REO property does not have a lease in place and required by guidelines.

Address: (REDACTED)

Missing lease agreement as required per guideline requirements. Subject property is tenant occupied. This is needed to confirm the DSCR as guidelines require usage of the lower of the market and in place rent amount.

Reviewer Comment (2018-01-24): Included in trailing docs

01/24/2018

Investment

Refinance - Cash-out - Other

202824160

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202837713

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-01-25): Included in trailing docs

01/25/2018

Investment

Purchase

202863034

Credit

Miscellaneous

Credit Exception:

Lender exception approval is apparent in file to waive the 6 month look back period for seasoning by the seller of the property which was purchased by the seller in the subject transaction (REDACTED). If the seasoning guidelines were applied the LTV would be excessive. Noted compensating factors: experienced investor owning 23 properties; strong and deep credit with 773 credit score; property is appraised at $(REDACTED) versus the purchase price of $(REDACTED); strong DSCR based on market rents of $(REDACTED)/ month.

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-01-29): Lender exception approval is apparent in file to waive the 6 month look back period for seasoning by the seller of the property which was purchased by the seller in the subject transaction (REDACTED). If the seasoning guidelines were applied the LTV would be excessive. Noted compensating factors: experienced investor owning 23 properties; strong and deep credit with 773 credit score; property is appraised at $(REDACTED) versus the purchase price of $(REDACTED); strong DSCR based on market rents of $(REDACTED)/ month.

01/29/2018

Investment

Purchase

202898676

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

202906169

Credit

Miscellaneous

Credit Exception:

A lender exception approval is apparent in file to allow for a minimum DSCR of 1.2 on a multifamily property. Noted compensating factors: 12 years of experience and owns 27 properties; 726 credit score; property is in above average condition; Property is located in a strong (REDACTED)

Reviewer Comment (2018-08-14): Met guidelines with enhanced review, move to clear

Reviewer Comment (2018-02-01): A lender exception approval is apparent in file to allow for a minimum DSCR of 1.2 on a multifamily property. Noted compensating factors: 12 years of experience and owns 27 properties; 726 credit score; property is in above average condition; Property is located in a strong (REDACTED) market. It is important to note that this loan meets 12/1/17 and 1/1/18 guidelines without an exception approval.

08/14/2018

Investment

Refinance - Cash-out - Other

202906170

Credit

Loan Package Documentation

Application / Processing

Missing Document: Flood Certificate not provided

Flood cert in file is blank.

Reviewer Comment (2018-02-02): Included in trailing docs

02/02/2018

Investment

Purchase

202906171

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-02-02): Included in trailing docs

02/02/2018

Investment

Refinance - Cash-out - Other

202912956

Credit

Miscellaneous

Credit Exception:

Guidelines reflect that executive approval is required for all loan amounts exceeding the max allowed of $1,000,000. This is not apparent in file.

Reviewer Comment (2018-02-05): Included in trailing docs

02/05/2018

Investment

Refinance - Rate/Term

202912956

Credit

Miscellaneous

Credit Exception:

A lender exception approval is apparent in file page 114. All approval conditions do not appear to have been met. Allowed DSCR down to .85 or rate and term refinance (whichever is less). The actual DSCR is .82 so this exception approval condition does not appear to have been met. Also, approved to use the higher market rent of $(REDACTED) while the second appraisal/ 1007 reflects $(REDACTED). Note compensating factors: Experienced investor, Borrower is receiving $(REDACTED) a month in actual rents; property has been rehabbed; LTV is below 50%; property has three buildings- 1007 rent is only attributed to the main building.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-02-06): A revised lender exception approval was received. Allowed DSCR down to .82 or rate and term refinance (whichever is less). The actual DSCR is .82 so this exception approval condition was met. Also, approved to use the higher market rent of $(REDACTED) while the second appraisal/ 1007 reflects $(REDACTED). Note compensating factors: Experienced investor, Borrower is receiving $(REDACTED) a month in actual rents; property has been rehabbed; LTV is below 50%; property has three buildings- 1007 rent is only attributed to the main building.

02/06/2018

Investment

Refinance - Rate/Term

202912956

Credit

Fix and Flip

General

The appraisal is missing and is required by guidelines.

Guidelines require 2 full appraisals for properties valued at $1,000,000 or greater. Only 1 full appraisal is apparent in file. The lower of the 2 appraised values is to be used for the LTV (which must be below 50% per exception approval compensating factors).

Reviewer Comment (2018-02-05): Second full appraisal is included in trailing docs

02/05/2018

Investment

Refinance - Rate/Term

202912956

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

202914533

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

202917313

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202917314

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

202917316

Credit

Miscellaneous

Credit Exception:

The subject loan was approved under the Enhanced Credit option which allowed for a lower DSCR, etc. However, the requirements of the Enhanced Credit option do not appear to have been met. Guidelines require a FICO score of 740 or above as there do not appear to have been 3 mortgages in the past seven years with at least 12 months payment history on each and no lates in the past 36 months.

Reviewer Comment (2018-08-14): Met guidelines with enhanced review, move to clear

Reviewer Comment (2018-02-08): Lender exception approval is apparent in file. Noted compensating factors: proximity to guideline (FICO of 736 is only 4 points below requirement of 740) and FICO score still represents excellent credit history; documented assets far exceed the reserves requirement.

08/14/2018

Investment

Refinance - Rate/Term

202917317

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

202928187

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202928188

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

202952406

Credit

Loan Package Documentation

Closing / Title

Title: Evidence of title is missing

Reviewer Comment (2018-02-15): Received title commitment

Reviewer Comment (2018-02-09): Unable to clear - still need at least a preliminary title commitment

02/15/2018

Investment

Refinance - Cash-out - Other

202955062

Credit

Credit Eligibility

There are red flags on the fraud report that have not been addressed

Credit Report: Original // Borrower: (REDACTED)

Fraud alert requires evidence that the individual was contacted personally at the indicated phone number on the alert to verify the application.

Reviewer Comment (2018-03-02): Confirmed borrower applied via the DL as the security instrument is notarized.

Reviewer Comment (2018-02-22): Unable to clear - the fraud alert on the credit report requires evidence that the individual was contacted personally at the indicated phone number on the alert to verify the application.

03/02/2018

Investment

Refinance - Cash-out - Other

202955064

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

202955065

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202955066

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

202964327

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

202964330

Credit

Loan Package Documentation

Closing / Title

Missing Final HUD-1

Reviewer Comment (2018-03-02): Included in trailing docs

Seller Comment (2018-03-02): I am sorry. I sent the wrong one over. Here is the final signed HUD.

Reviewer Comment (2018-03-02): Unable to clear - the HUD provided is not a final version as it is identified as an estimated version

Seller Comment (2018-02-26): This was the estimate given to purchaser prior to final closing disclosure.

Seller Comment (2018-02-26): This document is the final closing disclosure. I highlighted the statement at the top and the disclosure contains the signatures.

Reviewer Comment (2018-02-22): Unable to clear - the trailing document provided and the document in the original file pages 36-38 is the seller's closing disclosure. A copy of the final closing disclosure pertaining to the borrower is still needed.

Seller Comment (2018-02-16): It is page 36-38 in the loan file we sent. I am resending the a copy of the Final HUD.

03/02/2018

Investment

Purchase

202964330

Credit

Miscellaneous

Credit Exception:

Lender exception approval is apparent in file page 136 to allow for a Foreign National Guarantor. Noted compensating factors: The borrower is a US Citizen, (REDACTED); has a FICO above 760 and good depth of credit with substantial revolving credit available. Property is a very good rental property in that the LTV is 58% on a purchase and the DSCR is 1.20.

Reviewer Comment (2018-08-14): Met guidelines with enhanced review, move to clear

Reviewer Comment (2018-02-13): Noted compensating factors: The borrower is a US Citizen, (REDACTED); has a FICO above 760 and good depth of credit with substantial revolving credit available. Property is a very good rental property in that the LTV is 58% on a purchase and the DSCR is 1.20.

08/14/2018

Investment

Purchase

202994597

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

202997412

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203004015

Credit

Assets

Asset Documentation

Guideline Issue:Insufficient asset documentation.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Guidelines require a 60 day transaction history for each asset account. The file contains only 1 30 day statement for the new account with Industrial Bank and the source of the initial deposit does not appear to have been documented.

Reviewer Comment (2018-08-14): Met guidelines with enhanced review, move to clear

Reviewer Comment (2018-02-27): Lender approved an exception to allow for a 30 day transaction history for a new account. Compensating factor: 740 FICO is far above what is required

Seller Comment (2018-02-26): Asset was not opened until (REDACTED). There is not a 60 day history that can be verified. The signature card and stamped bank statement were reviewed and approved per email attached. Deposits are not sourced and are not required to be sourced per our guidelines.

08/14/2018

Investment

Purchase

203004016

Credit

Miscellaneous

Credit Exception:

A lender exception approval is apparent in file to allow for multiple credit lates in the past 12 months/ collection account. Noted compensating factors: LOE from borrower indicating this is not her account; Excellent credit score with deep credit; Nice property in a good location; 28 years as a (REDACTED). The LOE and confirmation of the borrower's employment history stated on the application with the (REDACTED) is not apparent in file.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-02-28): Lender exception approval was issued. Noted compensating factor: FICO score of 780 is far above the minimum requirement.

Seller Comment (2018-02-26): Years of employment is on loan application. It was not confirmed, which is not required by Guidelines.

02/28/2018

Investment

Purchase

203010463

Property

Property - Appraisal

Appraisal Documentation

The property type differs between the valuation documents in file. Unable to verify the property type. Ineligible per guidelines.

Appraisal reflects 2 unit dwelling while the AVM reflects SFR.

Reviewer Comment (2018-02-28): 2 appraisals with photos are included in trailing docs and they confirm that this is a 2 unit dwelling. These are far more reliable than an AVM.

Seller Comment (2018-02-27): There are two appraisals and they both agree and show through the photos there are 2 units. The values of the appraisals were $(REDACTED) and $(REDACTED) with less than a 1% variance. We used the purchase price of $(REDACTED) as the property value in underwriting the loan which was based on 2 units in the property. This information from both appraisals is much more reliable than the AVM.

02/28/2018

Investment

Purchase

203010463

Credit

Miscellaneous

Credit Exception:

A lender exception approval is in file to allow insufficient trade lines, .80 DSCR on a multifamily property and a second unit which is under 750 sq ft.

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-02-23): Lender exception approval of the violations based on FICO of 768 and documented reserves far exceeded the requirement.

02/23/2018

Investment

Purchase

203010463

Credit

Fix and Flip

General

The appraisal is missing and is required by guidelines.

Guidelines require 2 full appraisals (only 1 is evident in file) for loans over $1,000,000.

Reviewer Comment (2018-02-27): Second appraisal included in trailing docs - value supported by both

02/27/2018

Investment

Purchase

203010465

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203010468

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

203024912

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

Reviewer Comment (2018-11-11): Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-02-23): Not required per client - to be ordered upon securitization if the particular agency requires it.

11/11/2018

Investment

Refinance - Cash-out - Other

203037244

Credit

Fix and Flip

General

Insufficient funds for Reserves.

12 months required for the Enhanced Credit option.

Reviewer Comment (2018-02-26): Trailing docs includes an updated account balance for the (REDACTED) accounts. Available assets are sufficient.

Seller Comment (2018-02-26): Verified reserves total $90,342.37 (1,612.82+64,062.30+24,667.25) and required reserves are $82,950.93.

02/26/2018

Investment

Purchase

203037246

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): Received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

203037246

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203037248

Credit

Miscellaneous

Credit Exception:

Exception for 75% LTV with 0.90 DSCR approved for closing. Borrower did not qualify for 0.8% DSCR due to 1 x 30 late on mortgage payment in the last 36 months. Borrower has 696 FICO, owned 35 properties and 20 purcahased in the last three years, has sufficient reserves.

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-02-26): DSCR/ LTV exception approved with the following compensating factors: Reserves far exceed the required amount; Great area with many comps; rented for $4300/ month - market rent is $(REDACTED)/ month; 696 FICO; deep credit history; currently owns 35 properties with 20 purchased in last 3 years (experienced investor)

02/26/2018

Investment

Refinance - Cash-out - Other

203038893

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203043031

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

203043031

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203043032

Credit

Miscellaneous

Credit Exception:

The 1st Guarantor is listed as a permanent resident alien. Evidence of this status which would confirm that the guarantor is in the US legally has not been provided.

Reviewer Comment (2018-03-02): Included in trailing docs

03/02/2018

Investment

Refinance - Cash-out - Home Improvement

203050547

Credit

Fix and Flip

General

Insufficient funds for Reserves.

It appears the lender calculated the 3 month requirement without considering the HOA dues in the PITIA.

Reviewer Comment (2018-03-12): Received verification of all funds

03/12/2018

Investment

Refinance - Cash-out - Other

203056462

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

203059191

Credit

Fix and Flip

General

Insufficient funds for Reserves.

Guidelines require ___ of reserves, and verified reserves are ___.

The asset document in file reflects that the account holder name which was returned is other than the borrowing entity or Guarantor. It also does not appear to be held by a spouse as the borrower is unmarried. Also, the ending balance does not appear to support the required funds to close and reserves.

Reviewer Comment (2018-03-06): Cleared per lender trailing rebuttal and documents confirming the borrowing entity is the account holder. Also, in the name of the second Guarantor. Available balance is sufficient.

Seller Comment (2018-03-06): See verified reserves of $13,442.92 and see voided check at the bottom of the PDF verifying ownership of bank account by (REDACTED)

03/06/2018

Investment

Refinance - Rate/Term

203059191

Credit

Assets

Asset Calculation / Analysis

Short cash to close:

Verified assets of ___ is short the required cash to close of ___

Reviewer Comment (2018-03-06): Cleared per lender trailing rebuttal and documents confirming the borrowing entity is the account holder. Also, in the name of the second Guarantor.

Seller Comment (2018-03-06): Verified reserves are $13,442.92 and see voided check attached to assets PDF verifying ownership of account by (REDACTED).

03/06/2018

Investment

Refinance - Rate/Term

203059191

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

203059194

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

203059195

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203068428

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203074204

Credit

Insurance

Insurance Documentation

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Total coverage per Policy in file is $125,000. The loan Amount is $(REDACTED) and a replacement cost estimate or confirmation of 100% replacement cost coverage from the agent is not apparent in file.

