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.               3 C   OH Investment Refinance - Cash-out - Other   A C A A A   A C     No
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     1 A   TX Investment Refinance - Cash-out - Other   C C C A     A C     No
201390236           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   TX Investment Refinance - Cash-out - Other   C C C A     A C     No
201390847           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   GA Investment Refinance - Cash-out - Other   A C A A     A C     No
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     1 A   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
201395881           Credit 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 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
201395881           Credit 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 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
201395881           Credit 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 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
201395881           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
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     1 A     Investment Refinance - Cash-out - Other   C C C A     A C     No
201600757           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C     Investment Refinance - Cash-out - Other   C C C A     A C     No
201985125           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-11-09): Secondary valuation provided 11/09/2018     1 A   TX Investment Refinance - Cash-out - Other   A C A A     A C     No
201985125           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   TX Investment Refinance - Cash-out - Other   A C A A     A C     No
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     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
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     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
202077373           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-11-09): Received secondary valuation 11/09/2018     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
202384843           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C     Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   AR Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   NM Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
202396516           Credit 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     1 A   NH Investment Purchase   C A C A     A A     No
202396516           Credit 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     1 A   NH Investment Purchase   C A C A     A A     No
202396516           Credit 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     1 A   NH Investment Purchase   C A C A     A A     No
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     1 A     Investment Refinance - Cash-out - Other   C A C A     C A     No
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     1 A     Investment Refinance - Cash-out - Other   C A C A     C A     No
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.               2 B   NY Investment Purchase   A B A A     A B     No
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     1 A   CT Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   CT Investment Refinance - Cash-out - Other   C B C A     A B     No
202396903           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
202396904           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
202402857           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
202403229           Credit 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     1 A   GA Investment Refinance - Cash-out - Other   C C C A     A C     No
202403229           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   GA Investment Refinance - Cash-out - Other   C C C A     A C     No
202403230           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
202403230           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   NY Investment Refinance - Rate/Term   C A C A     A A     No
202403231           Credit 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     1 A   NY Investment Refinance - Rate/Term   C A C A     A A     No
202403232           Credit 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     1 A   MI Investment Purchase   C A C A     A A     No
202403232           Credit 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     1 A   MI Investment Purchase   C A C A     A A     No
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     1 A   CA Investment Refinance - Cash-out - Other   C A C A     A A     No
202404068           Credit 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     1 A   TX Investment Purchase   C C C A     A C     No
202404068           Credit 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     1 A   TX Investment Purchase   C C C A     A C     No
202404068           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   TX Investment Purchase   C C C A     A C     No
202418668           Credit 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     1 A   UT Investment Refinance - Cash-out - Other   C B C A     A B     No
202418668           Credit 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     1 A   UT Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   UT Investment Refinance - Cash-out - Other   C B C A     A B     No
202418669           Credit 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     1 A   NY Investment Refinance - Rate/Term   C A C A     A A     No
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     1 A   NY Investment Refinance - Rate/Term   C A C A     A A     No
202418669           Compliance 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     1 A   NY Investment Refinance - Rate/Term   C A C A     A A     Yes
202418669           Credit 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     1 A   NY Investment Refinance - Rate/Term   C A C A     A A     No
202418670           Compliance 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     1 A   NY Investment Refinance - Cash-out - Other   A A A A     A A     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     1 A   PA Investment Purchase   C A C A     A A     No
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     1 A   PA Investment Purchase   C A C A     A A     No
202421741           Credit 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     1 A   PA Investment Purchase   C A C A     A A     No
202421741           Credit 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     1 A   PA Investment Purchase   C A C A     A A     No
202421742           Credit 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     1 A   MD Investment Refinance - Cash-out - Other   C A C A     A A     No
202421742           Credit 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     1 A   MD Investment Refinance - Cash-out - Other   C A C A     A A     No
202421745           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   NC Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
202425236           Credit 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 2 B   NY Investment Refinance - Cash-out - Other   C B C B     A A     No
202425237           Credit 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     1 A   NY Investment Purchase   C B C A     A B     No
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.               2 B   NY Investment Purchase   C B C A     A B     No
202425238           Credit 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     1 A   MI Investment Refinance - Cash-out - Other   C A C A     A A     No
202425881           Credit 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     1 A   MI Investment Purchase   C A C A     A A     No
202425881           Credit 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     1 A   MI Investment Purchase   C A C A     A A     No
202425883           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   NJ Investment Refinance - Rate/Term   C A C A     A A     No
202425885           Credit 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     1 A   NY Investment Refinance - Rate/Term   C C C A     A C     No
202425885           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NY Investment Refinance - Rate/Term   C C C A     A C     No
202426592           Credit 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     1 A   FL Investment Purchase   C A C A     A A     No
202426592           Credit 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     1 A   FL Investment Purchase   C A C A     A A     No
202426592           Credit 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     1 A   FL Investment Purchase   C A C A     A A     No
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.               2 B   LA Investment Refinance - Cash-out - Other   A B A A     A B     No
202444750           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   TX Investment Refinance - Rate/Term   A C A A     A C     No
202444751           Credit 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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
202444752           Compliance 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     1 A   MI Investment Purchase   A A A A     A A     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     1 A   MS Investment Refinance - Rate/Term   C A C A     A A     No
