EX-99.5 6 e4783ex99-5.htm EXCEPTION GRADES

Exhibit 99.5

 
Exception Grades  
Run Date - 4/16/2019 10:03:59 PM  

 

XXX 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
202792950           Credit Credit Miscellaneous Credit Exception:   The appraisal in file reflects that both units are currently leased out.  Neither of the leases are apparent in file.  These are needed to confirm that the DSCR is accurate (DSCR is calculated using the lesser of the market or in place rent amounts).   Reviewer Comment (2018-01-10): Received leases
 01/10/2018     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
204490637           Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Guideline Requirement: Loan to value discrepancy. Calculated loan to value percentage of 70.00000% exceeds Guideline loan to value percentage of 65.00000%. Lender exception in file for LTV of 70% exceeding max allowed of 65%. Credit score 695 Reviewer Comment (2018-09-26): Waived with comp factors based on originator provided comp factors


Seller Comment (2018-09-25): See ER approval and compensating factors.
     09/26/2018 2 B   MI Investment Refinance - Cash-out - Other   C B C B     A A     No
204490637           Credit Credit AUS Discrepancy / Guidelines Discrepancy Guideline Requirement: Combined loan to value discrepancy. Calculated combined loan to value percentage of 70.00000% exceeds Guideline combined loan to value percentage of 65.00000%. Lender exception in file for CLTV of 70% exceeding max allowed of 65%. Credit score 695 Reviewer Comment (2018-09-26): Waived with comp factors based on originator provided comp factors


Seller Comment (2018-09-25): See ER approval and compensating factors.
     09/26/2018 2 B   MI Investment Refinance - Cash-out - Other   C B C B     A A     No
204490637           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) Credit score 695 Reviewer Comment (2018-09-26): Waived with comp factors based on originator provided comp factors


Seller Comment (2018-09-25): Compensating factors are borrower is a long time repeat investor with XXXXX, very active real estate brokers in Michigan, DSCR of 2.02, and credit of 695.
     09/26/2018 2 B   MI Investment Refinance - Cash-out - Other   C B C B     A A     No
204490637           Credit Guideline Guideline Issue Ineligible property type. 3 Family The appraisal reflects CX condition with deferred maintenance which represents a guideline violation. A lender exception approval is in file, however acceptable compensating factors were not provided by the lender or investor. Credit score 695 Reviewer Comment (2018-09-26): Waived with comp factors based on originator provided comp factors


Seller Comment (2018-09-25): See ER approval and compensating factors.
     09/26/2018 2 B   MI Investment Refinance - Cash-out - Other   C B C B     A A     No
204490653           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 686

65% LTV		 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 686, DSCR of 1.462, and LTV of 65%.
     10/01/2018 2 B   MI Investment Refinance - Cash-out - Other   C B C B     A A     No
204786935           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%
 04/16/2019     1 A   NY Investment Purchase   A A A A     A A     No
204793093           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%
 04/16/2019     1 A   GA Investment Refinance - Cash-out - Other   A A A A     A A     No
204793094           Credit Loan Package Documentation Closing / Title Missing Final HUD-1   Missing 3rd page of HUD-1.   Reviewer Comment (2018-10-16): Included in trailing documents
 10/16/2018     1 A   NJ Investment Refinance - Cash-out - Other   D C D A     C C     No
204793094           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   This  exception does not pertain to lender guidelines but rather securitization requirements.  Investor to advise if they wish to waive this exception with or without compensating factors (provide comp factors if applicable).   Reviewer Comment (2019-04-12): 2 desk reviews, one does not overrule the other


Reviewer Comment (2018-10-18): Not required per client - to be ordered upon securitization if the particular agency requires it and guidelines were met with regard to lender underwriting.


Seller Comment (2018-10-18): Attached is our Guideline Statement of Position regarding the steps to take if the VRR comes back below the 90% Appraised value.  It does call for a second VRR.


Reviewer Comment (2018-10-16): Unable to clear - this exception pertains to securitization requirements which do not allow for a subsequent desk review to supersede a prior desk review.  Moved to buyer queue so XXXXXXXXXX can confirm that this exception is not needed.


Seller Comment (2018-10-16): A second desk review was ordered and reviewed.  See attachment.
       3 C   NJ Investment Refinance - Cash-out - Other   D C D A     C C     No
204793099           Credit Loan Package Documentation Closing / Title Missing Lien(s) negatively impacting title   Missing evidence child support lien against (REDACTED) in the amount of $X,XXX.XX was paid prior to closing.   Reviewer Comment (2018-10-15): Revised trailing title confirms that this lien was intentionally deleted (guideline met as this lien does not affect title).


Seller Comment (2018-10-12): There is no child support lien on title.
 10/15/2018     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
204793099           Credit Fix and Flip General Missing Document: Spousal Consent not provided. Borrower: (REDACTED) Application indicates guarantor (REDACTED)   Reviewer Comment (2018-10-15): Trailing corrected application and the original Certificate of Incumbency both reflect unmarried.


Seller Comment (2018-10-12): She signed the incumbency certificate as a single woman.
 10/15/2018     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
204799541           Credit Loan Package Documentation Closing / Title Missing Document: Note - Subject Lien not provided   Missing second page of Note.   Reviewer Comment (2018-10-12): Included in trailing docs
 10/12/2018     1 A   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204799541           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   10% variance by one desk review and less than 10% on another desk review, desk review does not trump desk review           3 C   PA Investment Refinance - Cash-out - Other   D C D A     A C     No
204799542           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 (2018-10-12): Included in trailing documents
 10/12/2018     1 A   FL Investment Refinance - Rate/Term   C A C A     A A     No
204800566           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%
 04/16/2019     1 A   KS Investment Refinance - Rate/Term   A A A A     A A     No
204800567           Credit Credit Miscellaneous Credit Exception:   Appraisal is partly illegible and/ or corrupted.  Some values used in testing were assumed.  Please provide a completely legible copy.   Reviewer Comment (2018-10-12): Included in trailing documents
 10/12/2018     1 A   WA Investment Refinance - Rate/Term   C A C A     A A     No
204819794           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%
 04/16/2019     1 A   CA Investment Refinance - Cash-out - Other   A A A A     A A     No
204819796           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%
 04/16/2019     1 A   FL Investment Refinance - Cash-out - Other   A A A A     A A     No
204823008           Credit Credit Miscellaneous Credit Exception:   Lender exception waives guarantor requirement for partners with less than 10% ownership. Two members the borrowing entity's (REDACTED) XXXX XXXXXXXXXX XX, XXX each have 7.5% ownership who are not guarantors for the subject loan.  Please provide compensating factors if you wish to waive with compensating factors. FICO score significantly exceeds the guideline requirement. Reviewer Comment (2018-10-16): Per Originator - waive with compensating factors: The borrower is a 15 year seasoned investor with 4 current properties.  Credit is 666 with the LTV being 70%.  All four limited partners are guarantors and their total ownership is 99% with the xxxx owning the remaining 1%.


Seller Comment (2018-10-16): Compensating factors are the borrower is a 15 year seasoned investor with 4 current properties.  Credit is 666 with the LTV being 70%.  All four limited partners are guarantors and their total ownership is 99% with the xxxx owning the remaining 1%.
     10/16/2018 2 B   TX Investment Refinance - Cash-out - Other   C B C B     A A     No
204823009           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%
 04/16/2019     1 A   GA Investment Purchase   A A A A     A A     No
204823010           Credit Assets Asset Calculation / Analysis Available for Closing is insufficient to cover Cash From Borrower.   Additional escrow deposit in the amount of $XXXXX.XX is unsourced.  Approval in file from lender has additional deposit listed as verified assets.  Unable to determine source from same in file.  Approval in file has seller concessions of $XXXXX, but seller concession reflected on HUD is $XXXXX   Reviewer Comment (2018-10-18): Trailing copy of the wire and letter from the title co represent sufficient guidelines to use all EMD.  All guidelines were met.


Seller Comment (2018-10-18): See attachment and comment.
 10/18/2018     1 A   FL Investment Purchase   C A C A     A A     No
204823010           Credit Fix and Flip General Insufficient funds for Reserves.   Additional escrow deposit in the amount of $XXXXX.XX is unsourced.  Approval in file from lender has additional deposit listed as verified assets.  Unable to determine source from same in file.  Approval in file has seller concessions of $XXXXX, but seller concession reflected on HUD is $XXXXX   Reviewer Comment (2018-10-18): Trailing copy of the wire and letter from the title co represent sufficient guidelines to use all EMD.  All guidelines were met.


Seller Comment (2018-10-18): Assets are not sourced.  See page 13  for verification of the  wire transfer of $11,053.88 from XXXXXX XXXXXXXX to XXXXXXXX XXXXX and page 14 for the letter from XXXXXXXX XXXXX showing receipts.  See also final HUD showing these funds used in completing the property closing.  Included in the $XX,XXX.XX on the HUD.
 10/18/2018     1 A   FL Investment Purchase   C A C A     A A     No
204824013           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%


Reviewer Comment (2019-04-12): Re-open per CSM


Reviewer Comment (2018-10-11): Not required per client - to be ordered upon securitization if the particular agency requires it.
 04/16/2019     1 A   NY Investment Purchase   C A A A     C A     No
204824014           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.   Not required per client - to be ordered upon securitization if the particular agency requires it.   Reviewer Comment (2019-04-16): AVM was high confidence and within 10%


Reviewer Comment (2019-04-12): Re-open per CSM


Reviewer Comment (2018-10-11): Not required per client - to be ordered upon securitization if the particular agency requires it.
 04/16/2019     1 A   TX Investment Refinance - Cash-out - Other   C A A A     C A     No
204825310           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Replacement cost coverage is not evident on the insurance documents in file.   Reviewer Comment (2018-10-19): Replacement cost coverage is evident per trailing RCE, etc.


Reviewer Comment (2018-10-16): Document does not state Guarantee Replacement cost. Please provide the insurance companies replacement cost estimator.


Seller Comment (2018-10-16): Invoice shows coverage A which is described in the Insurance attachment page 11.


Seller Comment (2018-10-16): See page 11 on attachment where it shows replacement cost is covered on this policy.
 10/19/2018     1 A   TN Investment Refinance - Cash-out - Other   C A C A     A A     No
204825312           Credit Assets Asset Documentation Insufficient funds for Reserves. Guidelines require $25,858.20, and verified reserves are $19,836.26. Lender asset balance includes EMD which was not documented in file.   Reviewer Comment (2018-10-17): Sufficient evidence of EMD included in trailing documents.


Seller Comment (2018-10-16): See attachement and not sent earlier.


Reviewer Comment (2018-10-16): XXXXX #XXXX shows funds transferred to XXXXX #XXXX, nothing from XXXXX #XXXX showing funds sent to closing agent.
 10/17/2018     1 A   NJ Investment Purchase   C A C A     A A     No
204825312           Credit Fix and Flip General Insufficient funds for Reserves. Guidelines require $25,858.20  of reserves, and verified reserves are $19,836.26. Lender asset balance includes EMD which was not documented in file.   Reviewer Comment (2018-10-17): Sufficient evidence of EMD included in trailing documents.


Seller Comment (2018-10-16): Per email and signed letter from XXXXXXXX XXX (where the closing was held) and per HUD, it is apparent the $X,XXX deposit was included in the closing funds.  XXXXX #XXXX is the attorney's account and is not our customer's account. It is not our responsibility to show the funds transferred out of that account to XXXXX XXXXXX XXXXXX.


Reviewer Comment (2018-10-16): XXXXX #XXXX shows funds transferred to XXXXX #XXXX, nothing from XXXXX #XXXX showing funds sent to closing agent.


Seller Comment (2018-10-16): See earnest money attachment.
 10/17/2018     1 A   NJ Investment Purchase   C A C A     A A     No
204881502           Credit Missing Document General Missing Document: Lease Agreement not provided   Appraisal reflects that both units are rented and the in place rent is lower than the market rent.  Both leases are needed to confirm DSCR.   Reviewer Comment (2018-11-19): Per Client conversation with borrower, one unit was not rented and use of market rents was allowed


Seller Comment (2018-10-30): Guidelines states that the property is leased if there exists valid leases. We do not depend on the appraisal information in getting this lease status.  At the time of closing, we did not have valid leases and per phone conversation with borrower the property was not leased and therefore the loan was priced at a higher rate as unleased.


Reviewer Comment (2018-10-18): The subject transaction is a refinance.  No documentation is apparent in file to confirm that both units were vacated prior to origination.  This is a critical issue as it has a large impact on the final DSCR calculation.  If lender/ investor wish to waive this exception please provide compensating factors.


Seller Comment (2018-10-17): This was a month to month lease and the tenant moved out after the appraisal was completed but before the loan process was completed.
 11/19/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
204881502           Credit Missing Document General Missing Document: Desk Review not provided   Required for 2 unit dwellings to support the appraised value.   Reviewer Comment (2018-10-18): Included in trailing documents
 10/18/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
204891416           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%


Reviewer Comment (2019-04-12): Re-open per CSM


Reviewer Comment (2018-10-16): Not required per client - to be ordered upon securitization if the particular agency requires it
 04/16/2019     1 A   NY Investment Refinance - Cash-out - Other   C A A A     C A     No
204896252           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%


Reviewer Comment (2019-04-12): Re-open per CSM


Reviewer Comment (2018-10-18): Not required per client - to be ordered upon securitization if the particular agency requires it.
 04/16/2019     1 A   OH Investment Refinance - Cash-out - Other   C A A A     C A     No
204904957           Credit Property - Appraisal Appraisal Data Integrity Valuation Error: Appraiser did not complete analysis of the subject's prior sale and transfer history. Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Subject property verified to have sale within prior 36 months per title however the appraiser indicated no evidence of prior sales for subject in report.   Reviewer Comment (2018-10-24): see previous comment


Seller Comment (2018-10-23): This is not a Guideline Exception.  Reviewed the appraisal and noted the value can be supported by the 3 comparable sales ranging from $XX,XXXX-$XXX,XXX and the 2 other comparable properties listed from $XXX,XXX-$XXX,XXX.  On page 11, the appraiser goes into great detail on why the comparable properties were chosen and their comparable properties as related to the subject property.  Yes, the prior sale was missed, but it would not have affected the final appraisal value of the property which is supported in detail in the appraisal.
 10/24/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
204904958           Credit Loan Package Documentation Application / Processing Missing Document: Mortgage Loan Payoff Statement not provided       Reviewer Comment (2018-10-19): Included in trailing docs


Seller Comment (2018-10-19): See attached Missing Document:  Mortgage Loan Payoff Statement
 10/19/2018     1 A     Investment Refinance - Cash-out - Other   C B C B     A A     No
204904958           Credit Credit Credit Eligibility Borrower has Credit Report: Original // Borrower: (REDACTED) ___ open Tradelines which is less than the minimum required by guidelines. guidelines require a minimum of 3 open trades for at least 24 months.  This guideline does not appear to have been met.  A lender exception approval is in file, however eligible compensating factors are not evident. LTV of only 54%

great DSCR of 1.77		 Reviewer Comment (2018-10-19): Per originator compensating factors are:  borrower is a 20 year seasoned investor with 40 properties, LTV of only 54%, great DSCR of 1.77, and credit of 669.


Seller Comment (2018-10-19): Compensating factors are:  borrower is a 20 year seasoned investor with 40 properties, LTV of only 54%, great DSCR of 1.77, and credit of 669.
     10/19/2018 2 B     Investment Refinance - Cash-out - Other   C B C B     A A     No
204906407           Credit Property - Appraisal Appraisal Data Integrity Valuation Error: Appraiser did not complete analysis of the subject's prior sale and transfer history. Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Chain of title reflects a recent transfer in(REDACTED) of XXXX however the appraisal does not.  Analysis and disclosure of this prior sale is necessary.   Reviewer Comment (2018-10-22): Prior transfer was a quit claim having no effect on value.  Guidelines were met with regard to the LTV maximum (haircut).  Timing issue regarding quit claim recording and appraisal effective date have no impact on the value/ LTV.


Seller Comment (2018-10-19): The effective date of the appraisal was XX/XX/XXXX.  It appears this is just a timing issue as the Quit Claim Deed was recorded XX/XX/XXXX and must not have been in the system XX/XX/XXXX when the appraiser looked.
 10/22/2018     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
204919822           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   No indication of replacement cost coverage which is required per guidelines.   Reviewer Comment (2018-10-22): Additional insurance documents included in trailing documents confirms replacement cost value utilized.
 10/22/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
204924829           Credit Credit Miscellaneous Credit Exception:   6 months rent loss insurance is required.  Hazard declaration page states rent loss coverage is included in policy but 6 months' coverage is not confirmed.   Reviewer Comment (2018-11-02): Included in the trailing docs - guidelines met


Reviewer Comment (2018-11-02): Please provided the entire insurance policy.


Seller Comment (2018-11-01): The policy states that payment will be for the shortest time required to repair or replace that part of the Described Location rented or held for rental.  Also, see Section 5. - Rental Value and Additional Living Expense.  Coverage = $XXX,XXX.  20% of that is $XX,XXX.


Reviewer Comment (2018-10-26): XXX agrees with lender commentary, however evidence that the insurance coverage equates to the actual rent loss is not apparent and is needed in order to confirm that this guideline is met.


Seller Comment (2018-10-25): The rent-loss guideline is as follows:  Rent-loss coverage in an amount not less than 6 months of market rent.
The requirement is not for a time-frame, but for an amount.  The insurance is not limited to a six-month amount – they’ll pay actual loss.
The insurance should be fine as-is.
 11/02/2018     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
204924830           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.   Not required per client-to be ordered upon securitization if the particular agency requires it   Reviewer Comment (2019-04-16): AVM was high confidence and within 10%


Reviewer Comment (2019-04-12): Re-open per CSM


Reviewer Comment (2018-10-23): Not required per client-to be ordered upon securitization if the particular agency requires it
 04/16/2019     1 A   NJ Investment Refinance - Rate/Term   C A A A     C A     No
204926630           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2019-04-16): AVM was high confidence and within 10%
 04/16/2019     1 A   FL Investment Refinance - Rate/Term   A A A A     A A     No
204935456           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   2nd desk review value does support the appraised value but is not a greater product then the first desk review.           3 C   NJ Investment Refinance - Cash-out - Other   A C A A     A C     No
204935566           Credit Credit Miscellaneous Credit Exception:   The tax cert in file only reflects XXXX annual taxes that include an exemption for homestead which will no longer be the case going forward for the subject rental property.  The lender did use a higher amount than what was reflected on the tax cert however the file does not include a breakdown of the lender calculation. Customarily the settlement agent will provide a proposed XXXX tax amount/ calculation.   Reviewer Comment (2018-11-02): Included in trailing docs


Seller Comment (2018-11-02): The calculation is shown on the attachment I sent previously.  I am resending the attachment with the calculation highlighted.  The value used is the assessed value of $XXX,XXX X the milage rate of XX.XXXX.


Reviewer Comment (2018-11-01): Unable to clear - the XXXX value on the trailing document is $XXX,XXX, the mileage rate on the tax cert from XXXX is XX.XXXX which results in an annual amount of $XXXX/ year.  The lender used $XXXX.XX.  Please provide the actual figures used in the calculation to reach $XXXX.XX.


Seller Comment (2018-10-30): Calculation is attached.  The tax amount is XXXX estimated value X the milage rate from the XXXX tax certificate.
 11/02/2018     1 A   FL Investment Purchase   C A C A     A A     No
204994418           Credit Missing Document General Missing Document: Lease Agreement not provided   This is a refinance and the appraisal in file reflect that the subject is tenant occupied.  The appraiser also comments on the market rent analysis that the current tenant provided their current lease rate of $XXX/ month.  If the DSCR is calculated based on this lease amount it would be in violation of guidelines.   Reviewer Comment (2018-11-19): Received documentation by the borrower that the property is vacant at time of closing


Seller Comment (2018-10-31): Property was vacant at the time of processing this loan XXXXXXX XX.  The appraisal was effective XX/XX/XXXX.   See email from borrower.
 11/19/2018     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
204994418           Credit Credit Miscellaneous Credit Exception:   DSCR of .9 is less than the guideline minimum when using the lower of the in place rental amount and the market rent amount.   The appraisal reflects that the subject property was tenant occupied at the time of the appraisal.  The appraiser also made comments on the market rent analysis indicating that the current tenant provided their current lease rate of $XXX/ month.  If the DSCR is calculated based on this lease amount it would be in violation of guidelines.  The file does not appear to include evidence that the tenant vacated the subject property and lease was terminated prior to origination.   Reviewer Comment (2018-11-20): Received documentation from client showing borrower emailed stating property is vacant, loan closed 2 months after appraisal was done, no verification property is vacant was provided


Seller Comment (2018-10-31): See attached email stating property  is not being leased at time of loan processing.  Therefore, market rent is used for DSCR calculation.
 11/20/2018     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
204994419           Credit Property - Appraisal Appraisal Documentation Missing Document: Appraisal not provided   Unable to confirm value, LTV, DSCR, etc.   Reviewer Comment (2018-11-01): Included in trailing docs


Seller Comment (2018-10-31): See appraisal uploaded.
 11/01/2018     1 A   GA Investment Refinance - Cash-out - Other   D A D A     A A     No
204994419           Credit Loan Package Documentation Application / Processing FEMA Disaster Issue: Property is located in a FEMA Disaster area and has not been inspected.   No appraisal on file.   Reviewer Comment (2018-11-01): Inspection provided in trailing documents


Seller Comment (2018-10-31): See appraisal effective XX/XX/XXXX which states the condition of the property.
 11/01/2018     1 A   GA Investment Refinance - Cash-out - Other   D A D A     A A     No
204994419           Credit Loan Package Documentation Application / Processing Missing Document: Trust Agreement not provided   The borrowing entity is a trust.   Reviewer Comment (2018-11-01): Included in trailing docs


Seller Comment (2018-11-01): Trust Agreement uploaded
 11/01/2018     1 A   GA Investment Refinance - Cash-out - Other   D A D A     A A     No
205002116           Credit Insurance Insurance Documentation Missing Document: Flood Insurance Policy not provided       Reviewer Comment (2018-11-02): Included in trailing docs


Seller Comment (2018-11-01): Flood Insurance Policy attached.
 11/02/2018     1 A   FL Investment Refinance - Rate/Term   C A C A     A A     No
205002117           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Seller Comment (2018-12-05): Per further discussion with XXX, an AVM is acceptable.  Attached is the XXX XXXX confidence score translation for the FSD which is High translating to 13.1% to 20%.


Reviewer Comment (2018-11-01): Per XXXXXXXXXX effective XX/XX/XXXX XXX is to require the applicable secondary valuation product that is acceptable for securitization which in this case is a Desk Review


Seller Comment (2018-11-01): AVM Attached.
 12/07/2018     1 A   FL Investment Refinance - Rate/Term   C A A A     C A     No
205002118           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Seller Comment (2018-12-06): Per further discussion with XXX, AVM is acceptable. Confidence score is High which translates to FSD of 13%-20%.  See attached FSD translation.


Reviewer Comment (2018-11-01): Unable to clear - Per XXXXXXXXXX effective XX/XX/XXXX XXX is to require the applicable secondary valuation product that is acceptable for securitization which in this case is a Desk Review


Seller Comment (2018-11-01): AVM Attached.
 12/07/2018     1 A   NY Investment Refinance - Rate/Term   C A A A     C A     No
205002120           Credit Insurance Insurance Documentation Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.   Rent Loss Coverage required: 6 months market rent.  Need additional documentation or an email from the insurance provider to confirm that the policy includes rent loss coverage equating to at least 6 months market rent.   Reviewer Comment (2018-11-02): Actual loss covered per trailing complete policy


Seller Comment (2018-11-01): Full Policy uploaded
 11/02/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
205002120           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Evidence of replacement cost coverage is not confirmed on the declaration page in file.   Reviewer Comment (2018-11-02): Replacement cost coverage in effect per trailing docs


Seller Comment (2018-11-01): Full Policy uploaded
 11/02/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
205002123           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.   An acceptable Desk Review is not in file for all properties in this portfolio loan.   Reviewer Comment (2018-12-14): Included in TD


Reviewer Comment (2018-12-14): A combination of acceptable secondary valuations were provided for all properties exception XXXX X XXXXX.  An acceptable Desk Review is in file for this property, however an A grade is apparently not appropriate given the underlying AVM did not support the appraised value and the confidence score of "high" means that the AVM was valid and reliable.  Reached out to upper management to confirm that this would be a B grade and confirm the appropriate exception to be added.


Seller Comment (2018-12-13): VRRs are loaded for XXX X XXXXXXXXX, XXX X XXXXXX, and XXX XXXXXXXX.   Since the VRR did not support the appraised value of $XXX,XXX for XXXX XXXXXX, the lower amount of $XXX,XXX from the VRR was used as the lending value.  Does that not affect the grading of the loan?


Reviewer Comment (2018-12-07): Unable to clear - most of the AVM's in file reflect N/A or medium for the confidence score so they are invalid and a Desk Review within 10% of the appraised value is needed for those properties.  There is also a property for which the AVM reflects a high confident score but the value is not within 10% of the appraised value.


Seller Comment (2018-12-06): For XXXX XXXXXX, the desk review amount of $XXX,XXX is used as the lending value and not the appraised value of $XXX,XXX


Reviewer Comment (2018-11-05): Unable to clear - still missing an acceptable Desk Review for XXX X XXXXXXXXX, XXX X XXXXXX, XXX XXXXXXXX and with regard to XXXX XXXXXX - the appraisal value not within 10% of the Desk Review in file.


Seller Comment (2018-11-02): Desk Review (VRR) Uploaded
 12/14/2018     1 A     Investment Refinance - Cash-out - Other   C B A A     C B     No
205002123           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.   A combination of acceptable secondary valuations were provided for all properties exception XXXX .  An acceptable Desk Review is in file for this property, however an A grade is apparently not appropriate given the underlying AVM did not support the appraised value and the confidence score of "high" means that the AVM was valid and reliable.   Reviewer Comment (2019-04-12): Valid B grade


Reviewer Comment (2018-12-20): Per client email exception waived.


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Seller Comment (2018-12-19): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-18): Current status appears to be accurate given the open exception.


Seller Comment (2018-12-17): Can this loan be complete with a Grade 2/B exception.
       2 B     Investment Refinance - Cash-out - Other   C B A A     C B     No
205002124           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Seller Comment (2018-12-05): Per discussion with XXX, AVMs are now allowed.  Confidence score is very high which translates to FSD of 0%-13%.


Reviewer Comment (2018-11-01): Unable to clear - This exception pertains to securitization (not guideline) requirements. Per XXXXXXXXXX effective XX/XX/XXXX XXX is to require the applicable secondary valuation product that is acceptable for securitization which in this case is a Desk Review.


Seller Comment (2018-11-01): Underwritten using XXXXXXXXX Guidelines effective XX/XX/XXXX.  AVM value greater than appraisal value so a further desk review is not required.