Reviewer Comment (2018-03-13): Received documented cost estimator

Seller Comment (2018-03-09): See replacement cost estimate of $(REDACTED) which is less than the $125,000 policy. Guidelines state "12-month policy in an amount which is not less than the lesser of 100% of the insurable value of the Mortgaged Property and the outstanding principal balance of the Mortgage Loan, but in no event less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis". The $125,000 covers the insurable value and is more than the replacement cost of $(REDACTED).

03/13/2018

Investment

Refinance - Cash-out - Other

203074206

Credit

Miscellaneous

Credit Exception:

Credit exception in file waiving 30 days of seasoning required due to transfer of deed at closing to applicant only

Reviewer Comment (2018-08-14): Met guidelines with enhanced review, move to clear

Reviewer Comment (2018-03-07): 30 day seasoning waived by lender at origination as the borrower's parents were being removed from title at closing. Noted compensating factor: 727 FICO

08/14/2018

Investment

Refinance - Cash-out - Other

203074206

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203074208

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203077353

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

203077354

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

203080596

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203080597

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203085622

Credit

Miscellaneous

Credit Exception:

A lease supporting (REDACTED)/ month rent on unit 2 is not evident. There is a lease in file for unit 2 but it reflects (REDACTED)/ month rental income and it appears to have been an annual lease signed in 2015 (expired without renewal signed by all parties). The DSCR was calculated with a monthly rent amount of (REDACTED)/ month for unit 2 (not supported with current lease).

Reviewer Comment (2018-03-22): Handwritten statement on lease for $(REDACTED) month

Seller Comment (2018-03-19): Renewal term is month to month and found on the copy of the lease term is a statement saying rent is currently $(REDACTED) a month.

03/22/2018

Investment

Purchase

203086609

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203086610

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

203086644

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 283 allowing a detached structure on a 3 unit to be less than 750 sq feet per guidelines. Approved based on the lot structure and the subject detached structure. Compensating factors are not noted.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-03-22): Exception approval for square footage less than guidelines minimum. Approval granted, property is rented at $(REDACTED) per month

Seller Comment (2018-03-19): ER approval attached. Unit is bringing in $(REDACTED) a month in rent.

03/22/2018

Investment

Refinance - Cash-out - Other

203086644

Credit

Miscellaneous

Credit Exception:

Lender exception approval is in file allowing for more than 5 properties in portfolio loan

Reviewer Comment (2018-03-22): Enhanced review done for borrower having more than 5 properties

03/22/2018

Investment

Refinance - Cash-out - Other

203086644

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

203086645

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

203087678

Credit

Credit Eligibility

There are red flags on the fraud report that have not been addressed

Credit Report: Original // Borrower: (REDACTED)

ID security alert on page 147 not addressed. Need evidence that the instructions on the alert were followed (Guarantor contacted at the number provided on the alert to confirm the application).

Reviewer Comment (2018-03-28): Included in trailing docs

03/28/2018

Investment

Refinance - Cash-out - Other

203087681

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203087704

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203087705

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203087706

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203091248

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

203091382

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

203091383

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203094879

Credit

Miscellaneous

Credit Exception:

Lender exception in file on page 143 for clearing sellers of fraud. Indemnity letter being used to clear title. Committee Notes: Title approved to move forward.

Reviewer Comment (2018-04-12): Additional search by lender shows these are different people

Seller Comment (2018-04-10): Not sure what else is wanted. The executive review committee verified they are not the same persons and that (REDACTED) is not in or from (REDACTED). The issues were reviewed and approved by the executive committee.

Reviewer Comment (2018-04-02): Unable to clear - the trailing document indicates not the same person and that "Our seller is (REDACTED)". However, the HUD and purchase contract reflect that (REDACTED) (name that appears in the fraud database) is also a seller.

04/12/2018

Investment

Purchase

203094879

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

203094880

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203102468

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

203102470

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203110693

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203110694

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203110695

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203111176

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

203111177

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

203111178

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203112585

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

203112587

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

203116222

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

___, and verified reserves are ___.

The HUD in file used to support $124,817.40 in assets is not executed.

Reviewer Comment (2018-04-02): Included in trailing docs

04/02/2018

Investment

Refinance - Cash-out - Home Improvement

203116223

Credit

Miscellaneous

Credit Exception:

Appraisal in file, however many of the fields are not legible on the report. Unable to verify data entered on the valuation screen.

Reviewer Comment (2018-04-02): Included in trailing docs

04/02/2018

Investment

Purchase

203124403

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Secondary Valuation Product required for Securitization and not located in file.

Reviewer Comment (2018-11-11): Secondary Valuation product in file as required.

11/11/2018

Investment

Refinance - Cash-out - Other

203124404

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203124406

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203124408

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203131858

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203131861

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203132368

Credit

Assets

Asset Documentation

Borrower has insufficient or no assets to close.

Bank account balance printout reflects sufficient available balance however reflects name on the account ((REDACTED)) other than the borrower and 2 months history is not evident.

Reviewer Comment (2018-04-12): Received LOE for bank statements

Seller Comment (2018-04-10): Bank account is business account with balance of $205,076.57. See explanation of login account name.

04/12/2018

Investment

Purchase

203132369

Credit

Assets

Asset Documentation

Borrower has insufficient or no assets to close.

Bank account balance printout reflects sufficient available balance however reflects name on the account ((REDACTED)) other than the borrower and 2 months history is not evident.

Reviewer Comment (2018-04-12): Received LOE for bank statement

Seller Comment (2018-04-10): Bank account is business account with balance of $205,076.57. See explanation of bank account login name.

04/12/2018

Investment

Purchase

203132370

Credit

Loan Package Documentation

Loan File

Missing Document: Hazard Insurance Policy not provided

Hazard insurance policy in the file does not belong to subject property.

Reviewer Comment (2018-04-12): Received hazard dec page

04/12/2018

Investment

Purchase

203132370

Credit

Assets

Asset Documentation

Borrower has insufficient or no assets to close.

Bank account balance printout reflects sufficient available balance however reflects name on the account ((REDACTED)) other than the borrower and 2 months history is not evident.

Reviewer Comment (2018-04-12): Received LOE for bank statements

Seller Comment (2018-04-10): Bank account is business account with balance of $205,076.57. See explanation of bank account login name.

04/12/2018

Investment

Purchase

203137456

Credit

Loan Package Documentation

Application / Processing

Flood Certificate Error: Flood zone was not provided.

Flood certification located in file however flood zone is illegible on cert.

Reviewer Comment (2018-04-12): Received flood cert with zone

Seller Comment (2018-04-10): Bank account is business account with balance of $205,076.57. See explanation of business login name.

04/12/2018

Investment

Purchase

203137456

Credit

Miscellaneous

Credit Exception:

Bank account balance printout reflects sufficient available balance however reflects name on the account ((REDACTED)) other than the borrower and 2 months history is not evident.

Reviewer Comment (2018-04-12): Received LOE for bank statements

Seller Comment (2018-04-10): Bank account is business account with balance of $205,076.57. See explanation of business login name.

04/12/2018

Investment

Purchase

203137457

Credit

Miscellaneous

Credit Exception:

Bank account balance printout reflects sufficient available balance however reflects name on the account ((REDACTED)) other than the borrower and 2 months history is not evident.

Reviewer Comment (2018-04-12): Received LOE for bank accounts

Seller Comment (2018-04-10): Bank account is business account with balance of $205,076.57. See bank account explanation regarding bank account login name.

04/12/2018

Investment

Purchase

203137458

Credit

Miscellaneous

Credit Exception:

Bank account balance printout reflects sufficient available balance however reflects name on the account ((REDACTED)) other than the borrower and 2 months history is not evident.

Reviewer Comment (2018-04-12): received LOE for bank statement

Seller Comment (2018-04-10): Bank account is business account with balance of $205,076.57. See bank account explanation regarding account login name..

04/12/2018

Investment

Purchase

203137459

Credit

Miscellaneous

Credit Exception:

Bank account balance printout reflects sufficient available balance however reflects name on the account ((REDACTED)) other than the borrower and 2 months history is not evident.

Reviewer Comment (2018-04-12): received explanation

Seller Comment (2018-04-10): Bank account is business account with balance of $205,076.57. See bank account explanation regarding bank account login name.

04/12/2018

Investment

Purchase

203137459

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

203147051

Credit

Miscellaneous

Credit Exception:

Default Reserve is required by guidelines (pg 7) at closing equal to one month PITIA to be held by servicer, which should include the HOA monthly fee. HUD and Default Reserve disclosure in file only reflect PITI amount.

Reviewer Comment (2018-04-09): Set in error - revised guidelines are included in trailing docs and only requires P&I consideration in default reserves calculation.

Seller Comment (2018-04-06): For some reason this part of the Guideline reverted back to old wording. It is supposed to be only principal and interest and any item that is being escrowed. The corrected Guidelines are uploaded.

04/09/2018

Investment

Refinance - Cash-out - Other

203147053

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

203156670

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203158564

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203158565

Credit

Missing Document

General

One or more of your documents was not signed and dated by the borrower(s).

Residential lease agreement missing signature page.

Reviewer Comment (2018-04-09): Included in trailing docs

04/09/2018

Investment

Refinance - Cash-out - Other

203158693

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203165756

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203165758

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203168229

Credit

Insurance

Insurance Documentation

Missing Document: Hazard Dec Page not provided

Reviewer Comment (2018-04-12): Received hazard dec page

04/12/2018

Investment

Refinance - Cash-out - Other

203168229

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203168230

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

203170407

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203172634

Credit

Loan Package Documentation

Closing / Title

Missing Document: Note - Subject Lien not provided

Missing page 2 of note

Reviewer Comment (2018-04-12): Received note

04/12/2018

Investment

Refinance - Cash-out - Other

203172634

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

203180034

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203180035

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

203185711

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203185712

Credit

Miscellaneous

Credit Exception:

File missing 100% access letter from co-account holder of bank account verified in file.

Reviewer Comment (2018-04-17): Set in error - not a guideline requirement

Seller Comment (2018-04-16): (REDACTED) is a guarantor on the loan. We do not require access letters from co-account holders on guarantor's personal bank accounts.

04/17/2018

Investment

Refinance - Cash-out - Other

203185712

Credit

Miscellaneous

Credit Exception:

The LTV of 70.105% appears to exceed the max allowed of 70%. The appraisal for the property at (REDACTED) reflects a value of $(REDACTED), while the approval considers the value $(REDACTED).

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-05-10): Per Beachpoint email they advised to waive this exception. Noted compensating factors: 741 FICO, 1.453 DSCR higher than required, LTV only .11% over the max allowed

Seller Comment (2018-04-23): Reviewed this loan with underwriting and a mistake was made. The value of the property should have been $(REDACTED) giving the LTV 70.105%. Spoke with Beachpoint and they are going to buy the loan anyway with the Grade 3 exception.

05/10/2018

Investment

Refinance - Cash-out - Other

203185712

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

203204410

Property

Property - Appraisal

Appraisal Reconciliation

Desk Review value is less than Appraised value by at least 10%.

Investment

Refinance - Cash-out - Other

203204411

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203207537

Credit

Miscellaneous

Credit Exception:

Loan application indicates the borrower is a Permanent Resident Alien. The file does not contain verification of the borrower's Permanent Resident Alien status.

Reviewer Comment (2018-04-20): Included in trailing docs

04/20/2018

Investment

Refinance - Cash-out - Other

203207538

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

Reviewer Comment (2018-04-23): Set in error - updated guidelines do not require 2 months' statements

Seller Comment (2018-04-23): Historically, asset verification for two months was only on one bank account and on this loan two months of account (REDACTED) was reviewed for two months activity. Due to the misunderstanding in the Guidelines, those were changed in March version 3 and do not require the two months of activity review.

04/23/2018

Investment

Refinance - Cash-out - Other

203207539

Property

Property - Appraisal

Appraisal Reconciliation

Desk Review value is less than Appraised value by at least 10%.

The CDA in file from (REDACTED) reflects (REDACTED) which is more than a 10% variation from the lending value of (REDACTED) (reflected on the second desk review from a different vendor). The appraisal in file reflects $(REDACTED) which is not sufficiently supported by the initial (REDACTED) CDA).

Reviewer Comment (2018-04-23): Cleared per CSM as this client does not address securitization issue at this time. Instead they address at a later date upon actual securitization. Lender/ CSM were emailed to confirm that they are aware that a second desk review is not sufficient to resolve the securitization issue.

Reviewer Comment (2018-04-23): Unable to clear - the lender enhanced review is sufficient for the guideline issue, however this exception pertains to the requirements as it relates to future securitization, which does not allow 1 desk review to take supersede another desk review..

04/23/2018

Investment

Refinance - Cash-out - Other

203207539

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203210412

Credit

Miscellaneous

Credit Exception:

A lender exception approval is apparent in file to allow for a property value less than $75,000. Noted compensating factors: 703 FICO; depth of credit history; payment history; RE investment experience; Significant liquidity/ reserves.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-04-18): A lender exception approval is apparent in file to allow for a property value less than $75,000. Noted compensating factors: 703 FICO; depth of credit history; payment history; RE investment experience; Significant liquidity/ reserves.

04/18/2018

Investment

Refinance - Cash-out - Other

203216542

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

Financial Institution: (REDACTED_ / End Date: (REDACTED) // Account Type: Funds from Business Account / Account Number: (REDACTED)

File includes 1 month statement only.

Reviewer Comment (2018-05-02): Set in error - guidelines met

Seller Comment (2018-04-23): Loan is underwritten using (REDACTED) Guidelines which does not require the two months asset verification unless an Instant Bank Verification cannot be obtained and the bank does not do verification of deposits.

05/02/2018

Investment

Refinance - Cash-out - Other

203226926

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203261499

Credit

Miscellaneous

Credit Exception:

The market rent analysis form is not evident in the appraisal in file to support $(REDACTED)/ month gross market rent.

Reviewer Comment (2018-05-07): Included in TD

05/07/2018

Investment

Refinance - Cash-out - Other

203261499

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203282172

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Subject loan is paying off 2 previous mortgages reflected on the title commitment in file. The 1st mortgage payoff has not been provided.