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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
202480817           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   FL Investment Refinance - Rate/Term   C A C A     A A     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   OH Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   NY Investment Purchase   C A C A     A A     No
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     1 A   NY Investment Purchase   C A C A     A A     No
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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
202492062           Credit 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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   FL Investment Purchase   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
202494894           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2017-11-01): Received 11/01/2017     1 A   NJ Investment Purchase   D A D A     A A     No
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     1 A   NJ Investment Purchase   D A D A     A A     No
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     1 A   NJ Investment Purchase   D A D A     A A     No
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     1 A   NC Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   NC Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   NC Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   CA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
202505054           Credit 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     1 A   CO Investment Purchase   D A D A     A A     No
202505054           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2017-11-01): received 11/01/2017     1 A   CO Investment Purchase   D A D A     A A     No
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.               2 B   CT Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   CT Investment Refinance - Cash-out - Other   C C C A     A C     No
202505659           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   CT Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   C B C A     A B     No
202505660           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   C B C A     A B     No
202505660           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   CT Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   CT Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   NC Investment Purchase   D A D A     A A     No
202505661           Credit 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     1 A   NC Investment Purchase   D A D A     A A     No
202505663           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
202515710           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NJ Investment Purchase   A C A A     A C     No
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     1 A   FL Investment Purchase   C A C A     A A     No
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     1 A   FL Investment Purchase   C A C A     A A     No
202515711           Credit 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     1 A   FL Investment Purchase   C A C A     A A     No
202515712           Credit 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     1 A   FL Investment Refinance - Cash-out - Other   C C C A     A C     No
202515712           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   FL Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   TN Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   TN Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   TN Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   TX Investment Refinance - Rate/Term   C B C A     A B     No
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     1 A   TX Investment Refinance - Rate/Term   C B C A     A B     No
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     1 A   TX Investment Refinance - Rate/Term   C B C A     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
202515765           Credit 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     1 A   SC Investment Refinance - Cash-out - Other   C C C A     A C     No
202515765           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   SC Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   VA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   VA Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
202516181           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   C C C A     A C     No
202516181           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   CT Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   NJ Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NJ Investment Refinance - Cash-out - Other   D A D A     A A     No
202516183           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NJ Investment Refinance - Cash-out - Other   D A D A     A A     No
202534144           Credit Loan Package Documentation Application / Processing Missing Document: Mortgage Loan Payoff Statement not provided       Reviewer Comment (2017-11-28): Received 11/28/2017     1 A   AR Investment Refinance - Cash-out - Other   C C C A     A C     No
202534144           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   AR Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   NM Investment Purchase   C A C A     A A     No
202534147           Credit 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     1 A   CT Investment Refinance - Rate/Term   C A C A     A A     No
202534147           Credit 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     1 A   CT Investment Refinance - Rate/Term   C A C A     A A     No
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     1 A   NM Investment Purchase   D A D A     A A     No
202549427           Credit 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     1 A   NM Investment Purchase   C A C A     A A     No
202549428           Credit 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): Received letter showing leases will not be assumed by purchaser and can be renewed if tenants agree to increase 11/14/2017     1 A   NM Investment Purchase   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
202549430           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
202579416           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   GA Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
202637072           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NY Investment Refinance - Cash-out - Other   A C A A     A C     No
202637074           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
202638007           Credit 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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
202638009           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   SC Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   AR Investment Refinance - Cash-out - Other   A B A A     A B     No
202642290           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
202642292           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NJ Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A     Investment Refinance - Cash-out - Other   C A A A     C A     No
202646300           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   TX Investment Refinance - Rate/Term   A C A A     A C     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   SC Investment Refinance - Cash-out - Other   C C C A     A C     No
202647867           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   SC Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
202648228           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
202649351           Credit 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     1 A   VA Investment Refinance - Cash-out - Other   C A C A     A A     No
202687055           Credit 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 2 B   TX Investment Purchase   C B C B     A A     No
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.               2 B   NC Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   GA Investment Purchase   C B C B     A A     No
202689790           Credit 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 2 B   GA Investment Purchase   C B C B     A A     No
202689790           Credit 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     1 A   GA Investment Purchase   C B C B     A A     No
202692221           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
202692222           Credit 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.   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     1 A   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
202692223           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
202692224           Credit 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.		 12/29/2017     1 A   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
202692225           Credit 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.   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.		 12/29/2017     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
202693241           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
202693242           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