Reviewer Comment (2018-11-01): Per XXXXXXXXXX effective XX/XX/XXXX XXX is to require the applicable secondary valuation product that is acceptable for securitization which in this case is a Desk Review.


Seller Comment (2018-11-01): AVM Attached.
 12/07/2018     1 A   FL Investment Refinance - Cash-out - Other   C A A A     C A     No
205005162           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   Missing for (REDACTED)   Reviewer Comment (2018-11-02): Included in trailing docs
 11/02/2018     1 A   NJ Investment Purchase   C A C A     A A     No
205005162           Credit Legal / Regulatory / Compliance Title / Lien Defect Title Policy Coverage is less than Original Loan Amount. The Title Policy Amount of ___ is less than the note amount of ___ based on the title evidence in file.     Reviewer Comment (2018-11-05): Amendment included in trailing documents.


Seller Comment (2018-11-05): Title Commitment amendment uploaded


Reviewer Comment (2018-11-02): Unable to clear - the exception pertains to a title insurance policy (not hazard).


Seller Comment (2018-11-02): Please refer to Page 3 of the policy.  The Dwelling Provperty Coverage:  Coverage A-Dwelling is for $XXX,XXX.XX.  The loan amount is $XXX,XXX.XX.  Therefore there is sufficient coverage.


Reviewer Comment (2018-11-02): Please re-upload the policy with sufficient coverage as the trailing policy is still not apparent in file.


Seller Comment (2018-11-01): Policy uploaded.
 11/05/2018     1 A   NJ Investment Purchase   C A C A     A A     No
205005162           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Replacement cost coverage is not evident on the insurance documentation in file.   Reviewer Comment (2018-11-02): Agent confirmed replacement cost coverage in trailing email and insurance docs


Seller Comment (2018-11-01): Replacement Cost coverage verification email uploaded.
 11/02/2018     1 A   NJ Investment Purchase   C A C A     A A     No
205005163           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-13): Included in TD


Reviewer Comment (2018-12-07): Unable to clear - an acceptable Desk Review would appear to be required as the AVM confidence is medium which renders it invalid.


Seller Comment (2018-12-05): Per XXX, AVM's are now acceptable.  Confidence score is Medium which translates to >20%.


Reviewer Comment (2018-11-01): Unable to clear - Per XXXXXXXXXX effective XX/XX/XXXX XXX is to require the applicable secondary valuation product that is acceptable for securitization which in this case is a Desk Review
 12/13/2018     1 A   NJ Investment Purchase   C A A A     C A     No
205014483           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.   Missing a satisfactory desk review for (REDACTED)   Reviewer Comment (2018-12-13): Included in trailing docs


Reviewer Comment (2018-12-07): Unable to clear - the AVM's for XXXX X XXXXXXXX and XXXX X XX XXXXX both appear to reflect a confidence score of Medium which would render those AVM's as invalid.  Acceptable Desk Reviews would appear to be required for those properties.


Seller Comment (2018-12-05): Per XXX, AVMs are now acceptable.  See also XXX XXXX Translation.
 12/13/2018     1 A     Investment Refinance - Rate/Term   C A A A     C A     No
205014491           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.
 12/07/2018     1 A   TX Investment Refinance - Cash-out - Other   C A A A     C A     No
205058404           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.   A satisfactory desk review is not apparent in file.   Reviewer Comment (2018-12-13): Included in TD


Reviewer Comment (2018-12-07): Unable to clear - a satisfactory Desk Review would appear to be necessary as a medium confidence score would render the AVM as invalid.


Buyer Comment (2018-12-05): Per XXX, AVM now acceptable for second valuation.  See also attached Redbell FSD translation of confidence score of medium is >20% FSD.
 12/13/2018     1 A   NJ Investment Refinance - Rate/Term   C A A A     C A     No
205059020           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.   Desk review is needed.   Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-05): Confidence score is very high which translates to 0%-13% per XXX XXXX
 12/07/2018     1 A   VA Investment Purchase   C A A A     C A     No
205059021           Credit Credit Miscellaneous Credit Exception:   The subject DSCR of .78 does not meet the guideline minimum.  This DSCR was calculated based on the market rent noted on the appraisal.  Guidelines require an executive approval for the market rent calculation on a short term rental.  This was not apparent in file.  Additional documentation (per STR guidelines) is needed to confirm the rent calculation used on the lender approval.   Reviewer Comment (2018-11-07): Executive committee approval supporting market rent of $XXXX and an acceptable DSCR was included in trailing documents.  GL met.
 11/07/2018     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
205059021           Credit Guideline Guideline Issue Ineligible property type. Single Family Detached The appraisal in file reflects that the subject property is a log home.  Guidelines reflect that a log home is not an eligible property.   Reviewer Comment (2018-11-14): Per seller and confirmed with trailing document - Although the house has a log design and some log on the exterior walls, this is not a log home.  The house has conventional construction.  Wall are panel and drywall.  Foundation walls are brick and block.  A log home would have foundation and walls made of logs.


Seller Comment (2018-11-13): Although the house has a log design and some log on the exterior walls, this is not a log home.  The house has conventional construction.  Wall are panel and drywall.  Foundation walls are brick and block.  A log home would have foundation and walls made of logs.
 11/14/2018     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
205059023           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-13): Included in TD


Buyer Comment (2018-12-06): Per XXX, AVM now acceptable for second valuation.  See also attached Redbell FSD translation of confidence score of medium is >20% FSD
 12/13/2018     1 A   MD Investment Refinance - Cash-out - Other   C A A A     C A     No
205059024           Credit Credit AUS Discrepancy / Guidelines Discrepancy Guideline Requirement: PITIA reserves months discrepancy. Calculated PITIA months reserves of  is less than Guideline PITIA months reserves of 3.00. The documented assets are not sufficient to cover X months' reserves (required per guidelines).  Please note that the(REDACTED)account could not be used.  The underwriter also made a note in the file confirming that the(REDACTED)account could not be used as it is a custodial account in a minor's name (funds do not belong to the Guarantor/ parent).   Reviewer Comment (2018-11-07): Added XXX XXXXXXX was included in trailing docs - assets are sufficient


Seller Comment (2018-11-06): Reserves are $XX,XXX.XX which includes the XXX XXXXXXX XXXX balance of $X,XXX.XX.  This account is owned by the borrower.  The XXX XXXXXXX not to be included is account ending in XXXX with a balance of $XX,XXX.XX.  This account was not used in calculating the reserves.
 11/07/2018     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
205059024           Credit Assets Asset Documentation Insufficient funds for Reserves. Guidelines require $11,982.45, and verified reserves are $11,378.58. The documented assets are not sufficient to cover X months' reserves (required per guidelines).  Please note that the(REDACTED)account could not be used.  The underwriter also made a note in the file confirming that the(REDACTED)account could not be used as it is a custodial account in a minor's name (funds do not belong to the Guarantor/ parent).   Reviewer Comment (2018-11-07): Added XXX XXXXXXX was included in trailing docs - assets are sufficient


Seller Comment (2018-11-06): See attachment and previous comments.
 11/07/2018     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
205059024           Credit Loan Package Documentation Application / Processing Missing Document: Deeds / Warranty / Grant / Quit-Claim not provided   The deed granting 100% ownership to the borrowing entity is missing from the file.   Reviewer Comment (2018-11-28): Included in trailing documents


Reviewer Comment (2018-11-07): Unable to clear - the trailing documents did not include the actual fully executed deed granting 100% ownership to the borrowing entity.
 11/28/2018     1 A   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
205059024           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   2 desk reviews in file; one desk review does not trump another desk review           3 C   NY Investment Refinance - Cash-out - Other   D C D A     A C     No
205063065           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.   Desk Review is needed.   Reviewer Comment (2018-12-07): Per upper management this exception should be cleared as a confidence indication of high or very high is acceptable and translates into an FSD of 20% or less


Buyer Comment (2018-12-06): Per XXX, AVM now acceptable for second valuation.  See also attached Redbell FSD translation of confidence score of high is 13.1% - 20% FSD
 12/07/2018     1 A   IL Investment Refinance - Cash-out - Other   C A A A     C A     No
205063066           Credit Credit Miscellaneous Credit Exception:   The derogatory credit/ late payments on the credit report represent guideline violations.  A lender exception approval is in file, however acceptable compensating factors were not provided (low LTV, excessive reserves, very high credit score, etc.) Per client waive with the following compensating factors:  LTV of 60%, high DSCR of 2.032, and credit score of 670. Reviewer Comment (2018-11-30): Per client waive the exception with the following compensating factors: LTV of 60%, high DSCR of 2.032, and credit score of 670.


Buyer Comment (2018-11-29): See compensating factors.


Buyer Comment (2018-11-27): Compensating factors are LTV of 60%, high DSCR of 2.032, and credit score of 670.
     11/30/2018 2 B   CT Investment Refinance - Rate/Term   C B C B     A A     No
205063068           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-13): Included in TD


Reviewer Comment (2018-12-07): Unable to clear - AVM with low confidence score is invalid.
 12/13/2018     1 A   VA Investment Refinance - Cash-out - Other   C A A A     C A     No
205064315           Credit Insurance Insurance Documentation Missing Document: Flood Insurance Policy not provided       Reviewer Comment (2018-11-19): Included in trailing documents
 11/19/2018     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
205064316           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 (2018-11-28): Cleared as trailing research confirms that XXX indication on the declaration page represents the presence of rental property insurance and rent loss coverage.


Buyer Comment (2018-11-27): Attached is our procedure outline for making sure our policies cover replacement cost coverage and rent loss coverage.  At the bottom, you will see XXXX meets the requirements of rent loss insurance because the policy shows " Police includes Home Protector Coverage (25%)",
 11/28/2018     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
205064317           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   Missing a copy of the guarantor's (REDACTED) card.   Reviewer Comment (2018-11-14): Included in trailing documents
 11/14/2018     1 A   NJ Investment Refinance - Rate/Term   C A C A     A A     No
205070698           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided       Reviewer Comment (2018-11-14): Included in trailing documents
 11/14/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
205070699           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Hazard coverage of $XXX,XXX is less than the loan amount and replacement cost coverage is not evident.   Reviewer Comment (2018-11-28): Included in trailing documents


Reviewer Comment (2018-11-14): Unable to clear - the SOP referenced by VFS is not apparent to XXX.  Regardless, the rebuttal indicates that the RCE is $XXX,XXX.  If evidence of this Replacement Cost Estimate can be provided to XXX the exception can be cleared.  At this time the RCE is not apparent to XXX.


Seller Comment (2018-11-14): Our SOP states that when the loan amount is $250k or greater, as long as the RCE is within the 5% of the loan amount,  there is no need for an ER approval and the RCE will be accepted as sufficient.  Loan amount is $284,200, dwelling coverage is $XXX,XXX and RCE is $XXX,XXX.
 11/28/2018     1 A   NJ Investment Refinance - Rate/Term   C A C A     A A     No
205070700           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-13): Desk Review included in TD


Reviewer Comment (2018-12-07): Unable to clear - the trailing AVM reflects medium confidence which renders the AVM as invalid for securitization purposes. Acceptable Desk Review is needed.
 12/13/2018     1 A   PA Investment Refinance - Cash-out - Other   C A A A     C A     No
205070705           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-06): See XXX XXXX FSD Tranlation for FSD score.


Buyer Comment (2018-12-05): See XXX XXXX FSD Translation.  Confidence Score Very HIgh (0%-13%)


Reviewer Comment (2018-11-20): Discussed on call XX/XX/XXXX


Seller Comment (2018-11-14): Our guidelines only require that we use the AVM value.  We do not take the confidence score into consideration.  I see on the AVM form, the confidence score is "very high" and "high".
 12/07/2018     1 A   CO Investment Refinance - Cash-out - Other   C A B A     C A     No
205070705           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-05): AVM Confidence Score is Very High which translates to a FSD score 0%-13%.  See attached XXX XXXX FSD Translation.


Reviewer Comment (2018-11-20): Discussed on call XX/XX/XXXX


Seller Comment (2018-11-14): Guidelines do not require the FSD.  Not sure exactly what you are looking for.  May need to discuss.
 12/07/2018     1 A   CO Investment Refinance - Cash-out - Other   C A B A     C A     No
205078628           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-05): Confidence Score is High which tranlates to 13%-20%.  See XXX XXXX translation.


Buyer Comment (2018-12-05): FSD translates from High to .13%-20% so it is less that 20%.  See XXX XXXX translation.
 12/07/2018     1 A   VA Investment Refinance - Cash-out - Other   C A B A     C A     No
205078628           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-05): See comments and attachment.
 12/07/2018     1 A   VA Investment Refinance - Cash-out - Other   C A B A     C A     No
205078629           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-13): Desk Review included in TD


Buyer Comment (2018-12-13): See VRR uploaded.


Reviewer Comment (2018-12-07): Unable to clear - low indication on AVM renders the AVM invalid.  An acceptable Desk Review is needed.


Buyer Comment (2018-12-05): Confidence score is low which translates 35.1%-50%.  See XXX XXXX translation.
 12/13/2018     1 A   GA Investment Refinance - Cash-out - Other   C A B A     C A     No
205078629           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-13): Desk Review included in TD


Reviewer Comment (2018-12-07): Unable to clear - a low indication on the AVM renders the AVM invalid.  An acceptable desk review is needed.


Buyer Comment (2018-12-05): See comment.


Buyer Comment (2018-12-05): FSD is greater than 20% per XXX XXXX translation.  See also updated appraisal 1004D which states property has not declined in value and  AVM is within 2% of the appraised value.
 12/13/2018     1 A   GA Investment Refinance - Cash-out - Other   C A B A     C A     No
205078630           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): AVM attached with confidence score highlighted which is high that translates to 13%-20%.
 12/07/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205078630           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): See XXX XXXX confidence score to FSD number translation.
 12/07/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205078631           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-07): Included in trailing documents
 12/07/2018     1 A   WI Investment Refinance - Cash-out - Other   C A A A     C A     No
205078632           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): See FSD translation and AVM comment.  See attached Desk Review.
 12/07/2018     1 A   PA Investment Purchase   C A B A     C A     No
205078632           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.
 12/07/2018     1 A   PA Investment Purchase   C A B A     C A     No
205078633           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management this exception should be cleared as a confidence indication of high or very high is acceptable and translates into an FSD of 20% or less


Buyer Comment (2018-12-06): See XXX XXXX FSD score translation.
 12/07/2018     1 A   CA Investment Refinance - Cash-out - Other   C A B A     C A     No
205078633           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management this exception should be cleared as a confidence indication of high or very high is acceptable and translates into an FSD of .2 or less


Buyer Comment (2018-12-06): AVM confidence score is very high which translates to 0%-13% FSD score.
 12/07/2018     1 A   CA Investment Refinance - Cash-out - Other   C A B A     C A     No
205078634           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management this exception should be cleared as a confidence indication of high or very high is acceptable and translates into an FSD of 20% or less


Buyer Comment (2018-12-06): See XXX XXXX FSD Translation.
 12/07/2018     1 A   NC Investment Purchase   C A B A     C A     No
205078634           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management this exception should be cleared as a confidence indication of high or very high is acceptable and translates into an FSD of 20% or less


Buyer Comment (2018-12-06): AVM confidence score is very high which translates to FSD score 0%-13%.  See attached AVM with confidence score highlighted.
 12/07/2018     1 A   NC Investment Purchase   C A B A     C A     No
205078635           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.
 12/07/2018     1 A   IL Investment Refinance - Rate/Term   C A B A     C A     No
205078635           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): See XXX XXXX FSD score translation.
 12/07/2018     1 A   IL Investment Refinance - Rate/Term   C A B A     C A     No
205078636           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management this exception should be cleared as a confidence indication of high or very high is acceptable and translates into an FSD of 20% or less


Buyer Comment (2018-12-06): See XXX XXXX FSD translation.
 12/07/2018     1 A   NJ Investment Refinance - Rate/Term   C A B A     C A     No
205078636           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management this exception should be cleared as a confidence indication of high or very high is acceptable and translates into an FSD of 20% or less


Buyer Comment (2018-12-06): AVM confidence score is High which translates to a FSD score of 13%-20%.  See AVM confidence score highlighted.
 12/07/2018     1 A   NJ Investment Refinance - Rate/Term   C A B A     C A     No
205078637           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence score is high which translates to 13%-20% FSD.  See XXX XXXX FSD Translation.
 12/07/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A B A     C A     No
205078637           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence score is high which translates to 13%-20% FSD.  See highlighted score on attached AVM.
 12/07/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A B A     C A     No
205078639           Credit Loan Package Documentation Closing / Title Missing Document: Title Preliminary not provided   Title commitment in file is incomplete and is missing schedule A.   Reviewer Comment (2018-11-20): Included in trailing documents
 11/20/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205078639           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): See attached desk review.


Buyer Comment (2018-12-07): See desk review attached.


Buyer Comment (2018-12-07): AVM confidence score is medium which is > 20% FSD.  Therefore, desk review is used for the valuation and AVM is not valid.
 12/07/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205078639           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).
 12/07/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205078640           Credit Loan Package Documentation Application / Processing Missing Document: Deeds / Warranty / Grant / Quit-Claim not provided   Deed vesting title on subject property from (REDACTED).is missing from file.   Reviewer Comment (2018-11-28): Included in trailing documents


Reviewer Comment (2018-11-20): Unable to clear - Deed vesting title on subject property from XXXXXXXXX XXXXXX to XXXXXX XXXXXX, XXX.is still missing from file.
 11/28/2018     1 A   OH Investment Refinance - Cash-out - Other   D A D A     C A     No
205078640           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM confidence score is very high which is 0%-13% FSD Score.  See very high highlighted on AVM.
 12/07/2018     1 A   OH Investment Refinance - Cash-out - Other   D A D A     C A     No
205078640           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM confidence score is very high which is 0%-13% FSD Score. See XXX XXXX FSD Translation.
 12/07/2018     1 A   OH Investment Refinance - Cash-out - Other   D A D A     C A     No
205079625           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence less than high or very high).


Buyer Comment (2018-12-07): See attached desk review.
 12/07/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A B A     C A     No
205079625           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than high or very high).


Buyer Comment (2018-12-07): AVM confidence score is low which is > 20% so attached desk review to use for valuation.
 12/07/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A B A     C A     No
205079627           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): See attached desk review.
 12/07/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205079627           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM confidence score is medium which is >20%.  Attached is desk review used for the valuation.
 12/07/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205079628           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM confidence score is High which is 13%-20% FSD score.  See highlighted AVM score attached.
 12/07/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205079628           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided.       Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM confidence score is High which is 13%-20% FSD score.  See XXX XXXX FSD Translation attached.
 12/07/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205079628           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Replacement cost coverage is not evident on the insurance documents in file.   Reviewer Comment (2018-11-28): Complete policy confirming replacement cost coverage was included in the trailing documents.


Buyer Comment (2018-11-28): Attached is full insurance policy showing replacement cost coverage is included in policy.
 11/28/2018     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205079629           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): See attached desk review.
 12/07/2018     1 A   TX Investment Refinance - Rate/Term   C A B A     C A     No
205079629           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM was not within the 10% so desk review is being used for valuation.  See attached desk review.
 12/07/2018     1 A   TX Investment Refinance - Rate/Term   C A B A     C A     No
205079630           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   one desk review does not trump the other desk review?           3 C   MO Investment Refinance - Cash-out - Other   A C A A     A C     No
205103748           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   Per application in file the Guarantor is a (REDACTED).   Reviewer Comment (2018-11-28): Included in trailing documents
 11/28/2018     1 A   DC Investment Refinance - Cash-out - Other   D A D A     A A     No
205103748           Credit Property - Appraisal Appraisal Documentation Missing Document: Appraisal not provided   The guidelines require X full appraisals at the subject loan amount and value.  Only X full appraisal was apparent in file.  Please note a Desk Review is in file, however it is a review of the second full appraisal which is not apparent in file.   Reviewer Comment (2018-11-28): Included in trailing documents
 11/28/2018     1 A   DC Investment Refinance - Cash-out - Other   D A D A     A A     No
205103749           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-20): Separate/ appropriate grade 2 exception set already per upper management


Buyer Comment (2018-12-19): See comment - Waive loan as a Grade 2 Exception


Buyer Comment (2018-12-19): Waive loan as a Grade 2 Exception


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable when the AVM has a high confidence level but does not support within 10% of the appraised value.
 12/20/2018     1 A   MD Investment Refinance - Cash-out - Other   C B B A     C B     No
205103749           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-20): Separate/ appropriate grade 2 exception set already per upper management


Buyer Comment (2018-12-19): See Comment.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable when the AVM has a high confidence level but does not support within 10% of the appraised value.


Buyer Comment (2018-12-07): AVM is less than 10% of appraised value so using desk review of valuation.  See attached desk review.
 12/20/2018     1 A   MD Investment Refinance - Cash-out - Other   C B B A     C B     No
205103749           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception
     12/20/2018 2 B   MD Investment Refinance - Cash-out - Other   C B B A     C B     No
205103750           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-20): A separate and more appropriate exception was set to reflect the scenario per upper management.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable when the AVM has a high confidence level but does not support within 10% of the appraised value.


Buyer Comment (2018-12-07): AVM value did not come within 10% of the appraised value so desk review is being used for the valuation.
 12/20/2018     1 A   WA Investment Refinance - Rate/Term   C B B A     C B     No
205103750           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-20): A separate and more appropriate exception was set to reflect the scenario per upper management.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable when the AVM has a high confidence level but does not support within 10% of the appraised value.


Buyer Comment (2018-12-07): See attached desk review.
 12/20/2018     1 A   WA Investment Refinance - Rate/Term   C B B A     C B     No
205103750           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception
     12/20/2018 2 B   WA Investment Refinance - Rate/Term   C B B A     C B     No
205111565           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-14): High confidence translates to FSD of less than 20% per upper management
 12/14/2018     1 A   TX Investment Refinance - Rate/Term   C B B A     C B     No
205111565           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-14): high confidence translates to FSD below 20%


Buyer Comment (2018-12-14): See desk review.


Buyer Comment (2018-12-14): See desk review.  Exception will stay a Grade 2.
 12/14/2018     1 A   TX Investment Refinance - Rate/Term   C B B A     C B     No
205111565           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception
     12/20/2018 2 B   TX Investment Refinance - Rate/Term   C B B A     C B     No
205122896           Credit Credit Miscellaneous Credit Exception:   The tenant in one of the units has the same (common) last name as the guarantor.  An Enhanced Review is in file, which refers to a signed letter of explanation.  This letter of explanation is missing from the file provided to XXX.   Reviewer Comment (2018-11-28): Included in trailing documents
 11/28/2018     1 A   NY Investment Purchase   C C C A     A C     No
205122896           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   2 desk reviews, first does not support within 10%, second does; however desk review does not trump desk review           3 C   NY Investment Purchase   C C C A     A C     No
205124259           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-12-06): Included in trailing documents


Reviewer Comment (2018-11-28): Unable to clear - the trailing contract reflects a price of $XXX,XXX which does not match the sale price on the HUD of $XXX,XXX.  A fully executed contact addendum would appear to be missing.
 12/06/2018     1 A   TX Investment Purchase   D A D A     C A     No
205124259           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM confidence score very high which is a FSD score < 20%.  See  XXX XXXX FSD Translation.
 12/07/2018     1 A   TX Investment Purchase   D A D A     C A     No
205124259           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM confidence score very high which is a FSD score < 20%.  See AVM confidence score highlighted.
 12/07/2018     1 A   TX Investment Purchase   D A D A     C A     No
205124260           Credit Credit Miscellaneous Credit Exception:   An Enhanced Review was performed regarding both occupancy and seasoning. However the supporting utility bills and property tax record on his primary residence as well as the letter of explanation and signed deed removing XXXXXXXX were not apparent in file.   Reviewer Comment (2018-12-20): Included in trailing documents


Reviewer Comment (2018-12-06): Unable to clear - the supporting lease and utility bills has been received, however the property tax record on the primary residence, letter of explanation and signed deed removing XXXXXXXX are still needed to support the Enhanced Review.
 12/20/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
205124263           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.


Buyer Comment (2018-12-07): See attached desk review.
 12/07/2018     1 A   PA Investment Refinance - Cash-out - Other   C A B A     C A     No
205124263           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM confidence score is medium which is > 20% FSD score.  It is not valid so use attached desk review.
 12/07/2018     1 A   PA Investment Refinance - Cash-out - Other   C A B A     C A     No
205124265           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM confidence score is very high which is 0%-13% FSD score.  See attache XXX XXXX FSD Translation.
 12/07/2018     1 A   FL Investment Refinance - Cash-out - Other   C B B A     C B     No
205124265           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM confidence score is very high which is 0%-13% FSD score.  See attached AVM highlighted confidence score.
 12/07/2018     1 A   FL Investment Refinance - Cash-out - Other   C B B A     C B     No
205124265           Property Property - Appraisal General Appraisal Requirements The appraisal revealed property damage.   Guidelines do not allow for any deferred maintenance except for minor items due to normal wear and tear.  Page 11 of the appraisal indicates that damaged wood was observed in the kitchen area.  Furthermore, the property owner indicated to the appraiser that the subject has active termites.  An Enhanced Review is in file, however the disclosure of active termite infestation would appear to represent a guideline violation. Per client waived with the following compensating factors:  high credit of 674, low LTV of 63%, and DSCR of 1.2.  Waived as a Grade 2 due to the termite issue. Reviewer Comment (2018-12-07): Per client waived with the following compensating factors:  high credit of 674, low LTV of 63%, and DSCR of 1.2.  Waived as a Grade 2 due to the termite issue.


Buyer Comment (2018-12-07): Compensating factors is high credit of 674, low LTV of 63%, and DSCR of 1.2.  Can this be waived as a Grade 2 due to the termite issue.


Reviewer Comment (2018-11-30): The property has active termites, no evidence provided that this in active treatment is in process, active termites is not considered normal wear and tear, without treatment damage can become extensive.


Buyer Comment (2018-11-29): See explanation.