Reviewer Comment (2018-05-02): Included in TD

05/02/2018

Investment

Refinance - Cash-out - Other

203282173

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): Received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

203282173

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203282174

Credit

Credit Documentation

Missing Document: OFAC not provided

OFAC is not provided for all guarantors

Reviewer Comment (2018-05-02): Included in TD

Seller Comment (2018-05-01): OFAC included for all guarantors on the Fraud Report.

05/02/2018

Investment

Refinance - Cash-out - Other

203282174

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Not provided for all Guarantors as is required per guidelines.

Reviewer Comment (2018-05-02): Included in TD

Seller Comment (2018-05-01): All guarantors are included on the Fraud Report included in the file.

05/02/2018

Investment

Refinance - Cash-out - Other

203305692

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203305693

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Debt Consolidation

203305694

Credit

Loan Package Documentation

Closing / Title

Missing Document: Power of Attorney (POA) not provided

Primary Guarantor signed as AIF for the second Guarantor on the Guaranty Agreement.

Reviewer Comment (2018-05-02): Included in TD

05/02/2018

Investment

Refinance - Cash-out - Other

203305694

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Missing for the second guarantor (REDACTED)

Reviewer Comment (2018-05-02): Included in TD

Seller Comment (2018-05-01): (REDACTED) is included on the same Fraud Report as the primary borrower. He is listed as the co borrower.

05/02/2018

Investment

Refinance - Cash-out - Other

203322253

Credit

Loan Package Documentation

Application / Processing

Missing Document: Purchase Agreement / Sales Contract not provided

Missing a complete copy of the purchase contract.

Reviewer Comment (2018-05-02): Included in TD

05/02/2018

Investment

Purchase

203322255

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203355865

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203355964

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203355968

Credit

Guideline

Guideline Issue

Aged document: Primary Valuation is older than guidelines permit

Valuation Type: Appraisal / Valuation Report Date: (REDACTED) ___

Effective date appears to be more than 90 days from the closing date.

Reviewer Comment (2018-05-02): Included in TD

05/02/2018

Investment

Refinance - Cash-out - Other

203358275

Credit

Insurance

Insurance Documentation

Missing Document: Flood Insurance Policy not provided

Reviewer Comment (2018-05-08): Included in TD

05/08/2018

Investment

Refinance - Cash-out - Other

203358951

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203360332

Credit

Loan Package Documentation

Application / Processing

Missing Document: Flood Certificate not provided

Reviewer Comment (2018-05-09): Included in TD.

05/09/2018

Investment

Purchase

203360332

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

203360744

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Debt Consolidation

203360745

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203416013

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203416014

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

The executed copy of the Certificate of Incumbency in file is for (REDACTED). The Certificate of Incumbency in file for (REDACTED) (which is the borrowing entity) is not executed.

Reviewer Comment (2018-05-09): Included in TD.

05/09/2018

Investment

Refinance - Cash-out - Other

203416014

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203441481

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

203441482

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203475409

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203475411

Credit

Missing Document

General

Missing Document: Verification of Non-US Citizen Status not provided

Reviewer Comment (2018-05-15): Included in TD

05/15/2018

Investment

Purchase

203498227

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203498229

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203498231

Credit

Loan Package Documentation

Application / Processing

Missing Document: Articles of Organization/Formation not provided

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Credit Documentation

Missing Document: Credit Report not provided

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Credit Documentation

Missing Document: OFAC not provided

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Property - Appraisal

Appraisal Documentation

Missing Document: Appraisal not provided

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Loan Package Documentation

Application / Processing

FEMA Disaster Issue: Property is located in a FEMA Disaster area and has not been inspected.

Disaster Name: ___
Disaster Declaration Date: ___
Disaster End Date: ___

Appraisal inspection is not in file for the subject property.

Reviewer Comment (2018-05-17): Appraisal included in TD reflects property inspection long after the disaster.

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Credit Documentation

There is no lease in place for the subject property and the absence of this document casts doubt on business purpose of loan.

Due to missing documentation from file, unable to confirm is the subject property is currently leased.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Credit Documentation

The appraisal does not contain rental analysis and thus casts doubt on the business purpose of the loan.

Due to incorrect documentation in file, unable to confirm if a rental analysis was completed by appraiser for the subject property valuation.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Missing Document

Appraisal Documentation

The appraisal is missing from file and required by guidelines.

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Assets

Asset Documentation

Asset documentation is missing from the file and required per guidelines.

Document: Asset Documentation

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Credit Documentation

No evidence of fraud report in file

Credit Report: Original // Borrower: (REDACTED) Credit Report: Original // Borrower: (REDACTED), Credit Report: Original // Borrower: (REDACTED)

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Credit Documentation

OFAC was not checked and required per guidelines.

Credit Report: Original // Borrower: (REDACTED) Credit Report: Original // Borrower: (REDACTED)

Document in file appears to be for a different file.

Reviewer Comment (2018-05-17): Included in TD

05/17/2018

Investment

Refinance - Cash-out - Other

203498231

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

The approval document in file appears to be for a different transaction and a different property.

Reviewer Comment (2018-05-17): Included in TD

Seller Comment (2018-05-15): Loan file was updated with the correct documents.

05/17/2018

Investment

Refinance - Cash-out - Other

203547793

Credit

Missing Document

General

Missing Document: Verification of Non-US Citizen Status not provided

Borrower is a Permanent Resident Alien per application declaration. The loan file does not contain a copy of the borrower's Permanent Resident Alien Registration Card.

Reviewer Comment (2018-05-23): Included in TD.

05/23/2018

Investment

Refinance - Cash-out - Other

203549027

Credit

Guideline

Guideline Issue

Asset verification is less than 2 months verified as required by guidelines.

(REDACTED)

Reviewer Comment (2018-05-30): Set in error as the updated guidelines do not require 2 months statements.

Seller Comment (2018-05-29): See Guidelines 3v3. They do not require the two months of asset verification.

Reviewer Comment (2018-05-25): Unable to clear - the statement and history from Decision Logic appear to cover (REDACTED) which does not appear to represent a complete 2 months.

Seller Comment (2018-05-24): (REDACTED)

05/30/2018

Investment

Refinance - Cash-out - Other

203549027

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203550713

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203550714

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203551683

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Guidelines require verification of assets to be dated within 30 days of the loan closing date. The (REDACTED) bank statement used to verify reserves and funds to close is dated (REDACTED), more than 30 days from loan closing date of (REDACTED).

Reviewer Comment (2018-06-04): Updated asset statement for (REDACTED) is included in trailing docs.

Seller Comment (2018-06-01): Updated the Assets file.

Reviewer Comment (2018-05-25): Unable to clear - (REDACTED)

06/04/2018

Investment

Purchase

203551686

Credit

Guideline

Guideline Issue

Aged document: Primary Valuation is older than guidelines permit

Valuation Type: Appraisal / Valuation Report Date: (REDACTED) ___

Effective date of the appraisal in file is over 90 days old and an appraisal update is not apparent in file.

Reviewer Comment (2018-05-25): Appraisal update included in trailing docs to confirm that the subject market has not declined since the original appraisal date.

05/25/2018

Investment

Refinance - Cash-out - Other

203551741

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203554133

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203554134

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203554137

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203555677

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203590608

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203600451

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-06-04): Included in trailing docs

06/04/2018

Investment

Refinance - Cash-out - Other

203600451

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203600454

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203600782

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203600783

Credit

Miscellaneous

Credit Exception:

Lender exception approval (page143) to waive seasoning for entity change at closing. Borrower is deeding from (REDACTED) at closing. An approval condition is apparent requiring a notarized document from (REDACTED) acknowledging change of ownership structure. Compensating Factors: Credit score 724 and Verified assets of $21,535.06 which exceeds guideline requirements by a significant margin.

Reviewer Comment (2018-08-14): Met guidelines with enhanced review, move to clear

Reviewer Comment (2018-06-07): Compensating Factors: Credit score 724 and Verified assets of $21,535.06 which exceeds guideline requirements by a significant margin.

Reviewer Comment (2018-06-06): The seasoning guidelines appear to have been violated. The exception approval requires a notarized document from (REDACTED) to acknowledge change of ownership structure. Upon receipt of this document AMC intends to waive the exception with compensating factors.

Seller Comment (2018-06-05): I am not sure what the issue is and what is wanted to clear this exception.

08/14/2018

Investment

Refinance - Cash-out - Other

203600784

Credit

Property - Appraisal

Appraisal Documentation

Missing Document: Appraisal not provided

Guidelines required two appraisals for refinance with property valued at and greater than $1MM. Property value $(REDACTED) was used for subject LTV calculation and there is only one appraisal in the file.

Reviewer Comment (2018-06-06): Included in trailing docs

06/06/2018

Investment

Refinance - Rate/Term

203600785

Credit

Fix and Flip

General

The appraisal is missing and is required by guidelines.

Guidelines required two appraisals for refinance with property valued at and greater than $1MM. A second full appraisal is not evident in file to support the appraised value.

Reviewer Comment (2018-06-06): Included in trailing docs

06/06/2018

Investment

Refinance - Rate/Term

203608592

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203608594

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

203608596

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203611549

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203611550

Credit

Miscellaneous

Credit Exception:

Minimum required DSCR of 1.20 was not met (for property values less than $250,000).

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-06-06): Noted compensating factors: Credit of 729; investment experience; location of property in an up and coming area of (REDACTED); expected higher rent than 1007; quality of the rehab to a C3 status including total gut rehab

06/06/2018

Investment

Refinance - Rate/Term

203611550

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203611551

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203611552

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203627587

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203627588

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203627590

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203632588

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203634916

Credit

Loan Package Documentation

Application / Processing

Missing Document: Spousal Consent Form not provided

Unable to confirm if the Guarantors are married to each other.

Reviewer Comment (2018-06-11): Set in error - the Certificate of Incumbency confirms that the Guarantors are married to each other (since both are Guarantors consent is not necessary).

Seller Comment (2018-06-07): Incumbency Certificate shows they are spouses.

06/11/2018

Investment

Refinance - Rate/Term

203634917

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203635676

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203635680

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Hazard insurance dec page does not reflects minimum rent loss insurance required per guidelines.

Reviewer Comment (2018-06-11): Evidence of rent loss coverage is included in trailing documents.

Seller Comment (2018-06-08): Rent Loss coverage is on page 38 of attached policy.

06/11/2018

Investment

Refinance - Cash-out - Other

203635680

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203645233

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203645234

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Hazard insurance dec page does note reflect minimum rent loss insurance required per guidelines.

Reviewer Comment (2018-06-11): Included in trailing docs

Seller Comment (2018-06-11): Rent loss insurance is $25,000 on page 38 of attached policy.

06/11/2018

Investment

Refinance - Cash-out - Other

203645234

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203645236

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203647967

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203647973

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203658582

Credit

Loan Package Documentation

Application / Processing

Missing Document: Spousal Consent Form not provided

Reviewer Comment (2018-06-19): Set in error - Guaranty in file was signed by both Guarantors (husband and wife).

Seller Comment (2018-06-19): The spouse did sign the guaranty agreement on page 28 of the final package.

Reviewer Comment (2018-06-19): The spousal consent is typically required to be obtained as it relates to the Personal Guaranty. Since only one of the members signed a PG it would appear that the spouse (albeit the other member of the entity) would be required to sign a spousal consent document to confirm that the PG is enforceable regardless of whether he/ she is the other member of the borrowing entity.

Seller Comment (2018-06-18): Spouse is partner in business. Do not need spousal consent since she is partner in business and signed the incumbency certificate.

06/19/2018

Investment

Refinance - Cash-out - Other

203658583

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

203668004

Credit

Miscellaneous

Credit Exception:

The maximum allowed LTV appears to have been exceeded. After a 5% reduction for the (REDACTED) location the max LTV would appear to be 70% where the LTV on the subject loan is 75%. It does not appear that the Enhanced Option (75% max LTV after 5% reduction for property location) is available as the value is not at or above $250,000.

Guideline variance approved by lender at time of origination

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-06-20): Lender exception approval received in trailing docs to allow for Enhanced Credit LTV (max 75% after 5% reduction for property location) with a value below the required $250,000. Noted compensating factors: 794 FICO and depth of credit history; 13 (REDACTED) loans with 2 paid in full and all with good pay history; $92,000 in reserves; significant available credit; lengthy real estate experience; DSCR of 1.83 based on current market rents and 1.62 based on actual rents which includes a vacant unit and far exceeds the minimum requirement.

Reviewer Comment (2018-06-20): (REDACTED) guidelines appear to require a property value of 250K or higher to qualify for Enhanced Credit. The property value on the subject loan is only (REDACTED). Is there a newer version of the (REDACTED) guidelines that reduces this requirement?

Seller Comment (2018-06-19): Per Guidelines, the borrower qualifies for the Enhanced Credit which qualifies them for the Max LTV 75%

06/20/2018

Investment

Refinance - Rate/Term

203669887

Credit

Guideline

Guideline Issue

Aged document: Primary Valuation is older than guidelines permit

Valuation Type: Appraisal / Valuation Report Date: (REDACTED) ___

Reviewer Comment (2018-06-19): Appraisal update was included in trailing docs.

06/19/2018

Investment

Refinance - Cash-out - Other

203669889

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

203669889

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203669889

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203669909

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203939905

Credit

Loan Package Documentation

Closing / Title

Missing Document: Power of Attorney (POA) not provided

Missing Power of Attorney for(REDACTED)has 99% of the ownership of the borrowing entity as the Trust of two Revocable Living Trusts and (REDACTED) has 1% ownership of the Borrowing Entity.

Reviewer Comment (2018-06-20): Included in trailing docs

06/20/2018

Investment

Refinance - Cash-out - Other

203939905

Credit

Credit Documentation

Missing Document: Credit Report not provided

Guidelines required the use of credit report of the member with the largest ownership of the borrowing entity. The loan file does not contain credit report for the primary Guarantor (REDACTED) who has 99% ownership of the borrowing entity as the trustee of two revocable living trusts would normally be considered the primary guarantor per guidelines). Lender exception allows (REDACTED) who has 1% ownership of the borrowing entity to be the Primary Guarantor and as POA for Guarantor (REDACTED) who has 99% ownership of the borrowing entity as trustee for two revocable living trusts. Compensating factors were not evident. Investor consideration is required to determine if waiver without compensating factors is appropriate.