202695221           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   AL Investment Purchase   C A C A     A A     No
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     1 A   AL Investment Purchase   C A C A     A A     No
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     1 A   AL Investment Purchase   C A C A     A A     No
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     1 A   TX Investment Refinance - Rate/Term   C C C A     A C     No
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     1 A   TX Investment Refinance - Rate/Term   C C C A     A C     No
202700394           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   TX Investment Refinance - Rate/Term   C C C A     A C     No
202700396           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NC Investment Refinance - Cash-out - Other   A C A A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
202702787           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
202702788           Credit 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, entity is owned by same owner


Seller Comment (2017-12-12): Seasoning waived due to same owner.		 12/14/2017     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   TN Investment Purchase   C A C A     A A     No
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     1 A   TN Investment Purchase   C A C A     A A     No
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     1 A   FL Investment Purchase   C A C A     A A     No
202702790           Credit 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     1 A   FL Investment Purchase   C A C A     A A     No
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 2 B   FL Investment Purchase   C B C B     A A     No
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     1 A   WI Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
202705060           Credit 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     1 A   FL Investment Purchase   C A C A     A A     No
202707381           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NY Investment Refinance - Cash-out - Other   A C A A     A C     No
202707382           Credit 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     1 A   TX Investment Refinance - Cash-out - Home Improvement   C C C A     A C     No
202707382           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   TX Investment Refinance - Cash-out - Home Improvement   C C C A     A C     No
202708959           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NJ Investment Refinance - Rate/Term   A C A A     A C     No
202710905           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NY Investment Refinance - Rate/Term   A C A A     A C     No
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     1 A   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A     Investment Refinance - Cash-out - Other   A A A A     A A     No
202725012           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   GA Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
202725019           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   TX Investment Refinance - Rate/Term   C C C B     A C     No
202725187           Credit 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 2 B   TX Investment Refinance - Rate/Term   C C C B     A C     No
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     1 A   TX Investment Refinance - Rate/Term   C C C B     A C     No
202725187           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   TX Investment Refinance - Rate/Term   C C C B     A C     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
202725189           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NJ Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
202759270           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
202790564           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NJ Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
202790992           Credit 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     1 A   CO Investment Purchase   C C C A     A C     No
202790992           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   CO Investment Purchase   C C C A     A C     No
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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   NC Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NY Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   MD Investment Refinance - Rate/Term   C B C A     A B     No
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     1 A   MD Investment Refinance - Rate/Term   C B C A     A B     No
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.               2 B   MD Investment Refinance - Rate/Term   C B C A     A B     No
202793067           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   GA Investment Refinance - Cash-out - Other   A C A A     A C     No
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     1 A   VA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   VA Investment Refinance - Cash-out - Other   A B A A     A B     No
202793069           Credit 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 2 B   FL Investment Refinance - Cash-out - Other   C C C B     A C     No
202793069           Credit 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     1 A   FL Investment Refinance - Cash-out - Other   C C C B     A C     No
202793069           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   FL Investment Refinance - Cash-out - Other   C C C B     A C     No
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     1 A     Investment Refinance - Cash-out - Other   A A A A     A A     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   MD Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   C B C A     A B     No
202800819           Credit 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     1 A   NJ Investment Refinance - Cash-out - Home Improvement   C A C A     A A     No
202800819           Credit 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     1 A   NJ Investment Refinance - Cash-out - Home Improvement   C A C A     A A     No
202800820           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   TX Investment Purchase   A C A A     A C     No
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     1 A   MI Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   MI Investment Refinance - Cash-out - Other   C C C A     A C     No
202800821           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   MI Investment Refinance - Cash-out - Other   C C C A     A C     No
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.               2 B   MD Investment Refinance - Rate/Term   A B A A     A B     No
202801316           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
202802217           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   GA Investment Refinance - Rate/Term   A C A A     A C     No
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     1 A     Investment Refinance - Cash-out - Other   A A A A     A A     No
202802542           Credit 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     1 A   FL Investment Purchase   C A C A     A A     No
202813418           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   NC Investment Refinance - Cash-out - Other   C C C A     A C     No
202815142           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NC Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
202816578           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-11-09): Received desk review 11/09/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
202824160           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   LA Investment Refinance - Cash-out - Other   A C A A     A C     No
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     1 A   IL Investment Purchase   C A C A     A A     No
202863034           Credit 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 2 B   VA Investment Purchase   C B C B     A A     No
202898676           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   FL Investment Purchase   A C A A     A C     No
202906169           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   MI Investment Purchase   C A C A     A A     No
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     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
202912956           Credit 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     1 A   FL Investment Refinance - Rate/Term   C B C B     A B     No
202912956           Credit 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 2 B   FL Investment Refinance - Rate/Term   C B C B     A B     No
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     1 A   FL Investment Refinance - Rate/Term   C B C B     A B     No
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.               2 B   FL Investment Refinance - Rate/Term   C B C B     A B     No
202914533           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   GA Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
202917316           Credit 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     1 A   FL Investment Refinance - Rate/Term   C A C A     A A     No
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     1 A     Investment Refinance - Cash-out - Other   A A A A     A A     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A     Investment Refinance - Cash-out - Other   A A A A     A A     No