Buyer Comment (2018-11-29): The property was classified as a C3 property and through the review of the appraisal pictures the wood damage looked like normal wear and tear.
     12/07/2018 2 B   FL Investment Refinance - Cash-out - Other   C B B A     C B     No
205124267           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-13): Desk Review included in TD


Buyer Comment (2018-12-13): See VRR uploaded.
 12/13/2018     1 A   PA Investment Refinance - Cash-out - Other   C A C A     C A     No
205124267           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-13): Desk Review included in TD
 12/13/2018     1 A   PA Investment Refinance - Cash-out - Other   C A C A     C A     No
205124267           Credit Credit Miscellaneous Credit Exception:   The STR underwriter approved market rents of $XXXX/ month.  An Enhanced Review/ approval of this amount is in file and there is reference to the market rent calculator that was utilized in the computation.  However, an illustration of the market rent calculator is not evident in file.   Reviewer Comment (2018-11-30): Included in trailing docs
 11/30/2018     1 A   PA Investment Refinance - Cash-out - Other   C A C A     C A     No
205124269           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.       Reviewer Comment (2018-12-07): Included in trailing documents


Buyer Comment (2018-12-07): Desk review uploaded
 12/07/2018     1 A   NC Investment Refinance - Rate/Term   C A A A     C A     No
205124270           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   NY Investment Refinance - Cash-out - Other   C A B A     C A     No
205124270           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   NY Investment Refinance - Cash-out - Other   C A B A     C A     No
205124271           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-14): high confidence translates to FSD below 20%


Buyer Comment (2018-12-14): See attached VRR.  Used as valuation but will stay a Grade 2.
 12/14/2018     1 A   NJ Investment Refinance - Cash-out - Other   C B B A     C B     No
205124271           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-14): high confidence translates to FSD below 20%
 12/14/2018     1 A   NJ Investment Refinance - Cash-out - Other   C B B A     C B     No
205124271           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception
     12/20/2018 2 B   NJ Investment Refinance - Cash-out - Other   C B B A     C B     No
205125657           Credit Property - Appraisal Appraisal Documentation Missing Document: Appraisal not provided   Appraisal document in file is not entirely legible.   Reviewer Comment (2018-11-28): Included in trailing documents
 11/28/2018     1 A   NJ Investment Refinance - Cash-out - Other   D A D A     C A     No
205125657           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.
 12/07/2018     1 A   NJ Investment Refinance - Cash-out - Other   D A D A     C A     No
205125657           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): See FSD translation and AVM Comment.  See attached Desk Review.
 12/07/2018     1 A   NJ Investment Refinance - Cash-out - Other   D A D A     C A     No
205125659           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   GA Investment Refinance - Cash-out - Other   C A B A     C A     No
205125659           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   GA Investment Refinance - Cash-out - Other   C A B A     C A     No
205125660           Credit Credit Miscellaneous Credit Exception:   Maximum allowed loan exposure of $XX,XXX,XXX appears to have been exceeded.  A lender exception approval is apparent in file to allow for $XX,XXX,XXX max exposure, however compensating factors were not provided. Compensating factors are high credit score of 704 and excellent pay history on 10 other portfolio loan.  Also on this loan, LTV is 67.13% and DSCR is 1.423.

Compensating factors are high credit score of 704 and excellent pay history on 10 other portfolio loan.  Also on this loan, LTV is 67.13% and DSCR is 1.423.		 Reviewer Comment (2018-11-28): Compensating factors are high credit score of 704 and excellent pay history on 10 other portfolio loan.  Also on this loan, LTV is 67.13% and DSCR is 1.423.


Buyer Comment (2018-11-28): See compensating factors.


Buyer Comment (2018-11-28): Compensating factors are high credit score of 704 and excellent pay history on 10 other portfolio loan.  Also on this loan, LTV is 67.13% and DSCR is 1.423.
     11/28/2018 2 B     Investment Refinance - Cash-out - Other   C C C B     C C     No
205125660           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%.       Reviewer Comment (2018-12-14): Per upper management a grade B exception was added to account for the 2 AVM's with low values and high confidence per S&P.


Buyer Comment (2018-12-13): See VRRs uploaded.


Reviewer Comment (2018-12-07): Unable to clear - there are AVM's for 2 properties where the confidence score is greater than 20%.


Buyer Comment (2018-12-07): AVM for properties A,B,C, E, & F all have confidence scores of Very High or High which is <20% FSD Score.
 12/14/2018     1 A     Investment Refinance - Cash-out - Other   C C C B     C C     No
205125660           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided.       Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): AVM for properties A,B,C, E, & F all have confidence scores of Very High or High which is <20% FSD Score. See XXX XXXX FSD Translation.
 12/07/2018     1 A     Investment Refinance - Cash-out - Other   C C C B     C C     No
205125660           Credit Loan Package Documentation Application / Processing Missing Document: Flood Certificate not provided   Flood Certificate for XX  XXXXX missing from file and required to be provided.   Reviewer Comment (2018-11-29): Included in trailing documents


Buyer Comment (2018-11-28): Please see attached Flood Certificates.


Reviewer Comment (2018-11-28): Unable to clear - the trailing document was a copy of the flood insurance policy, however the exception is set for missing flood certificate (which is still not evident in file).
 11/29/2018     1 A     Investment Refinance - Cash-out - Other   C C C B     C C     No
205125660           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   Added XX/X/XX with regard to the property at XX  The initial Desk Review reflects a variance of -16.4%.  A second Desk Review is not sufficient to clear.   Reviewer Comment (2019-04-12): Updated per upper management - initial Desk Review tolerance violation cannot be overridden by a subsequent Desk Review.


Reviewer Comment (2018-12-14): Per upper management usage of the lower CDA value is A rated.


Buyer Comment (2018-12-13): For XX X XXX, XXXXX used the lending value of XXX,XXX from the VRR since it did not match the appraisal withing 10%.  Since the lower amount was used as lending value, does this help the grading of the loan?


Buyer Comment (2018-12-13): See VRR uploaded.
       3 C     Investment Refinance - Cash-out - Other   C C C B     C C     No
205125660           Credit Missing Document General Missing Document: Desk Review not provided   ADDED XX/X/XX:  A Desk Review to support a value within 10% of the appraised value is needed per securitization requirements as the AVM in file reflects an insufficient confidence score.   Reviewer Comment (2018-12-14): Included in TD
 12/14/2018     1 A     Investment Refinance - Cash-out - Other   C C C B     C C     No
205125660           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): See comment.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception
     12/20/2018 2 B     Investment Refinance - Cash-out - Other   C C C B     C C     No
205165983           Credit Credit Miscellaneous Credit Exception:   The appraisal reflects contradictory information.  The appraisal was marked "As Is", however page X and X of X include appraiser comments that indicate "The subject is under renovation and is not 100% complete as of the day of the inspections...Therefore, the dwelling is subject to 100% completion and final inspection.  The subject property is subject to completion and a final inspection."  It would appear that a revised appraisal is needed or a final inspection.   Reviewer Comment (2018-11-28): Satisfactory final inspection is included in trailing documents.  The commentary noted in the appraisal appears to have been outdated.
 11/28/2018     1 A   AL Investment Refinance - Cash-out - Other   C A C A     A A     No
205165986           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is Very High which FSD translates to 0% - 13%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   CA Investment Refinance - Cash-out - Other   C C B A     C C     No
205165986           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   CA Investment Refinance - Cash-out - Other   C C B A     C C     No
205165986           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX             2 C   CA Investment Refinance - Cash-out - Other   C C B A     C C     No
205165989           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-11-27): Received


Buyer Comment (2018-11-26): Documents attached.
 11/27/2018     1 A   NJ Investment Purchase   D A D A     A A     No
205165990           Credit Credit Miscellaneous Credit Exception:   Rent loss coverage of $XX,XXX does not meet minimum required coverage of $XX,XXX (X months @market rent) per guidelines.  An Enhanced Review/ Lender Exception Approval is apparent in file however acceptable compensating factors were not provided. Borrower has a great credit score of 703, DSCR of 2.989, high monthly rent, and LTV of 75%. Reviewer Comment (2018-11-29): Per client/ originator - Waived with the following compensating factors: Borrower has a great credit score of 703, DSCR of 2.989, high monthly rent, and LTV of 75%.


Buyer Comment (2018-11-28): Rent loss coverage is a Guideline Exception with only the $XX,XXX.  Borrower has a great credit score of 703, DSCR of 2.989, high monthly rent, and LTV of 75%.
     11/29/2018 2 B   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205165990           Credit Credit Miscellaneous Credit Exception:   Property taxes are currently assessed at $XXX.XX/ year per the tax cert in file, however lender has estimated at $XXX.XX/mo.  Documents supporting the calculation of $XXX.XX/ month is needed.   Reviewer Comment (2018-11-29): Estimated tax calculation included in trailing documents
 11/29/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205165990           Credit Credit Credit Documentation OFAC was not checked and required per guidelines. Credit Report: Original // Borrower: (REDACTED) Only the primary Guarantor is apparent on the (REDACTED) in file.   Reviewer Comment (2018-11-30): Included in trailing documents


Buyer Comment (2018-11-29): See page 31 showing all of the guarantors.


Reviewer Comment (2018-11-28): Unable to clear - the guidelines appear to require Fraudguard on all personal guarantors.  Please advise.


Buyer Comment (2018-11-28): Fraudguard is only run on the primary guarantor.
 11/30/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205165990           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.
 12/07/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205165990           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): See FSD translation and AVM Comment.  See attached Desk Review.
 12/07/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205165990           Credit Assets Asset Documentation Guideline Issue:Insufficient asset documentation.   Proof of ownership of XXXX (REDACTED) (asset account holder per statements in file) is required in order to determine if usage of (REDACTED) account #XXXX is appropriate.   Reviewer Comment (2018-11-29): Corporate Resolution included in trailing documents and Cert of Incumbency on XXX xxxxxxxxx also associates account holder with the Guarantor.
 11/29/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205165990           Credit Credit Miscellaneous Credit Exception:   Guidelines and STR Enhanced Review both refer to the underwriter short term rent calculator, however this document confirming the breakdown is not evident in file.   Reviewer Comment (2018-11-28): Included in trailing documents
 11/28/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205216321           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): See FSD translation and AVM Comment.  See attached Desk Review.
 12/07/2018     1 A   MD Investment Refinance - Cash-out - Other   C A B A     C A     No
205216321           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.
 12/07/2018     1 A   MD Investment Refinance - Cash-out - Other   C A B A     C A     No
205216323           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): See FSD translation and AVM Comment.  See attached Desk Review.
 12/07/2018     1 A   OH Investment Refinance - Cash-out - Other   C A C A     C A     No
205216323           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.
 12/07/2018     1 A   OH Investment Refinance - Cash-out - Other   C A C A     C A     No
205216323           Credit Loan Package Documentation Application / Processing Missing Document: Spousal Consent Form not provided   Unable to determine if the Primary Guarantor is (REDACTED) to the Secondary Guarantor.  If not, a spousal consent would appear to be required.   Reviewer Comment (2018-11-28): Set in error - spousal consent not required as the guarantors are married to each other and both signed the PG.


Buyer Comment (2018-11-28): Guaranty Agreement states the primary guarantor and co-guarantor are husband and wife on page 1.  I have attached another copy with that information highlighted.


Reviewer Comment (2018-11-28): Unable to clear - XXX is unable to determine if spousal consent is required.  The primary guarantor is apparently married however we are unable to decipher if he/ she is married to the Co-guarantor or not.  If not a spousal consent would appear to be necessary for both guarantors.


Buyer Comment (2018-11-27): XXXXXXX XXXX XXXXXXXX is a guarantor.  Attached is a copy of the Guaranty Agreement.
 11/28/2018     1 A   OH Investment Refinance - Cash-out - Other   C A C A     C A     No
205216324           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): See XXX XXXX FSD Translation
 12/07/2018     1 A   TX Investment Refinance - Rate/Term   C A B A     C A     No
205216324           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): Confidence Score is Very High which FSD translates to 0% - 13%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   TX Investment Refinance - Rate/Term   C A B A     C A     No
205225802           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): See XXX XXXX FSD Translation
 12/07/2018     1 A   IN Investment Refinance - Cash-out - Other   C A B A     C A     No
205225802           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   IN Investment Refinance - Cash-out - Other   C A B A     C A     No
205225803           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): See FSD translation and AVM Comment.  See attached Desk Review.
 12/07/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205225803           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per management an acceptable Desk Review is sufficient and exceptions related to the AVM are not applicable when the Desk Review value is within 10% of the appraised value.


Buyer Comment (2018-12-06): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.
 12/07/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205225803           Credit Loan Package Documentation Loan File Missing Document: Hazard Insurance Policy not provided   The insurance documents in file reflect a policy which expired on XX/XX/XX.  The insurance documents for the policy with an effective date of XX/XX/XXXX reflecting an insurance premium amount of $XXXX/ year (per lender approval) is still needed to confirm sufficient coverage, DSCR, etc.   Reviewer Comment (2018-11-30): Included in trailing documents
 11/30/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205225803           Credit Fix and Flip General Missing Document: Spousal Consent not provided. Borrower: (REDACTED)     Reviewer Comment (2018-11-30): Included in trailing documents


Buyer Comment (2018-11-28): Spousal Consent attached.
 11/30/2018     1 A   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205225803           Credit Credit Miscellaneous Credit Exception:   Guidelines and STR Enhanced Review both refer to the underwriter short term rent calculator as well as rent rolls/ receipts, however these documents confirming the breakdown/ support for the rental income used in calculating the DSCR are not evident in file. Per client waive with the following compensating factors: borrower has very high credit of 722, DSCR of 4.501, LTV of 70%, and past history of very good part time rental with 70% occupancy. Reviewer Comment (2019-03-18): Client waived


Reviewer Comment (2019-03-18): with comp


Buyer Comment (2019-01-02): Waive as a Grade 3 exception due to the lack of support for the rent rolls.


Reviewer Comment (2018-12-26): The underwriter gross receipts as provided by the borrower was entered on the calculation worksheet as $XXX,XXX.  The trailing rent roll did not support this amount/ entry in the worksheet.


Buyer Comment (2018-12-26): See comment about calculation of rents.


Buyer Comment (2018-12-24): Through review of the actual rents, market rents , and nightly rents per XXXXXX and XXXXXXXX, the average monthly rent was determined to be $18,766X12=$XXX,XXX.


Reviewer Comment (2018-12-21): Unable to clear - the trailing rent rolls reflect $168,897.08 which does not appear to support the figure of $XXX,XXX used on the underwriter calculation worksheet


Reviewer Comment (2018-12-06): Unable to clear - the correct calculation worksheet has been received, however the corresponding rent rolls/ gross receipts of $XXX,XXX per the worksheet are still not apparent.


Reviewer Comment (2018-12-04): Unable to clear - the correct calculation worksheet have been received, however the corresponding rent rolls/ gross receipts of $XXX,XXX per the worksheet are still not apparent.


Reviewer Comment (2018-11-30): Unable to clear - the rent calculation sheet that is included in trailing documents is for a property other than the subject property and the corresponding rent rolls/ receipts are still not apparent.
     03/18/2019 2 B   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205225803           Credit Credit Miscellaneous Credit Exception:   Rent loss coverage of $XX,XXX does not meet minimum required coverage of $XX,XXX (X months @ market rent) per guidelines.  An Enhanced Review/ Lender Exception Approval is apparent in file however acceptable compensating factors were not provided. Per client waive with the following compensating factors: borrower has very high credit of 722, DSCR of 4.501, LTV of 70%, and past history of very good part time rental with 70% occupancy. Reviewer Comment (2018-11-30): Per client waive with the following compensating factors: borrower has very high credit of 722, DSCR of 4.501, LTV of 70%, and past history of very good part time rental with XX% occupancy.


Buyer Comment (2018-11-29): See above compensating factors.


Buyer Comment (2018-11-29): Compensating factors are borrower has very high credit of 722, DSCR of 4.501, LTV of 70%, and past history of very good part time rental with XX% occupancy.
     11/30/2018 2 B   LA Investment Refinance - Cash-out - Other   C B C B     C A     No
205225811           Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Guideline Requirement: Loan to value discrepancy. Calculated loan to value percentage of 78.84615% exceeds Guideline loan to value percentage of 75.00000%. XX.XX% is the result of the loan amount divided by the sales price on the HUD.  Guidelines do not appear to allow for the assignment fee to be added to the purchase price in calculating the LTV.  Client consideration and commentary is required.   Reviewer Comment (2018-11-30): Updated with contract provided


Buyer Comment (2018-11-28): The $X,XXX assignment fee is part of the purchase price.  See attached contract.
 11/30/2018     1 A   OH Investment Purchase   C A C A     A A     No
205226560           Credit Missing Document General ACH was missing from file.   ACH agreement in file is incomplete and missing pages.   Reviewer Comment (2018-11-29): Included in trailing documents


Buyer Comment (2018-11-28): ACH Attached.
 11/29/2018     1 A     Investment Refinance - Cash-out - Home Improvement   C A C A     C A     No
205226560           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided.       Reviewer Comment (2018-12-09): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation


Buyer Comment (2018-12-07): Property F has a desk review.  An AVM was not run on this property.
 12/09/2018     1 A     Investment Refinance - Cash-out - Home Improvement   C A C A     C A     No
205226560           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%.       Reviewer Comment (2018-12-13): Included in TD


Reviewer Comment (2018-12-09): Unable to clear - the confidence score is too high for property A.  Am acceptable Desk Review is needed


Buyer Comment (2018-12-07): AVMs for Property B, C, D, E,  & G are Very High or High which is <20% FSD Score.  See attached AVMs.
 12/13/2018     1 A     Investment Refinance - Cash-out - Home Improvement   C A C A     C A     No
205254765           Credit Loan Package Documentation Application / Processing Missing Document: Mortgage Loan Payoff Statement not provided       Reviewer Comment (2018-11-30): Included in trailing documents
 11/30/2018     1 A   TX Investment Refinance - Rate/Term   C A C A     C A     No
205254765           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.


Buyer Comment (2018-12-07): See FSD translation and AVM Comment.  See attached Desk Review
 12/07/2018     1 A   TX Investment Refinance - Rate/Term   C A C A     C A     No
205254765           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).
 12/07/2018     1 A   TX Investment Refinance - Rate/Term   C A C A     C A     No
205254766           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Evidence of replacement cost coverage is not apparent on the insurance document in file.   Reviewer Comment (2018-11-30): Cleared per client based on presence of XX-XXXX.X


Buyer Comment (2018-11-29): See the attached procedure for verification of replacement cost coverage.  For XXXXX XXXX, it is labeled as XX XXXX.X and show "XXXXXXX".  This policy contains that coverage.
 11/30/2018     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
205254767           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   TX Investment Refinance - Rate/Term   C A B A     C A     No
205254767           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   TX Investment Refinance - Rate/Term   C A B A     C A     No
205254989           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-13): Desk Review included in TD


Buyer Comment (2018-12-13): See VRR uploaded.
 12/13/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205254989           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-13): Desk Review included in TD
 12/13/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205254990           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-18): Separate exception set per upper management


Buyer Comment (2018-12-17): See desk review for valuation.


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable as the AVM is considered reliable and does not support within 10% of appraised value.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/18/2018     1 A   OH Investment Refinance - Cash-out - Other   C B B A     C B     No
205254990           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-18): Set separate grade B exception per upper management as Desk Review supports appraised value but underlying valid AVM did not.


Buyer Comment (2018-12-17): Used desk review to for valuation.  Grade B exception since using desk review subsequent to AVM.


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable as the AVM is considered reliable and does not support within 10% of appraised value.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/18/2018     1 A   OH Investment Refinance - Cash-out - Other   C B B A     C B     No
205254990           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception
     12/20/2018 2 B   OH Investment Refinance - Cash-out - Other   C B B A     C B     No
205254991           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   FL Investment Refinance - Cash-out - Other   C A C A     C A     No
205254991           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is Very High which FSD translates to 0% - 13%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   FL Investment Refinance - Cash-out - Other   C A C A     C A     No
205254991           Credit Credit AUS Discrepancy / Guidelines Discrepancy Guideline Issue:  Ineligible borrower   Guidelines do not appear to allow for a (REDACTED) borrower or Primary Guarantor.  The application does not indicate that the borrower/ guarantor is a (REDACTED) and a (REDACTED) card is not evident in file, which would appear to reflect that the borrower/ guarantor is a (REDACTED).   Reviewer Comment (2018-11-30): Cleared per client as the trailing document is a work authorization confirming non permanent resident alien which is allowed per guidelines.


Buyer Comment (2018-11-29): Borrower is a nonpermanent resident alien.  See identification.
 11/30/2018     1 A   FL Investment Refinance - Cash-out - Other   C A C A     C A     No
205254995           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-10): Per upper management an AVM with a high or very high confidence indication is valid as this translates into an FSD of less than 20%.


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable when the AVM has a high confidence level but does not support within 10% of the appraised value.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/10/2018     1 A   MI Investment Refinance - Cash-out - Other   C B B A     C B     No
205254995           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-10): Per upper management an AVM with a high or very high confidence indication is valid as this translates into an FSD of less than 20%.


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable when the AVM has a high confidence level but does not support within 10% of the appraised value.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/10/2018     1 A   MI Investment Refinance - Cash-out - Other   C B B A     C B     No
205254995           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.   Added XX/XX/XX:  AVM with high confidence score is not within 10% of the appraised value while the subsequent Desk Review does support the appraised value.   Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-18): The current status appears to be accurate based on the open grade 2 exception.


Buyer Comment (2018-12-16): Is this complete with a Grade 2 exception?
     12/20/2018 2 B   MI Investment Refinance - Cash-out - Other   C B B A     C B     No
205254996           Credit Property - Appraisal Property Eligibility - Site and Utilities XXXXXXX XXXXXX Water Contamination: Property is located in XXXXXXX XXXXXX, MI and could be subject to contaminated water. Files does not contain evidence that water supply is serviced by a non-municipal water source (well water supply), or evidence from an independent water quality analysis that confirms that water is free of all known environmental and safety hazards       Reviewer Comment (2018-12-07): Cleared per client as the appraiser confirmed on page 4 of the appraisal that the subject property is not impacted by the XXXX XX XXXXX XXXXX XXXXXX.


Buyer Comment (2018-12-07): Please see comment from 12/5


Buyer Comment (2018-12-05): Also, would you be able to let us know why this was requested we can address this up front on any others.  Thank you.


Buyer Comment (2018-12-05): Please refer to page 4 of the appraisal. The appraiser has determined this property is not impacted.  The subject's water is provided by the XXXX XX XXXXX XXXXX, from the XXXXXXX water system.
 12/07/2018     1 A   MI Investment Purchase   C A C A     A A     No
205254997           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-14): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).  Desk Review included in TD supports appraised value.


Buyer Comment (2018-12-14): See attached VRR.
 12/14/2018     1 A   TN Investment Refinance - Cash-out - Other   C A C A     C A     No
205254997           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-14): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).  Desk Review included in TD supports appraised value.
 12/14/2018     1 A   TN Investment Refinance - Cash-out - Other   C A C A     C A     No
205254997           Credit Credit Miscellaneous Credit Exception:   Guidelines require an executive approval and completion of a rent calculation worksheet to confirm the underwriter approved rental income calculation for short term rental properties.  These documents are not apparent in file.   Reviewer Comment (2018-12-21): Included in trailing documents


Reviewer Comment (2018-12-09): Unable to clear - the executive approval and UW rental income calculation worksheet were received in the trailing documents, however the documents illustrating the actual rents received/ surrounding listings referenced on the executive approval have still not been received.


Buyer Comment (2018-12-07): STR Uploaded


Reviewer Comment (2018-12-06): Unable to clear - the executive approval was received in the trailing documents, however the UW rental income calculation worksheet and supporting actual rents/ surrounding listings referenced on the executive approval have still not been received.
 12/21/2018     1 A   TN Investment Refinance - Cash-out - Other   C A C A     C A     No
205254999           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided   Missing Documentation   Reviewer Comment (2018-12-03): Included in trailing documents
 12/03/2018     1 A   MO Investment Purchase   D A D A     A A     No
205255000           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-18): Lower CDA value used to determine LTV - exception cleared per upper management email instruction


Buyer Comment (2018-12-17): AVM not valid so desk review ordered.  First desk review not within 10% so used lower value from second desk review.
 12/18/2018     1 A   NJ Investment Refinance - Rate/Term   C C B A     C C     No
205255000           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-18): Lower CDA value used to determine LTV - exception cleared per upper management email instruction


Buyer Comment (2018-12-17): AVM score is medium so it is not valid.
 12/18/2018     1 A   NJ Investment Refinance - Rate/Term   C C B A     C C     No
205255000           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.               3 C   NJ Investment Refinance - Rate/Term   C C B A     C C     No
205256194           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   NY Investment Refinance - Cash-out - Other   C A B A     C A     No
205256194           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.
 12/07/2018     1 A   NY Investment Refinance - Cash-out - Other   C A B A     C A     No
205256195           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-12-06): Included in trailing documents


Buyer Comment (2018-12-03): Purchase Agreement uploaded
 12/06/2018     1 A   IL Investment Purchase   D A D A     A A     No
205256196           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-14): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).  Desk Review included in TD supports appraised value.


Buyer Comment (2018-12-14): See attached VRR.
 12/14/2018     1 A   FL Investment Refinance - Cash-out - Other   C A B A     C A     No
205256196           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-14): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).  Desk Review included in TD supports appraised value.
 12/14/2018     1 A   FL Investment Refinance - Cash-out - Other   C A B A     C A     No
205256197           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): See FSD translation and AVM Comment.  See attached Desk Review
 12/07/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A B A     C A     No
205256197           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.
 12/07/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A B A     C A     No
205257877           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided       Reviewer Comment (2018-12-06): Included in trailing documents
 12/06/2018     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
205257877           Credit Property - Appraisal Appraisal Documentation Missing Document: Appraisal not provided   Guidelines require X full appraisals for loan amounts above $XXX,XXX on properties valued at $X,XXX,XXX or greater.  Only X full appraisal is apparent in file.   Reviewer Comment (2018-12-06): Included in trailing documents


Reviewer Comment (2018-12-04): Unable to clear - the trailing appraisal was already reviewed with the original file.  A second full appraisal is still not apparent in file.
 12/06/2018     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
205257878           Credit Loan Package Documentation Application / Processing Missing Document: Deeds / Warranty / Grant / Quit-Claim not provided   Missing Warranty Deed conveying (REDACTED).   Reviewer Comment (2018-12-06): Included in trailing documents
 12/06/2018     1 A   FL Investment Purchase   D A D A     C A     No
205257878           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-12-04): Included in trailing documents
 12/04/2018     1 A   FL Investment Purchase   D A D A     C A     No
205257878           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   FL Investment Purchase   D A D A     C A     No
205257878           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   FL Investment Purchase   D A D A     C A     No
205257878           Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Guideline Requirement: Loan to value discrepancy. Calculated loan to value percentage of 75.00000% exceeds Guideline loan to value percentage of 65.00000%. The subject property appears to have been owned by the seller less than X months and is in CX condition.  Per guidelines the max allowed LTV is 65% given this scenario.   Reviewer Comment (2018-12-06): Set in error - per guidelines LTV reduction does not apply to REO/ foreclosure sales (the prior sale of the subject was the result of foreclosure per appraisal).
 12/06/2018     1 A   FL Investment Purchase   D A D A     C A     No
205259406           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-20): A separate and more appropriate exception was set to reflect the scenario per upper management.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable when the AVM has a high confidence level but does not support within 10% of the appraised value.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/20/2018     1 A   AL Investment Refinance - Rate/Term   C B B A     C B     No
205259406           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-20): A separate and more appropriate exception was set to reflect the scenario per upper management.