Reviewer Comment (2018-09-18): Based on a review of guidelines, (REDACTED) may use discretion and allow a minority shareholder to be the guarantor and use of that person's credit

Reviewer Comment (2018-09-18): Clear

Reviewer Comment (2018-07-09): Client thinks the exception grade should be 2 instead of 3

Reviewer Comment (2018-07-09): Reopen to waive to 2 per client

Reviewer Comment (2018-06-20): Lender exception approval is in file. Waived credit report for individual who (under guidelines) represents the primary guarantor as she owns the majority stake in the borrowing entity. And instead consider the minority owner as the primary guarantor and use his credit as the majority owner is incapacitated.

09/18/2018

Investment

Refinance - Cash-out - Other

203939905

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203939907

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

203973824

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

203973828

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203973833

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

203973845

Credit

Miscellaneous

Credit Exception:

The DSCR on the subject property appears to be 1.08 which does not meet the minimum of 1.20. Please note that the lease in file appears to reflect $(REDACTED)/ month in rental income where the approval reflects a lease amount of $(REDACTED)/ month. Please provide documents to confirm the lease amount reflected on the approval.

Reviewer Comment (2018-06-21): Sublease included in trailing docs confirms higher rental income amount. DSCR guideline minimum of 1.20 has been met.

06/21/2018

Investment

Purchase

203973859

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204092841

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204092843

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204102406

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204102409

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204125535

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204125536

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204126836

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Reviewer Comment (2018-07-27): Confirmation from insurance agent in included in trailing documents to confirm that the property is not leased and rent loss is not available as a result.

Reviewer Comment (2018-07-08): The guidelines in AMC's possession reflect that rent loss is required when leased, also required when vacant and available. Correspondence from the insurance agent to confirm that it is not available because of the vacancy is not evident in file.

Seller Comment (2018-07-03): The property does not currently have a lease in place so the rent loss insurance is not available until they have an active lease in place.

07/27/2018

Investment

Refinance - Cash-out - Other

204126838

Credit

Guideline

Guideline Issue

Ineligible property type.

___

The subject property is identified as a manufactured home on the title commitment in file.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-07-27): Per investor email an exception was approved prior to origination based on the following: Property is a two story 3 bedroom 3 bath home in (REDACTED). It is a great location with significant land value for the loan amount. It's supported by sale of the property next door and another single wide mobile home around the corner.

07/27/2018

Investment

Refinance - Cash-out - Other

204128015

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204128017

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

204145063

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204145067

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204145082

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204145671

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-07-09): Included in trailing docs

07/09/2018

Investment

Refinance - Cash-out - Other

204145671

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204146865

Credit

Loan Package Documentation

Application / Processing

Missing Document: Flood Certificate not provided

Reviewer Comment (2018-07-10): Included in trailing docs

07/10/2018

Investment

Refinance - Cash-out - Other

204146870

Credit

Loan Package Documentation

Closing / Title

Security Instrument Error: Security instrument maturity date and note maturity date do not concur.

Security Instrument reflects loan maturity date of (REDACTED) which does not match loan maturity date of (REDACTED) on the Note.

Reviewer Comment (2018-07-26): Corrected/ executed security instrument included in trailing docs

Reviewer Comment (2018-07-23): Unable to clear - it would appear that a corrected 1st page was added to the original signed security instrument, however an entirely new document does not appear to have been executed.

07/26/2018

Investment

Refinance - Cash-out - Other

204146870

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204146872

Credit

Insurance

Insurance Analysis

Hazard Insurance policy does not list "Lender its successors and assigns", per guideline requirements.

Reviewer Comment (2018-07-10): Included in trailing docs

Seller Comment (2018-07-10): (REDACTED) is listed at the bottom of the Evidence of Insurance

07/10/2018

Investment

Refinance - Cash-out - Other

204147055

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204147056

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204147058

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-07-10): Included in trailing docs

07/10/2018

Investment

Refinance - Cash-out - Other

204148478

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

204148480

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204164025

Credit

Miscellaneous

Credit Exception:

Based on the seasoning guidelines the max allowed LTV would be 70%. The subject LTV of 80% is excessive as a result. A lender exception approval is in file to waive the seasoning requirement on this loan. Compensating factors are not noted on the exception approval.

Reviewer Comment (2018-09-18): Guidelines state on a purchase, if the seller owned the property less than 6 months, then the max LTV is reduced by 10% for a C4 property.Seasoning allows transfers from a trust where the new titeholder is the same as the beneficiary of the trust which is what happended with this property.

Reviewer Comment (2018-09-18): to clear

Reviewer Comment (2018-07-23): A lender exception approval is evident in file. The representative credit score far exceeds the guideline requirements.

09/18/2018

Investment

Purchase

204164027

Credit

Missing Document

General

Missing Document: Verification of Non-US Citizen Status not provided

Reviewer Comment (2018-07-23): Included in trailing docs

07/23/2018

Investment

Refinance - Cash-out - Other

204164027

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Reviewer Comment (2018-11-09): received desk review

11/09/2018

Investment

Refinance - Cash-out - Other

204164027

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204164027

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204164028

Credit

Miscellaneous

Credit Exception:

HUD reflects an escrow for Windstorm Insurance. Windstorm policy has not been provided.

Reviewer Comment (2018-07-23): Included in trailing docs

07/23/2018

Investment

Refinance - Cash-out - Other

204164028

Credit

Credit Eligibility

Unacceptable credit - late payments 1X30 or greater within the last 12 months.

A lender exception approval is in file to allow for the very recent mortgage late 1x30. Compensating factors are not noted by the credit decision committee on the exception approval.

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-07-23): Lender exception approval is in file. The documented reserves far exceed the guidelines requirements.

07/23/2018

Investment

Refinance - Cash-out - Other

204164028

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204164031

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204196952

Credit

Miscellaneous

Credit Exception:

The late mortgage payment in (REDACTED) represents a guideline violation. Lender apparently approved and exception to allow the mortgage late payments due to borrower's experience and credit score.

Reviewer Comment (2018-09-18): Guidelines state lates within last 12 month, late is older than 12 months

Reviewer Comment (2018-09-18): Should be a clear

Reviewer Comment (2018-07-23): A lender exception approval is in file. The representative FICO and assets in reserve far exceed the guideline requirements.

09/18/2018

Investment

Refinance - Cash-out - Other

204196952

Credit

Insurance

Insurance Documentation

Missing Document: Flood Insurance Policy not provided

Reviewer Comment (2018-07-23): Included in trailing docs

07/23/2018

Investment

Refinance - Cash-out - Other

204196952

Credit

Miscellaneous

Credit Exception:

Apparently, the flood insurance deductible in (REDACTED) is $5,000 which represents a guideline violation. A lender exception approval is apparent in file.

Reviewer Comment (2018-09-18): Guidelines state $5000 or 2%

Reviewer Comment (2018-09-18): ok to clear

Reviewer Comment (2018-07-23): A lender exception approval is in file. The representative FICO and assets in reserve far exceed the guideline requirements.

09/18/2018

Investment

Refinance - Cash-out - Other

204196953

Credit

Loan Package Documentation

Loan File

Missing Document: Hazard Insurance Policy not provided

The document format in file is not legible.

Reviewer Comment (2018-07-24): Included in trailing docs

Reviewer Comment (2018-07-23): Unable to clear - as was stated in the original exception page 52 in file did not transfer to AMC in a legible format.

Seller Comment (2018-07-23): Hazard insurance policy is on page 52 of the Loan File followed by the corresponding insurance invoice.

07/24/2018

Investment

Refinance - Cash-out - Other

204196953

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204210394

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204210395

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204217954

Credit

Insurance

Insurance Analysis

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Replacement cost coverage is not evident.

Reviewer Comment (2018-07-25): Policy documents included in trailing documents confirms replacement cost coverage.

Seller Comment (2018-07-23): As stated on page 11, the replacement cost method is used if the repairs or replacement is completed on the same premises the property is located. The cash value method is used if the repair or replacement is completed somewhere else.

Reviewer Comment (2018-07-23): Unable to clear - page 11 indicates that loss settlement will be based on a couple options (Replacement Cost being one of the options) but does not confirm that the policy was issued to cover replacement cost. if the agent can confirm that the policy number in question was issued based on the replacement cost of the subject property that will suffice.

Seller Comment (2018-07-23): See page 11 of attachment showing replacement cost coverage.

07/25/2018

Investment

Refinance - Cash-out - Other

204217957

Credit

Loan Package Documentation

Closing / Title

Security Instrument is not signed by borrower(s).

Page 11 (signature page) is missing.

Reviewer Comment (2018-07-23): Included in trailing docs

07/23/2018

Investment

Refinance - Cash-out - Other

204217957

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204225239

Credit

Assets

Asset Documentation

Assets Error: Usability was not provided

Account # (REDACTED) is business account held by (REDACTED). No evidence of usability provided. Guidelines require evidence that the Guarantor owns 100% of the account holding entity (REDACTED)

Reviewer Comment (2018-07-23): Included in trailing docs

07/23/2018

Investment

Purchase

204225239

Credit

Assets

Asset Documentation

Guideline Issue:Insufficient asset documentation.

No evidence for source of deposits for new account # (REDACTED)

Reviewer Comment (2018-07-23): Set in error - guidelines do not require evidence of source of funds for large deposits.

Seller Comment (2018-07-23): Obtaining the evidence for the source of the deposits is not a guideline requirement.

07/23/2018

Investment

Purchase

204225239

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

204225241

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204234573

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204234776

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204269229

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204269230

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

204269231

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204269234

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204270355

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204278652

Credit

Missing Document

General

Missing Document: Verification of Non-US Citizen Status not provided

PRA card is not evident in file for (REDACTED)

Reviewer Comment (2018-07-30): Included in trailing documents

07/30/2018

Investment

Refinance - Cash-out - Other

204281435

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204281438

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

204281935

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204325945

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204325947

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204325948

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204326176

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204326181

Credit

Insurance

Insurance Analysis

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Evidence of 100% replacement cost is not evident in file.

Reviewer Comment (2018-08-03): Replacement cost is evident per trailing documents

Seller Comment (2018-08-03): See highlighted sections of policy. Coverage A, B, and C are at replacement cost.

08/03/2018

Investment

Refinance - Cash-out - Other

204326181

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204326182

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204327996

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204329673

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

204332696

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

204332697

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204332825

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204333820

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204345679

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204349144

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204352786

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204352788

Credit

Missing Document

General

Missing Document: Verification of Non-US Citizen Status not provided

Reviewer Comment (2018-08-10): Included in trailing documents

08/10/2018

Investment

Refinance - Cash-out - Other

204352789

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204357383

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

Ending balance on (REDACTED) for the (REDACTED) account in file is $42,163.62. The approval reflects that the balance on (REDACTED) was sufficient, however evidence of the balance on this date is no evident in file.

Reviewer Comment (2018-08-21): Updated assets included in trailing documents confirm sufficient reserves

08/21/2018

Investment

Purchase

204357385

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

The asset statements in file only reflect ending balances of $93,300 and $7,691.30. After the addition of $1,000 in earnest money there is a slight shortage with regard to the required post closing reserves.

Reviewer Comment (2018-08-13): Set in error - documented assets are sufficient to cover cash to close and 3 months' reserves.

Seller Comment (2018-08-13): Verified post closing reserves are the available balance of $5,573.32 (Account (REDACTED)) plus available balance $100 (Account (REDACTED)) which equals $5,673.32. This covers the required reserves of $4,647,.27.The available balances are after the wire for closing has been withdrawn and includes a couple small outstanding deposits and withdrawals.

08/13/2018

Investment

Purchase

204357386

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204359099

Credit

Missing Document

General

Missing Document: Verification of Non-US Citizen Status not provided

Reviewer Comment (2018-08-13): Included in trailing docs

08/13/2018

Investment

Refinance - Cash-out - Home Improvement

204359100

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204362801

Credit

Miscellaneous

Credit Exception:

The security instrument in file is dated (REDACTED), however the notary signature date is (REDACTED).

Reviewer Comment (2018-09-06): A newly (corrected) signed security instrument is included in trailing documents.

09/06/2018

Investment

Refinance - Cash-out - Other

204362804

Property

Property - Appraisal

Appraisal Documentation

The property type differs between the valuation documents in file. Unable to verify the property type. Ineligible per guidelines.

AVM classifies subject as a condominium, appraisal general description reflects detach PUD, and appraisal photos would appear to confirm that the property is an attached PUD.

Reviewer Comment (2018-09-06): Revised appraisal included in trailing documents.

Reviewer Comment (2018-08-21): Page 1 of the appraisal reflects "detached" PUD. Please provide a revised appraisal page 1 confirming "Attached" PUD.

Seller Comment (2018-08-21): The property is a townhome in a PUD as indicated by the appraisal form (1004 vs. 1025, legal description (Plat book/page), property rights (fee simple) area ((REDACTED) sf). Red Bell, who performs the AVMs, views condos and townhomes as the same.

09/06/2018

Investment

Refinance - Cash-out - Other

204362805

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204378099

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204383887

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204421192

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204421198

Credit

Property - Appraisal

Appraisal Documentation

Missing Document: Appraisal not provided

Missing Property Appraisal (REDACTED)

Reviewer Comment (2018-08-21): Included in trailing documents

Seller Comment (2018-08-21): See appraisal uploaded.

08/21/2018

Investment

Refinance - Cash-out - Other

204421198

Credit

Loan Package Documentation

Application / Processing

FEMA Disaster Issue: Property is located in a FEMA Disaster area and has not been inspected.

Address: (REDACTED)

Reviewer Comment (2018-08-21): Post disaster appraisal is included in trailing documents

08/21/2018

Investment

Refinance - Cash-out - Other

204425773

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204426926

Credit

Loan Package Documentation

Application / Processing

Missing Document: Flood Certificate not provided

The document in file is not for the subject property.

Reviewer Comment (2018-08-23): Included in trailing documents

08/23/2018

Investment

Refinance - Cash-out - Home Improvement

204426926

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Home Improvement

204426927

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204432147

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204449240

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204451728

Credit

Missing Document

General

Missing Document: Verification of Non-US Citizen Status not provided

Reviewer Comment (2018-08-27): Included in trailing documents

08/27/2018

Investment

Refinance - Rate/Term

204451728

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204451729

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204451730

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204454564

Credit

Miscellaneous

Credit Exception:

The calculated DSCR of 1.03 does not meet the minimum required of 1.20. The approval in file reflects a DSCR of 1.20, however the approval reflects a loan amount that is much lower than what the Note and HUD reflect.