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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
202955062           Credit 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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   NY Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
202964327           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NY Investment Purchase   A C A A     A C     No
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     1 A   TX Investment Purchase   D A D A     A A     No
202964330           Credit 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     1 A   TX Investment Purchase   D A D A     A A     No
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.               2 B   IL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   MD Investment Purchase   C A C A     A A     No
203004016           Credit 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 2 B   MD Investment Purchase   C B C B     A A     No
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     1 A   CA Investment Purchase   C B A B     C A     No
203010463           Credit 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 2 B   CA Investment Purchase   C B A B     C A     No
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     1 A   CA Investment Purchase   C B A B     C A     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A     Investment Refinance - Cash-out - Other   A A A A     A A     No
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     1 A     Investment Refinance - Cash-out - Other   C A A A     C A     No
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     1 A   IL Investment Purchase   C A C A     A A     No
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     1 A   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
203037248           Credit 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 2 B   FL Investment Refinance - Cash-out - Other   C B C B     A A     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
203043032           Credit 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     1 A   NJ Investment Refinance - Cash-out - Home Improvement   C A C A     A A     No
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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A     Investment Refinance - Cash-out - Other   A A A A     A A     No
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     1 A   MO Investment Refinance - Rate/Term   C C C A     A C     No
203059191           Credit Assets Asset Calculation / Analysis Short cash to close: Verified assets of ___ is short the required cash to close of ___ 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.   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     1 A   MO Investment Refinance - Rate/Term   C C C A     A C     No
203059191           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   MO Investment Refinance - Rate/Term   C C C A     A C     No
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.               2 B   FL Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NY Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
203074206           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
203077353           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   MS Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   FL Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
203085622           Credit 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     1 A   GA Investment Purchase   C A C A     A A     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MO Investment Purchase   A B A A     A B     No
203086644           Credit 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 2 B     Investment Refinance - Cash-out - Other   C B C B     A A     No
203086644           Credit 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     1 A     Investment Refinance - Cash-out - Other   C B C B     A A     No
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     1 A     Investment Refinance - Cash-out - Other   C B C B     A A     No
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.               2 B   CA Investment Purchase   A B A A     A B     No
203087678           Credit 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     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MO Investment Refinance - Cash-out - Other   A B A A     A B     No
203091248           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   FL Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   NJ Investment Purchase   A B A A     A B     No
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.               2 B   OH Investment Refinance - Cash-out - Other   A B A A     A B     No
203094879           Credit 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     1 A   PA Investment Purchase   C C C A     A C     No
203094879           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   PA Investment Purchase   C C C A     A C     No
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.               2 B   GA Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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.               2 B   NC Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   CT Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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     1 A   OH Investment Refinance - Cash-out - Home Improvement   C A C A     A A     No
203116223           Credit 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     1 A   NY Investment Purchase   C A C A     A A     No
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     1 A     Investment Refinance - Cash-out - Other   A A A A     A A     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   IN Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   NC Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   GA Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   OK Investment Purchase   A A A A     A A     No
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     1 A   OK Investment Purchase   A A A A     A A     No
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     1 A   OK Investment Purchase   C A C A     A A     No
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     1 A   OK Investment Purchase   C A C A     A A     No
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     1 A   OK Investment Purchase   B A B A     A A     No
203137456           Credit 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     1 A   OK Investment Purchase   B A B A     A A     No
203137457           Credit 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     1 A   OK Investment Purchase   A A A A     A A     No
203137458           Credit 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     1 A   OK Investment Purchase   C A C A     A A     No
203137459           Credit 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     1 A   OK Investment Purchase   C C C A     A C     No
203137459           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   OK Investment Purchase   C C C A     A C     No
203147051           Credit 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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
203147053           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C     Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   NC Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   MD Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   AL Investment Refinance - Cash-out - Other   A B A A     A B     No
203168229           Credit Insurance Insurance Documentation Missing Document: Hazard Dec Page not provided       Reviewer Comment (2018-04-12): Received hazard dec page 04/12/2018     1 A   NC Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   NC Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   AL Investment Purchase   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   IN Investment Refinance - Cash-out - Other   D C D A     A C     No
203172634           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   IN Investment Refinance - Cash-out - Other   D C D A     A C     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   CT Investment Purchase   A B A A     A B     No
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.               2 B   AR Investment Refinance - Cash-out - Other   A B A A     A B     No
203185712           Credit 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     1 A     Investment Refinance - Cash-out - Other   C C C B     A C     No
203185712           Credit 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 2 B     Investment Refinance - Cash-out - Other   C C C B     A C     No
203185712           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C     Investment Refinance - Cash-out - Other   C C C B     A C     No
203204410           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.               3 C   IN Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   OH Investment Refinance - Cash-out - Other   A B A A     A B     No
203207537           Credit 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     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C B A A     C B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   C B A A     C B     No