Buyer Comment (2018-12-19): See Comment


Reviewer Comment (2018-12-07): Unable to clear - grade B exception is applicable when the AVM has a high confidence level but does not support within 10% of the appraised value.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/20/2018     1 A   AL Investment Refinance - Rate/Term   C B B A     C B     No
205259406           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception
     12/20/2018 2 B   AL Investment Refinance - Rate/Term   C B B A     C B     No
205260608           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.               3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
205260609           Credit Credit Miscellaneous Credit Exception:   The STR income calculation worksheet and rent roll/ receipts confirming $XXXX/ month are not apparent in file.  Please provide in support of the executive approval and guideline requirements.   Reviewer Comment (2018-12-21): Included in trailing documents


Reviewer Comment (2018-12-09): Unable to clear - The STR income calculation worksheet was received however the rent roll/ receipts confirming $XXXX/ month have still not been received.  Please provide in support of the executive approval and guideline requirements.


Buyer Comment (2018-12-07): STR Rent Calculation uploaded


Reviewer Comment (2018-12-06): Unable to clear - The STR income calculation worksheet and rent roll/ receipts confirming $XXXX/ month are not apparent in file.  Please provide in support of the executive approval and guideline requirements.
 12/21/2018     1 A   MO Investment Purchase   C A C A     A A     No
205260610           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-07): AVM confidence score is medium which translates to FSD score > 20%.  This is not acceptable. Attached Desk Review which is a better indicator of the value of the property and should be used as the second valuation.


Buyer Comment (2018-12-07): See FSD translation and AVM Comment.  See attached Desk Review.
 12/07/2018     1 A   NC Investment Refinance - Cash-out - Other   C A B A     C A     No
205260610           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).
 12/07/2018     1 A   NC Investment Refinance - Cash-out - Other   C A B A     C A     No
205260611           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205260611           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205260612           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): See XXX XXXX FSD Translation
 12/07/2018     1 A   CO Investment Refinance - Cash-out - Other   C A B A     C A     No
205260612           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-07): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-07): Confidence Score is High which FSD translates to 13% - 20%, so it is less than 20%. See XXX XXXX translation.
 12/07/2018     1 A   CO Investment Refinance - Cash-out - Other   C A B A     C A     No
205260613           Credit Loan Package Documentation Application / Processing Missing Document: Deeds / Warranty / Grant / Quit-Claim not provided   Missing Warranty Deed from (REDACTED) prior to or at closing.   Reviewer Comment (2018-12-06): Included in trailing documents
 12/06/2018     1 A   NJ Investment Refinance - Rate/Term   D A D A     A A     No
205260614           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-10): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-09): AVM confidence score is medium which is >20% FSD score.  It is not a valid valuation.  See attached desk review.
 12/10/2018     1 A   PA Investment Refinance - Cash-out - Other   C A B A     C A     No
205260614           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-10): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-09): AVM confidence score is medium which is >20% FSD score.  It is not a valid valuation.  See attached XXX XXXX FSD translation.
 12/10/2018     1 A   PA Investment Refinance - Cash-out - Other   C A B A     C A     No
205277903           Credit Missing Document General Missing Document: Lease Agreement not provided   Page X of the original lease agreement which expired on XX/XX/XXXX is missing and terms of lease renewal cannot be determined. Notice of Rent Increase dated XX/XX/XXXX is provided however it is not executed by the tenant and an extension of the original lease agreement is not provided.  This is critical as the original lease reflects a lower rent amount which will result in a DSCR violation.   Reviewer Comment (2018-12-21): Included in trailing documents
 12/21/2018     1 A   PA Investment Refinance - Cash-out - Other   C A C A     C A     No
205277903           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ FSD score is not provided on the AVM.   Reviewer Comment (2018-12-10): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-09): AVM confidence score is low which is a >20% FSD score.  This is not a reliable value so see attached desk review.
 12/10/2018     1 A   PA Investment Refinance - Cash-out - Other   C A C A     C A     No
205277903           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-10): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-09): AVM confidence score is low which is a >20% FSD score.  See XXX XXXX FSD translation.
 12/10/2018     1 A   PA Investment Refinance - Cash-out - Other   C A C A     C A     No
205277905           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-10): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-09): AVM confidence score is medium which is >20% FSD.  Not a reliable value.  See XXX XXXX FSD translation.
 12/10/2018     1 A   SC Investment Refinance - Cash-out - Home Improvement   C A B A     C A     No
205277905           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-10): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-09): AVM confidence score is medium which is >20% FSD.  Not a reliable value.  See attached desk review.
 12/10/2018     1 A   SC Investment Refinance - Cash-out - Home Improvement   C A B A     C A     No
205277906           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided   Purchase agreement for subject was not provided.   Reviewer Comment (2018-12-06): Included in trailing documents
 12/06/2018     1 A   FL Investment Purchase   D A D A     A A     No
205277907           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ FSD score not provided on AVM.   Reviewer Comment (2018-12-10): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-09): AVM score is High which is 13%-20% FSD score.  See attached AVM score highlighted.
 12/10/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205277907           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-10): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-09): AVM score is High which is 13%-20% FSD score.  See XXX XXXX FSD translation.
 12/10/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205277908           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-12-06): Included in trailing documents
 12/06/2018     1 A   FL Investment Purchase   D A D A     A A     No
205308184           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-10): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-09): AVM confidence score is high which is < 20% FSD.
 12/10/2018     1 A   MO Investment Refinance - Rate/Term   C B C A     C B     No
205308184           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-10): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.


Buyer Comment (2018-12-09): See desk review.
 12/10/2018     1 A   MO Investment Refinance - Rate/Term   C B C A     C B     No
205308184           Credit Credit Miscellaneous Credit Exception:   Enhanced review in file confirms underwriter rental income amount used for STR DSCR calculation.  The evidence of rent receipts/ rent roll and underwriter rental income calculation worksheet are missing from the file to support $X,XXX/ month.   Reviewer Comment (2018-12-21): Included in trailing documents


Buyer Comment (2018-12-21): Will waive as a Grade 2 exception once other exceptions are cleared.


Reviewer Comment (2018-12-19): still missing rent receipts/ rent roll
 12/21/2018     1 A   MO Investment Refinance - Rate/Term   C B C A     C B     No
205308184           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.   ADDED XX/XX/XX.  AVM confidence score is high, however it does not support the appraised value.  The Desk Review in file does support the appraised value.   Buyer Comment (2018-12-21): Waive as a Grade 2 exception


Reviewer Comment (2018-12-21): Client has the ability to waive on the XXX portal - grade will not change
     12/21/2018 2 B   MO Investment Refinance - Rate/Term   C B C A     C B     No
205308185           Credit Credit Miscellaneous Credit Exception:   The lender approval reflects a total market rent of $X,XXX/ month while the appraisal market rent only supports $X,XXX/ month.  The subject was approved under the short term rental program.  The enhanced review, underwriting calculation worksheet, and supporting rent receipts/ rent roll are missing from the file to support the determination of $X,XXX/ month.   Reviewer Comment (2018-12-18): Included in trailing docs


Buyer Comment (2018-12-16): Previous trailing document is not applicable to this loan.  See attached enhanced review.


Reviewer Comment (2018-12-10): Trailing underwriting calculation worksheet received.  Still missing the Enhanced Review and annual gross receipts provided by the borrower.
 12/18/2018     1 A   MO Investment Refinance - Cash-out - Home Improvement   C A C A     A A     No
205308186           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-12-10): Included in trailing documents
 12/10/2018     1 A   FL Investment Purchase   D A D A     A A     No
205308187           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-10): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-09): AVM confidence score is medium so FSD score > 20%.  See XXX XXXX FSD translation.
 12/10/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205308187           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-10): Per upper management an acceptable Desk Review is satisfactory when the AVM is invalid (confidence is less than “high” or “very high”).


Buyer Comment (2018-12-09): AVM confidence score is medium so FSD score > 20%.  See attached Desk Review.
 12/10/2018     1 A   TX Investment Refinance - Cash-out - Other   C A B A     C A     No
205311231           Credit Loan Package Documentation Application / Processing Missing Document: Fraud Report not provided   Guidelines require a (REDACTED) report and ofac for all guarantors.  These are missing for the second Guarantor.   Reviewer Comment (2018-12-18): Included in trailing docs


Buyer Comment (2018-12-16): Second guarantor included on XXXXXXXXXX.
 12/18/2018     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
205311233           Credit Credit Miscellaneous Credit Exception:   The subject loan was approved under the STR program.  The DSCR is calculated and underwritten using $X,XXX/ month in gross market rent.  Please provide the Enhanced Review, underwriter rental income calculation worksheet, and rent rolls/ rent receipts, etc. in support of this calculation per STR guidelines.   Reviewer Comment (2018-12-21): Included in trailing documents


Reviewer Comment (2018-12-19): still missing rent rolls/ rent receipts (supporting documentation)


Reviewer Comment (2018-12-13): Unable to clear - underwriter calculation worksheet received however please also provide the Enhanced Review and rent rolls/ rent receipts in support of this calculation per STR guidelines.


Buyer Comment (2018-12-13): STR uploaded
 12/21/2018     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
205311234           Credit Credit Credit Eligibility Borrower has Credit Report: Original // Borrower: (REDACTED) ___ open Tradelines which is less than the minimum required by guidelines. Lender exception approved XX/XX/XXXX. Per client/ originator exception approval in file the credit trade lines were approved based on borrower's experience and credit history. Reviewer Comment (2018-12-10): Per client/ originator exception approval in file the credit trade lines were approved based on borrower's experience and credit history.
     12/10/2018 2 B   NJ Investment Refinance - Cash-out - Other   C B C B     A A     No
205311425           Credit Credit Miscellaneous Credit Exception:   The guidelines require that the value be supported by an appraisal ordered through one of(REDACTED)' approved Appraisal Management Companies.  The appraisal in file was performed for a different lender.  An Enhance Review is apparent in file and the lender approved the appraisal, however acceptable compensating factors (LTV, FICO , etc.) were not provided to allow for waiver of this guideline requirement. Per client the compensating factors are a high DSCR of 1.318 and low LTV of 60% Reviewer Comment (2018-12-18): Per client the compensating factors are a high DSCR of 1.318 and low LTV of 60%


Buyer Comment (2018-12-17): Compensating factors are a high DSCR of 1.318 and low LTV of 60%
     12/18/2018 2 B   PA Investment Refinance - Cash-out - Other   C B C B     A A     No
205311427           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2018-12-20): Medium confidence (invalid AVM) and acceptable desk review in trailing docs


Buyer Comment (2018-12-19): Desk review supports valuation.  Waive as a Grade 2 Exception
 12/20/2018     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205311428           Credit Property - Appraisal General Appraisal Requirements Valuation Error: AVM confidence score not provided. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2018-12-11): Per upper management an AVM with a high or very high confidence indication is acceptable as this translates into an FSD of less than 20%.
 12/11/2018     1 A   NY Investment Purchase   B A B A     A A     No
205311429           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-12-18): Included in trailing docs
 12/18/2018     1 A   TN Investment Purchase   D A D A     A A     No
205311430           Credit Credit Miscellaneous Credit Exception:   The Portfolio Growth Program appears to have been utilized to allow for the higher LTV of 75%.  However, the guidelines require that the borrower own a minimum of 5 investment properties in order to qualify for this program.  Evidence of such is not evident in file.   Reviewer Comment (2018-12-19): Trailing application confirms disclosure of 8 rental properties owned.  Guidelines met.


Buyer Comment (2018-12-18): Properties owned is listed on the loan application signed by the borrower.  Borrower also has or is currently closing 5 other loans with us on separate properties.


Reviewer Comment (2018-12-18): Please provide file documentation to support ownership of 5 or more investments properties.  Tape data is not sufficient to satisfy the guideline requirement.


Buyer Comment (2018-12-17): Per Column BO, borrower currently owns 8 investment properties
 12/19/2018     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
205311431           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.       Reviewer Comment (2019-03-18): lender used the lessor of the appraised value and the desk review, the desk review is supported by the appraisal and a second desk review all within 10%


Reviewer Comment (2019-03-18): Reopen


Buyer Comment (2018-12-20): Waive as a Grade 3 exception due to the fact the third valuation cannot be used to value appraisal.
 03/18/2019     1 A   NY Investment Purchase   C C C A     C C     No
205311431           Credit Loan Package Documentation Application / Processing Missing Document: Fraud Report not provided   Missing for the second Guarantor (REDACTED).  Guidelines require this, OFAC, etc. for all Guarantors.   Reviewer Comment (2018-12-18): Included in trailing documents
 12/18/2018     1 A   NY Investment Purchase   C C C A     C C     No
205311431           Property Property - Appraisal Appraisal Reconciliation Appraised value unsupported by AVM   AVM with very high confidence not supportive.   Reviewer Comment (2018-12-18): Separate grade 2 exception set per upper management instead of this grade 3 exception.
 12/18/2018     1 A   NY Investment Purchase   C C C A     C C     No
205311431           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   2 desk reviews - one supports appraised value within 10% and one does not, higher product not ordered, desk review doesn't trump desk review           3 C   NY Investment Purchase   C C C A     C C     No
205311434           Credit Credit Miscellaneous Credit Exception:   STR guidelines require an enhanced review, underwriting calculation worksheet and rent rolls/ receipts.  These were not apparent in file to support the gross qualifying rental income.   Reviewer Comment (2018-12-21): Included in trailing documents


Reviewer Comment (2018-12-19): still missing supporting documentation
 12/21/2018     1 A   NC Investment Refinance - Cash-out - Other   A A A A     A A     No
205311435           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-12-18): Included in TD
 12/18/2018     1 A   NY Investment Purchase   D A D A     A A     No
205316841           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ Valid AVM in file (Very High confidence score) does not support a value within 10% regardless of the presence of a Desk Review supporting the appraised value.   Reviewer Comment (2018-12-18): Added the applicable Grade 2 exception per upper management


Buyer Comment (2018-12-16): Secondary valuation within the 10%.  Grade 2 exception.
 12/18/2018     1 A   CO Investment Refinance - Cash-out - Other   C B A A     C B     No
205316841           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception
     12/20/2018 2 B   CO Investment Refinance - Cash-out - Other   C B A A     C B     No
205316842           Property Property - Appraisal Appraisal Reconciliation Appraised value unsupported by AVM   There is a Desk Review in file to support the appraised value, however an exception is still required for the AVM which does not support a value within 10% of the appraised value because the confidence score was "high".  The AVM is considered reliable/ valid as a result of the confidence score.   Reviewer Comment (2018-12-18): Grade 2 exception set per upper management


Buyer Comment (2018-12-17): See previous comment.


Buyer Comment (2018-12-17): Should be a Grade 2 exception since the secondary valuation was within 10% of appraised value.
 12/18/2018     1 A   NJ Investment Refinance - Rate/Term   C B A A     C B     No
205316842           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.   There is a Desk Review in file to support the appraised value, however an exception is still required for the AVM which does not support a value within 10% of the appraised value because the confidence score was "high".  The AVM is considered reliable/ valid as a result of the confidence score.   Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive loan with Grade 2 Exception
     12/20/2018 2 B   NJ Investment Refinance - Rate/Term   C B A A     C B     No
205316845           Property Property - Appraisal Appraisal Reconciliation Appraised value unsupported by AVM   A Desk Review in file supports the appraised value, however the AVM does not and the confidence level is high.   Reviewer Comment (2018-12-18): Separate grade 2 exception set per upper management as a Desk Review in file supports the appraised value, however the AVM does not and the confidence level is high.


Buyer Comment (2018-12-18): See comment


Buyer Comment (2018-12-17): Should be a Grade 2 exception since the secondary value  supports the appraised value.
 12/18/2018     1 A   NC Investment Refinance - Cash-out - Other   C B A A     C B     No
205316845           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.   A Desk Review in file supports the appraised value, however the AVM does not and the confidence level is high.   Buyer Comment (2018-12-20): Waive as a Grade 2 exception.


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception
     12/20/2018 2 B   NC Investment Refinance - Cash-out - Other   C B A A     C B     No
205325669           Credit Credit Credit Eligibility Public Record Issue: Credit Report: Original // Borrower: (REDACTED)     Reviewer Comment (2018-12-19): Set in error - no restrictions found in guidelines with regard to collection accounts
 12/19/2018     1 A   MO Investment Refinance - Cash-out - Other   B A B A     A A     No
205326599           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive as a Grade 2 Exception
     12/20/2018 2 B   FL Investment Refinance - Cash-out - Other   B B A A     B B     No
205331792           Credit Loan Package Documentation Closing / Title Note Error: Late charge type is blank.   Unable to verify due to missing page   Reviewer Comment (2018-12-19): Included in trailing documents


Buyer Comment (2018-12-19): See complete note uploaded
 12/19/2018     1 A   FL Investment Purchase   D A D A     A A     No
205331792           Credit Loan Package Documentation Closing / Title Missing Document: Note - Subject Lien not provided   Page 2 is missing.   Reviewer Comment (2018-12-19): Included in trailing documents


Buyer Comment (2018-12-19): Complete Note uploaded
 12/19/2018     1 A   FL Investment Purchase   D A D A     A A     No
205331793           Property Property - Appraisal Appraisal Reconciliation Missing secondary valuation product required for securitization.   Missing Desk Review for Property C which is a X unit property.  An appraisal and BPO are in file, however the required Desk Review is missing.   Reviewer Comment (2019-01-02): BPO is an acceptable secondary valuation and is in file


Buyer Comment (2019-01-02): Sent updated appraisal.  BPO was sent previously which came in at $XXX,XXX way above the appraised value of $XXX,XXX.  Updated appraisal also shows value of $XXX,XXX which was used as the lending value.


Reviewer Comment (2018-12-28): Valid secondary valuation required.


Buyer Comment (2018-12-27): BPO was ordered because the VRR was indeterminate.  A VRR cannot be ordered.


Reviewer Comment (2018-12-21): Need Valid secondary product.


Reviewer Comment (2018-12-21): BPO is an acceptable secondary valuation and is in file
 01/02/2019     1 A     Investment Refinance - Cash-out - Other   C A A A     C A     No
205331793           Property Appraisal Reconciliation Value Discrepancy Loan is to go in a securitization and reflects only one valuation product when two are required. Address: (REDACTED) This property has an appraisal and a BPO only.   Reviewer Comment (2019-01-02): AVM with high confidence and value within 10% does not require a grade 3 exception per upper management.


Buyer Comment (2019-01-02): Sent the updated appraisal.


Buyer Comment (2019-01-02): AVM is very high and within the 10% appraisaed value.
 01/02/2019     1 A     Investment Refinance - Cash-out - Other   C A A A     C A     No
205331798           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception


Reviewer Comment (2018-12-20): Client to waive on the XXX portal if they determine that is appropriate.


Buyer Comment (2018-12-19): Waive loan as a Grade 2 Exception
     12/20/2018 2 B   IN Investment Refinance - Cash-out - Other   B B A A     B B     No
205343326           Credit Guideline Guideline Issue Aged document: Primary Valuation is older than guidelines permit Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX ___ The appraisal effective date of X/XX/XX is over XX days from the note date.   Reviewer Comment (2018-12-20): Recert included in TD
 12/20/2018     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
205343327           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2018-12-19): Included in trailing documents
 12/19/2018     1 A   PA Investment Purchase   D A D A     A A     No
205343768           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception
     12/20/2018 2 B   TX Investment Refinance - Rate/Term   B B A A     B B     No
205343769           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2018-12-20): Waive as a Grade 2 Exception
     12/20/2018 2 B   NJ Investment Refinance - Cash-out - Other   B B A A     B B     No
205343772           Credit Missing Document General Missing Document: Lease Agreement not provided   No lease located in loan docs - appraisal and approval do confirm that there is an active lease   Reviewer Comment (2018-12-21): Included in trailing documents
 12/21/2018     1 A   MD Investment Refinance - Rate/Term   C B C B     A A     No
205343772           Credit Credit Credit Calculation / Analysis Guideline Requirement: Representative FICO score discrepancy. Representative FICO score of 642 is less than Guideline representative FICO score of 660. Lender exception approved for borrower FICO of 642 less than guideline required score of 660 for subject property located in (REDACTED). Per client waived with compensating factors of high DSCR 2.054 and low LTV of 63.64 Reviewer Comment (2018-12-21): Per client waived with compensating factors of high DSCR 2.054 and low LTV of 63.64


Buyer Comment (2018-12-21): Compensating factors are a high DSCR 2.054 and low LTV of 63.64


Reviewer Comment (2018-12-21): Unable to waive as lender pay history is not an eligible compensating factor.  Please provide acceptable comp factors such as low LTV, low DTI, etc.


Buyer Comment (2018-12-21): Credit score is a Guideline Exception and this exception was approved through the attached ER approval.
     12/21/2018 2 B   MD Investment Refinance - Rate/Term   C B C B     A A     No
205345780           Credit Insurance Insurance Documentation Hazard Insurance Error: Subject hazard insurance policy coverage amount is missing from evidence of insurance.   HOI binder verified in docs is missing pages and Dwelling coverage can not be verified nor if there is Rental Loss coverage   Reviewer Comment (2019-01-02): Included in trailing documents
 01/02/2019     1 A   NJ Investment Purchase   D A D A     A A     No
205345780           Credit Insurance Insurance Documentation Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.   HOI binder verified in docs is missing pages and Dwelling coverage can not be verified nor if there is Rental Loss coverage   Reviewer Comment (2019-01-02): Included in trailing documents


Buyer Comment (2019-01-02): See insurance policy uploaded.
 01/02/2019     1 A   NJ Investment Purchase   D A D A     A A     No
205345780           Credit Loan Package Documentation Closing / Title Missing Final HUD-1   The pages of the HUD in file are cut off.   Reviewer Comment (2019-01-07): Included in TD
 01/07/2019     1 A   NJ Investment Purchase   D A D A     A A     No
205345782           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ Confidence level is Low. Requires additional valuation documentation.   Reviewer Comment (2019-01-14): AVM invalid and Desk Review included in TD to support value
 01/14/2019     1 A   NY Investment Refinance - Cash-out - Other   C A C A     C A     No
205345782           Property Appraisal Reconciliation Value Discrepancy Loan is to go in a securitization and reflects only one valuation product when two are required.       Reviewer Comment (2019-01-14): AVM invalid and Desk Review included in TD to support value


Buyer Comment (2019-01-13): See attached VRR.
 01/14/2019     1 A   NY Investment Refinance - Cash-out - Other   C A C A     C A     No
205345783           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided       Reviewer Comment (2019-01-02): Included in trailing documents
 01/02/2019     1 A   FL Investment Refinance - Cash-out - Other   C B C A     B B     No
205345783           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-02): Waive as a Grade 2 exception since AVM did not fall within the 10% value.
     01/02/2019 2 B   FL Investment Refinance - Cash-out - Other   C B C A     B B     No
205345876           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-14): AVM invalid and Desk Review included in TD to support value
 01/14/2019     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205345876           Property Appraisal Reconciliation Value Discrepancy Loan is to go in a securitization and reflects only one valuation product when two are required.       Reviewer Comment (2019-01-14): AVM invalid and Desk Review included in TD to support value


Buyer Comment (2019-01-13): See attached VRR.
 01/14/2019     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205345877           Credit Credit Credit Documentation OFAC was not checked and required per guidelines. Credit Report: Original // Borrower: (REDACTED)     Reviewer Comment (2019-01-04): Included in TD
 01/04/2019     1 A   GA Investment Purchase   C B C B     B B     No
205345877           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-02): Waive as a Grade 2 exception due to AVM not within 10% appraised value and VRR used to validate appraisal.
     01/02/2019 2 B   GA Investment Purchase   C B C B     B B     No
205345877           Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Guideline Requirement: Loan to value discrepancy. Calculated loan to value percentage of 80.00000% exceeds Guideline loan to value percentage of 75.00000%. 80% was the base max allowed level with the Enhanced Credit Option, however a 5% reduction to 75% would appear to apply considering the seasoning issue. Compensating factors are great credit at 750 and high DSCR of 1.583.  Also, prior transaction was a couple days short of 6 months from the note date which would have allowed the higher LTV of 80%. Reviewer Comment (2019-01-21): Compensating factors are great credit at 750 and high DSCR of 1.583.  Also, prior transaction was a couple days short of 6 months from the note date which would have allowed the higher LTV of 80%.


Buyer Comment (2019-01-18): See comment about 180 days.  Also compensating factors are great credit at 750 and high DSCR of 1.583.


Buyer Comment (2019-01-18): Per discussion with underwriter, they consider 180 days as 6 months. Recommendation is to specify the 180 days in the Guidelines.


Reviewer Comment (2019-01-16): Prior sale was within 6 months (prior sale XX/XX/XXXX and note date was XX/XX/XXXX) and approval in file also reflects that the 5% reduction was to be applied resulting in a max LTV of 75%.


Buyer Comment (2019-01-15): This loan is a purchase so the seasoning is the 6 months of the seller not the 12 months required on a refinance.


Reviewer Comment (2019-01-08): Unable to clear - the lookback period related to the 5% LTV reduction for seasoning appears to be 12 months (not 180 days) per guidelines.  Please advise.


Buyer Comment (2019-01-07): The loan closed with 180 days of seasoning so there was not a deduction for the seasoning.  The correct underwriting form has been uploaded.


Reviewer Comment (2019-01-04): 80% was the base max allowed level with the Enhanced Credit Option, however a 5% reduction to 75% would appear to apply considering the seasoning issue.  The base LTV without enhanced appears to have been 75% minus 5% for the seasoning and plus 5% for the enhanced option leaving the LTV max at 75%.


Buyer Comment (2019-01-02): Borrower used enhanced credit which added the 5% back to 80%
     01/21/2019 2 B   GA Investment Purchase   C B C B     B B     No
205345879           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-02): Waive as a Grade 2 exception as AVM value was not within 10% appraised value and therefore VRR value was used.
     01/02/2019 2 B   IN Investment Refinance - Cash-out - Other   B B A A     B B     No
205345880           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.               3 C   MD Investment Refinance - Cash-out - Other   A C A A     A C     No
205346902           Credit Property - Appraisal Appraisal Documentation Missing Document: Appraisal not provided   There is an appraisal in file, however there is apparently a second full appraisal that is missing.  The Desk Review in file reflects the analysis of an appraisal with an effective date, report date, and appraiser that is not indicative of the full appraisal in file.   Reviewer Comment (2019-01-02): Included in trailing documents
 01/02/2019     1 A   NY Investment Purchase   D B D B     A A     No
205346902           Credit Guideline Guideline Issue Borrower does not have the minimum open tradelines per guidelines.   Guidelines require 3 open trade lines for at least 24 months, or minimum of two open trade lines and a history that evidences at least three additional tradelines that were open for at least 24 months each during the last 7 years. The credit report reflects 3 trade lines; 2 open for 24+ months however 1 is open for only 18 months.  The authorized user account was not considered in the trade line requirements. Compensating factors are high credit score of 765. DSCR of 1.2, LTV 70% where 75% is allowed, and no late payments per credit report. Reviewer Comment (2019-01-21): Compensating factors are high credit score of 765. DSCR of 1.2, LTV 70% where 75% is allowed, and no late payments per credit report.