Reviewer Comment (2018-08-29): Set in error - the leases in file and market rent analysis support $(REDACTED)/ month and the accurate DSCR is 1.20 which meets guidelines. Trailing approval confirms these terms.

Seller Comment (2018-08-28): The incorrect underwriting approval was uploaded. Attached is the correct underwriting approval.

08/29/2018

Investment

Refinance - Cash-out - Other

204469664

Credit

Miscellaneous

Credit Exception:

The 2 Guarantors do not appear to be owners/ members of the borrowing entity per the Certificate of Incumbency in file.

Reviewer Comment (2018-09-07): Set in error - guidelines met.

Seller Comment (2018-09-06): The incumbency certificate was obtained solely for purposes of verifying signing authority. The borrowing entity is a trust so the trust is attached. The personal guarantors on the loan are the owners/beneficiaries of the trust.

09/07/2018

Investment

Refinance - Cash-out - Other

204469664

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204470819

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204470820

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204470822

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204475775

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

204475777

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204477346

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204477348

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204477838

Credit

Miscellaneous

Credit Exception:

Properties subject to a ground lease are prohibited. The HUD appears to reflect pay off amounts for ground rent with regard to the properties which included the presence of ground rent. Evidence from the title company that the ground rent was fully redeemed and the properties now exist as fee simple is not evident in file. (REDACTED) appear to have had ground rent at the time of application.

Reviewer Comment (2018-09-07): Trailing docs include pay offs for ground rent. The HUD in the original file confirms those amounts were paid/ ground rent redeemed. Guidelines were met as the properties are now Fee Simple.

Seller Comment (2018-09-06): Ground rents paid off at closing.

09/07/2018

Investment

Refinance - Cash-out - Other

204477839

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204479362

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479363

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Purchase

204479364

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Purchase

204479365

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Purchase

204479366

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479369

Credit

Fix and Flip

General

Open Tradeline requirement not met.

Credit Report: Original // Borrower: (REDACTED) Borrower has ___ Open Tradelines which is less than the minimum required by guidelines.

Exception approval is apparent in file. Compensating factors are not noted.

Guideline variance approved by lender at time of origination

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-09-19): Per lender - Compensating factors are good credit score of 713, DSCR of 1.2 and LTV of 46.7%..

Seller Comment (2018-09-19): Compensating factors are good credit score of 713, DSCR of 1.2 and LTV of 46.7%..

09/19/2018

Investment

Refinance - Cash-out - Other

204479369

Credit

Credit Eligibility

Public Record Issue:

Credit Report: Original // Public Record Type: Tax Liens / Balance: (REDACTED)

The loan file does not contain evidence the state tax lien was paid prior to or at closing.

Reviewer Comment (2018-09-19): Set in error - trailing final title confirms that this item does not affect title and guidelines are met as a result

Reviewer Comment (2018-09-18): Unable to determine if title is affected. Schedule B Section II of the title report in file appears to make room for exceptions due to state tax liens. The final title policy is needed to confirm this exception does not exist on title.

Seller Comment (2018-09-17): The state lien does not affect title and is not a Guideline requirement to be paid prior to or at closing.

09/19/2018

Investment

Refinance - Cash-out - Other

204479369

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479373

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Cash-out - Home Improvement

204479373

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Home Improvement

204479375

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-13): Included in trailing docs

09/13/2018

Investment

Refinance - Cash-out - Other

204479375

Credit

Miscellaneous

Credit Exception:

The loan file contained a credit exception approval to increase the borrower's exposure to $6 million; however, compensating factors were not provided.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-19): per lender - Compensating factors are great history with customer (approx 30 loans), excellent pay history, excellent credit score of 756, DSCR of 1.455 and LTV of 65%.

Seller Comment (2018-09-19): Compensating factors are great history with customer (approx 30 loans), excellent pay history, excellent credit score of 756, DSCR of 1.455 and LTV of 65%.

09/19/2018

Investment

Refinance - Cash-out - Other

204479375

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479376

Credit

Loan Package Documentation

Application / Processing

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Address: (REDACTED)

Reviewer Comment (2018-10-01): Received report dated (REDACTED)

Reviewer Comment (2018-09-17): Unable to clear - moved to buyer queue for investor consideration as the investor must advise if a Post Disaster Inspection is required to clear this exception provided it reflects that there is no evidence of damage.

Seller Comment (2018-09-14): The property was not under disaster declaration until months after funding.

10/01/2018

Investment

Refinance - Cash-out - Other

204479376

Credit

Loan Package Documentation

Application / Processing

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Address: (REDACTED) Most Recent Valuation Inspection Date: ___
Disaster Name: ___
Disaster Declaration Date: ___
Disaster End Date: ___

Reviewer Comment (2018-10-02): Included in trailing documents

Seller Comment (2018-10-02): The first inspection report I sent over on (REDACTED) is for (REDACTED). I just opened it to make sure it was the correct report.

Reviewer Comment (2018-10-01): Received report for different address.

Reviewer Comment (2018-10-01): Received report dated (REDACTED)

Reviewer Comment (2018-09-17): Unable to clear - moved to buyer queue for investor consideration as the investor must advise if a Post Disaster Inspection is required to clear this exception provided it reflects that there is no evidence of damage.

Seller Comment (2018-09-14): The property was not under disaster declaration until months after funding.

10/02/2018

Investment

Refinance - Cash-out - Other

204479376

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479377

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-17): Included in trailing docs

09/17/2018

Investment

Refinance - Cash-out - Other

204479377

Credit

Miscellaneous

Credit Exception:

The loan file contained a credit exception approval to increase the borrower's exposure to $6 million; however, compensating factors were not provided.

Guideline variance approved by lender at time of origination

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-20): Per originator - Compensating factors are great history with customer (approx 30 loans), excellent pay history, excellent credit score of 756, DSCR of 1.73, and LTV of 65%.

Seller Comment (2018-09-19): Compensating factors are great history with customer (approx 30 loans), excellent pay history, excellent credit score of 756, DSCR of 1.73, and LTV of 65%.

09/20/2018

Investment

Refinance - Cash-out - Other

204479377

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204479378

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-17): Included in trailing docs

09/17/2018

Investment

Refinance - Cash-out - Other

204479378

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479380

Credit

Loan Package Documentation

Closing / Title

Missing Document: Title Preliminary not provided

Reviewer Comment (2018-09-17): Included in trailing docs

09/17/2018

Investment

Refinance - Cash-out - Other

204479380

Credit

Property - Appraisal

Appraisal Documentation

Missing Document: Appraisal not provided

The appraisal provided for (REDACTED) was not legible (format appears to be corrupted).

Reviewer Comment (2018-09-17): Included in trailing docs

Seller Comment (2018-09-14): I am sorry the first one I sent was labeled wrong. This should be the correct appraisal

Reviewer Comment (2018-09-14): Unable to clear - an appraisal update form 1004D is included in the trailing documents, however the actual legible appraisal on (REDACTED)is still missing.

09/17/2018

Investment

Refinance - Cash-out - Other

204479380

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479381

Credit

Miscellaneous

Credit Exception:

Lender exception approval allows for grandfathered use of 0(REDACTED) (HV Program appears to have been discontinued after (REDACTED) guidelines) due to overwhelming demand of portfolio loan product causing extended VFS processing time. No compensating factors were identified on the lender exception approval.

26.8 months Reserves

Credit Score 755

Reviewer Comment (2018-10-02): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-28): Compensating factors are credit of 755, DSCR of 1.555, and plenty of reserves of $29,989 when required reserves are $1,310.

Reviewer Comment (2018-09-14): Moved to buyer queue for investor consideration.

Seller Comment (2018-09-14): The loan was grandfathered to use (REDACTED) Guidelines due to (REDACTED) timing in reviewing the loan due to backlog. This was not the fault of the borrower so (REDACTED) did not want them to have the increase of 50bps due to (REDACTED) backlog in reviewing loans.

10/02/2018

Investment

Refinance - Rate/Term

204479381

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Rate/Term

204479382

Credit

Miscellaneous

Credit Exception:

Credit score 755

16.8 months Reserves

Reviewer Comment (2018-10-02): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-28): Compensating factors are credit of 755, DSCR of 1.2, and plenty of reserves of $29,989 when required reserves are $1,648.

Reviewer Comment (2018-09-14): Moved to buyer queue for investor consideration.

Seller Comment (2018-09-14): The loan was grandfathered to use (REDACTED) Guidelines due to (REDACTED) timing in reviewing the loan due to backlog. This was not the fault of the borrower so (REDACTED) did not want them to have the increase of 50bps due to (REDACTED) backlog in reviewing loans.

10/02/2018

Investment

Refinance - Rate/Term

204479382

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Rate/Term

204479384

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-14): Included in trailing documents

09/14/2018

Investment

Refinance - Rate/Term

204479384

Credit

Miscellaneous

Credit Exception:

Lender exception approval allows for grandfathered use of (REDACTED) guidelines and pricing without 50bps rate increase, based on overwhelming demand of portfolio loan product causing extended processing time.

Credit score 720

37 months Reserves

Reviewer Comment (2018-10-02): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-28): Compensating factors are credit of 720, DSCR of 2.777 and excellent reserves of $26,994 with required reserves of $1,298

Reviewer Comment (2018-09-14): Moved to buyer queue for investor consideration.

Seller Comment (2018-09-14): The loan was grandfathered to use (REDACTED) Guidelines due to (REDACTED) timing in reviewing the loan due to the backlog. This was not the fault of the borrower so (REDACTED) did not want them to have the increase of 50bps due to (REDACTED) backlog in reviewing loans.

10/02/2018

Investment

Refinance - Rate/Term

204479384

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Rate/Term

204479385

Credit

Fix and Flip

General

Insufficient funds for Reserves.

Reviewer Comment (2018-09-20): Included in trailing documents

Seller Comment (2018-09-19): The excess cash of $3,445.36 from assets at closing (46,745.32 less 43,299.96) covers the reserves required of $2,096.85.

09/20/2018

Investment

Purchase

204479385

Credit

Miscellaneous

Credit Exception:

The loan file contained a lender exception approval to allow for a property in C4 condition where the appraiser noted minimal deferred maintenance. Also, the appraisal was prepared for a broker (not VFS).

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-20): Per lender/ originator - Compensating factors are review of property appraisal and noting maintenance needed is just from wear and tear and nothing major. Also Form 1007 shows market rent to be $(REDACTED) which will calculate to a great DSCR of 1.412.

Seller Comment (2018-09-19): Compensating factors are review of property appraisal and noting maintenance needed is just from wear and tear and nothing major. Also Form 1007 shows market rent to be $(REDACTED) which will calculate to a great DSCR of 1.412.

09/20/2018

Investment

Purchase

204479385

Credit

Assets

Asset Calculation / Analysis

Available for Closing is insufficient to cover Cash From Borrower.

Reviewer Comment (2018-09-20): Included in trailing documents

Seller Comment (2018-09-19): Qualifying assets are $46,745.32 which covers the $43,299.96 or grossed up to include deposit assets are $48,745.32 to cover $(REDACTED).

09/20/2018

Investment

Purchase

204479385

Credit

Miscellaneous

Credit Exception:

Unable to determine the DSCR as the market rent analysis (Appraisal Form 1007) is not evident in file (required per guidelines).

Reviewer Comment (2018-09-19): Included in trailing documents

09/19/2018

Investment

Purchase

204479385

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Purchase

204479386

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479387

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479389

Credit

Fix and Flip

General

Missing Document: Spousal Consent not provided.

(REDACTED)

Reviewer Comment (2018-09-14): Set in error - not a guideline requirement at the time of origination.

Seller Comment (2018-09-14): Spousal consents were not required until 4/1/17. This loan closed on (REDACTED) before our Guidelines required spousal consents.

09/14/2018

Investment

Refinance - Cash-out - Other

204479389

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479391

Credit

Loan Package Documentation

Closing / Title

Missing Document: Note - Subject Lien not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Cash-out - Other

204479391

Credit

Loan Package Documentation

Closing / Title

Missing Document: Security Instrument not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Cash-out - Other

204479391

Credit

Loan Package Documentation

Closing / Title

Missing Document: Rider - 1-4 Family not provided

Reviewer Comment (2018-09-13): Included in trailing documents

Seller Comment (2018-09-13): See uploaded collateral package.

09/13/2018

Investment

Refinance - Cash-out - Other

204479391

Credit

Loan Package Documentation

Application / Processing

Missing Document: Guarantor Agreement not provided

Reviewer Comment (2018-09-13): Included in trailing documents

Seller Comment (2018-09-13): See uploaded collateral package.

09/13/2018

Investment

Refinance - Cash-out - Other

204479391

Credit

Loan Package Documentation

Closing / Title

Missing Final HUD-1

Reviewer Comment (2018-09-14): Included in trailing documents

Reviewer Comment (2018-09-13): Unable to clear - the trailing HUD is not fully executed or stamped by the closing agent to confirm it is a true and certified version of the final HUD.

09/14/2018

Investment

Refinance - Cash-out - Other

204479391

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479392

Credit

Credit Documentation

OFAC was not checked and required per guidelines.

Credit Report: Original // Borrower: (REDACTED)

An OFAC report was not provided for all personal guarantors as required. FraudGuard is missing for the second borrower/ guarantor.

Reviewer Comment (2018-09-14): Included in trailing documents

Reviewer Comment (2018-09-13): Unable to clear - still missing for (REDACTED)

09/14/2018

Investment

Refinance - Cash-out - Other

204479392

Credit

Credit Documentation

No evidence of fraud report in file

Credit Report: Original // Borrower: (REDACTED)

A fraud report was not provided for all personal guarantors as required. FraudGuard is missing for the second borrower/ guarantor.

Reviewer Comment (2018-09-14): Set in error - not required per guidelines as of origination (only required for borrowers and only required for all personal guarantors if there is an entity borrower.

Seller Comment (2018-09-14): Guidelines require do not require these checks on the second guarantor of a personal loan, only an entity loan and (REDACTED) is not a co-borrower.
Fraudguard, OFAC, PatriotAct and Google fraud checks:Required on borrower and any co-borrower.Required on the Personal Guarantor(s) of any entity loan

Reviewer Comment (2018-09-13): Unable to clear - (REDACTED) is not identified on the trailing fraud report for (REDACTED). A fraud report is still needed for (REDACTED).