203210412           Credit 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 2 B     Investment Refinance - Cash-out - Other   C B C B     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   MA Investment Refinance - Cash-out - Other   A B A A     A B     No
203261499           Credit 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     1 A   ME Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   ME Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   MA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   CA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   CA Investment Refinance - Cash-out - Other   A B A A     A B     No
203282174           Credit 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     1 A   CA Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   CA Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   FL Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Debt Consolidation   A B A A     A B     No
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     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   TX Investment Purchase   D A D A     A A     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
203358275           Credit Insurance Insurance Documentation Missing Document: Flood Insurance Policy not provided       Reviewer Comment (2018-05-08): Included in TD 05/08/2018     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
203360332           Credit Loan Package Documentation Application / Processing Missing Document: Flood Certificate not provided       Reviewer Comment (2018-05-09): Included in TD. 05/09/2018     1 A   TX Investment Purchase   C B C A     A B     No
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.               2 B   TX Investment Purchase   C B C A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Debt Consolidation   A B A A     A B     No
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.               2 B   MO Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   CT Investment Purchase   C A C A     A A     No
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.               2 B   TX Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
203498231           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
203498231           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
203498231           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
203498231           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
203498231           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
203498231           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   NY Investment Purchase   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   IL Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   IL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   OH Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   A B A A     A B     No
203600783           Credit 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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   NY Investment Refinance - Rate/Term   D A D A     A A     No
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     1 A   NY Investment Refinance - Rate/Term   A A A A     A A     No
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.               2 B   IL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Purchase   A B A A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
203611550           Credit 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 2 B   TX Investment Refinance - Rate/Term   C B C B     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   C B C B     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   VA Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
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.               2 B   OH Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   GA Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TN Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   NY Investment Purchase   A B A A     A B     No
203668004           Credit 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 2 B   NJ Investment Refinance - Rate/Term   C B C B     A A     No
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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   GA Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   MD Investment Refinance - Cash-out - Other   D B D A     A B     No
203939905           Credit 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     1 A   MD Investment Refinance - Cash-out - Other   D B D A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   D B D A     A B     No
203939907           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NY Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   TX Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
203973845           Credit 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     1 A   IL Investment Purchase   C A C A     A A     No
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.               2 B   NY Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   OK Investment Refinance - Cash-out - Other   C A C A     A A     No
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 2 B   FL Investment Refinance - Cash-out - Other   A B A B     A A     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   CO Investment Purchase   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   IL Investment Refinance - Rate/Term   A B A A     A B     No
204145671           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-07-09): Included in trailing docs 07/09/2018     1 A   NY Investment Refinance - Cash-out - Other   D B D A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Other   D B D A     A B     No
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     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   GA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   IN Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   GA Investment Purchase   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
204164025           Credit 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     1 A   IL Investment Purchase   C A C A     A A     No
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     1 A   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   C B C A     A B     No
204164028           Credit 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     1 A   TX Investment Refinance - Cash-out - Other   C B C B     A B     No
204164028           Credit 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 2 B   TX Investment Refinance - Cash-out - Other   C B C B     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   C B C B     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
204196952           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
204196952           Credit Insurance Insurance Documentation Missing Document: Flood Insurance Policy not provided       Reviewer Comment (2018-07-23): Included in trailing docs 07/23/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
204196952           Credit 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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   IN Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   IN Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   TN Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   MD Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   C B C A     A B     No
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     1 A   FL Investment Purchase   C B C A     A B     No
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     1 A   FL Investment Purchase   C B C A     A B     No
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.               2 B   FL Investment Purchase   C B C A     A B     No
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.               2 B   GA Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   WA Investment Purchase   A B A A     A B     No
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.               2 B   NY Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NY Investment Purchase   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   OH Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MO Investment Refinance - Cash-out - Other   A B A A     A B     No
204329673           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NJ Investment Refinance - Cash-out - Other   A C A A     A C     No
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.               2 B   FL Investment Refinance - Cash-out - Home Improvement   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NC Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   LA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   SC Investment Purchase   C A C A     A A     No
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     1 A   PA Investment Purchase   C A C A     A A     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   NJ Investment Refinance - Cash-out - Home Improvement   C A C A     A A     No
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.               2 B   NC Investment Refinance - Cash-out - Other   A B A A     A B     No
204362801           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   TX Investment Refinance - Cash-out - Other   C A A A     C A     No