Buyer Comment (2019-01-18): Compensating factors are high credit score of 765. DSCR of 1.2, LTV 70%, and no late payments per credit report.


Reviewer Comment (2019-01-16): This is a SOW issue and not a securitization issue.  Upper management sent an email to the client advising that authorized user accounts not considered in review of pay history/ credit depth as an authorized user if fundamentally not obligated to make payments on the debt in question.


Buyer Comment (2019-01-15): Are the authorized user accounts excluded per S&P and Morningstar?


Reviewer Comment (2019-01-08): Referred to XXX management for review.


Buyer Comment (2019-01-07): Our Guidelines do not exclude authorized user accounts as tradelines.


Reviewer Comment (2019-01-04): The XXXXXXXX account is an authorized user account which is not typically considered as it is not indicative of a credit line where the individual is responsible for repayment.


Buyer Comment (2019-01-02): Borrower has 3 tradelines - XXXXXXXX, XXXX XX XXXXXXX, and Chase.  Chase (426684) was originally opened 10/15.
     01/21/2019 2 B   NY Investment Purchase   D B D B     A A     No
205346903           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-02): Waive as a Grade 2 exception as AVM is valid and the third valuation was used to validate the appraisal.
     01/02/2019 2 B   NJ Investment Refinance - Cash-out - Other   B B A A     B B     No
205346904           Property Value Reconciliation Greater than 10% The initial 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 (2019-01-02): AVM invalid and acceptable Desk Review is in file


Buyer Comment (2019-01-02): AVM confidence score is Medium making it an invalid valuation.  It cannot be used and therefore the VRR is the secondary valuation.
 01/02/2019     1 A   NJ Investment Refinance - Cash-out - Home Improvement   B A A A     B A     No
205346905           Credit Insurance Insurance Documentation Missing Document: Flood Insurance Policy not provided   The loan file does not contain the Flood Insurance Policy   Reviewer Comment (2019-01-02): Included in trailing documents
 01/02/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     B A     No
205346905           Property Value Reconciliation Greater than 10% The initial 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 (2019-01-02): Exception not required as confidence is medium and an acceptable Desk Review is in file.


Buyer Comment (2019-01-02): AVM confidence score is medium and therefore is not a valid valuation and should not be used.  The VRR is the secondary valuation and is within the 10% appraised value.
 01/02/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     B A     No
205346907           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-07): Per upper management no exception needed for S&P.  Per VFS S&P will be on the only rating agency used.


Buyer Comment (2019-01-02): In prior review of loans, such as XXXXXXX, the AVM with a very high or high confidence score was used as the secondary valuation and the Exception Grade was a 1. Is there something that changed?


Reviewer Comment (2019-01-02): Per upper management please feel free to waive this exception if you are for sure going to use S&P but XXX needs to keep it on in case you go to a different RA so we don’t lose insight into the issue.


Buyer Comment (2019-01-02): AVM is within the 10% appraisal value and the Confidence score is high which is less than the FSD score of .2.  It is a valid secondary valuation.
 01/07/2019     1 A   TX Investment Refinance - Rate/Term   C A A A     C A     No
205403625           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-07): Per upper management no exception needed for S&P.  Per VFS S&P will be on the only rating agency used.


Buyer Comment (2019-01-02): See comment.


Buyer Comment (2019-01-02): AVMs confidence score is high and therefore can be used as the secondary valuation validating the appraisal.
 01/07/2019     1 A   MO Investment Purchase   A A A A     A A     No
205403627           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-07): Per upper management no exception needed for S&P.  Per VFS S&P will be on the only rating agency used.


Buyer Comment (2019-01-02): AVM confidence score is high and therefore can be used as the secondary valuation.
 01/07/2019     1 A   PA Investment Purchase   C A A A     C A     No
205403628           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ AVM confidence level is (REDACTED)   Reviewer Comment (2019-01-16): CDA included in TD
 01/16/2019     1 A   MS Investment Refinance - Cash-out - Other   C A A A     C A     No
205403629           Credit Loan Package Documentation Application / Processing Missing Document: Flood Certificate not provided       Reviewer Comment (2019-01-07): Included in TD


Reviewer Comment (2019-01-03): Still missing the flood cert for the subject property
 01/07/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     B A     No
205403629           Property Value Reconciliation Greater than 10% The initial 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 (2019-01-03): AVM confidence score is medium making it invalid.  The VRR is the secondary value used to validate the appraisal.


Buyer Comment (2019-01-02): AVM confidence score is medium making it invalid.  The VRR is the secondary value used to validate the appraisal.
 01/03/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     B A     No
205426969           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided       Reviewer Comment (2019-01-03): Included in TD
 01/03/2019     1 A   CT Investment Purchase   C A C A     A A     No
205511171           Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility The asset/income documentation does not show the borrower(s) at an address different than the subject property and thus casts doubt on the business purpose of the loan.   The second guarantor (REDACTED) would appear to reside in the subject property as per her current mailing address on the asset statement in file.   Reviewer Comment (2019-01-29): Satisfactory documentation has been provided in trailing documents to confirm that the subject property is not occupied by either guarantor.


Reviewer Comment (2019-01-24): Trailing documents reflect that the second guarantor had a mailing address other than the subject address.  Please obtain a signed explanation from the second guarantor (XXXX XXXXX) to explain why her mailing address on the XXXXXX account statement in file was being sent to the subject (tenant occupied) property.


Reviewer Comment (2019-01-16): Management responding via email advising of the concerns regarding occupancy by the second guarantor (not the primary guarantor).


Buyer Comment (2019-01-15): See underwriter comments below to help us reach our comfort level of business purpose:
From: XXX XXXXXX
Sent: Monday, XXXXXXX XX, XXXX XX:XX XX
To: XXX XXXXXX <XXX.XXXXXX@XXXXXlending.com>
Cc: XXXXXXXX XXXXXX <XXXXXXXX.XXXXXX@XXXXXlending.com>
Subject: RE: XXXXXXX

XXX,

• The borrower was determined to be an experienced investor based on the 7 current mortgages on their credit.  
• The borrower provided an LOE stating they do not live in the property.
• IDs, leases and voided check were examined indicating the guarantors live at XXX XXXX XXXX XX, XXXXXXX, XX.  
• The stated home address has not been listed for rent or sale since purchase in XXXX.
• The property is rented – leases were examined.
• The payoff was to a rehab, short-term lender.
• Borrower stated that the property address is listed on credit/fraud report due to applying for a line of credit for renovations.
ER committee approved the loan as a non-owner occupied property and the borrower signed a business purpose affidavit at closing.

Please let me know if I can assist further.

Thank you,

XXX XXXXXX
Director of Underwriting and Risk Management
XXXXX Lending | www.XXXXXlending.com
XXXX XXXXXX XX., XXX. XXXX, XXXXXX, XX XXXXX
O: XXX-XXX-XXXX| F: XXX-XXX-XXXX
XXX.XXXXXX@XXXXXlending.com


Reviewer Comment (2019-01-08): This appears to be a critical issue as it relates to business purpose loans.  Referred to upper management for review as the borrower mailing address on the asset statements and other documentation would appear to present a violation.


Reviewer Comment (2019-01-04): No ID is apparent in file for the second guarantor.  The fraud report reflects the subject property.  The mailing address on the asset statement also reflects the subject property.


Buyer Comment (2019-01-02): Drivers license of both borrowers, Fraudguard, and Credit Report all show address as XXX XXXX XXXX XXXX and not the XX-XX XXXXXXX XXXXXX.
 01/29/2019     1 A   NY Investment Refinance - Rate/Term   C B C A     B B     No
205511171           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-02): Waive as a Grade 2 exception since AVM was not within 10% and VRR used to validate appraisal.
     01/02/2019 2 B   NY Investment Refinance - Rate/Term   C B C A     B B     No
205511173           Property Appraisal Reconciliation Value Discrepancy Loan is to go in a securitization and reflects only one valuation product when two are required.       Reviewer Comment (2019-01-14): AVM invalid and Desk Review included in TD to support value
 01/14/2019     1 A   NC Investment Purchase   D A D A     C A     No
205511173           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-01-03): Included in TD
 01/03/2019     1 A   NC Investment Purchase   D A D A     C A     No
205511173           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-14): AVM invalid and Desk Review included in TD to support value


Buyer Comment (2019-01-13): See attached VRR.
 01/14/2019     1 A   NC Investment Purchase   D A D A     C A     No
205538686           Credit Credit Miscellaneous Credit Exception:   Missing page two of Note; unable to validate PP.   Reviewer Comment (2019-01-03): Included in TD
 01/03/2019     1 A   FL Investment Purchase   C A C A     C A     No
205538686           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-07): Per upper management no exception needed for S&P.  Per VFS S&P will be on the only rating agency used.


Buyer Comment (2019-01-02): AVM's confidence score is very high and therefore can be used as the secondary valuation.
 01/07/2019     1 A   FL Investment Purchase   C A C A     C A     No
205538688           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-07): Per upper management no exception needed for S&P.  Per VFS S&P will be on the only rating agency used.


Buyer Comment (2019-01-02): AVM's confidence score is very high and is within 10% of the appraisal value, and therefore,can be used as the secondary valuation.
 01/07/2019     1 A   FL Investment Refinance - Cash-out - Other   C A A A     C A     No
205538690           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-07): Per upper management no exception needed for S&P.  Per VFS S&P will be on the only rating agency used.


Buyer Comment (2019-01-02): AVM's confidence score is high and therefore can be used as the secondary valuation.
 01/07/2019     1 A   SC Investment Refinance - Cash-out - Other   C A C A     C A     No
205538690           Credit Credit Miscellaneous Credit Exception:   DSCR is less than the guideline minimum of .XX.  The major discrepancy is with regard to the HOA dues.  The appraisal reflects XXX/ month, the email in file from the (REDACTED) confirmed XXX/ month, and a processor's cert in file reflects $XXX annually.  The most conservative figure was used for the(REDACTED)review as a processor's cert could not be considered as more reliable than the third party email response.   Reviewer Comment (2019-01-07): Set in error - the flood premium is paid by the association that handles the condo project.  Not to be included in the DSCR as a result as HOA would encompass borrower expenses outside of the taxes.


Buyer Comment (2019-01-07): Flood insurance is covered under the Master Condo Policy and is paid by the the insured, which in this case is XXX XXXXXX XXX.  The monthly premium above of $XXX.XX is for X units which would only be $XX.XX a month.  Since the borrower is not responsible for this insurance, it is not included in the DSCR calculation.


Reviewer Comment (2019-01-04): $XXXX.XX is the total PITIA when including the Flood Premium of $XXX.XX.  This results in a DSCR of .76.


Buyer Comment (2019-01-02): The DSCR of .893 is calculated using the XXX.XX which is the most conservative calculation:  Rent of XXXX/XXXX.XX  (XXX.XX + XXXX.XX+XX.XX+XXX.XX)
 01/07/2019     1 A   SC Investment Refinance - Cash-out - Other   C A C A     C A     No
205538690           Credit Credit Miscellaneous Credit Exception:   The Enhanced Review, underwriter worksheet calculation, and supporting documents (rent rolls, receipts, etc.) are not apparent in file.   Reviewer Comment (2019-01-08): Guidelines were met per client commentary and supporting documents


Buyer Comment (2019-01-07): See comment.


Buyer Comment (2019-01-07): The $XX,XXX was not used.  Instead, the underwriter reviewed the appraisal and looked at comparable nightly rental rates and based the market rent on $XXX a night X 365 nights X XX% occupancy = $XX,XXX.  This amount - XX% for expenses (X,XXX) is equal to $XX,XXX total rents divided by 12 is equal to $X,XXX per month.  This calculation can be supported and is more conservative than the $XX,XXX.XX


Reviewer Comment (2019-01-04): Received ER and uw rental income calculation worksheet, however the rent rolls/ receipts are not apparent to support the entry of $XX,XXX on the calculation worksheet.
 01/08/2019     1 A   SC Investment Refinance - Cash-out - Other   C A C A     C A     No
205538691           Property Value Reconciliation Greater than 10% The initial 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 (2019-01-03): Exception not needed per upper management as AVM is invalid


Buyer Comment (2019-01-02): AVM's confidence score is very low and therefore is not valid.  The VRR is the secondary valuation.
 01/03/2019     1 A   PA Investment Refinance - Cash-out - Other   B A A A     B A     No
205538692           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-14): AVM invalid and subsequent Desk Review provided to support the value
 01/14/2019     1 A   TX Investment Refinance - Cash-out - Other   C A A A     C A     No
205538693           Property Value Reconciliation Greater than 10% The initial 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 (2019-01-03): AVM invalid so the Desk Review is acceptable per upper management


Buyer Comment (2019-01-02): AVM's confidence score is medium and therefore is not valid.  The VRR is the secondary value since the AVM cannot be used,
 01/03/2019     1 A   TX Investment Refinance - Cash-out - Other   B C A A     B C     No
205538694           Credit Loan Package Documentation Closing / Title Missing Document: Title Preliminary not provided   Title commitment in file was not for subject property.   Reviewer Comment (2019-01-03): Included in TD
 01/03/2019     1 A   TX Investment Refinance - Cash-out - Other   C A C A     B A     No
205538694           Property Value Reconciliation Greater than 10% The initial 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 (2019-01-03): AVM is invalid so Desk Review acceptable per upper management


Buyer Comment (2019-01-02): AVM's confidence score is medium and is therefore not valid.  The VRR is the secondary valuation since the AVM cannot be used.
 01/03/2019     1 A   TX Investment Refinance - Cash-out - Other   C A C A     B A     No
205538694           Credit Loan Package Documentation Closing / Title Final Title is marked as missing       Reviewer Comment (2019-01-07): Duplicate
 01/07/2019     1 A   TX Investment Refinance - Cash-out - Other   C A C A     B A     No
205538698           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-02): Waive as a Grade 2 exception since AVM was not within 10% of the appraised value and the VRR was used to validate appraisal.
     01/02/2019 2 B   MO Investment Refinance - Rate/Term   B B A A     B B     No
205538699           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-07): Per upper management no exception needed for S&P.  Per VFS S&P will be on the only rating agency used.


Buyer Comment (2019-01-02): AVM's confidence score is high and is therefore valid as the secondary valuation.
 01/07/2019     1 A   FL Investment Refinance - Cash-out - Other   C A A A     C A     No
205538701           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-07): Per upper management no exception needed for S&P.  Per VFS S&P will be on the only rating agency used.


Buyer Comment (2019-01-02): AVM's confidence score is very high and is therefore valid as the secondary valuation.
 01/07/2019     1 A   NY Investment Refinance - Rate/Term   C A A A     C A     No
205543721           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-02): Waive as a Grade 2 exception since AVM is not within 10% of the appraised value and the VRR was used.
     01/02/2019 2 B   NJ Investment Refinance - Cash-out - Other   B B A A     B B     No
205543723           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-02): Waive as a Grade 2 exception since AVM is not within 10% of appraised value and VRR was used.
     01/02/2019 2 B   MA Investment Purchase   B B A A     B B     No
205753418           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-07): Waive as a Grade 2 exception since AVM did not confirm value and VRR was used.
     01/07/2019 2 B   NJ Investment Refinance - Cash-out - Other   B B A A     B B     No
205753419           Property Appraisal Reconciliation Value Discrepancy Loan is to go in a securitization and reflects only one valuation product when two are required.       Reviewer Comment (2019-01-07): Included in TD


Buyer Comment (2019-01-07): AVM confidence score is high and confirms the appraisal.  The lower amount from the appraisal was used as the lending value.
 01/07/2019     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205753419           Credit Guideline Guideline Issue Aged document: Primary Valuation is older than guidelines permit Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX ___     Reviewer Comment (2019-01-07): Appraisal update in TD
 01/07/2019     1 A   GA Investment Refinance - Cash-out - Other   C A C A     C A     No
205753421           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM       Reviewer Comment (2019-01-21): Cleared per trailing comments confirming S&P or Morningstar will be the rating agencies and the scenario does not require an exception per upper management since these RA's are being used.


Buyer Comment (2019-01-21): Yes, S&P or Morningstar will be the applicable rating agency for this loan.


Reviewer Comment (2019-01-16): Client to confirm that S&P or Morningstar will be the applicable rating agency for this loan.


Buyer Comment (2019-01-15): AVM confidence score is high so it is a valid secondary valuation for S&P.  Morningstar may also be used and does not require secondary valuations.


Reviewer Comment (2019-01-08): Need client to advise on rating agency as this is not a required exception for S&P per upper management.
 01/21/2019     1 A   TX Investment Refinance - Cash-out - Other   B A B A     A A     No
205753431           Credit Loan Package Documentation Application / Processing Missing Document: Tax Certificate not provided   The document in file is not legible.  Please provide the legible tax cert to support $XXX.XX/ year.   Reviewer Comment (2019-01-08): Included in TD
 01/08/2019     1 A   OH Investment Refinance - Cash-out - Other   C A C A     A A     No
205753433           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-21): AVM invalid and Desk Review included in trailing docs


Buyer Comment (2019-01-18): AVM confidence score is medium so it is invalid.  See VRR for a valid secondary valuation.
 01/21/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205753433           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   AVM in file is invalid.   Reviewer Comment (2019-01-21): AVM invalid and Desk Review included in trailing docs


Buyer Comment (2019-01-18): See attached VRR.
 01/21/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205756170           Credit Missing Document General Incomplete Document: 1003 Final is incomplete   Application in file is missing page X.   Reviewer Comment (2019-01-21): Included in TD


Buyer Comment (2019-01-18): Complete 1003 attached.


Reviewer Comment (2019-01-15): Unable to clear - page 3 of 4 still appears to be missing.


Buyer Comment (2019-01-14): 1003 attached
 01/21/2019     1 A     Investment Refinance - Cash-out - Other   C B C A     C B     No
205756170           Property Appraisal Reconciliation Value Discrepancy Loan is to go in a securitization and reflects only one valuation product when two are required. Address: (REDACTED) Client to advise if (REDACTED) is the rating agency to be utilized.  If so(REDACTED)will review to confirm guidelines and (REDACTED) requirements were met.   Reviewer Comment (2019-01-25): Requirements met except for issue sited with 2 properties in separate exception.


Buyer Comment (2019-01-25): AVM for XXX X XXXXXXXX XXXXXX was not within 10% of the appraised value even though the confidence score was very high.  Therefore, the VRR was used to confirm the value of $228,000.


Buyer Comment (2019-01-25): See attached VRR for XXXX X XXXXXXXXXXX XX


Buyer Comment (2019-01-25): See attached VRR for XXXX X XXXXXXX.  I thought I had uploaded it earlier.


Reviewer Comment (2019-01-25): Unable to clear:  XXXX X XXXXXXX – invalid AVM; XXX X XXXXXXXX – Desk Review supports although valid AVM ; XXXX X XXXXXXXXXXX – only an AVM is apparent and it is valid but does not support a value within 10%


Buyer Comment (2019-01-24): S&P and Morningstar are the rating agencies to be used.
 01/25/2019     1 A     Investment Refinance - Cash-out - Other   C B C A     C B     No
205756170           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.   XXX (REDACTED) - Desk Review supports although valid AVM does not ; XXXX (REDACTED)- Desk Review supports although valid AVM does not   Buyer Comment (2019-01-29): Waive as a Grade 2 exception due to secondary valuation.
     01/29/2019 2 B     Investment Refinance - Cash-out - Other   C B C A     C B     No
205756172           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 (2019-01-08): Included in TD
 01/08/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
205756173           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   Application indicates guarantor is a (REDACTED).   Reviewer Comment (2019-01-22): Received copy of extension through 12/2019


Reviewer Comment (2019-01-16): Unable to clear - PRA card reflects an expiration in 2017.  Referred to upper management for review.


Buyer Comment (2019-01-15): See also Global Entry Card.


Buyer Comment (2019-01-15): Green card is extended to 12/19.  See card.


Reviewer Comment (2019-01-08): Unable to clear - the trailing PRA card appears to have expired in 2017.
 01/22/2019     1 A   FL Investment Refinance - Cash-out - Other   D A D A     A A     No
205756173           Credit Property - Appraisal Appraisal Documentation Missing Document: Appraisal not provided   Guidelines require X full appraisals however only X was evident in file.   Reviewer Comment (2019-01-08): Second full appraisal included in trailing documents.
 01/08/2019     1 A   FL Investment Refinance - Cash-out - Other   D A D A     A A     No
205756173           Credit Credit Miscellaneous Credit Exception:   The subject loan was approved under the STR program which requires a calculation worksheet, enhanced review, and supporting rent rolls/ receipts to support the market rent amount.  These items are not apparent in file.   Reviewer Comment (2019-01-21): Amount used in the underwriter's calculation is from the appraisal which can be seen on page 9.   The amount is $XX,XXX.  The second appraisal shows monthly rents of $XX,XXX.  The $XX,XXX is conservative and is way below the amount provided by the borrower. Per worksheet a 20% reduction was made to this lower appraisal market rent amount.  Enhanced Reviewed also received in trailing documents.  Guidelines were met.  Please note that DSCR is well above the minimum even with the more conservative amount being used.


Reviewer Comment (2019-01-16): Unable to clear - the UW calculation worksheet was included in trailing documents, however the enhanced review and supporting rent rolls/ receipt are still missing and are required per guidelines.  Items required by the guidelines are needed to confirm the XXX SOW is met.


Buyer Comment (2019-01-15): Amount used in the underwriter's calculation is from the appraisal which can be seen on page 9.   The amount is $XX,XXX.  The second appraisal shows monthly rents of $XX,XXX.  The $XX,XXX is conservative and is way below the amount provided by the borrower.  Since the amount provided by the borrower was not used, that amount is insignificant.


Reviewer Comment (2019-01-08): Unable to clear - the UW calculation worksheet was included in trailing documents, however the enhanced review and supporting rent rolls/ receipt are still missing.
 01/21/2019     1 A   FL Investment Refinance - Cash-out - Other   D A D A     A A     No
205756174           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-07): Waive as a Grade 2 exception since AVM value did not fall withing 10% and VRR was used for valuation.
     01/07/2019 2 B   TX Investment Refinance - Rate/Term   B B A A     B B     No
205756175           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-07): Waive as a Grade 2 exception since AVM did not fall within 10% and the VRR was used.
     01/07/2019 2 B   VA Investment Refinance - Cash-out - Other   B B A A     B B     No
205756364           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-07): Waive as a Grade 2 exception since AVM did not support appraisal valuation and VRR was used.
     01/07/2019 2 B   FL Investment Refinance - Cash-out - Other   B B A A     B B     No
205756365           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Buyer Comment (2019-01-30): Waive as a Grade 2 since AVM value could not be used and VRRs were not within 10%


Reviewer Comment (2019-01-25): Unable to clear - AVM not valid and both Desk Reviews are not within 10%


Buyer Comment (2019-01-24): See attached VRRs


Reviewer Comment (2019-01-14): Unable to clear - AVM not valid and Desk Review not within 10%
     01/30/2019 2 C   TX Investment Refinance - Cash-out - Other   C C A A     C C     No
205756365           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   AVM in file is invalid.   Buyer Comment (2019-01-30): Waive as a Grade 3 exception due to both VRRs not falling within 105 of the appraised value.


Reviewer Comment (2019-01-25): Unable to clear - AVM not valid and both Desk Reviews are not within 10%


Buyer Comment (2019-01-24): See attached VRRs. Neither VRR supports the appraised value.


Reviewer Comment (2019-01-14): Trailing Desk Review did not support within 10%


Buyer Comment (2019-01-13): See attached VRR.  The value is not within 10% appraised value.
     01/30/2019 3 C   TX Investment Refinance - Cash-out - Other   C C A A     C C     No
205756365           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Buyer Comment (2019-01-30): Waive as a Grade 3 exception due to VRRs not falling within 10% appraised value.
     01/30/2019 3 C   TX Investment Refinance - Cash-out - Other   C C A A     C C     No
205756367           Credit Loan Package Documentation Closing / Title Security Instrument is not signed by borrower(s).       Reviewer Comment (2019-01-15): Included in trailing docs


Buyer Comment (2019-01-14): Security Instrument attached
 01/15/2019     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
205756367           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 (2019-01-15): Guidelines require rent loss only when available - guidelines were met as trailing agent letter confirms property was vacant and rent loss coverage was not available as a result


Buyer Comment (2019-01-14): Rent loss attached
 01/15/2019     1 A   CT Investment Refinance - Cash-out - Other   C A C A     A A     No
205757359           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX Only able to override if client advises that (REDACTED) will be the rating agency per upper management.   Reviewer Comment (2019-01-21): Per upper management no exceptions needed if AVM with acceptable confidence reflects a value within 10% when using S&P or Morningstar.  Per trialing client comments one of these two agencies will be used.


Buyer Comment (2019-01-21): AVM confidence score is very high and is within 10% of the appraised value. It is a valid valuation.  S&P or possibly Morningstar will be the rating agency of this loan.
 01/21/2019     1 A   IN Investment Refinance - Cash-out - Other   C A A A     C A     No
205757361           Credit Credit Credit Documentation The appraisal does not contain rental analysis and thus casts doubt on the business purpose of the loan.   Unable to confirm DSCR   Reviewer Comment (2019-01-21): Included in TD
 01/21/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
205757362           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-01-25): Desk Review included in TD
 01/25/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
205757362           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-25): Desk Review included in TD


Buyer Comment (2019-01-24): See attached VRR.
 01/25/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
205757362           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Reviewer Comment (2019-01-25): AVM was invalid
 01/25/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
205757363           Credit Credit Credit Calculation / Analysis Guideline Requirement: Representative FICO score discrepancy. Representative FICO score of 655 is less than Guideline representative FICO score of 660.   Lender exception approval is in file with the following compensating factors: Low Debt Service Coverage Ratio; mortgage payment history depth;  experience of investor; length of time owning property; location and surrounding values; modest LTV Reviewer Comment (2019-01-09): Lender exception approval is in file with the following compensating factors: Low Debt Service Coverage Ratio; mortgage payment history depth;  experience of investor; length of time owning property; location and surrounding values; modest LTV
     01/09/2019 2 B   PA Investment Refinance - Cash-out - Other   C B C B     A A     No
205776013           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM   This exception can be cleared upon confirmation from the client that (REDACTED) or (REDACTED) will be the particular rating agencies per upper management.   Reviewer Comment (2019-01-22): Per upper management exceptions regarding secondary valuation AVM not required when high confidence, supportive value and client confirms usage of S&P or Morningstar.


Buyer Comment (2019-01-21): AVM confidence score is very high and is within 10% of appraised value.  It is a valid secondary valuation.  S&P or Morningstar will be the rating agencies used.
 01/22/2019     1 A   NY Investment Purchase   C A C A     A A     No
205776013           Credit Credit Credit Eligibility Borrower has Credit Report: Original // Borrower: (REDACTED) ___ open Tradelines which is less than the minimum required by guidelines. Guideline requirement that was not met:  Minimum of three open trade lines for at least 24 months, or minimum of two open trade lines and a history that evidences at least three additional tradelines that were open for at least 24 months each during the last 7 years.   Reviewer Comment (2019-01-24): Guidelines state 3 open tradelines for at least 24 months, guidelines do not state the tradelines need to be active in last 24 months, just open.