Seller Comment (2018-09-13): (REDACTED) is included on the Fraudguard report of (REDACTED).

09/14/2018

Investment

Refinance - Cash-out - Other

204479392

Credit

Miscellaneous

Credit Exception:

The loan file contained a lender exception approval with regard to the fact that the subject property was occupied by the borrower's brother and mother (family members) which is a guideline violation. The lender committee appears to have required evidence (via pictures and attorney documents) to confirm that the property was entirely vacated and all belongings removed. These pictures and attorney documents are not evident in file and the appraisal page 1 reflects tenant occupied. Also, the appraisal photos do not confirm that the property was vacated (belongings are apparent in appraisal pictures).

Reviewer Comment (2018-09-25): Trailing photos confirm vacancy.

Seller Comment (2018-09-21): The approval was updated in (REDACTED) - attorney docs were no longer necessary because the property was vacant.

Reviewer Comment (2018-09-14): Photos are included in trailing documents. Still need the required attorney documents.

09/25/2018

Investment

Refinance - Cash-out - Other

204479392

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479393

Credit

Loan Package Documentation

Application / Processing

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Reviewer Comment (2018-10-01): Received BPO Exterior dated 0(REDACTED)

Reviewer Comment (2018-09-17): Unable to clear - moved to buyer queue for investor consideration as the investor must advise if a Post Disaster Inspection is required to clear this exception provided it reflects that there is no evidence of damage.

Seller Comment (2018-09-13): The property was not under disaster declaration until months after funding of the loan.

10/01/2018

Investment

Refinance - Cash-out - Other

204479393

Credit

Miscellaneous

Credit Exception:

Lender exception allows grandfathered use of (REDACTED) guidelines based on overwhelming demand of portfolio loan product causing extended processing time.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-13): Waived to grade 2 per lender. Credit score is well over the minimum requirement.

Seller Comment (2018-09-13): Due to the processing time being the fault of (REDACTED) and portfolio loans, this loan was allowed to be underwritten under the (REDACTED) guidelines. It dd close (REDACTED) within the approval period allowed. Due to the compensating factors, this loan should be moved to a Grade 2.

09/13/2018

Investment

Refinance - Cash-out - Other

204479393

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479394

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Cash-out - Other

204479394

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Cash-out - Other

204479394

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-13): Included in trailing documents

Seller Comment (2018-09-13): See uploaded Fraudguard report which includes OFAC.

09/13/2018

Investment

Refinance - Cash-out - Other

204479394

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Cash-out - Other

204479394

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

Reviewer Comment (2018-09-14): Included in trailing documents

Reviewer Comment (2018-09-13): Unable to clear - still need loan approval (the trailing document is the LLC approval which is not needed).

09/14/2018

Investment

Refinance - Cash-out - Other

204479394

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479395

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Rate/Term

204479395

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Rate/Term

204479395

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Rate/Term

204479395

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-13): Included in trailing documents

Seller Comment (2018-09-13): See the Fruadguard uploaded which includes the OFAC search.

09/13/2018

Investment

Refinance - Rate/Term

204479395

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

Reviewer Comment (2018-09-14): Included in trailing documents

Reviewer Comment (2018-09-13): Unable to clear - the loan approval is still missing (the trailing document is the entity approval but that is not needed).

09/14/2018

Investment

Refinance - Rate/Term

204479395

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Rate/Term

204479396

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-13): Included in trailing docs

09/13/2018

Investment

Refinance - Cash-out - Other

204479396

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-14): Cleared

Seller Comment (2018-09-14): This still shows as not cleared assigned to seller.

Reviewer Comment (2018-09-13): Cleared

Seller Comment (2018-09-13): See uploaded Fraudguard report which included OFAC.

Reviewer Comment (2018-09-13): Included in trailing docs

09/13/2018

Investment

Refinance - Cash-out - Other

204479396

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Cash-out - Other

204479396

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

Reviewer Comment (2018-09-14): Included in trailing documents

Reviewer Comment (2018-09-14): Underwriting approval is needed

Seller Comment (2018-09-14): Are you wanting the underwriting approval. I am not sure exactly what document you need.

Reviewer Comment (2018-09-13): The loan approval is still missing. The trailing document is the entity approval which is not needed.

Seller Comment (2018-09-13): See Corporate Documents uploaded. Approval is front page.

09/14/2018

Investment

Refinance - Cash-out - Other

204479396

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-13): Included in trailing docs

09/13/2018

Investment

Refinance - Cash-out - Other

204479396

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-13): Included in trailing documents

09/13/2018

Investment

Refinance - Cash-out - Other

204479396

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479398

Credit

Miscellaneous

Credit Exception:

Per the lender exception approval in file the subject loan was grandfathered into qualification under (REDACTED) guidelines.

Credit Score 782

Reviewer Comment (2018-10-02): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-28): Compensating factors are credit of 782 and DSCR of 1.6

Reviewer Comment (2018-09-14): Referred to buyer for consideration.

Seller Comment (2018-09-14): Due to the borrower being offshore, the loan was approved to be grandfathered in as long as it closed by (REDACTED) and it closed (REDACTED).

10/02/2018

Investment

Refinance - Cash-out - Other

204479398

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479399

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-14): Included in trailing documents

09/14/2018

Investment

Refinance - Cash-out - Other

204479399

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-09-14): Included in trailing documents

09/14/2018

Investment

Refinance - Cash-out - Other

204479399

Credit

Loan Package Documentation

Application / Processing

Missing Document: Corporate Resolution not provided

Missing Incumbency Certificate and Authorization, including list of members and ownership percentages.

Reviewer Comment (2018-09-14): Included in trailing documents

09/14/2018

Investment

Refinance - Cash-out - Other

204479399

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-14): Included in trailing documents

09/14/2018

Investment

Refinance - Cash-out - Other

204479399

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-14): Included in trailing documents

09/14/2018

Investment

Refinance - Cash-out - Other

204479399

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-14): Included in trailing documents

09/14/2018

Investment

Refinance - Cash-out - Other

204479399

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-14): Included in trailing documents

Seller Comment (2018-09-14): Included on the uploaded Fraudguard report

09/14/2018

Investment

Refinance - Cash-out - Other

204479399

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

Reviewer Comment (2018-09-14): Included in trailing documents

09/14/2018

Investment

Refinance - Cash-out - Other

204479399

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479400

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-19): Included in trailing documents

Seller Comment (2018-09-19): Correct assets uploaded.

Reviewer Comment (2018-09-18): Unable to clear as the account holder on the trailing statements is not the borrower/ guarantor. Please provide evidence that the guarantor owns the account holding entity.

09/19/2018

Investment

Refinance - Cash-out - Other

204479400

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-18): Included in trailing documents

09/18/2018

Investment

Refinance - Cash-out - Other

204479400

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-19): Included in trailing documents

Reviewer Comment (2018-09-18): Unable to clear - Trailing documents do not included a Fraud Report but rather 2 copies of the credit report.

09/19/2018

Investment

Refinance - Cash-out - Other

204479400

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-19): Included in trailing documents

Seller Comment (2018-09-19): Uploaded correct Fraudguard report

Reviewer Comment (2018-09-18): Unable to clear - Trailing documents do not included a Fraud Report but rather 2 copies of the credit report.

Seller Comment (2018-09-17): See uploaded Fraudguard report which includes OFAC

09/19/2018

Investment

Refinance - Cash-out - Other

204479400

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

Reviewer Comment (2018-09-18): Included in trailing documents

09/18/2018

Investment

Refinance - Cash-out - Other

204479400

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479401

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Rate/Term

204479401

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-18): Included in trailing docs

Seller Comment (2018-09-17): See attached Fraudguard report which includes OFAC.

09/18/2018

Investment

Refinance - Rate/Term

204479401

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

Missing the loan approval

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Rate/Term

204479401

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Rate/Term

204479401

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Rate/Term

204479401

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

Guidelines require 3 months PITIA reserves $4,215.03 for partially leased property but the rental income does not support PITIA and verified reserves are $0.00. Required asset statements are not in the loan file.

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Rate/Term

204479401

Credit

Miscellaneous

Credit Exception:

Missing lease agreement. One of the two units is tenant occupied according to the appraisal.

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Rate/Term

204479401

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Rate/Term

204479402

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-17): Included in trailing docs

09/17/2018

Investment

Refinance - Cash-out - Other

204479402

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-17): Included in trailing docs

09/17/2018

Investment

Refinance - Cash-out - Other

204479402

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-17): Included in trailing docs

Seller Comment (2018-09-17): See attached Fraudguard report which includes the OFAC.

09/17/2018

Investment

Refinance - Cash-out - Other

204479402

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-17): Included in trailing docs

09/17/2018

Investment

Refinance - Cash-out - Other

204479402

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

The loan approval is missing.

Reviewer Comment (2018-09-17): Included in trailing docs

09/17/2018

Investment

Refinance - Cash-out - Other

204479402

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479404

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Cash-out - Other

204479404

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Cash-out - Other

204479404

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-18): Included in trailing docs

Seller Comment (2018-09-17): See attached Fraudguard which includes OFAC.

09/18/2018

Investment

Refinance - Cash-out - Other

204479404

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Reviewer Comment (2018-10-02): short form in file

10/02/2018

Investment

Refinance - Cash-out - Other

204479404

Credit

Guideline

Guideline Issue

Aged document: Primary Valuation is older than guidelines permit

Valuation Type: Appraisal / Valuation Report Date: (REDACTED) ___

Reviewer Comment (2018-09-18): Set in error - Appraisal is within 90 days of the note date

Seller Comment (2018-09-17): Effective date of appraisal is (REDACTED) which is 84 days old on the day of closing (REDACTED). This is within Guidelines which require the appraisal not to be older than 90 days at closing.

09/18/2018

Investment

Refinance - Cash-out - Other

204479404

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-20): Lease is included in trailing documents which confirms that only 1 month PITIA is required in reserve and the trailing asset docs do support this amount.

Reviewer Comment (2018-09-18): Unable to clear - the ending balance on the most recent trailing asset statement is $1429.64. This is not sufficient to meet 3 month reserve requirement. If the subject was leased please provide the lease (only 1 month in reserves will then be required if leased and this will have been met).

09/20/2018

Investment

Refinance - Cash-out - Other

204479404

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

Missing the loan approval - unable to determine the difference in the calculated DSCR, etc.

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Cash-out - Other

204479404

Credit

Miscellaneous

Credit Exception:

ADDED(REDACTED) upon review of the trailing credit report: There are multiple federal tax liens that are not released and it appears that only the one with (REDACTED) was paid on the HUD. No evidence is apparent in file to confirm that the 4 with (REDACTED) were paid/ released.

Reviewer Comment (2018-09-28): Received Short Form Residential Loan Policy

Reviewer Comment (2018-09-21): Unable to clear as we are unable to confirm that the tax liens have an effect on title. Final Title is not evident in file.

Seller Comment (2018-09-21): Guidelines only required liens affecting title to be paid. At that point we only required liens on Title, not credit, to be paid at close.

Reviewer Comment (2018-09-20): Unable to clear as evidence of all tax lien releases are still not evident. Also, compensating factors not provided with regard to waiver.

09/28/2018

Investment

Refinance - Cash-out - Other

204479404

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479407

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-20): Included in trailing documents

09/20/2018

Investment

Purchase

204479407

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-20): Included in trailing documents

Seller Comment (2018-09-19): See uploaded Fraudguard which includes OFAC.

09/20/2018

Investment

Purchase

204479407

Credit

Assets

Asset Calculation / Analysis

Available for Closing is insufficient to cover Cash From Borrower.

Missing asset documents for verification of funds to close and EMD.

Reviewer Comment (2018-09-20): Included in trailing documents

09/20/2018

Investment

Purchase

204479407

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-20): Included in trailing documents

09/20/2018

Investment

Purchase

204479407

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

Missing asset documents for verification of reserves.

Reviewer Comment (2018-09-20): Included in trailing documents

Seller Comment (2018-09-19): See uploaded assets.

09/20/2018

Investment

Purchase

204479407

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

The underwriting approval is missing.

Reviewer Comment (2018-09-20): Included in trailing documents

09/20/2018

Investment

Purchase

204479407

Credit

Miscellaneous

Credit Exception:

The lease agreement is missing and is needed to confirm the DSCR.

Reviewer Comment (2018-09-20): Trailing docs confirms that the subject was being vacated prior to close

Seller Comment (2018-09-19): Lease is ending by the time of loan closing. DSCR was calculated with Market Rent of 900 and not the lease ending of $(REDACTED).

09/20/2018

Investment

Purchase

204479407

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Purchase

204479408

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-20): Included in trailing docs

09/20/2018

Investment

Refinance - Cash-out - Other

204479408

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-20): Included in trailing docs

09/20/2018

Investment

Refinance - Cash-out - Other

204479408

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-20): Included in trailing docs

09/20/2018

Investment

Refinance - Cash-out - Other

204479408

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-20): Included in trailing docs

Seller Comment (2018-09-19): See Fraudguard which includes OFAC.

09/20/2018

Investment

Refinance - Cash-out - Other

204479408

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-09-20): Included in trailing docs

09/20/2018

Investment

Refinance - Cash-out - Other

204479408

Credit

Investment Product

General

REO property does not have a lease in place and required by guidelines.

Address: (REDACTED)

The appraisal Form 1007 and page 1 of the appraisal reflect that the property was leased at origination. The lease is missing from the file and is needed to confirm the DSCR.

Reviewer Comment (2018-09-20): Included in trailing docs

09/20/2018

Investment

Refinance - Cash-out - Other

204479408

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

The underwriting approval is missing.

Reviewer Comment (2018-09-20): Included in trailing docs

09/20/2018

Investment

Refinance - Cash-out - Other

204479408

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479411

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-24): Credit report and tax lien release included in trailing documents.

Reviewer Comment (2018-09-21): Unable to clear - there is a large tax lien on the credit report and there is not evidence that it has been paid/ released. Please note that the final title policy is not evident in file to confirm that this large tax lien had no affect on title.

09/24/2018

Investment

Refinance - Cash-out - Other

204479411

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479411

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-21): Included in trailing documents

Seller Comment (2018-09-19): See uploaded Fraudguard which includes OFAC.

09/21/2018

Investment

Refinance - Cash-out - Other

204479411

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479411

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

The underwriting approval is missing.