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.               2 B   MD Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   MI Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A     Investment Refinance - Cash-out - Other   D A D A     A A     No
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     1 A     Investment Refinance - Cash-out - Other   D A D A     A A     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   FL Investment Refinance - Cash-out - Home Improvement   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Home Improvement   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   TX Investment Refinance - Rate/Term   C B C A     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   C B C A     A B     No
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.               2 B   IN Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
204454564           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
204469664           Credit 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     1 A   GA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TN Investment Purchase   A B A A     A B     No
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.               2 B   GA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
204477838           Credit 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     1 A     Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   AR Investment Refinance - Rate/Term   A B A A     A B     No
204479362           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   GA Investment Refinance - Cash-out - Other   A C A A     A C     No
204479363           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   IN Investment Purchase   A C A A     A C     No
204479364           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   IN Investment Purchase   A C A A     A C     No
204479365           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   IN Investment Purchase   A C A A     A C     No
204479366           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   MD Investment Refinance - Cash-out - Other   A C A A     A C     No
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 2 B   OH Investment Refinance - Cash-out - Other   C C C B     A C     No
204479369           Credit 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     1 A   OH Investment Refinance - Cash-out - Other   C C C B     A C     No
204479369           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   OH Investment Refinance - Cash-out - Other   C C C B     A C     No
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     1 A   IN Investment Refinance - Cash-out - Home Improvement   C C C A     A C     No
204479373           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   IN Investment Refinance - Cash-out - Home Improvement   C C C A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   C C C B     A C     No
204479375           Credit 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 2 B   CT Investment Refinance - Cash-out - Other   C C C B     A C     No
204479375           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   C C C B     A C     No
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     1 A     Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A     Investment Refinance - Cash-out - Other   C C C A     A C     No
204479376           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C     Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   C B C B     A B     No
204479377           Credit 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 2 B   CT Investment Refinance - Cash-out - Other   C B C B     A B     No
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.               2 B   CT Investment Refinance - Cash-out - Other   C B C B     A B     No
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     1 A     Investment Refinance - Cash-out - Other   C C C A     A C     No
204479378           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C     Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A     Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A     Investment Refinance - Cash-out - Other   D C D A     A C     No
204479380           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C     Investment Refinance - Cash-out - Other   D C D A     A C     No
204479381           Credit 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 2 B   GA Investment Refinance - Rate/Term   C C C B     A C     No
204479381           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   GA Investment Refinance - Rate/Term   C C C B     A C     No
204479382           Credit 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. 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 2 B   GA Investment Refinance - Rate/Term   C C C B     A C     No
204479382           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   GA Investment Refinance - Rate/Term   C C C B     A C     No
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     1 A   MO Investment Refinance - Rate/Term   C C C B     A C     No
204479384           Credit 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 2 B   MO Investment Refinance - Rate/Term   C C C B     A C     No
204479384           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   MO Investment Refinance - Rate/Term   C C C B     A C     No
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     1 A   PA Investment Purchase   C C C B     A C     No
204479385           Credit 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 2 B   PA Investment Purchase   C C C B     A C     No
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     1 A   PA Investment Purchase   C C C B     A C     No
204479385           Credit 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     1 A   PA Investment Purchase   C C C B     A C     No
204479385           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   PA Investment Purchase   C C C B     A C     No
204479386           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   A C A A     A C     No
204479387           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   A C A A     A C     No
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     1 A   TX Investment Refinance - Cash-out - Other   C C C A     A C     No
204479389           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   TX Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479391           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479392           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   C C C A     A C     No
204479392           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   C C C A     A C     No
204479392           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   C C C A     A C     No
204479392           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   NY Investment Refinance - Cash-out - Other   C C C A     A C     No
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     1 A   NC Investment Refinance - Cash-out - Other   C C C B     A C     No
204479393           Credit 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 2 B   NC Investment Refinance - Cash-out - Other   C C C B     A C     No
204479393           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   NC Investment Refinance - Cash-out - Other   C C C B     A C     No
204479394           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-13): Included in trailing documents 09/13/2018     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479394           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479394           Credit Assets Asset Documentation Missing Document: Asset Documentation not provided       Reviewer Comment (2018-09-13): Included in trailing documents 09/13/2018     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479394           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479395           Credit Assets Asset Documentation Missing Document: Asset Documentation not provided       Reviewer Comment (2018-09-13): Included in trailing documents 09/13/2018     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
204479395           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-13): Included in trailing documents 09/13/2018     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
204479395           Credit 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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
204479395           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Rate/Term   D C D A     A C     No
204479396           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-13): Included in trailing docs 09/13/2018     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479396           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479396           Credit Assets Asset Documentation Missing Document: Asset Documentation not provided       Reviewer Comment (2018-09-13): Included in trailing docs 09/13/2018     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479396           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479398           Credit 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 2 B   OH Investment Refinance - Cash-out - Other   C C C B     A C     No
204479398           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   OH Investment Refinance - Cash-out - Other   C C C B     A C     No