Reviewer Comment (2019-01-23): Unable to clear - 2 of the 3 accounts used by UW have not been reported in the past 2 and 4 years respectively so their current open status is in question.  Referred to upper management for review.


Buyer Comment (2019-01-21): Borrower has three open trade lines.  All three XXXXXXXX  See Underwriting approval page 5 for the three accounts listed.
 01/24/2019     1 A   NY Investment Purchase   C A C A     A A     No
205786087           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-01-15): Included in trailing docs


Buyer Comment (2019-01-14): Purchase agreement attached
 01/15/2019     1 A   NY Investment Purchase   D B D A     B B     No
205786087           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-21): Waive as a Grade 2 exception since AVM was not within 10% of appraised value and VRR was used.
     01/21/2019 2 B   NY Investment Purchase   D B D A     B B     No
205786088           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-01-21): Included in trailing docs


Buyer Comment (2019-01-18): Correct contract attached


Reviewer Comment (2019-01-15): Unable to clear - the buyer on the trailing purchase agreement is not the borrower on the subject loan or the buying entity on the HUD.


Buyer Comment (2019-01-14): Purchase agreement attached
 01/21/2019     1 A   WI Investment Purchase   D B D A     B B     No
205786088           Credit Fix and Flip General Missing Document: Spousal Consent not provided. Borrower: (REDACTED)     Reviewer Comment (2019-01-15): Included in trailing docs


Buyer Comment (2019-01-14): Spousal Consent attached
 01/15/2019     1 A   WI Investment Purchase   D B D A     B B     No
205786088           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-21): Waive as a Grade 2 exception since AVM is not within 10% of appraised value and VRR was used.
     01/21/2019 2 B   WI Investment Purchase   D B D A     B B     No
205786092           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM   Client to confirm via the XXX portal that S&P or Morningstar will be the rating agency before exception can be cleared.   Reviewer Comment (2019-01-22): Per upper management no exception is required when there is a valid AVM which supports within 10% of the value and the client confirms that S&P or Morningstar will be the rating agencies.


Buyer Comment (2019-01-21): AVM 's confidence score is very high and supports the appraised value within 10%.  S&P or Morningstar will be the rating agencies used.
 01/22/2019     1 A   TX Investment Refinance - Cash-out - Other   B A B A     A A     No
205786093           Property Appraisal Reconciliation Value Discrepancy Loan is to go in a securitization and reflects only one valuation product when two are required. Address: (REDACTED) Only an AVM with medium confidence is in file on property A.   Reviewer Comment (2019-01-29): Desk Review received for property A
 01/29/2019     1 A     Investment Refinance - Cash-out - Other   C A A A     C A     No
205786101           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM   Per upper management we need client indication on the(REDACTED)portal to confirm this loan will be rated by (REDACTED) or (REDACTED) in order to clear this exception.   Reviewer Comment (2019-01-22): Per upper management no exception is required when there is a valid AVM which supports within 10% of the value and the client confirms that S&P or Morningstar will be the rating agencies.


Buyer Comment (2019-01-21): AVM confidence score is high and is within 10% value.  It is a valid secondary valuation.  S&P or Morningstar will be the rating agency used.
 01/22/2019     1 A   FL Investment Purchase   B A B A     A A     No
205786102           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.   The initial supporting valuation product varied by more than 10% for the appraisal. the third product, of better quality supported the value used for origination   Buyer Comment (2019-01-21): Waive as a Grade 2 exception since AVM is not within 10% of the appraised value and VRR was used.
     01/21/2019 2 B   GA Investment Refinance - Cash-out - Other   C B C A     B B     No
205786102           Credit Credit Miscellaneous Credit Exception:   Per guidelines market rents are calculated using an underwriting calculation worksheet, supporting rent receipts/ rolls, and an enhanced review.  All of these items appear to be missing from the file.   Reviewer Comment (2019-01-23): Guidelines met per trailing documents.
 01/23/2019     1 A   GA Investment Refinance - Cash-out - Other   C B C A     B B     No
205786103           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-01-29): Acceptable Desk Review received
 01/29/2019     1 A   LA Investment Refinance - Cash-out - Other   C A A A     C A     No
205786103           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-29): Desk Review received


Buyer Comment (2019-01-29): See VRR uploaded.
 01/29/2019     1 A   LA Investment Refinance - Cash-out - Other   C A A A     C A     No
205786103           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Reviewer Comment (2019-01-30): AVM invalid and Desk Review acceptable - no exceptions necessary in this scenario for S&P or Morningstar per upper management


Buyer Comment (2019-01-30): VRR supported the value and AVM is thrown out since the confidence score was medium and not accetable.
 01/30/2019     1 A   LA Investment Refinance - Cash-out - Other   C A A A     C A     No
205787838           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM   Per upper management in order to clear this exception the client must comment on the portal to confirm that Morningstar or S&P will be rating agency.   Reviewer Comment (2019-01-14): No exception needed for Morningstar and S&P per upper management with valid AVM within 10%.


Buyer Comment (2019-01-13): AVM confidence score is high and is therefore a valid second valuation.  S&P allows the AVM with high confidence score and Morningstar does not require secondary valuation.  Need exception grade for both S&P and Morningstar.
 01/14/2019     1 A   UT Investment Refinance - Cash-out - Other   B A B A     A A     No
205787839           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Buyer Comment (2019-01-30): Waive as a Grade 2 exception since VRR supported appraisal value.


Reviewer Comment (2019-01-25): This is a grade 2 exception


Buyer Comment (2019-01-21): Per S&P Guidelines, should be a Grade 2 exception since second VRR supported the appraised value.
     01/30/2019 2 C   NJ Investment Refinance - Cash-out - Other   C C A A     C C     No
205787840           Property Value Reconciliation Greater than 10% The initial supporting valuation product varied by more than 10% for the appraisal.  The third product, of better quality, supported the appraised value used for origination.       Buyer Comment (2019-01-21): Waive as a Grade 2 exception since AVM was not within 10% of appraised value and VRR was used to support appraised value.
     01/21/2019 2 B   NC Investment Refinance - Cash-out - Other   B B A A     B B     No
205787841           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.   2 desk reviews in file - one supports the appraisal while the other does not; one desk review does not trump another desk review           3 C   NJ Investment Refinance - Cash-out - Other   A C A A     A C     No
205787842           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.   Per upper management client to confirm via commentary on the portal that this loan will be rated by (REDACTED) of (REDACTED) in order to clear this exception.   Reviewer Comment (2019-01-14): No exception needed for Morningstar and S&P per upper management with invalid AVM and an acceptable Desk Review.


Buyer Comment (2019-01-13): AVM confidence score is medium and therefore the AVM is invalid.  The VRR is the secondary value and is valid since it is within the 10% appraised value.
 01/14/2019     1 A   TX Investment Refinance - Rate/Term   B A A A     B A     No
205789061           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-01-14): Included in trailing docs
 01/14/2019     1 A   TX Investment Purchase   D A D A     A A     No
205789062           Credit Loan Package Documentation Application / Processing Missing Document: Certificate of Good Standing not provided       Reviewer Comment (2019-01-15): Included in trailing docs


Buyer Comment (2019-01-14): Cert of Good Standing attached
 01/15/2019     1 A   GA Investment Refinance - Rate/Term   C A C A     A A     No
205789062           Credit Loan Package Documentation Application / Processing Missing Document: Corporate Resolution not provided   Certificate of Incumbency is missing   Reviewer Comment (2019-01-21): Included in trailing docs


Buyer Comment (2019-01-18): Cert of Incumbency attached.


Reviewer Comment (2019-01-15): Unable to clear - Certificate of Incumbency is still missing


Buyer Comment (2019-01-14): Corp Resolution attached.
 01/21/2019     1 A   GA Investment Refinance - Rate/Term   C A C A     A A     No
205789539           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ No CDA in file to validate the appraised value and the AVM is invalid.   Reviewer Comment (2019-01-25): Desk Review included in TD
 01/25/2019     1 A   TX Investment Refinance - Rate/Term   C A A A     C A     No
205789539           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   AVM is within 10% of appraisal but it is invalid   Reviewer Comment (2019-01-25): Desk Review included in TD


Buyer Comment (2019-01-24): See VRR Attached.
 01/25/2019     1 A   TX Investment Refinance - Rate/Term   C A A A     C A     No
205789539           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Reviewer Comment (2019-01-30): AVM invalid and Desk Review acceptable - no exceptions necessary in this scenario for S&P or Morningstar per upper management


Buyer Comment (2019-01-30): AVM is invalid since confidence score is medium.  VRR supports value so exception should be cleared as Grade 1
 01/30/2019     1 A   TX Investment Refinance - Rate/Term   C A A A     C A     No
205789540           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM   In order to clear this exception the client must confirm that (REDACTED) or (REDACTED) will be the applicable rating agencies per upper management.   Reviewer Comment (2019-01-22): Per upper management no exception is required when there is a valid AVM which supports within 10% of the value and the client confirms that S&P or Morningstar will be the rating agencies.


Buyer Comment (2019-01-21): S&P or Morningstar will be the rating agency used.
 01/22/2019     1 A   IN Investment Refinance - Cash-out - Other   B A B A     A A     No
205789542           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-01-25): Duplicate exception
 01/25/2019     1 A   PA Investment Refinance - Rate/Term   C C A A     C C     No
205789542           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Buyer Comment (2019-02-13): Waive as a Grade 3 exception since one VRR cannot override the first VRR.


Reviewer Comment (2019-02-12): Second Desk Review is not allowed to override the initial Desk Review.


Buyer Comment (2019-02-12): See attached.


Buyer Comment (2019-02-12): See VRR attached.


Reviewer Comment (2019-01-25): Trailing Desk Review does not support within 10% of appraised value
     02/13/2019 2 C   PA Investment Refinance - Rate/Term   C C A A     C C     No
205789542           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   Trailing Desk Review only supports $XX,XXX.   Buyer Comment (2019-02-13): Waive as a Grade 3 exception since second VRR cannot override first VRR.


Reviewer Comment (2019-02-12): A field review is needed per upper management/ second valuation waterfall of the rating agencies.  A second desk review is not allowed to override the initial desk review.
     02/13/2019 3 C   PA Investment Refinance - Rate/Term   C C A A     C C     No
205862387           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided       Reviewer Comment (2019-01-21): Included in trailing docs


Buyer Comment (2019-01-18): Permanent resident card uploaded
 01/21/2019     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
205862388           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.   In order to clear this exception the client must confirm that the applicable rating agency on this loan will be (REDACTED) or (REDACTED) per upper management.   Reviewer Comment (2019-01-23): Loan has desk review that supports appraisal.  The AVM is not relevant in this scenario.


Buyer Comment (2019-01-21): AVM confidence score is medium so it is invalid.  The VRR is the secondary valuation and it validates the appraised value within 10%.  S&P or Morningstar will be the rating agencies used.
 01/23/2019     1 A   IN Investment Refinance - Cash-out - Other   B A A A     B A     No
205862389           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-01-31): Desk Review included in TD


Reviewer Comment (2019-01-23): A VRR (CDA/ Desk Review) is not apparent in file.


Buyer Comment (2019-01-21): AVM confidence score is high so it is a valid secondary valuation.  Since it is not within 10% appraised value, the VRR was used and it is within 10% of the appraised value.  Should be a Grade 2 exception since second valuation was within 10% appraised value.
 01/31/2019     1 A   TX Investment Refinance - Cash-out - Other   C B A A     C B     No
205862389           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-02-12): Waive as a Grade 2 exception since AVM is invalid and VRR is used.
     02/12/2019 2 B   TX Investment Refinance - Cash-out - Other   C B A A     C B     No
205862390           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.   Per upper management in order to clear this exception the client must confirm that the applicable rating agency will be (REDACTED) or (REDACTED).   Reviewer Comment (2019-01-23): Loan has desk review that supports appraisal.  The AVM is not relevant in this scenario.


Buyer Comment (2019-01-21): AVM confidence score is medium so it is invalid and should be thrown out.  VRR is the secondary valuation and is within 10% of the appraised value so it is valid.  S&P or Morningstar will be the rating agencies used.
 01/23/2019     1 A   FL Investment Refinance - Cash-out - Other   B A A A     B A     No
205862391           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.   Per upper management this exception can be cleared if client confirms (REDACTED) or (REDACTED) will be the rating agency   Reviewer Comment (2019-01-23): Loan has desk review that supports appraisal.  The AVM is not relevant in this scenario.


Buyer Comment (2019-01-21): AVM confidence score is low so it is invalid.  VRR is the secondary valuation and is withing 10% of the appraised value.  S&P or Morningstar will be the rating agency used.
 01/23/2019     1 A   NJ Investment Refinance - Cash-out - Other   B A A A     B A     No
205862392           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-01-29): Desk Review received
 01/29/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205862392           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-29): Desk Review included in TD


Buyer Comment (2019-01-29): See uploaded VRR.
 01/29/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205862392           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Reviewer Comment (2019-01-31): Per upper management an exception does not apply in this scenario for VFS since they confirmed using S&P or Morningstar.


Buyer Comment (2019-01-31): S&P or Morningstar will be the only rating agencies used.


Reviewer Comment (2019-01-30): Please confirm that S&P or Morningstar will be the rating agencies in order to clear.


Buyer Comment (2019-01-30): AVM confidence score is low making the AVM invalid.  VRR supports the appraisal so the exception should be cleared as a Grade 1.
 01/31/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205863172           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-29): Desk Review received


Buyer Comment (2019-01-29): See uploaded VRR.
 01/29/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205863172           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-01-29): Desk Review included in TD
 01/29/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205863172           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Reviewer Comment (2019-02-07): Set in error - guidelines met as AVM was invalid so it was thrown out.  Then there is a Desk Review in file that supports within 10%.


Buyer Comment (2019-02-06): VRR attached supported appraisal value.  AVM confidence score is medium making AVM invalid so VRR used.
 02/07/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A A A     C A     No
205869027           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   Evidence is needed to confirm the Guarantor is a (REDACTED) not allowed per GL's   Reviewer Comment (2019-01-23): Cleared per client


Buyer Comment (2019-01-22): The link also states this card may be accepted as a List A document when completing the Form I-9 for employment purposes.


Buyer Comment (2019-01-22): Based on our research, the employment authorization card is sufficient proof of non-permanent resident alien status.  According to the USCIS, the employment authorization card with the I-512 language serves as both an employment authorization and advance parole document.  Further, the guarantor was issued a social security number for employment purposes.  The guarantor is not a foreign national.  See link below.
https://www.uscis.gov/news/questions-and-answers/uscis-issue-employment-authorization-and-advance-parole-card-adjustment-status-applicants-questions-and-answers


Reviewer Comment (2019-01-18): Unable to clear - the trailing employment authorization with I-512 does not confirm that the Guarantor is not a foreign national per on line research.


Buyer Comment (2019-01-17): Documentation attached
 01/23/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
205871206           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM       Reviewer Comment (2019-01-22): Per upper management no exception is required when there is a valid AVM which supports within 10% of the value and the client confirms that S&P or Morningstar will be the rating agencies.


Buyer Comment (2019-01-21): AVM confidence score is very high and it is within 10% of the appraised value so it is a valid secondary valuation.  S&P or Morningstar will be used as the rating agencies.
 01/22/2019     1 A   NC Investment Refinance - Cash-out - Other   B A B A     A A     No
205871208           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-18): OK per upper management as AVM invalid and Desk Review is in file.
 01/18/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     C A     No
205871208           Credit Fix and Flip General Insufficient funds for Reserves. Guidelines require $2,860.32  of reserves, and verified reserves are $2,660.69. Ending available and current balances on the asset document in file is $XX,XXX,XX.  Cash to close on the HUD is $XX,XXX.XX.   Reviewer Comment (2019-01-30): Updated statement included in trailing docs
 01/30/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     C A     No
205871209           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Reviewer Comment (2019-01-23): AVM is not relevant in this analysis.  Appraised value is supported by Desk review.


Buyer Comment (2019-01-21): AVM has a confidence score of medium so it should be thrown out and is not considered at all.  The VRR in the file is the secondary valuation and confirms the appraised value within 10%.
 01/23/2019     1 A   PA Investment Refinance - Cash-out - Other   C A A A     C A     No
205871209           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ AVM in file reflects low or medium confidence and the value is not within 10% of the appraised value.  A Desk Review is also in file which supports a value within 10% of the appraised value.  The AVM is invalid (not considered) so no exceptions will apply.   Reviewer Comment (2019-01-18): Desk Review in file
 01/18/2019     1 A   PA Investment Refinance - Cash-out - Other   C A A A     C A     No
205872742           Credit Credit Miscellaneous Credit Exception:   The DSCR of X.XX appears to be less than the guideline minimum of X.XX.  The lease amount on the property at XXX (REDACTED) appears to have been $XXXX/ month (which is lower than the market rent) and was used in arriving at the DSCR while the approval reflects that $XXXX/ month was used for that property.   Reviewer Comment (2019-01-22): Set in error - lease in trailing docs confirms XXXX/ month once expired in June of 2018.  Guidelines were met.


Buyer Comment (2019-01-22): The new lease amount due after June 2018 is $XXXX.  See section 15 of lease which is highlighted.
 01/22/2019     1 A     Investment Refinance - Cash-out - Other   C A C A     A A     No
205872744           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 (2019-01-22): Included in TD.
 01/22/2019     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
205872746           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-23): Per upper management no exception is required when there is a valid AVM which supports within 10% of the value and the client confirms that S&P or Morningstar will be the rating agencies.


Buyer Comment (2019-01-21): AVM confidence score is high and is within 10% of the appraised value and therefore is a valid secondary valuation.
 01/23/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A B A     C A     No
205872746           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM       Reviewer Comment (2019-01-22): Per upper management no exception is required when there is a valid AVM which supports within 10% of the value and the client confirms that S&P or Morningstar will be the rating agencies.


Buyer Comment (2019-01-21): S&P or Morningstar will be the rating agencies used so the AVM used as the secondary valuation is not an exception.
 01/22/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A B A     C A     No
205874161           Credit Credit Miscellaneous Credit Exception:   Tax certificate in file is illegible.  Unable to determine tax years and quarterly amounts.  Please provide to confirm the monthly calculation on the approval of $XXX.XX.   Reviewer Comment (2019-01-23): Included in trailing docs
 01/23/2019     1 A   NJ Investment Refinance - Rate/Term   C A C A     A A     No
205874162           Credit Insurance Insurance Analysis The Hazard Insurance Policy effective date is after the Note Date.   The hazard insurance effective date is X/XX/XXXX vs. the Note date of X/XX/XXXX and settlement date of X/XX/XXXX   Reviewer Comment (2019-01-29): Corrected policy included in TD


Buyer Comment (2019-01-29): Hazard Policy uploaded
 01/29/2019     1 A   FL Investment Purchase   C A C A     A A     No
205875114           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   AVM invalid and no Desk Review in file   Reviewer Comment (2019-02-07): Acceptable Desk Review included in trailing docs
 02/07/2019     1 A   NJ Investment Purchase   C A A A     C A     No
205875114           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-02-07): Acceptable Desk Review included in trailing docs


Buyer Comment (2019-02-06): See VRR attached.
 02/07/2019     1 A   NJ Investment Purchase   C A A A     C A     No
205878701           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-01-30): Waive as a grade 2 exceptions since valid AVM is not within 10% appraised value and VRR was used.
     01/30/2019 2 B   PA Investment Refinance - Rate/Term   B B A A     B B     No
205878708           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-01-25): Included in TD


Buyer Comment (2019-01-25): Contract uploaded
 01/25/2019     1 A   FL Investment Purchase   D A D A     A A     No
205878711           Credit Guideline Guideline Issue Aged document: Primary Valuation is older than guidelines permit Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX ___     Reviewer Comment (2019-01-25): Included in TD


Buyer Comment (2019-01-25): Appraisal update uploaded
 01/25/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
205878713           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-01-30): Waive as a Grade 2 exception since valid AVM is not within 10% appraised value so VRR was used.
     01/30/2019 2 B   NY Investment Refinance - Cash-out - Other   B B A A     B B     No
205878714           Credit Guideline Guideline Issue Aged document: Primary Valuation is older than guidelines permit Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX ___ Effective date of X/XX/XX is outside of XX days   Reviewer Comment (2019-01-25): Included in TD


Buyer Comment (2019-01-25): Appraisal update uploaded
 01/25/2019     1 A   NY Investment Refinance - Cash-out - Other   C A C A     A A     No
205878715           Credit Credit Miscellaneous Credit Exception:   Enhanced review and underwriter market rent calculation worksheet not apparent in file to support market rent used per guidelines.   Reviewer Comment (2019-01-30): Received remaining docs to confirm GL's met


Reviewer Comment (2019-01-25): Calculator worksheet included in trailing docs but Executive Committee Approval still not evident


Buyer Comment (2019-01-25): STR uploaded
 01/30/2019     1 A   LA Investment Refinance - Cash-out - Other   C A C A     A A     No
205878716           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-01-30): Waive as a Grade 2 exception since AVM is valid but not within 10% appraised value so VRR used.
     01/30/2019 2 B   FL Investment Refinance - Cash-out - Other   B B A A     B B     No
205878717           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-01-25): Included in TD


Buyer Comment (2019-01-25): Contract uploaded
 01/25/2019     1 A   NJ Investment Purchase   D B D A     B B     No
205878717           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-01-30): Waive as a Grade 2 exception due to valid AVM not within 10% of appraised value so VRR used as secondary value.
     01/30/2019 2 B   NJ Investment Purchase   D B D A     B B     No
205878718           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   Only an invalid AVM is in file   Reviewer Comment (2019-01-30): AVM invalid and acceptable Desk Review received in TD


Buyer Comment (2019-01-30): VRR is within 10% of appraised value so it is a valid secondary valuation.
 01/30/2019     1 A   TN Investment Purchase   C A C A     C A     No
205878718           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-01-30): AVM invalid and acceptable Desk Review received in TD


Buyer Comment (2019-01-30): AVM confidence score is very low so it is an invalid valuation.
 01/30/2019     1 A   TN Investment Purchase   C A C A     C A     No
205878718           Credit Credit Miscellaneous Credit Exception:   Underwriter market rent calculation worksheet not apparent in file to support market rent used per guidelines.   Reviewer Comment (2019-01-25): Included in TD


Buyer Comment (2019-01-25): Rent calculator uploaded
 01/25/2019     1 A   TN Investment Purchase   C A C A     C A     No
205878720           Credit Credit Miscellaneous Credit Exception:   Underwriter market rent calculation worksheet not apparent in file to support market rent used per guidelines.   Reviewer Comment (2019-01-30): Received in trailing docs
 01/30/2019     1 A   TN Investment Purchase   C A C A     A A     No
205883709           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-01-30): Waive as a Grade 2 exception since valid AVM is not within 10% of appraised valid so VRR used.
     01/30/2019 2 B   PA Investment Refinance - Cash-out - Other   B B A A     B B     No
205883711           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   Only an invalid AVM is in file.   Reviewer Comment (2019-02-05): Acceptable Desk Review included in trailing docs
 02/05/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
205883711           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ The AVM in file is invalid.   Reviewer Comment (2019-02-05): Acceptable Desk Review included in trailing docs


Buyer Comment (2019-02-04): AVM is invalid since there is not a confidence score.  See attached VRR that is valid and within 10% appraised value.
 02/05/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
205883711           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Reviewer Comment (2019-02-07): AVM invalid and Desk Review supports appraised value


Buyer Comment (2019-02-06): AVM is invalid due to NA confidence score and therefore VRR was used and is valied.  Should be a Grade 1 exceptions since VRR was valid secondary valuation and AVM is invalid.
 02/07/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
205883712           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-01-25): Included in TD


Buyer Comment (2019-01-25): Uploaded contract and addendum
 01/25/2019     1 A   PA Investment Purchase   D A D A     A A     No
205883713           Credit Loan Package Documentation Closing / Title Missing Document: Title Preliminary not provided   The report in file is for a property other than the subject property.   Reviewer Comment (2019-01-25): Included in TD


Buyer Comment (2019-01-25): Commitment uploaded.
 01/25/2019     1 A   NJ Investment Refinance - Rate/Term   C A C A     A A     No
205886999           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-02-07): Acceptable Desk Review included in trailing docs


Buyer Comment (2019-02-06): See attached VRR.
 02/07/2019     1 A   PA Investment Refinance - Cash-out - Other   C A A A     C A     No
205886999           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   The only secondary valuation in file is an invalid AVM.   Reviewer Comment (2019-02-07): Acceptable Desk Review included in trailing docs


Buyer Comment (2019-02-06): AVM is invalid due to low confidence score. See attached VRR.
 02/07/2019     1 A   PA Investment Refinance - Cash-out - Other   C A A A     C A     No
205887000           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-01-25): Included in TD


Buyer Comment (2019-01-25): Contract uploaded
 01/25/2019     1 A   FL Investment Purchase   D B D A     B B     No
205887000           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-01-30): Waive as a Grade 2 exception since valid AVM is not within 10% appraised value so VRR used.
     01/30/2019 2 B   FL Investment Purchase   D B D A     B B     No
205943544           Credit Loan Package Documentation Closing / Title Missing Document: Note - Subject Lien not provided   Missing page X   Reviewer Comment (2019-01-29): Included in TD


Buyer Comment (2019-01-29): Fixed Rate Note uploaded
 01/29/2019     1 A   TX Investment Refinance - Rate/Term   D A D A     A A     No
205943545           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-01-30): Waive as a Grade 2 exception since valid AVM is not within 10% appraised value so VRR was used.
     01/30/2019 2 B   FL Investment Refinance - Cash-out - Other   B B A A     B B     No
205960417           Credit Loan Package Documentation Application / Processing Missing Document: Business Purpose Certificate not provided   No business purpose certificate located in loan docs   Reviewer Comment (2019-02-01): Included in trailing docs


Reviewer Comment (2019-02-01): Trailing BPC is for a property/ loan other than the subject


Reviewer Comment (2019-01-31): Still missing the Business Purpose Cert
 02/01/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
205960417           Credit Loan Package Documentation Application / Processing Missing Document: Missing Final 1003   No applications located in loan docs   Reviewer Comment (2019-01-31): Included in TD
 01/31/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
205960417           Credit Loan Package Documentation Application / Processing Missing Document: Non-Owner Occupancy Declaration not provided       Reviewer Comment (2019-02-01): Included in trailing docs


Buyer Comment (2019-02-01): See the uploaded affidavits.