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479411

Credit

Miscellaneous

Credit Exception:

The appraisal Form 1007 confirms that the subject property was leased at the time of origination. The lease is missing from the file and is needed to confirm the DSCR.

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479411

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479412

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479412

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479412

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479412

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-21): Included in trailing documents

Seller Comment (2018-09-19): See uploaded Fraudguard which includes OFAC.

09/21/2018

Investment

Refinance - Cash-out - Other

204479412

Credit

Investment Product

General

REO property does not have a lease in place and required by guidelines.

Address: (REDACTED)

Missing lease agreement. Subject is a cashout refinance and the appraisal indicates subject property is tenant occupied.

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479412

Credit

Assets

Asset Documentation

Insufficient funds for Reserves. Guidelines require

___, and verified reserves are ___.

Missing asset documents for verification of reserves. Guidelines require 1 months PITIA reserves for lease property. The lease agreement however is not in the file.

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479412

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

The underwriting approval is missing.

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479412

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479413

Credit

Loan Package Documentation

Application / Processing

Missing Document: Articles of Organization/Formation not provided

Reviewer Comment (2018-09-21): Included in trailing documents (name of entity on formation doc is the prior entity name per the info on the cert of good standing).

09/21/2018

Investment

Refinance - Cash-out - Other

204479413

Credit

Assets

Asset Documentation

Missing Document: Asset Documentation not provided

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479413

Credit

Loan Package Documentation

Application / Processing

Missing Document: Certificate of Good Standing not provided

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479413

Credit

Credit Documentation

Missing Document: Credit Report not provided

Reviewer Comment (2018-09-21): included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479413

Credit

Loan Package Documentation

Application / Processing

Missing Document: Fraud Report not provided

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479413

Credit

Credit Documentation

Missing Document: OFAC not provided

Reviewer Comment (2018-09-21): Included in trailing documents

Seller Comment (2018-09-19): See uploaded Fraudguard which includes OFAC.

09/21/2018

Investment

Refinance - Cash-out - Other

204479413

Credit

Loan Package Documentation

Application / Processing

Missing Document: Approval not provided

The underwriting approval is missing.

Reviewer Comment (2018-09-21): Included in trailing documents

09/21/2018

Investment

Refinance - Cash-out - Other

204479413

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204479416

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204479531

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Purchase

204482364

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204482366

Credit

Missing Document

Appraisal Documentation

The appraisal is missing from file and required by guidelines.

A second appraisal is required per guidelines for properties worth more than $(REDACTED). A second appraisal is not in file. The lender approved an exception to waive this requirement. A compensating factor is evident (very low LTV).

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-09-06): The lender approved an exception to waive this requirement. A compensating factor is evident (very low LTV).

09/06/2018

Investment

Refinance - Cash-out - Other

204482367

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204482368

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204490532

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204490534

Credit

Guideline

Guideline Issue

Aged document: Primary Valuation is older than guidelines permit

Valuation Type: Appraisal / Valuation Report Date: (REDACTED) ___

Reviewer Comment (2018-09-17): Appraisal update included in trailing docs.

09/17/2018

Investment

Refinance - Cash-out - Other

204490602

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Guideline Requirement: Loan to value discrepancy.

Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-24): Per originator - Loan had custom approval due to good customer, borrower credit of 706, and DSCR of 1.296.

Seller Comment (2018-09-21): Loan had custom approval due to good customer, borrower credit of 706, and DSCR of 1.296.

09/24/2018

Investment

Refinance - Cash-out - Other

204490602

Credit

Guideline

Guideline Issue

Ineligible property type.

___

A lender exception approval is apparent in file to allow for less than 750 square feet with regard to the second unit.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-25): Per originator - Compensating factors is the borrower is an excellent past borrower as stated in ER approval, credit of 706, DSCR of 1.296.

Seller Comment (2018-09-24): Compensating factors is the borrower is an excellent past borrower as stated in ER approval, credit of 706, DSCR of 1.296.

Reviewer Comment (2018-09-17): Moved to buyer queue to confirm if waiver of this exception is appropriate. Furthermore if grade 2 is appropriate please provide the acceptable compensating factors (FICO, excessive reserves, low LTV, for example).

Seller Comment (2018-09-17): Due to compensating factors, the propety square footage was approved. A definite Guideline Exception but should be a Grade 2.

09/25/2018

Investment

Refinance - Cash-out - Other

204490602

Credit

Miscellaneous

Credit Exception:

ADDED (REDACTED) as a result of the trailing document: DSCR does not meet minimum of 1.4.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-24): Per originator - Loan had custom approval due to good customer, borrower credit of 706.

09/24/2018

Investment

Refinance - Cash-out - Other

204490602

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204490603

Credit

Miscellaneous

Credit Exception:

The prepayment penalty of 12 months on the note does not meet the guideline minimum prepayment penalty of 36 months. A lender exception approval is in file however compensating factors were not identified.

3.4 > 3 months minimum Reserves

Credit Score 693

Reviewer Comment (2018-09-28): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): See compensating factors.

09/28/2018

Investment

Refinance - Rate/Term

204490603

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Guideline Requirement: Loan to value discrepancy.

Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___.

The subject LTV of 75% exceeds the max allowed of 65%. A lender exception approval is in file, however compensating factors are not identified.

3.4 > 3 months minimum Reserves

Credit Score 693

Reviewer Comment (2018-09-28): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): See compensating factors.

09/28/2018

Investment

Refinance - Rate/Term

204490603

Credit

Miscellaneous

Credit Exception:

The subject DSCR of 1.10 does not meet the minimum required of 1.4 on a 2-unit property.

3.4 > 3 months minimum Reserves

Credit Score 693

Reviewer Comment (2018-09-28): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): Compensating factors are credit of 693, DSCR 1.101, cash reserves of $55,595 when reserves required are $15,793, and borrower is experienced investor with 5-6 properties each worth over $500K,

09/28/2018

Investment

Refinance - Rate/Term

204490603

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Rate/Term

204490605

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Rate/Term

204490608

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-17): Included in trailing docs

09/17/2018

Investment

Refinance - Cash-out - Other

204490608

Credit

Fix and Flip

General

FICO score is less than required by guidelines. Investor requirements for minimum FICO score have not been met.

Lender exception approval allows for FICO 557 which is < minimum 650 FICO required per guidelines.

Guideline variance approved by lender at time of origination.

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-09-27): Per originator - Compensating factors are low LTV of 60%, location of property is good, and financial capacity of borrower. Borrower has $172,461 in reserves when required reserves are $30,791.

Seller Comment (2018-09-25): Compensating factors are low LTV of 60%, location of property is good, and financial capacity of borrower. Borrower has $172,461 in reserves when required reserves are $30,791.

Reviewer Comment (2018-09-17): Unable to clear - unable to confirm that LTR Flex allows for this FICO (5/2017 guidelines do not appear to refer to the minimum FICO for LTR Flex).

Seller Comment (2018-09-17): Definite Guideline Exception and there are no compensating factors. The reason loan was moved to the LTRFlex program.

09/27/2018

Investment

Refinance - Cash-out - Other

204490608

Credit

Miscellaneous

Credit Exception:

Lender exception allows for 0.837 DSCR is < minimum 1.0 DSCR required per guidelines.

Reviewer Comment (2018-09-17): Set in error - per the applicable guidelines, lender rebuttal, and management review/ approval in file the minimum DSCR is determined by management (no minimum). Guidelines were met.

Seller Comment (2018-09-17): This is a LTR Custom loan and the Guidelines state the DSCR is whatever management decides to allow. LTRFlex Custom:DSCR as quoted by management

09/17/2018

Investment

Refinance - Cash-out - Other

204490608

Credit

Miscellaneous

Credit Exception:

Lender exception approval allows for AVM to be waived. WLV below 80% of lending value.

Guideline variance approved by lender at time of origination.

Guideline variance approved by lender at time of origination.

09/27/2018

Investment

Refinance - Cash-out - Other

204490608

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204490609

Credit

Credit Calculation / Analysis

Guideline Requirement: Representative FICO score discrepancy.

Representative FICO score of ___ is less than Guideline representative FICO score of ___.

Guideline variance approved by lender at time of origination.

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-09-27): Per originator - Compensating factors are low LTV of 60%, location of property is good, financial capacity of borrower. Borrower has $172,461 in reserves when required reserves are $30,791.

Seller Comment (2018-09-25): Compensating factors are low LTV of 60%, location of property is good, financial capacity of borrower. Borrower has $172,461 in reserves when required reserves are $30,791.

09/27/2018

Investment

Refinance - Cash-out - Other

204490609

Credit

Miscellaneous

Credit Exception:

The DSCR of .78 does not meet the LTRFlex minimum of 1.1.

Guideline variance approved by lender at time of origination.

Guideline variance approved by lender at time of origination.

09/27/2018

Investment

Refinance - Cash-out - Other

204490609

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204490609

Credit

Miscellaneous

Credit Exception:

Lender exception approval allows for AVM to be waived. LTV below 80% of lending value

Guideline variance approved by lender at time of origination.

Guideline variance approved by lender at time of origination.

Reviewer Comment (2018-11-12): Lender exception in file

11/12/2018

Investment

Refinance - Cash-out - Other

204490610

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Lender exception in file for loan amount of $(REDACTED) < minimum loan amount of $(REDACTED).

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-27): Per originator - Great borrower history with (REDACTED) (10 loans at minimum), credit score of 748, and DSCR of 1.810.

Seller Comment (2018-09-25): Great borrower history with (REDACTED) (10 loans at minimum), credit score of 748, and DSCR of 1.810.

09/27/2018

Investment

Refinance - Cash-out - Other

204490610

Credit

Guideline

Guideline Issue

Ineligible property type.

___

Square footage is less than 750 square feet which is a guideline violation.

Guideline variance approved by lender at time of origination

09/27/2018

Investment

Refinance - Cash-out - Other

204490610

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204490612

Credit

Miscellaneous

Credit Exception:

The property value is below the minimum requirement of $(REDACTED). A lender exception approval is in file. No compensating factors were provided by the investor or lender to this point.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-18): Per lender - Compensating factors are the high median credit score of 794 and the high DSCR of 1.965.

Seller Comment (2018-09-17): Compensating factors are the high median credit score of 794 and the high DSCR of 1.965.

09/18/2018

Investment

Purchase

204490613

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

204490614

Credit

Assets

Asset Documentation

Guideline Issue:Insufficient asset documentation.

With regard to the assets used for reserves, the asset statement reflects an account holder that is other than the borrower. An operating agreement for this account holding entity is needed to confirm that the borrower on the subject loan is the owner of said entity.

Reviewer Comment (2018-09-18): Included in trailing docs

09/18/2018

Investment

Refinance - Cash-out - Other

204490614

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Reviewer Comment (2018-11-12): No secondary value

11/12/2018

Investment

Refinance - Cash-out - Other

204490628

Credit

Loan Package Documentation

Application / Processing

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Most Recent Valuation Inspection Date: ___
Disaster End Date: ___
Disaster Name: ___
Disaster Declaration Date: ___

Reviewer Comment (2018-10-01): Report dated (REDACTED)

Reviewer Comment (2018-09-18): Unable to clear - moved to buyer queue for investor consideration. AMC is unable to clear the exception without a Post Disaster Inspection confirming that there was no damage as a result of the disaster.

Seller Comment (2018-09-17): The property was not under disaster declaration until months after funding.

10/01/2018

Investment

Refinance - Cash-out - Other

204490628

Credit

Guideline

Guideline Issue

Ineligible property type.

___

Square footage is less than the minimum requirement of 750 square feet. A lender exception approval is apparent in file with compensating factors: Credit and experience

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-14): Square footage is less than the minimum requirement of 750 square feet. A lender exception approval is apparent in file with compensating factors: Credit and experience

09/14/2018

Investment

Refinance - Cash-out - Other

204490628

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204490629

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Guideline Requirement: Loan to value discrepancy.

Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___.

File contains signed Lender Exception for LTV of 70% exceeding max of 65%.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-27): Per originator - Compensating factors are credit score of 748 and high DSCR of 2.745.

Seller Comment (2018-09-25): Compensating factors are credit score of 748 and high DSCR of 2.745.

09/27/2018

Investment

Refinance - Cash-out - Other

204490629

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Lender exception in file for loan amount of $(REDACTED) below minimum requirement of $(REDACTED)

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-27): Per originator - Compensating factors are credit score of 748 and high DSCR of 2.745.

Seller Comment (2018-09-25): See compensating factors.

09/27/2018

Investment

Refinance - Cash-out - Other

204490629

Credit

Miscellaneous

Credit Exception:

Lender exception approval in file allowed qualification under the(REDACTED) guidelines (grandfathered into (REDACTED) guidelines).

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-27): Per originator - Compensating factors are credit score of 748 and high DSCR of 2.745.

Seller Comment (2018-09-25): See compensating factors.

09/27/2018

Investment

Refinance - Cash-out - Other

204490629

Property

Property - Appraisal

Appraisal Reconciliation

Missing secondary valuation product required for securitization.

Investment

Refinance - Cash-out - Other

204490633

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-09-27): Per originator - Compensating factors are credit score of 721, DSCR of 1.854, and borrower has 7 properties with 6 being investment properties and are free and clear.

Seller Comment (2018-09-25): Compensating factors are credit score of 721, DSCR of 1.854, and borrower has 7 properties with 6 being investment properties and are free and clear.

09/27/2018

Investment

Refinance - Cash-out - Other

204490633

Credit

Miscellaneous

Credit Exception:

The guideline minimum property value of $(REDACTED) was not met.

Guideline variance approved by lender at time of origination

09/27/2018

Investment

Refinance - Cash-out - Other

204490633

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

204490635

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-27): Received

09/27/2018

Investment

Refinance - Cash-out - Other

204490635

Credit

Miscellaneous

Credit Exception:

Lender exception approval allows for use of (REDACTED) guidelines while the appraisal was paid for in (REDACTED)

Credit Score 746

Reviewer Comment (2018-09-27): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): Compensating factors are borrowers experience with (REDACTED) who has financed 3 propterties with (REDACTED) and paid off two, credit of 746, and excellent DSCR of 2.041.

09/27/2018

Investment

Refinance - Cash-out - Other

204490635

Credit

Guideline

Guideline Issue

Ineligible property type.

___

Lender exception approval allows for subject's (REDACTED) sqft which is less than minimum 750 permitted per guidelines.