204479399           Credit Assets Asset Documentation Missing Document: Asset Documentation not provided       Reviewer Comment (2018-09-14): Included in trailing documents 09/14/2018     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479399           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-14): Included in trailing documents 09/14/2018     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479399           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479399           Credit Loan Package Documentation Application / Processing Missing Document: Approval not provided       Reviewer Comment (2018-09-14): Included in trailing documents 09/14/2018     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479399           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   OH Investment Refinance - Cash-out - Other   D C D A     A C     No
204479400           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-18): Included in trailing documents 09/18/2018     1 A   OH Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   OH Investment Refinance - Cash-out - Other   D C D A     A C     No
204479400           Credit 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     1 A   OH Investment Refinance - Cash-out - Other   D C D A     A C     No
204479400           Credit Loan Package Documentation Application / Processing Missing Document: Approval not provided       Reviewer Comment (2018-09-18): Included in trailing documents 09/18/2018     1 A   OH Investment Refinance - Cash-out - Other   D C D A     A C     No
204479400           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   OH Investment Refinance - Cash-out - Other   D C D A     A C     No
204479401           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-18): Included in trailing docs 09/18/2018     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
204479401           Credit 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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
204479401           Credit 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     1 A   CT Investment Refinance - Rate/Term   D C D A     A C     No
204479401           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Rate/Term   D C D A     A C     No
204479402           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-17): Included in trailing docs 09/17/2018     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479402           Credit 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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479402           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   D C D A     A C     No
204479404           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-18): Included in trailing docs 09/18/2018     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
204479404           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
204479404           Credit 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     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
204479404           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
204479407           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-20): Included in trailing documents 09/20/2018     1 A   MI Investment Purchase   D C D A     A C     No
204479407           Credit 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     1 A   MI Investment Purchase   D C D A     A C     No
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     1 A   MI Investment Purchase   D C D A     A C     No
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     1 A   MI Investment Purchase   D C D A     A C     No
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     1 A   MI Investment Purchase   D C D A     A C     No
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     1 A   MI Investment Purchase   D C D A     A C     No
204479407           Credit 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     1 A   MI Investment Purchase   D C D A     A C     No
204479407           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   MI Investment Purchase   D C D A     A C     No
204479408           Credit Assets Asset Documentation Missing Document: Asset Documentation not provided       Reviewer Comment (2018-09-20): Included in trailing docs 09/20/2018     1 A   NC Investment Refinance - Cash-out - Other   D C D A     A C     No
204479408           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-20): Included in trailing docs 09/20/2018     1 A   NC Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NC Investment Refinance - Cash-out - Other   D C D A     A C     No
204479408           Credit 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     1 A   NC Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NC Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NC Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   NC Investment Refinance - Cash-out - Other   D C D A     A C     No
204479408           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   NC Investment Refinance - Cash-out - Other   D C D A     A C     No
204479411           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479411           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479411           Credit Assets Asset Documentation Missing Document: Asset Documentation not provided       Reviewer Comment (2018-09-21): Included in trailing documents 09/21/2018     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479411           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479411           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479412           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-21): Included in trailing documents 09/21/2018     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479412           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479412           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479413           Credit Assets Asset Documentation Missing Document: Asset Documentation not provided       Reviewer Comment (2018-09-21): Included in trailing documents 09/21/2018     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479413           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2018-09-21): included in trailing documents 09/21/2018     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479413           Credit 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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204479413           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
204479531           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   GA Investment Purchase   A C A A     A C     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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 2 B   MA Investment Refinance - Cash-out - Other   C B C B     A A     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   WA Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
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 2 B   CT Investment Refinance - Cash-out - Other   C C C B     A C     No
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 2 B   CT Investment Refinance - Cash-out - Other   C C C B     A C     No
204490602           Credit 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 2 B   CT Investment Refinance - Cash-out - Other   C C C B     A C     No
204490602           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   CT Investment Refinance - Cash-out - Other   C C C B     A C     No
204490603           Credit 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 2 B   NY Investment Refinance - Rate/Term   C C C B     A C     No
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 2 B   NY Investment Refinance - Rate/Term   C C C B     A C     No
204490603           Credit 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 2 B   NY Investment Refinance - Rate/Term   C C C B     A C     No
204490603           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   NY Investment Refinance - Rate/Term   C C C B     A C     No
204490605           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   NY Investment Refinance - Rate/Term   A C A A     A C     No
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     1 A   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
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 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490608           Credit 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     1 A   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490608           Credit 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.		 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): See compensating factors.		     09/27/2018 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490608           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490609           Credit 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 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490609           Credit 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.		 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): See ER approvals and compensating factors.		     09/27/2018 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490609           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490609           Credit 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 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490610           Credit 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 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