Reviewer Comment (2019-02-01): Trailing document is not for the subject property
 02/01/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
205960417           Credit Missing Document General ACH was missing from file.       Reviewer Comment (2019-01-31): Included in TD
 01/31/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
205960418           Credit Guideline Guideline Issue Aged document: Primary Valuation is older than guidelines permit Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX     Reviewer Comment (2019-01-31): Appraisal update in trailing docs.
 01/31/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
205960419           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   Missing (REDACTED) documented   Reviewer Comment (2019-01-31): Included in TD
 01/31/2019     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
205960420           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-01-31): Waive as a Grade 2 exception since valid AVM is not within 10% appraisal value and VRR is used.
     01/31/2019 2 B   NY Investment Refinance - Cash-out - Other   B B A A     B B     No
205960424           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Hazard insurance dwelling coverage is $XXX,XXX and does not indicate replacement cost is included as required by guidelines.   Reviewer Comment (2019-02-01): Replacement cost coverage is included per trailing agent email.
 02/01/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
205960427           Credit Loan Package Documentation Closing / Title Missing Document: Title Preliminary not provided       Reviewer Comment (2019-02-02): Included in trailing docs


Buyer Comment (2019-02-01): Title commitment uploaded
 02/02/2019     1 A   NY Investment Purchase   D A D A     C A     No
205960427           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-02-02): Included in trailing docs


Buyer Comment (2019-02-01): Contract uploaded
 02/02/2019     1 A   NY Investment Purchase   D A D A     C A     No
205960427           Credit Guideline Guideline Issue Aged document: Primary Valuation is older than guidelines permit Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX ___     Reviewer Comment (2019-02-07): Appraisal update is included in trailing documents to confirm no decline.


Buyer Comment (2019-02-06): Effective date of updated appraisal is XX/XX/XXXX.
 02/07/2019     1 A   NY Investment Purchase   D A D A     C A     No
205960427           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   Only an invalid AVM is in file.   Reviewer Comment (2019-02-12): Desk Review included in trailing documents
 02/12/2019     1 A   NY Investment Purchase   D A D A     C A     No
205960427           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-02-12): Desk Review included in trailing documents


Buyer Comment (2019-02-12): AVM confidence score is medium making the AVM invalid.  See attached VRR.
 02/12/2019     1 A   NY Investment Purchase   D A D A     C A     No
205960427           Credit Loan Package Documentation Closing / Title Missing Document: Closing Protection Letter not provided       Reviewer Comment (2019-02-02): Set in error - not required or issued in NY


Buyer Comment (2019-02-01): Credit Protection letters are not available in the stat of New York.
 02/02/2019     1 A   NY Investment Purchase   D A D A     C A     No
205960428           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Buyer Comment (2019-02-13): Waive as a Grade 3 exception since second VRR cannot override first VRR


Reviewer Comment (2019-02-07): Requested upper management manual downgrade to 2/B


Buyer Comment (2019-02-06): AVM is invalid, first VRR is not within 10% but second VRR is within 10%  Should be a Grade 2 exception.  S&P and/or will be used in securitization.


Reviewer Comment (2019-02-01): Reached out to upper management to please regrade to 2/B as the first Desk Review was not within 10% but the second one was.
     02/13/2019 3 C   PA Investment Refinance - Cash-out - Other   C C A A     C C     No
205962663           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-02-12): Desk Review included in trailing documents


Buyer Comment (2019-02-12): AVM confidence score is medium making the AVM invalid.  See attached VRR.
 02/12/2019     1 A   ME Investment Refinance - Cash-out - Other   C A A A     C A     No
205962663           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-02-12): Desk Review included in trailing documents
 02/12/2019     1 A   ME Investment Refinance - Cash-out - Other   C A A A     C A     No
205962665           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 (2019-02-07): Confirmation that coverage includes rent loss insurance is included in trailing docs


Buyer Comment (2019-02-06): See Page 7.
 02/07/2019     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
205962666           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-02-06): Waive as a Grade 2 exception since AVM is valid but not within 10% of appraised value so VRR used.
     02/06/2019 2 B   IL Investment Refinance - Rate/Term   B B A A     B B     No
205962667           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-02-13): Desk Review included in trailing documents


Buyer Comment (2019-02-13): See attached VRR.
 02/13/2019     1 A   FL Investment Refinance - Cash-out - Other   C A A A     C A     No
205962667           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-02-13): Desk Review included in trailing documents
 02/13/2019     1 A   FL Investment Refinance - Cash-out - Other   C A A A     C A     No
205962669           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM       Reviewer Comment (2019-02-07): AVM confidence score is very high so it is a valid secondary valuation.  S&P and/or Morningstar are the only rating agencies to be used in securitization per client commentary and therefore AVM is acceptable with no exceptions per upper management.


Buyer Comment (2019-02-06): AVM confidence score is very high so it is a valid secondary valuation.  S&P and/or Morningstar are the only rating agencies to be used in securitization and therefore AVM is acceptable.
 02/07/2019     1 A   TX Investment Purchase   B A B A     A A     No
206023039           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 (2019-02-07): Updated dec page in trailing documents confirms rent loss insurance
 02/07/2019     1 A   WA Investment Purchase   C A C A     A A     No
206023040           Property Fix and Flip Document Error Desk Review value is less than Appraised value by at least 10%. Address: (REDACTED)     Reviewer Comment (2019-02-15): Waived without comp factor per client.


Reviewer Comment (2019-02-13): Trailing documents were desk reviews for properties other than XX XXXXXXXX.  This exception remains unchanged and an additional exception was added as it relates to those trailing documents.


Buyer Comment (2019-02-13): See VRRs attached.
     02/15/2019 3 C     Investment Refinance - Cash-out - Other   C C C A     C C     No
206023040           Credit Credit Miscellaneous Credit Exception:   Missing Flood cert for XXXXXXXXX   Reviewer Comment (2019-02-08): Included in trailing documents


Buyer Comment (2019-02-08): Flood Cert attached
 02/08/2019     1 A     Investment Refinance - Cash-out - Other   C C C A     C C     No
206023040           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV. Address: (REDACTED)     Reviewer Comment (2019-02-15): Waived without comp factor per client.


Buyer Comment (2019-02-14): See VRR2 for XX XXXXXXXX


Buyer Comment (2019-02-14): See attached VRR2 for XX XXXXXXXX.  VRR2 is not within 10% of appraised value.  Will remain a Grade 3 exception.


Reviewer Comment (2019-02-13): Trailing documents were desk reviews for properties other than XX XXXXXXXX.  This exception remains unchanged and an additional exception was added as it relates to those trailing documents.
     02/15/2019 3 C     Investment Refinance - Cash-out - Other   C C C A     C C     No
206023040           Credit Insurance Insurance Documentation Missing Document: Flood Insurance Policy not provided   Missing policy and premium for property C (XX). $XX.XX/ month expense was used in underwriting.   Reviewer Comment (2019-02-07): Included in trailing docs
 02/07/2019     1 A     Investment Refinance - Cash-out - Other   C C C A     C C     No
206023040           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV. Address: (REDACTED)     Reviewer Comment (2019-02-15): Waived without comp factor per client.


Buyer Comment (2019-02-14): See VRR.  Not within 10% appraised value.  Will be a Grade 3 exception.
     02/15/2019 3 C     Investment Refinance - Cash-out - Other   C C C A     C C     No
206059932           Credit Property - Appraisal Appraisal Documentation Missing Document: Appraisal not provided   The appraisal in file is a corrupted file and not entirely legible.  Please provide a completely legible version.   Reviewer Comment (2019-02-08): Included in trailing docs
 02/08/2019     1 A   NY Investment Refinance - Cash-out - Other   D A D A     A A     No
206059935           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___ Meets approval requirements with CDA in file   Reviewer Comment (2019-02-08): Desk Review acceptable considering invalid AVM
 02/08/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
206059938           Credit Missing Document General Missing Document: Lease Agreement not provided   Lease agreements for both units are not contained in the loan file. Appraisal reports units as leased and the approval confirms that both units are rented.  Both leases are needed to confirm the DSCR calculation on the approval.   Reviewer Comment (2019-02-12): Included in trailing documents


Buyer Comment (2019-02-12): Lease Agreement uploaded.
 02/12/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206061494           Property Appraisal Reconciliation Value Discrepancy Leases loan (multiple property) is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value. Address: (REDACTED) AVM is valid but not within 10%.   Buyer Comment (2019-02-14): Waive as a Grade 2 exceptions since AVM valid but not within 10% so VRR used for value.
     02/14/2019 2 B     Investment Refinance - Cash-out - Other   C B C A     B B     No
206061494           Credit Assets Asset Documentation Insufficient funds for Reserves. Guidelines require $16,372.53, and verified reserves are $11,822.16.     Reviewer Comment (2019-02-20): Trailing documents confirm sufficient assets.


Reviewer Comment (2019-02-15): Need documentation to confirm who the account holder is on the HSA account in order to use it.  The trailing online printout does not appear to identify the borrower/ guarantor as an account holder.


Buyer Comment (2019-02-14): 50% of HSA (3,3394) and 50% IRA (1,224.83)  plus cash reserves of $11,822.16 equals $16,440.99 covering the reserve requirement of $XX,XXX.XX
 02/20/2019     1 A     Investment Refinance - Cash-out - Other   C B C A     B B     No
206075924           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Replacement cost coverage is not confirmed on the policy documents.   Reviewer Comment (2019-02-12): Per trailing document and page 2 of the declarations page replacement cost coverage is evident.
 02/12/2019     1 A   TX Investment Refinance - Cash-out - Other   C A C A     A A     No
206075925           Credit Legal / Regulatory / Compliance Title / Lien Defect Final Title Policy is missing. No evidence of title in file.   Please provide the final title policy to confirm full redemption of the ground rent and fee simple ownership interest as a result.   Reviewer Comment (2019-02-13): Included in trailing documents


Buyer Comment (2019-02-13): TPOL uploaded
 02/13/2019     1 A   MD Investment Refinance - Rate/Term   C A C A     A A     No
206075926           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.   AVM valid but not within 10% of appraised value.   Buyer Comment (2019-02-19): Waive as Grade 2 Exception since AVM in not within 10% of appraised value.


Reviewer Comment (2019-02-15): This exception remains grade 2 as there is a valid AVM in file which is not within 10% of the appraised value.
     02/19/2019 2 B   FL Investment Refinance - Cash-out - Other   B B A A     B B     No
206083906           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   Permanent Resident Alien card is needed.   Reviewer Comment (2019-02-12): Included in trailing documents


Buyer Comment (2019-02-12): Permanent Resident Alien card uploaded
 02/12/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206101844           Credit Credit Miscellaneous Credit Exception:   Portfolio Growth guidelines require that the borrower own at least X investment properties.  There are X mortgages on the credit report,however(REDACTED)is unable to confirm if one or more are associated with the borrower's primary residence, which would not support ownership of X or more investment properties.  Please provide evidence that the borrower owned at least X investment properties at the time of the loan approval.  Without confirmation that the Portfolio Growth program requirements were met the LTV will be deemed to be excessive.   Reviewer Comment (2019-02-13): Cleared per client commentary of 13 active rental loans with VFS.


Buyer Comment (2019-02-13): Borrower currently has 13 active loans with XXXXX so he definitely meets the criteria for more than 5 properties.
 02/13/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206101845           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-02-19): Waive as a Grade 2 exception since AVM is not within 10% appraised value.


Reviewer Comment (2019-02-15): Remains grade 2 as per valid underlying AVM which does not support within 10% of the appraised value.
     02/19/2019 2 B   NY Investment Refinance - Cash-out - Other   B B A A     B B     No
206121728           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   Desk Review in file is indeterminate.   Reviewer Comment (2019-02-21): Trailing BPO supports appraised value
 02/21/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
206121728           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-02-21): Trailing BPO supports appraised value.  Desk Review was indeterminate.
 02/21/2019     1 A   GA Investment Refinance - Cash-out - Other   C A A A     C A     No
206123389           Credit Credit Miscellaneous Credit Exception:   STR guidelines require an underwriter calculation worksheet and Executive Approval.  Both are missing from the file.   Reviewer Comment (2019-02-13): Included in trailing documents
 02/13/2019     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
206123391           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-02-15): Received purchase contract
 02/15/2019     1 A   GA Investment Purchase   D A D A     A A     No
206123392           Property Appraisal Reconciliation Value Discrepancy Leases loan is to go into a securitization and highest level secondary valuation supports the qualifying value.  There is a lower level tertiary valuation in file which is invalid or does not support the qualifying value.       Buyer Comment (2019-02-21): Waive as a Grade 2 exception due to valid AVM not within 10% and VRR used.


Reviewer Comment (2019-02-21): Remains grade 2 as underlying AVM is valid and is not within 10% of the appraised value.


Reviewer Comment (2019-02-15): Remains grade 2 as underlying AVM is valid and is not within 10% of the appraised value.
     02/21/2019 2 B   FL Investment Refinance - Cash-out - Other   B B A A     B B     No
206123393           Credit Insurance Insurance Analysis Hazard Insurance policy does not list "Lender its successors and assigns", per guideline requirements.       Reviewer Comment (2019-02-15): Received


Buyer Comment (2019-02-14): Mortgagee and lienholders are listed on page 10
 02/15/2019     1 A   NJ Investment Purchase   B A B A     A A     No
206123398           Credit Loan Package Documentation Application / Processing Missing Document: Tax Certificate not provided   Needed for all properties to support the amounts on the approval.   Reviewer Comment (2019-02-15): Included in trailing docs
 02/15/2019     1 A     Investment Refinance - Cash-out - Other   C A C A     A A     No
206128398           Credit Credit Miscellaneous Credit Exception:   Executive approval of the underwriter's rental income calculation on the STR program is missing from the file.   Reviewer Comment (2019-02-19): Included in trailing documents


Buyer Comment (2019-02-19): Executive approval uploaded
 02/19/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
206128401           Property Appraisal Reconciliation Value Discrepancy Loan is to go in a securitization and reflects only one valuation product when two are required.       Reviewer Comment (2019-02-20): Included in trailing documents
 02/20/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     C A     No
206128401           Credit Credit Miscellaneous Credit Exception:   Executive approval of the underwriter's market rent calculation is required for STR but is not apparent in file.   Reviewer Comment (2019-02-19): Included in trailing documents


Buyer Comment (2019-02-19): Executive approval attached
 02/19/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     C A     No
206137130           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided   Missing from Loan File.   Reviewer Comment (2019-02-19): Included in trailing documents


Buyer Comment (2019-02-19): Contract uploaded
 02/19/2019     1 A   NY Investment Purchase   D A D A     A A     No
206137131           Credit Credit Miscellaneous Credit Exception:   Executive approval of the UW market rent calculation is required for STR but it is not apparent in file.   Reviewer Comment (2019-02-19): Included in trailing documents
 02/19/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
206137132           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: XX/XX/XXXX FSD Score: ___     Reviewer Comment (2019-02-21): AVM invalid/ thrown out and acceptable Desk Review is included in trailing documents.


Buyer Comment (2019-02-21): See attached VRR.
 02/21/2019     1 A   FL Investment Refinance - Cash-out - Other   C A A A     C A     No
206137132           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   Only an invalid AVM is in file.   Reviewer Comment (2019-02-21): AVM invalid/ thrown out and acceptable Desk Review is included in trailing documents.
 02/21/2019     1 A   FL Investment Refinance - Cash-out - Other   C A A A     C A     No
206137133           Credit Appraisal Reconciliation Value Discrepancy Securitization Leases Review and the supporting secondary valuation was an AVM       Reviewer Comment (2019-02-20): Cleared per client confirmation that they are using S&P or Morningstar.


Buyer Comment (2019-02-19): AVM is valid since the confidence score is high.  The lower value $XXX,XXX from the appraisal was used as the lending value so this should not be an exception.  The AVM is not within 10% but is is higher and the lower value was used.
 02/20/2019     1 A   NY Investment Refinance - Cash-out - Other   B A B A     A A     No
206143838           Credit Credit Credit Calculation / Analysis Guideline Requirement: Representative FICO score discrepancy. Representative FICO score of 641 is less than Guideline representative FICO score of 660. Please note that a lender exception approval with acceptable compensating factors (reserves, low LTV, etc.) is not apparent in file.  Please provide and advise if waiver with comp factors is necessary if applicable. Guideline variance approved by lender at time of origination. Reviewer Comment (2019-02-22): Waive per originator based on comp factors of DSCR and low LTV


Buyer Comment (2019-02-21): See attached enhance review approval.  Compensating factors are DSCR of 1.249 & LTV of 44%.
     02/22/2019 2 B   PA Investment Refinance - Cash-out - Other   C B C B     A A     No
206160202           Credit Property - Appraisal General Appraisal Requirements Valuation Error: Subject appraisal does not identify if value is "as-is" or "subject to". Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX The appraisal and XXX in file are cut off at bottom.  Unable to determine if appraisal is 'As-Is' or 'Subject To' or appraisal property condition due to cut off pages.   Reviewer Comment (2019-02-27): Fully legible (not cut off at the bottom) appraisal included in trailing docs


Reviewer Comment (2019-02-27): Still missing the completely legible form 442 (appraisal update) which was also cut off on the document in the original file.


Buyer Comment (2019-02-27): Appraisal uploaded
 02/27/2019     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
206160202           Credit Credit Miscellaneous Credit Exception:   Unable to determine the final DSCR/ market rent as the market rent analysis is not apparent within the appraisal.   Reviewer Comment (2019-02-27): Included in trailing docs


Buyer Comment (2019-02-27): See page 4 of the attached appraisal.
 02/27/2019     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
206221886           Credit Fix and Flip General Missing Document: Spousal Consent not provided. -     Reviewer Comment (2019-02-28): Set in error - spouse is also a guarantor


Buyer Comment (2019-02-28): The spouse is also a guarantor on the loan so a spousal consent is not needed.  She is on the guaranty agreement on page 30 of the closing documents and she is included on the incumbency certificate on page 213 of the closing documents.
 02/28/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
206221887           Credit Property - Appraisal Property Eligibility - Subject and Improvements Guideline Issue:  Property type not allowed per credit guidelines   Subject property consists of XX acres.  A lender exception approval is in file.  Noted compensating factors are 684 FICO and low LTV of 48%. Subject property consists of 11 acres.  A lender exception approval is in file.  Noted compensating factors are 684 FICO and low LTV of 48%.

Subject property consists of 11 acres.  A lender exception approval is in file.  Noted compensating factors are 684 FICO and low LTV of 48%.		 Reviewer Comment (2019-02-28): Subject property consists of XX XXXXX.  A lender exception approval is in file.  Noted compensating factors are 684 FICO and low LTV of 48%.
     02/28/2019 2 B   NY Investment Refinance - Cash-out - Other   C B C B     A A     No
206221889           Credit Insurance Insurance Documentation Missing Document: Flood Insurance Policy not provided       Reviewer Comment (2019-02-28): Included in TD


Buyer Comment (2019-02-28): Attached please find the flood document. Thank you.
 02/28/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206221892           Credit Credit Miscellaneous Credit Exception:   Guidelines were not met as there are credit late payments on the (REDACTED) on X/XX; X/XX and X/XX. Lender exception approval is in file.  Noted compensating factor is 60% LTV which is well below the max allowed. Guidelines were not met as there are credit late payments on the XXXX XXXXXXXXX auto loan on XX/XX/XXXX; XX/XX/XXXX and XX/XX/XXXX. Lender exception approval is in file.  Noted compensating factor is 60% LTV which is well below the max allowed. Reviewer Comment (2019-02-28): Guidelines were not met as there are credit late payments on the XXXX XXXXXXXXX auto loan on XX/XX/XXXX; XX/XX/XXXX and XX/XX/XXXX. Lender exception approval is in file.  Noted compensating factor is 60% LTV which is well below the max allowed.
     02/28/2019 2 B   NY Investment Refinance - Cash-out - Other   C B C B     A A     No
206233755           Credit Insurance Insurance Analysis Hazard Insurance policy does not list "Lender its successors and assigns", per guideline requirements.       Reviewer Comment (2019-03-04): Included in trailing docs


Buyer Comment (2019-03-01): ISAOA on page 5. of the policy stands for "its successors and or assigns".
 03/04/2019     1 A   NJ Investment Refinance - Cash-out - Other   B A B A     A A     No
206233757           Credit Fix and Flip General Missing Document: Spousal Consent not provided. -     Reviewer Comment (2019-03-04): Included in trailing docs


Buyer Comment (2019-03-01): Attached please find the spousal consent for 1459292. Thank you.
 03/04/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
206233757           Credit Credit Miscellaneous Credit Exception:   DSCR of 1.14 does not appear to meet the guideline minimum of 1.20.  Lender approval does not appear to consider the HOA dues on the appraisal of XXX/ month.   Reviewer Comment (2019-03-06): Trailing documents from the HOA confirm that the HOA is actually 215/ month confirming that appraisal info is inaccurate.  DSCR guidelines were met.


Reviewer Comment (2019-03-04): The appraisal reflects 290/ month for HOA dues and lender rebuttal reflects 215/ month were used.  Please provide evidence of 215/ month versus the appraisal information of 290/ month.


Buyer Comment (2019-03-01): HOA dues of $215 a month were included in the DSCR calculationof  $1,175/($476.38 P&I+ $264.31 taxes & ins + $215 HOA dues).  Not sure where the 1.14 is coming from
 03/06/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
206258516           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 (2019-03-04): Included in trailing docs


Buyer Comment (2019-03-04): Attached please find a copy the rent loss insurance. Thank you!
 03/04/2019     1 A   VA Investment Refinance - Cash-out - Other   C A C A     A A     No
206258518           Credit Loan Package Documentation Closing / Title Security Instrument is not signed by borrower(s).   Page 11 (signature page) is missing.   Reviewer Comment (2019-03-06): Included in trailing documents
 03/06/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206258518           Compliance Loan Package Documentation Closing / Title (Doc Error) Security Instrument Error: Notary Date was not provided   Page 11 (signature page) and notarization is missing.   Reviewer Comment (2019-03-06): Included in trailing documents


Buyer Comment (2019-03-05): See attached security instrument for signature and notary stamp.
 03/06/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206258519           Credit Fix and Flip General Missing Document: Spousal Consent not provided. -     Reviewer Comment (2019-03-06): Set in error - both the husband and wife signed the personal guaranty agreement


Buyer Comment (2019-03-05): The spouse is a guarantor on the loan.  She signed the guaranty agreement on page 5.
 03/06/2019     1 A   WI Investment Refinance - Cash-out - Other   C A C A     A A     No
206258766           Credit Loan Package Documentation Application / Processing Missing Document: Guarantor Agreement not provided   Guidelines require that all members sign a guaranty agreement.  This is only in file for 2 of the members.  A lender exception approval is in file, however compensating factors such as high FICO, low LTV, low DTI etc have not been provided by the lender/ client. Waived per originator based on a comp factor of FICO score of 733 where 640 is required. Reviewer Comment (2019-03-06): Waived with comp factor per client


Buyer Comment (2019-03-05): See enhanced review in file.  Compensating factors are a strong DSCR of 1.244, high credit of 733, and LTV of 70%.
     03/06/2019 2 B   TX Investment Refinance - Rate/Term   D B D B     A A     No
206268110           Credit Credit Miscellaneous Credit Exception:   Executive Committee Approval of the underwriter calculation of STR market rent is missing from the file.   Reviewer Comment (2019-03-06): Included in trailing documents


Buyer Comment (2019-03-06): Attached please find the STR for XXXXXXX
 03/06/2019     1 A   GA Investment Refinance - Cash-out - Other   C A C A     A A     No
206276198           Credit Loan Package Documentation Application / Processing Missing Document: Deeds / Warranty / Grant / Quit-Claim not provided   An ER is in file as a result of a "wild deed".  Please provide the deed confirming ownership was transferred to the borrowing entity on the subject loan.   Reviewer Comment (2019-03-12): Included in trailing documents


Buyer Comment (2019-03-12): Attached is the deed to XXXXX XXXXXXXX XXX


Buyer Comment (2019-03-12): Attached is the deed to XXXXX XXXXXXXX XXX as requested.


Reviewer Comment (2019-03-11): Still need the deed transferring ownership to the borrowing entity XXXXX XXXXXXXX XXX.


Buyer Comment (2019-03-08): Attached please find the Deed as requested. Thank you.


Reviewer Comment (2019-03-08): Thank you


Buyer Comment (2019-03-08): @ XXX - Yes, we will upload it soon. Thanks.


Reviewer Comment (2019-03-08): Still need the deed transferring ownership to the borrowing entity XXXXX XXXXXXXX XXX.


Buyer Comment (2019-03-08): Attached please find the Quit-Claim document. Thank you.
 03/12/2019     1 A   FL Investment Purchase   D A D A     A A     No
206276200           Credit Credit Miscellaneous Credit Exception:   STR program requires Executive Approval to confirm acceptance of the market rent used by UW.  The Executive Approval is missing from the file.   Reviewer Comment (2019-03-11): Included in trailing documents


Buyer Comment (2019-03-08): Please see attached file. Thank you.
 03/11/2019     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
206281426           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   A Desk Review cannot be obtained to override another Desk Review.   Buyer Comment (2019-03-14): Waive as a Grade 3 exceptions since VRR1 was not within 10% of appraised value and VRR2 is not acceptable.
     03/14/2019 3 C   NJ Investment Refinance - Cash-out - Other   C C A A     C C     No
206281428           Credit Credit Miscellaneous Credit Exception:   Executive Approval of the market rent calculation on this STR is not apparent in file.   Reviewer Comment (2019-03-13): Included in trailing documents


Buyer Comment (2019-03-13): Additional ER Approval uploaded.


Reviewer Comment (2019-03-12): Underwriter income calculation worksheet and XXX XXX receipts received however the Executive Committee Approval of the market rent calculation is still missing.


Buyer Comment (2019-03-12): ER Approval uploaded.
 03/13/2019     1 A   TX Investment Purchase   A A A A     A A     No
206281429           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided   The loan file does not contain the Purchase Agreement/Sales Contract   Reviewer Comment (2019-03-12): Included in trailing documents


Buyer Comment (2019-03-12): Purchase Agreement/Sales Contract uploaded.
 03/12/2019     1 A   NY Investment Purchase   D A D A     C A     No
206281429           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Reviewer Comment (2019-03-15): CDA included in trailing docs
 03/15/2019     1 A   NY Investment Purchase   D A D A     C A     No
206281429           Property Appraisal Reconciliation Value Discrepancy AVM used as supporting valuation contains an FSD that is blank or is greater than 20%. Valuation Type: AVM / Valuation Report Date: **/**/**** FSD Score: 0.35     Reviewer Comment (2019-03-15): CDA included in trailing documents.  AVM thrown out as invalid because of confidence score.


Buyer Comment (2019-03-15): See attached CDA
 03/15/2019     1 A   NY Investment Purchase   D A D A     C A     No
206314999           Credit Fix and Flip General Insufficient funds for Reserves. Guidelines require $26,564.16  of reserves, and verified reserves are $8,500.00. Only a VOD reflecting $XXXX is in file.   Reviewer Comment (2019-03-14): Trailing documents confirm added assets and account holding entity is 100% owned by one of the guarantors.  Guidelines were met.