Credit Score 746

Reviewer Comment (2018-09-27): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): See compensating factors.

09/27/2018

Investment

Refinance - Cash-out - Other

204490635

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204490636

Credit

Loan Package Documentation

Application / Processing

Missing Document: Mortgage Loan Payoff Statement not provided

Reviewer Comment (2018-09-24): Included in trailing documents

09/24/2018

Investment

Refinance - Cash-out - Other

204490636

Credit

Miscellaneous

Credit Exception:

Lender exception approval allows for use of (REDACTED) guidelines while the appraisal was paid for in (REDACTED)

Credit Score 746

Reviewer Comment (2018-09-27): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): Compensating factors are borrowers experience with (REDACTED) who has financed 3 properties with (REDACTED) and paid off two, credit of 746 and DSCR of 1.924.

09/27/2018

Investment

Refinance - Cash-out - Other

204490636

Credit

Guideline

Guideline Issue

Ineligible property type.

___

Lender exception approval allows for subject's (REDACTED) sqft which is less than minimum 750 permitted per guidelines.

Credit Score 746

Reviewer Comment (2018-09-27): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): See ER approval and compensating factors.

09/27/2018

Investment

Refinance - Cash-out - Other

204490636

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Cash-out - Other

204490639

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Lender exception in file for loan amount less than minimum requirement of $(REDACTED)

Credit Score 707

65% LTV

Reviewer Comment (2018-09-26): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): Compensating factors are credit of 707, DSCR of 1.415 and LTV of 65% when qualified for 75%

09/26/2018

Investment

Refinance - Cash-out - Other

204490641

Credit

Guideline

Guideline Issue

Ineligible property type.

___

The second rental unit is less than the minimum of 750 sq feet per guidelines.

Credit score 781

Reviewer Comment (2018-09-26): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): Compensating factors are great credit 781, DSCR of 1.23, and experienced investor.

09/26/2018

Investment

Purchase

204490646

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Guideline Requirement: Loan to value discrepancy.

Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___.

Max LTV per seasoning requirements appears to be 65% (UW approval page 2 confirms this).

Credit Score 702

Reviewer Comment (2018-09-26): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): Compensating factors are credit of 702, DSCR of 1.823 and low loan amount.

09/26/2018

Investment

Refinance - Cash-out - Other

204490646

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Credit Score 702

Reviewer Comment (2018-09-26): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-25): See also compensating factors.

09/26/2018

Investment

Refinance - Cash-out - Other

204490654

Credit

Guideline

Guideline Issue

Ineligible property type.

___

Square footage less than minimum required.

Credit Score 726

30 months Reserves

Reviewer Comment (2018-09-28): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-26): Compensating factors are credit of 726, DSCR of 1.2, LTV of 63%, cash reserves of $56,108 over required reserves of $15,336, good cash flow, and experienced investor.

09/28/2018

Investment

Refinance - Rate/Term

204490654

Property

Property - Appraisal

Appraisal Reconciliation

Value variance greater than 10% between origination appraisal and subsequent product

Investment

Refinance - Rate/Term

204490655

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Credit Score 801

20 months Reserves

Reviewer Comment (2018-10-01): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-27): Compensating factors are high credit of 801, great DSCR of 1.77,cash reservies of $12,000 with required reserves of $3725

10/01/2018

Investment

Refinance - Cash-out - Other

204490656

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Note loan amount of $(REDACTED) is less than Guideline minimum loan amount of $(REDACTED)

Credit Score 737

Reviewer Comment (2018-10-01): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-26): Compensating factors credit of 737, DSCR of 1.957, cash reserves of $48,909 with required reserves of $7,034, excellent cash flow, and experienced investor.

10/01/2018

Investment

Refinance - Cash-out - Other

204490656

Credit

Miscellaneous

Credit Exception:

The subject property value of $(REDACTED) is less than the guideline minimum of $(REDACTED). Compensating factors not provided.

Credit Score 737

Reviewer Comment (2018-10-01): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-26): See compensating factors.

10/01/2018

Investment

Refinance - Cash-out - Other

204490657

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204490659

Credit

Guideline

Guideline Issue

Aged document: Primary Valuation is older than guidelines permit

Valuation Type: Appraisal / Valuation Report Date: (REDACTED) ___

Appraisal must be within 90 days of note date

Reviewer Comment (2018-10-01): Appraisal effective (REDACTED). Note date (REDACTED). Exactly 90 days.

Seller Comment (2018-09-26): Note date is (REDACTED) and effective date of appraisal is (REDACTED) which is 89 days so withing guidelines.

10/01/2018

Investment

Refinance - Rate/Term

204490659

Credit

Guideline

Guideline Issue

Ineligible property type.

___

Subject GLA of (REDACTED) sq ft does not meet guideline minimum of 750 sq ft. Acceptable compensating factors have not been provided.

Credit Score 701

336 months reserves

Reviewer Comment (2018-10-01): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-26): Compensating factors are credit of 701, DSCR of 1.244, cash reserves of $187,380 with required reserves of $37,798.

10/01/2018

Investment

Refinance - Rate/Term

204490660

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Lender exception approval - page 135/ id (REDACTED) for loan amount $(REDACTED) less than minimum amount of $(REDACTED)

Credit Score 680

Reviewer Comment (2018-10-01): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-26): Compensating factors are credit of 680, DSCR of 1.66, LTV 64.5%, and past borrower experience with (REDACTED).

10/01/2018

Investment

Refinance - Cash-out - Other

204490660

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204490661

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204490662

Credit

Miscellaneous

Credit Exception:

The loan file contained a Lender Exception for a non-warrantable condominium to approve the amount of the fidelity bond of $(REDACTED) however, no compensating factors were provided. In addition, the loan file contained a Lender Exception to utilize the next months' guidelines; however, no compensating factors were provided.

16 months Reserves

Reviewer Comment (2018-10-01): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-26): Compensating factors are credit of 746, DSCR of 1.351, cash reserves fo $38,117 with required reserves of $17,252, and great property location.

10/01/2018

Investment

Refinance - Rate/Term

204490662

Credit

Miscellaneous

Credit Exception:

The loan file contained a Lender Exception to utilize the next months' guidelines; however, no compensating factors were provided.

16 months Reserves

Reviewer Comment (2018-10-01): Waived with comp factors based on originator provided comp factors

Seller Comment (2018-09-26): See compensating factors.

10/01/2018

Investment

Refinance - Rate/Term

204490662

Credit

Guideline

Guideline Issue

Ineligible property type.

___

Subject property consists of (REDACTED) square feet of living area which is below the minimum of 750.

Guideline variance approved by lender at time of origination

Reviewer Comment (2018-10-03): Per originator - Compensating factors are credit of 746, DSCR of 1.351, cash reserves fo $38,117 with required reserves of $17,252, and great property location.

Seller Comment (2018-10-02): Approval states is less than 750 sf then approved for LTR Flex

Reviewer Comment (2018-10-01): Lender exception for square footage not found in file

Seller Comment (2018-09-26): See compensating factors.

10/03/2018

Investment

Refinance - Rate/Term

204497023

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204497024

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204498615

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204498617

Credit

Fix and Flip

General

Missing Document: Spousal Consent not provided.

(REDACTED)

Reviewer Comment (2018-09-18): Set in error - Incumbency Cert confirms the guarantors are married to each other (both signed a PG so GL met).

Seller Comment (2018-09-17): The incumbency certificate I attached states they are spouses and are signed by both guarantors.

Reviewer Comment (2018-09-17): Regarding the lender commentary is there something in file that would confirm that the two individuals in question are married? If not this exception will be moved to the buyer queue for investor consideration.

Seller Comment (2018-09-17): The guarantors are actually husband and wife. Mrs. (REDACTED) has not yet legally changed her name to (REDACTED).

09/18/2018

Investment

Refinance - Rate/Term

204500783

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204500785

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

204500786

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Reviewer Comment (2018-09-17): Trailing document confirms rent loss coverage

09/17/2018

Investment

Purchase

204503713

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204511965

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204511970

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204511972

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204511974

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204547193

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204547195

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204630393

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204630394

Credit

Miscellaneous

Credit Exception:

Unable to determine the lender tax expense calculation as it relates to the DSCR as the tax cert in file is only reflective of a vacant parcel.

Reviewer Comment (2018-10-01): tax calculation close to appraisers real estate tax estimate

Seller Comment (2018-09-27): Tax Calculation:
County M&O: (REDACTED) * (REDACTED) ((REDACTED)) = (REDACTED)
School M&O: (REDACTED) * (REDACTED) ((REDACTED)) = (REDACTED)
Total: (REDACTED)

The tax cert shows multiple exemptions, so we based taxes without them.

10/01/2018

Investment

Refinance - Cash-out - Other

204630825

Credit

Insurance

Insurance Analysis

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

The coverage matches the loan amount, however 100% replacement cost coverage is not evident. This appears to be a guideline violation as the guidelines indicate that in no event shall the coverage be less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis.

Credit Score 751

Reviewer Comment (2018-10-01): Waived with comp factors based on originator provided comp factors

10/01/2018

Investment

Refinance - Cash-out - Other

204630825

Credit

Miscellaneous

Credit Exception:

The appraisal reflects a condition of C4/ C5 with deferred maintenance which represents a guideline violation. A lender exception approval along with compensating factors is not evident.

Credit Score 751

Reviewer Comment (2018-11-12): Client waived

11/12/2018

Investment

Refinance - Cash-out - Other

204630826

Credit

Insurance

Insurance Documentation

Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.

Reviewer Comment (2018-09-28): Insurance covers up to 10% of coverage for rent loss ($15,000)

Seller Comment (2018-09-26): Broad form insurance shown on insurance policy covers rental loss per page 2 of the insurance broad form coverage descriptions.

09/28/2018

Investment

Refinance - Cash-out - Other

204630826

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204662459

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204662461

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204662462

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204662463

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204682485

Credit

Loan Package Documentation

Application / Processing

Missing Document: Tax Certificate not provided

The tax cert in file does not appear to confirm the annual proposed taxes on the subject property. This is needed to confirm a tax amount of $(REDACTED)/ year which is what was used by the lender in arriving at the final DSCR.

Reviewer Comment (2018-09-28): Received worksheet

Seller Comment (2018-09-27): Take the $(REDACTED) value X tax rate of 1.4572% = (REDACTED). I am attaching calculation.

09/28/2018

Investment

Refinance - Cash-out - Other

204682493

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204682495

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Purchase

204742417

Credit

Fix and Flip

General

Missing Document: Spousal Consent not provided.

Borrower: (REDACTED)

Reviewer Comment (2018-10-01): Received

10/01/2018

Investment

Refinance - Rate/Term

204742417

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204742419

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204767087

Credit

Miscellaneous

Credit Exception:

Evidence of the proposed real estate tax expense is not apparent in file. The tax cert in file reflects that the subject property was exempt. Unable to confirm the DSCR.

Reviewer Comment (2018-10-02): Received tax calculator

10/02/2018

Investment

Refinance - Cash-out - Other

204767087

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204767090

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204767091

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204768121

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204768122

Credit

Insurance

Insurance Analysis

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Replacement cost coverage is not confirmed on the declaration page. Guidelines require coverage that in no event is less than the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis.

Reviewer Comment (2018-10-02): extra replacement cost info provided

Seller Comment (2018-10-02): Replacement cost was added in September 2018

10/02/2018

Investment

Refinance - Cash-out - Other

204768124

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204770024

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204770025

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204779510

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204779513

Credit

Miscellaneous

Credit Exception:

Missing page 4 of 5 of Note.

Reviewer Comment (2018-10-05): Included in trailing documents

10/05/2018

Investment

Refinance - Cash-out - Other

204779513

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204785776

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204785778

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204785779

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Cash-out - Other

204785780

Property

Value Reconciliation

Greater than 10%

The initial supporting valuation product varied by more than 10% for the appraisal. The third product, of better quality, supported the appraised value used for origination.

Investment

Refinance - Rate/Term

204785783

Credit

Loan Package Documentation

Closing / Title

Missing Document: Note - Subject Lien not provided

The 3rd (signature) page is missing.

Reviewer Comment (2018-10-08): Received full copy of signed Note

10/08/2018

Investment

Refinance - Cash-out - Other

EX-99.6 7 e2842ex99-6.htm AMC DATA COMPARE REPORT

Exhibit 99.6

Data Compare (Non-Ignored)

Run Date - 11/13/2018 9:27:22 AM

AMC Loan ID	Customer Loan ID	Seller Loan ID	Investor Loan Number	Field Label	Bid Tape Field Value	Field Value	Compare Status	Comment
201390236				Borrower Full Name			Verified	Per note
201390847				Borrower Full Name			Verified	Per note
201395881				Property Type			Verified	Verified Appraisal on Form 1004.
201395881				# of Units			Verified	Verified 1 unit w/ 1 Accessory Unit per appraisal
202077373				Borrower Last Name			Verified	Verified to note.
202392477				Borrower Last Name			Verified
202392478				Borrower Last Name			Verified	per note
202396516				Borrower Last Name			Verified	Verified per Note
202396517				Borrower Last Name			Verified	Verified per docs in file
202396905				Borrower Last Name			Verified	Verified per Note
202403228				Borrower Last Name			Verified	Verified per Note
202403230				Borrower Last Name			Verified	Verified per Note
202403231				Borrower Last Name			Verified	Verified per Note
202403232				Borrower Last Name			Verified	Verified per Note
202418668				Borrower Last Name			Verified	Verified per Note
202418671				Borrower Last Name			Verified	Verified per Note
202421745				Borrower Last Name			Verified	Verified per Note
202492059				Borrower Last Name			Verified	Borrower's last name verified per Note
202492062				Property Type			Verified	Per appraisal
202494894				Borrower Last Name			Verified	Last name verified per Note
202502678				Borrower Last Name			Verified	Per note
202505661				Borrower Last Name			Verified	Verified per Note
202505661				Property Type			Verified	Per Appraisal
202515712				Borrower Last Name			Verified	Verified per Note
202515713				Borrower Last Name			Verified	Verified per Note
202534148				Debt Service Coverage Ratio			Verified	(REDACTED)
202549429				Property Type			Verified	Verified per Appraisal / Rider
202549430				Borrower Last Name			Verified	Per note
202558379				Borrower Last Name			Verified	Per note
202637073				Borrower Last Name			Verified	Per note

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