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 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): See compensating factors.		     09/27/2018 2 B   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490610           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   TX Investment Refinance - Cash-out - Other   C C C B     A C     No
204490612           Credit 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 2 B   MD Investment Purchase   C B C B     A A     No
204490613           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
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     1 A   MI Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   MI Investment Refinance - Cash-out - Other   C A C A     A A     No
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     1 A   FL Investment Refinance - Cash-out - Other   C C C B     A C     No
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 2 B   FL Investment Refinance - Cash-out - Other   C C C B     A C     No
204490628           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   FL Investment Refinance - Cash-out - Other   C C C B     A C     No
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 2 B   GA Investment Refinance - Cash-out - Other   C C C B     A C     No
204490629           Credit 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 2 B   GA Investment Refinance - Cash-out - Other   C C C B     A C     No
204490629           Credit 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 2 B   GA Investment Refinance - Cash-out - Other   C C C B     A C     No
204490629           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.               3 C   GA Investment Refinance - Cash-out - Other   C C C B     A C     No
204490633           Credit 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 2 B   MO Investment Refinance - Cash-out - Other   C C C B     A C     No
204490633           Credit Credit Miscellaneous Credit Exception:   The guideline minimum property value of $(REDACTED) was not met. 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): See ER approval and compensating factors.		     09/27/2018 2 B   MO Investment Refinance - Cash-out - Other   C C C B     A C     No
204490633           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   MO Investment Refinance - Cash-out - Other   C C C B     A C     No
204490635           Credit Loan Package Documentation Application / Processing Missing Document: Mortgage Loan Payoff Statement not provided       Reviewer Comment (2018-09-27): Received 09/27/2018     1 A   AL Investment Refinance - Cash-out - Other   C B C B     A B     No
204490635           Credit 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 2 B   AL Investment Refinance - Cash-out - Other   C B C B     A B     No
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 2 B   AL Investment Refinance - Cash-out - Other   C B C B     A B     No
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.               2 B   AL Investment Refinance - Cash-out - Other   C B C B     A B     No
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     1 A   AL Investment Refinance - Cash-out - Other   C C C B     A C     No
204490636           Credit 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 2 B   AL Investment Refinance - Cash-out - Other   C C C B     A C     No
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 2 B   AL Investment Refinance - Cash-out - Other   C C C B     A C     No
204490636           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   AL Investment Refinance - Cash-out - Other   C C C B     A C     No
204490639           Credit 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 2 B   OH Investment Refinance - Cash-out - Other   C B C B     A A     No
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 2 B   GA Investment Purchase   C B C B     A A     No
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 2 B   GA Investment Refinance - Cash-out - Other   C B C B     A A     No
204490646           Credit 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 2 B   GA Investment Refinance - Cash-out - Other   C B C B     A A     No
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 2 B   NY Investment Refinance - Rate/Term   C C C B     A C     No
204490654           Property Property - Appraisal Appraisal Reconciliation Value variance greater than 10% between origination appraisal and subsequent product               3 C   NY Investment Refinance - Rate/Term   C C C B     A C     No
204490655           Credit 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 2 B   NJ Investment Refinance - Cash-out - Other   C B C B     A A     No
204490656           Credit 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 2 B   WI Investment Refinance - Cash-out - Other   C B C B     A A     No
204490656           Credit 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 2 B   WI Investment Refinance - Cash-out - Other   C B C B     A A     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   MO Investment Refinance - Rate/Term   C B C B     A A     No
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 2 B   MO Investment Refinance - Rate/Term   C B C B     A A     No
204490660           Credit 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 2 B   OH Investment Refinance - Cash-out - Other   C B C B     A B     No
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.               2 B   OH Investment Refinance - Cash-out - Other   C B C B     A B     No
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.               2 B   NY Investment Refinance - Rate/Term   A B A A     A B     No
204490662           Credit 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 2 B   AL Investment Refinance - Rate/Term   C B C B     A A     No
204490662           Credit 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 2 B   AL Investment Refinance - Rate/Term   C B C B     A A     No
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 2 B   AL Investment Refinance - Rate/Term   C B C B     A A     No
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.               2 B   VA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   SC Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   LA Investment Refinance - Rate/Term   C A C A     A A     No
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.               2 B   TX Investment Refinance - Rate/Term   A B A A     A B     No
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.               2 B   LA Investment Purchase   A B A A     A B     No
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     1 A   WA Investment Purchase   C A C A     A A     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MO Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
204630394           Credit 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     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
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 2 B   FL Investment Refinance - Cash-out - Other   C B C B     A A     No
204630825           Credit 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 2 B   FL Investment Refinance - Cash-out - Other   C B C B     A A     No
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     1 A   NC Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   NC Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NY Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Purchase   A B A A     A B     No
204742417           Credit Fix and Flip General Missing Document: Spousal Consent not provided. Borrower: (REDACTED)     Reviewer Comment (2018-10-01): Received 10/01/2018     1 A   TX Investment Refinance - Rate/Term   C B C A     A B     No
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.               2 B   TX Investment Refinance - Rate/Term   C B C A     A B     No
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.               2 B   PA Investment Refinance - Cash-out - Other   A B A A     A B     No
204767087           Credit 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     1 A   WI Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   WI Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   A B A A     A B     No
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     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   VA Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   TX Investment Refinance - Cash-out - Other   A B A A     A B     No
204779513           Credit Credit Miscellaneous Credit Exception:   Missing page 4 of 5 of Note.   Reviewer Comment (2018-10-05): Included in trailing documents 10/05/2018     1 A   MD Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   MD Investment Refinance - Cash-out - Other   C B C A     A B     No
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.               2 B   FL Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   CT Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   NJ Investment Refinance - Cash-out - Other   A B A A     A B     No
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.               2 B   GA Investment Refinance - Rate/Term   A B A A     A B     No
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     1 A   MO Investment Refinance - Cash-out - Other   D A D A     A A     No