Buyer Comment (2019-03-13): Asset Resolution uploaded to identify XXXXXXXXXXX XXXXXXXX as 100% Ownership of XXXXXXXXXX XXXXX XXXXXXX XXXXXXXXXX XXX


Reviewer Comment (2019-03-13): Unable to find documentation confirming that the account holding business is owned by the Guarantor.


Buyer Comment (2019-03-13): Bank Statement to include reserved of 92,707.64 uploaded to satisfy guideline requirements.
 03/14/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206315002           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.       Buyer Comment (2019-04-12): Waive as a Grace C due to CDA1 not being within 10% appriased value.
     04/12/2019 3 C   NJ Investment Refinance - Cash-out - Other   A C A A     A C     No
206315003           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 (2019-03-14): Included in trailing documents


Buyer Comment (2019-03-14): Attached please find rent loss insurance. Thank you.
 03/14/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
206315004           Credit Missing Document General Incomplete Document: 1003 Final is incomplete   Missing pages 3 and 4 of application including borrower signature.   Reviewer Comment (2019-03-14): Included in trailing documents


Buyer Comment (2019-03-13): Complete 1003 uploaded.
 03/14/2019     1 A   MD Investment Refinance - Cash-out - Other   C A C A     A A     No
206315005           Credit Credit Credit Calculation / Analysis Guideline Requirement: Representative FICO score discrepancy. Representative FICO score of 716 is less than Guideline representative FICO score of 720.   Waived per client based on the low LTV, excess reserves, etc.

Waived per client based on the low LTV, excess reserves, etc.		 Reviewer Comment (2019-03-14): Waived per client based on the low LTV, excess reserves, etc.
     03/14/2019 2 B   PA Investment Refinance - Cash-out - Other   C B C B     A A     No
206315005           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   (REDACTED) is not apparent in file.   Reviewer Comment (2019-03-14): Included in trailing documents


Buyer Comment (2019-03-14): Resident Card uploaded.
 03/14/2019     1 A   PA Investment Refinance - Cash-out - Other   C B C B     A A     No
206315032           Credit Fix and Flip General Insufficient funds for Reserves. Guidelines require $25,076.64  of reserves, and verified reserves are $15,113.55. Some of the supporting assets are missing from file.   Reviewer Comment (2019-03-14): Additional assets included in trailing documents


Reviewer Comment (2019-03-14): The only asset statements in file are for XXXXXXX XXXXX - please forward the statements for the other accounts.


Buyer Comment (2019-03-13): Assets:  XXX XXXX = $122,456.65; XXXXXXX XXXXX XXXX = $15,113.55; XXXXXXXX = $29,198.28.  Total $166,768.48


Buyer Comment (2019-03-13): Uploaded all assets.
 03/14/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206315035           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV. Address: XXX     Buyer Comment (2019-03-14): Waive as Grade 3 exception since VRR2 is not a valid secondary valuation.
     03/14/2019 3 C     Investment Refinance - Rate/Term   C C A A     C C     No
206315035           Property Fix and Flip Document Error Desk Review value is less than Appraised value by at least 10%. Address: XXX XXX (REDACTED)   Buyer Comment (2019-03-14): Waive as Grade 3 exception since second VRR is not a valid secondary valuation.
     03/14/2019 3 C     Investment Refinance - Rate/Term   C C A A     C C     No
206315048           Property Fix and Flip Document Error Desk Review value is less than Appraised value by at least 10%. Address: XXX     Buyer Comment (2019-04-12): Waive as a Grade 3 exception due to CDA1 on underlying property is not within 10% of appraised value.
     04/12/2019 3 C     Investment Refinance - Rate/Term   A C A A     A C     No
206315466           Credit Guideline Guideline Issue Aged document: Primary Valuation is older than guidelines permit Valuation Type: Appraisal / Valuation Report Date: **/**/**** Appraisal     Reviewer Comment (2019-03-14): Appraisal update included in trailing documents
 03/14/2019     1 A   NJ Investment Purchase   C A C A     A A     No
206319666           Credit Missing Document General Missing Document: Lease Agreement not provided   Leases on the 3 units are needed to confirm that the accurate DSCR has been calculated and is within guidelines.  This transaction is a refinance, the appraiser confirms tenant occupancy as do the photographs.  If the lease amounts are less than the market rent guidelines require usage of the lesser to calculate the DSCR.   Reviewer Comment (2019-03-18): Property is vacant


Buyer Comment (2019-03-18): On page 23 it shows that property is vacant market rent was used for the DSCR. Thank you!
 03/18/2019     1 A   NJ Investment Refinance - Rate/Term   C A C A     A A     No
206319667           Credit Missing Document General Missing Document: Lease Agreement not provided   Approved and priced as a leased property, a copy of the lease was not provided to confirm $XXXX/ month rental income used to calculate the DSCR.   Reviewer Comment (2019-03-15): Included in trailing documents


Buyer Comment (2019-03-15): Attached please find lease agreement for 1458562. Thank you!
 03/15/2019     1 A   PA Investment Refinance - Rate/Term   C A C A     A A     No
206319670           Credit Credit Miscellaneous Credit Exception:   Executive Review and approval of $XXXX/ month market rent used for STR per UW calculation worksheet in file is missing from the file. Guideline variance approved by lender at time of origination. Reviewer Comment (2019-03-18): Approval provided


Buyer Comment (2019-03-18): Attached please find the Executive Review. Thank you.


Reviewer Comment (2019-03-15): Still missing the Executive Review.


Buyer Comment (2019-03-15): Attached please find the ER and UW calculations for 2385.00/month rent. Thank you!
     03/18/2019 2 B   GA Investment Refinance - Cash-out - Other   C B C B     A A     No
206345078           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   2 issues: 1) evidence of replacement cost coverage is not apparent  2)  The policy documents indicate that a 40% reduction in coverage (to $XX,XXX) will apply if the premises if vacant for 60 days.   Reviewer Comment (2019-04-15): Trailing agent correspondence and the complete policy documents in concert with the declaration page confirm sufficient coverage.  Guidelines met.


Buyer Comment (2019-04-15): Per the hazard declaration page 3, the insurance coverage is rental occupancy and a DF3 which stands for Dwelling Fire Three Policy Landlord.  The (REDACTED) policy I attached is a Dwelling Fire Three Policy showing replacement cost on page 6.


Reviewer Comment (2019-04-15): The trailing document does not appear to confirm replacement cost coverage for the subject property


Reviewer Comment (2019-04-11): Evidence of replacement cost coverage is still not apparent.  The concern regarding vacancy has been resolved per agent correspondence in trailing documents.


Reviewer Comment (2019-03-25): The trailing documents was already in the original file and does not appear to resolve the issues:  2 issues: 1) evidence of replacement cost coverage is not apparent  2)  The policy documents indicate that a 40% reduction in coverage (to $XX,XXX) will apply if the premises if vacant for 60 days.


Buyer Comment (2019-03-25): Thanks!
 04/15/2019     1 A   IN Investment Refinance - Cash-out - Other   C A C A     A A     No
206345079           Credit Insurance Insurance Documentation Insufficient Coverage: Hazard insurance coverage amount is insufficient.   2 issues: 1) evidence of replacement cost coverage is not apparent  2)  The policy documents indicate that a 40% reduction in coverage (to $XXX,XXX) will apply if the premises if vacant for 60 days.   Reviewer Comment (2019-04-15): Trailing agent correspondence and the complete policy documents in concert with the declaration page confirm sufficient coverage.  Guidelines met.


Buyer Comment (2019-04-15): Per the hazard declaration page 3, the insurance coverage is rental occupancy and a DF3 which stands for Dwelling Fire Three Policy Landlord.  The XXXXXXXX XXXXXXXXX policy I attached is a Dwelling Fire Three Policy showing replacement cost on page 6.


Reviewer Comment (2019-04-15): The trailing document does not appear to confirm replacement cost coverage for the subject property and does not address this issue regarding a 40% reduction in coverage (to $XXX,XXX) if premises is vacant for 60 days.


Reviewer Comment (2019-03-25): 2 issues: 1) evidence of replacement cost coverage is not apparent  2)  The policy documents indicate that a 40% reduction in coverage (to $XXX,XXX) will apply if the premises if vacant for 60 days.


Buyer Comment (2019-03-25): On page 2 I am showing a different reduction %. Thanks!
 04/15/2019     1 A   IN Investment Refinance - Cash-out - Other   C A C A     A A     No
206391641           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 (2019-03-25): Included in trailing documents


Buyer Comment (2019-03-25): Please see attached. Thank you!


Buyer Comment (2019-03-25): Attached please find rent loss document. Thanks!
 03/25/2019     1 A   VA Investment Refinance - Cash-out - Other   C A C A     A A     No
206391642           Credit Insurance Insurance Documentation Rent loss insurance is required on all properties and there is no evidence of this insurance in the file.   Rent-loss insurance required when leased, also required when vacant and available.   Reviewer Comment (2019-03-25): Evidence of rent loss insurance included in trailing documents.


Buyer Comment (2019-03-25): Attached please find rent loss invoice. Thanks!
 03/25/2019     1 A   VA Investment Refinance - Cash-out - Other   C A C A     A A     No
206391644           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Buyer Comment (2019-03-29): Waive as a Grade 3 exception since a CDA2 is not valid.


Reviewer Comment (2019-03-25): The initial CDA does not support (is not within 10% of) the lending value of $XXX,XXX.  Exception must remain.


Buyer Comment (2019-03-25): Please see attached CDA2 was used look at the end of page 1. Thanks!
     03/29/2019 3 C   PA Investment Refinance - Cash-out - Other   C C C A     C C     No
206391644           Credit Credit Miscellaneous Credit Exception:   Lender used a tax amount of $XXXX.XX in determining the DSCR.  Please provide evidence of this tax amount.   Reviewer Comment (2019-04-01): Included in trailing documents


Buyer Comment (2019-03-29): Attached is the support for the tax amount.


Reviewer Comment (2019-03-25): 3rd party documentation (not the lender internal calculation) is needed to support the annual tax amount of $XXXX.XX.
 04/01/2019     1 A   PA Investment Refinance - Cash-out - Other   C C C A     C C     No
206392908           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   The loan is not covered and replacement cost coverage is not evident.   Reviewer Comment (2019-03-27): Replacement cost covered per trailing Replacement Cost Estimate.
 03/27/2019     1 A   FL Investment Purchase   C B C B     A A     No
206392908           Credit Credit Miscellaneous Credit Exception:   Executive Approval of UW calculated market rent on the STR is not apparent in file as is required per guidelines.   Reviewer Comment (2019-03-25): Included in trailing documents


Buyer Comment (2019-03-25): Please see ER attached. Thanks!
 03/25/2019     1 A   FL Investment Purchase   C B C B     A A     No
206392908           Credit Property - Appraisal Appraisal Documentation Missing Document: Appraisal not provided   A second full appraisal is required but is not apparent in file.   Reviewer Comment (2019-03-25): 2 appraisals are in file.
       1 A   FL Investment Purchase   C B C B     A A     No
206392908           Credit Credit Miscellaneous Credit Exception:   The maximum allowed LTV appears to be 70% considering the prior transfer, while the LTV on the subject loan is 75%.  A lender exception approval is in file, however acceptable compensating factors are needed if the client wishes to waive with compensating factors. Compensating factors are very high credit score of 738, good DSCR 1.12, and very high reserves of $627k

Compensating factors are very high credit score of 738, good DSCR 1.12, and very high reserves of $627k		 Reviewer Comment (2019-03-27): Compensating factors are very high credit score of 738, good DSCR 1.12, and very high reserves of $627k


Buyer Comment (2019-03-26): Compensating factors are very high credit score of 738, good DSCR 1.12, and very high reserves of $627k
     03/27/2019 2 B   FL Investment Purchase   C B C B     A A     No
206396394           Credit Assets Asset Documentation Missing Document: Asset Documentation not provided   VOD on file does not confirm the current balance.   Reviewer Comment (2019-04-08): Statement included in trailing documents.  Guidelines met


Buyer Comment (2019-04-08): XXXXXXX XXXX account statement uploaded.


Reviewer Comment (2019-04-01): Unable to use the stated amount to be verified.  Trailing document does not clear the exception.  The current balance for the XXXXXXX XXXX account is still not evident/ confirmed as of the date the form was completed by the bank.


Buyer Comment (2019-03-28): Please see section 7. Information to Be Verified on VOD.  Balance is stated as 6508.43.  Thank you.


Reviewer Comment (2019-03-27): Trailing document does not clear the exception.  The current balance for the XXXXXXX XXXX account is still not evident.
 04/08/2019     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
206396394           Credit Credit AUS Discrepancy / Guidelines Discrepancy Guideline Requirement: PITIA reserves months discrepancy. Calculated PITIA months reserves of  is less than Guideline PITIA months reserves of 3.00. VOD on file does not reflect a dollar figure for the current balance.   Reviewer Comment (2019-04-08): Trailing documents include a bank statement - guidelines met.


Buyer Comment (2019-03-29): See uploaded VOD showing reserves of $6,508.43
 04/08/2019     1 A   NC Investment Refinance - Cash-out - Other   C A C A     A A     No
206396398           Credit Credit Miscellaneous Credit Exception:   A mortgage late payment XxXX is apparent within the prior XX months which represents a guideline violation.  A lender exception approval is in file.  If the client wishes to waive this exception with compensating factors please provide the acceptable compensating factors. Property DTI is well above the guideline minimum.

Documented reserves far exceed the guideline minimum requirement.		 Reviewer Comment (2019-04-01): Waived with comp factors per originator comment in the portal.


Buyer Comment (2019-03-29): See borrowers LOE for the one late on credit report.  Compensating factors are high DSCR of 1.816, high credit of 641, LTV only 65% and reserves of $295,565.
     04/01/2019 2 B   TN Investment Purchase   C B C B     A A     No
206396402           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   2 issues:  1) Replacement cost coverage is not evident 2) The insurance documents reflect that the coverage is reduced to 60% of the dwelling amount on the declaration page ($XX,XXX is the resulting coverage) any time the premises is vacant for a period of 30 days or more.   Reviewer Comment (2019-04-15): Trailing agent correspondence and the complete policy documents in concert with the declaration page confirm sufficient coverage.  Guidelines met.


Buyer Comment (2019-04-15): Per the hazard declaration page 3, the insurance coverage is rental occupancy and a DF3 which stands for Dwelling Fire Three Policy Landlord.  The  (REDACTED) policy I attached is a Dwelling Fire Three Policy showing replacement cost on page 6.


Reviewer Comment (2019-04-15): The trailing documents do not appear to confirm replacement cost coverage is in effect for the subject property.


Reviewer Comment (2019-04-11): Evidence of replacement cost coverage is still not apparent.  The concern regarding vacancy has been resolved per agent correspondence in trailing documents.
 04/15/2019     1 A   AL Investment Refinance - Cash-out - Other   C A C A     A A     No
206397237           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-03-27): Included in trailing documents


Buyer Comment (2019-03-27): Complete Purchase Agreement attached.


Reviewer Comment (2019-03-26): Only the 1 page contract addendum is apparent in the trailing documents.  The complete purchase contract is still missing.


Buyer Comment (2019-03-26): Attached please find the purchase agreement. Thanks!
 03/27/2019     1 A   MD Investment Purchase   D A D A     A A     No
206397238           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Replacement cost coverage is not evident on the insurance docs in file.   Reviewer Comment (2019-04-02): Trailing documents confirm that guidelines were met.
 04/02/2019     1 A   IL Investment Refinance - Cash-out - Other   C A C A     A A     No
206397249           Credit Credit Miscellaneous Credit Exception:   The mortgage pay off statement is missing to confirm no XX day delinquency.  An Enhanced Review is in file which indicates that the late fee was not related to a XX day late payment.   Reviewer Comment (2019-04-02): This exception should not have been set.  The subject loan is a purchase and so no mortgage payoff is applicable as that would only apply on a refinance.  Furthermore, the referenced document in the loan file is for a different customer loan number and does not belong to the subject loan.


Reviewer Comment (2019-04-02): Need to cancel.  Exception should not have been set.


Reviewer Comment (2019-04-01): This exception should not have been set.  The subject loan is a purchase and so no mortgage payoff is applicable as that would only apply on a refinance.  Furthermore, the referenced document in the loan file is for a different customer loan number and does not belong to the subject loan.


Buyer Comment (2019-03-29): There is not a pay off statement because there was not another loan to payoff on this property.
       1 A   PA Investment Purchase   A A A A     A A     No
206397251           Credit Missing Document General Missing Document: Lease Agreement not provided   The appraisal confirms tenant occupancy and also reflects that an active annual lease was in place at $XXX/ month which would result in an excessive DSCR.  Please provide evidence that the tenant has agreed to vacate the subject property upon the buyer purchasing the property so that the higher market rent amount can be used in determining the DSCR. Borrower's Experience/Track Record. Reviewer Comment (2019-04-12): Allowed at time of origination to use market rent based on the conversation with borrower and broker that current tenant was vacating the subject at completion of sale to borrower.


Buyer Comment (2019-03-29): Per borrower, the property was not being leased at time of transaction.  See Loan Application p.3. where he answered the property is not being leased.
     04/12/2019 2 B   PA Investment Purchase   C B C B     A A     No
206397251           Credit Guideline General Subject property DSCR is less than the minimum required for the program.   The appraisal confirms tenant occupancy and also reflects that an active annual lease was in place at $XXX/ month which would result in an excessive DSCR.  Please provide evidence that the tenant has agreed to vacate the subject property upon the buyer purchasing the property so that the higher market rent amount can be used in determining the DSCR. Borrower's Experience/Track Record. Reviewer Comment (2019-04-12): Allowed at time of origination to use market rent based on the conversation with borrower and broker that current tenant was vacating the subject at completion of sale to borrower.


Buyer Comment (2019-03-29): There was not a lease in place at time of purchase so market rent is the correct rent used in calculation of the DSCR.
     04/12/2019 2 B   PA Investment Purchase   C B C B     A A     No
206397732           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Replacement cost coverage is not apparent on the insurance documents in file.   Reviewer Comment (2019-03-27): 100% replacement coverage is evident per trailing document


Buyer Comment (2019-03-27): Please find attached proof of replacement cost coverage.
 03/27/2019     1 A   TX Investment Refinance - Rate/Term   C A C A     A A     No
206402093           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-03-27): Included in trailing documents


Buyer Comment (2019-03-27): Purchase Agreement Uploaded.
 03/27/2019     1 A   TX Investment Purchase   D A D A     A A     No
206402097           Credit Loan Package Documentation Application / Processing Missing Document: Purchase Agreement / Sales Contract not provided       Reviewer Comment (2019-03-28): Included in trailing documents


Buyer Comment (2019-03-28): Uploaded is the Purchase Contract Addendum stating the correct buyer, XXX XXXXXXX XXX


Reviewer Comment (2019-03-27): Buyer on the contract (XXX XXX XXX) does not match the buyer name on the HUD, title, appraisal, etc. (XXX XXXXXXX XXX).  Please provide the missing contract addendum.
 03/28/2019     1 A   NJ Investment Purchase   D A D A     A A     No
206418668           Credit Insurance Insurance Analysis Hazard Insurance policy does not list "Lender its successors and assigns", per guideline requirements.       Reviewer Comment (2019-04-02): Trailing documents confirm that the service is the payee which is acceptable per guidelines.


Buyer Comment (2019-04-02): Hazard Insurance policy uploaded.
 04/02/2019     1 A   TX Investment Purchase   B A B A     A A     No
206421096           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Buyer Comment (2019-04-02): Waive as a Grade 3 exception due to CDA not being within 10%.
     04/02/2019 3 C   MD Investment Refinance - Rate/Term   C C A A     C C     No
206421099           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Buyer Comment (2019-04-12): Waive as a Grade 3 exception due to CDA1 not within 10% appraised value.
     04/12/2019 3 C   PA Investment Refinance - Cash-out - Other   A C A A     A C     No
206421170           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided       Reviewer Comment (2019-04-02): Included in trailing documents


Buyer Comment (2019-04-02): Permanent Resident Card uploaded.
 04/02/2019     1 A   NJ Investment Refinance - Cash-out - Other   D C D A     C C     No
206421170           Credit Credit Credit Documentation Missing Document: Credit Report not provided       Reviewer Comment (2019-04-02): Included in trailing documents


Buyer Comment (2019-04-02): Credit Report uploaded.
 04/02/2019     1 A   NJ Investment Refinance - Cash-out - Other   D C D A     C C     No
206421170           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   1 of 2 Desk Reviews in file do not support within 10% of the appraised value.   Buyer Comment (2019-04-02): Waive as a Grade 3 exception since CDA is not within 10% of appraised value.
     04/02/2019 3 C   NJ Investment Refinance - Cash-out - Other   D C D A     C C     No
206421170           Credit Loan Package Documentation Application / Processing Missing Document: Certificate of Good Standing not provided       Reviewer Comment (2019-04-02): Included in trailing documents


Buyer Comment (2019-04-02): Certificate of Good Standing uploaded.
 04/02/2019     1 A   NJ Investment Refinance - Cash-out - Other   D C D A     C C     No
206421170           Credit Loan Package Documentation Application / Processing Missing Document: Corporate Resolution not provided   Certificate of Incumbency is missing.   Reviewer Comment (2019-04-02): Included in trailing documents


Buyer Comment (2019-04-02): Certificate of Incumbency uploaded.
 04/02/2019     1 A   NJ Investment Refinance - Cash-out - Other   D C D A     C C     No
206425256           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Buyer Comment (2019-04-04): Waive as a Grade 3 exception due to CDA not within 10% of appraised value.
     04/04/2019 3 C   NJ Investment Refinance - Cash-out - Other   C C A A     C C     No
206425258           Credit Loan Package Documentation Closing / Title Missing Document: Title Preliminary not provided   Document in file is missing pages.   Reviewer Comment (2019-04-03): Included in trailing documents


Buyer Comment (2019-04-03): Title Commitment uploaded
 04/03/2019     1 A   MD Investment Refinance - Cash-out - Other   C A C A     A A     No
206425259           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided       Reviewer Comment (2019-04-03): Included in trailing documents


Buyer Comment (2019-04-03): Permanent Resident Card uploaded.
 04/03/2019     1 A   FL Investment Refinance - Cash-out - Other   C A C A     A A     No
206425261           Credit Insurance Insurance Analysis Hazard Insurance policy does not list "Lender its successors and assigns", per guideline requirements.       Reviewer Comment (2019-04-03): Trailing dec page confirms servicer (BSI) is payee


Buyer Comment (2019-04-03): Insurance Policy uploaded
 04/03/2019     1 A   NM Investment Refinance - Cash-out - Other   B A B A     A A     No
206434829           Credit Insurance Insurance Documentation Missing Document: Flood Insurance Policy not provided   Premium amount per approval and HUD   Reviewer Comment (2019-04-05): Included in trailing docs


Buyer Comment (2019-04-05): Flood Insurance uploaded
 04/05/2019     1 A   CT Investment Refinance - Rate/Term   C C C A     C C     No
206434829           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   Initial desk review did not support value, however subsequent desk support appraisal value   Buyer Comment (2019-04-05): Waive as a Grade 3 exception since CDA1 was not within the 10% appraised value.
     04/05/2019 3 C   CT Investment Refinance - Rate/Term   C C C A     C C     No
206434831           Property Property - Appraisal Appraisal Documentation Loan is to go into a securitization and highest level secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.   Initial desk review X/X did not support appraisal value, however subsequent desk review X/XX supports appraisal value of $XXX,XXX.   Buyer Comment (2019-04-05): Waive as a Grade 3 exception since CDA1 is not within 10% of the appraised value.
     04/05/2019 3 C   NJ Investment Refinance - Cash-out - Other   C C A A     C C     No
206435371           Credit Loan Package Documentation Closing / Title Missing Document: Title Preliminary not provided       Reviewer Comment (2019-04-05): Included in trailing docs


Buyer Comment (2019-04-05): Title commitment uploaded.
 04/05/2019     1 A   NY Investment Purchase   C A C A     A A     No
206435373           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Loan amount is not covered and evidence of replacement cost is not apparent on the insurance documents in file.   Reviewer Comment (2019-04-05): RCE included in trailing documents was covered - guidelines were met.


Buyer Comment (2019-04-05): ER Approval uploaded regarding the incomplete coverage of loan amount


Buyer Comment (2019-04-05): Replacement Cost uploaded.
 04/05/2019     1 A   PA Investment Refinance - Cash-out - Other   C A C A     A A     No
206435379           Property Property - Appraisal Appraisal Documentation Loan is to go in a securitization and secondary valuation does not support the appraised value within a 10% tolerance.  The lower value was not used to calculate LTV.       Buyer Comment (2019-04-05): Waive due to CDA1 not being within 10% appraised value.
     04/05/2019 3 C   NY Investment Refinance - Cash-out - Other   C C A A     C C     No
206447070           Credit Insurance Insurance Analysis Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Replacement cost coverage is not evident.   Reviewer Comment (2019-04-09): Trailing documents confirm replacement cost coverage and loan amount is covered - guidelines met.


Buyer Comment (2019-04-09): Hazard insurance policy and replacement cost coverage uploaded.
 04/09/2019     1 A   CA Investment Refinance - Cash-out - Other   C A C A     A A     No
206455792           Credit Guideline Guideline Issue Aged document: Primary Valuation is older than guidelines permit Valuation Type: Appraisal / Valuation Report Date: **/**/**** Appraisal     Reviewer Comment (2019-04-09): Appraisal update/ recert included in trailing documents.


Buyer Comment (2019-04-09): Appraisal Update uploaded.
 04/09/2019     1 A   IL Investment Refinance - Rate/Term   C A C A     A A     No
206455793           Credit Missing Document General Missing Document: Verification of Non-US Citizen Status not provided   (REDACTED) card is missing   Reviewer Comment (2019-04-09): Included in trailing documents


Buyer Comment (2019-04-09): PRA uploaded.
 04/09/2019     1 A   NJ Investment Refinance - Cash-out - Other   C A C A     A A     No
206455794           Credit Assets Asset Documentation Insufficient funds for Reserves. Guidelines require $39,201.48, and verified reserves are $31,549.51. 12 months reserves are required for utilizing Enhanced Credit for 5% LTV enhancement.   Reviewer Comment (2019-04-10): Additional assets included in trailing docs
 04/10/2019     1 A   LA Investment Purchase   C A C A     A A     No
206463779           Credit Loan Package Documentation Application / Processing Missing Document: Trust Agreement not provided   Trust agreements not provided for either entity member trust   Reviewer Comment (2019-04-10): Included in trailing documents


Buyer Comment (2019-04-09): Trust documents uploaded.
 04/10/2019     1 A   MD Investment Refinance - Cash-out - Other   C A C A     A A     No
205538693           Property Property - Appraisal Appraisal Reconciliation Desk Review value is less than Appraised value by at least 10%.               3 C   TX Investment Refinance - Cash-out - Other   B C A A     B C     No