EX-99.16 17 tm2310906d1_ex99-16.htm EVOLVE EXCEPTION DETAIL

 

EXHIBIT 99.16

 

EVOLVE EXCEPTION DETAIL

 

 

 

 

 

Exception Detail

Run Date - 03/17/2023 7:32:42 AM

 

Evolve Loan ID Customer Loan ID Seller Loan ID Loan Exception ID Exception ID Exception Date Exception Type Exception Category Exception Exception Information Exception Remediation Compensating Factors Follow-up Comments Cleared Date Cured Date Waived Date Exception Level Grade Exception Level Rating Note Date Property State Occupancy Purpose 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
xxxxxx 772329 xxxxxx 6946914 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW - DTI exceeds maximum limit Calculated DTI is 50.617% (Total Monthly Debt $5,167.06 / Total Monthly Income $10,208.11 = 50.617%). Maximum DTI per guidelines is 50%. Received     04/01/2022     A 1 xxxxxx xxxxxx 1 1 C   A   C   A   A   A   A   A     Non-QM 1
xxxxxx 773187 xxxxxx 6946842 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW - LTV/CLTV does not meet parameters Max LTV allowed is 65% and transaction is at 67%   The exception was granted for LTV, with the following compensating factors: DTI of 48.52%; Payment shock 160.834%, and the borrower has enough funds for reserves       06/28/2022 B 2 xxxxxx xxxxxx 1 13 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 773187 xxxxxx 6946843 xxxxxx xxxxxx Credit UW Income/Employment UW Income/Employment - UW - Income Other Exception to use rent income and borrower does not meet residual income of $2500.   The exception was granted for use of rent income and lack of residual income, with the following compensating factors: DTI of 48.52%; Payment shock 160.834%, and the borrower has enough funds for reserves       06/28/2022 B 2 xxxxxx xxxxxx 1 13 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 773175 xxxxxx 6946828 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception approved for loan amount of xxxxxx that exceeds the max allowed loan amount of xxxxxx for 70% LTV with FICO score of 683.   Compensating factors: LTV is 10 points lower than the max of 80%. DTI is 16 points lower than the std max of 50%. Borrower has been in the business for more than 30 years.       07/04/2022 B 2 xxxxxx xxxxxx 1 13 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 773180 xxxxxx 6946862 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Missing Approval/1008. received     07/12/2022     A 1 xxxxxx xxxxxx 2 1 C   A   C   A   A   A   A   A     Non-QM 1
xxxxxx 773199 xxxxxx 6932985 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW - DTI exceeds maximum limit Debt to Income Ratio exceeds 50%.   The exception was granted for DTI over 50% with the following compensating factors: Borrower is a conservative credit under 1% revolving utilization; long-term stable employment as a nursing professional; income for qualification determined conservatively; excellent savings ability demonstrated.       07/06/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 773602 xxxxxx 6933003 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Guideline exception Exception approval required for residual income of $1,869.71. Guideline requirement is minimum of $2,500 if DTI is 43%.   Compensating factors: 1. Borrower 734 FICO scores, 74 point higher than the minimum requirement. 2. LTV a 80%, 5% lower than the maximum LTV requirement. 3. Zero payment shock, this is a Cash Out Refinance. Benefit to borrower: Borrower refinancing a property.        07/06/2022 B 2 xxxxxx xxxxxx 1 13 A   B   A   B   A   A   A   A     Non-QM 1
xxxxxx 775778 xxxxxx 6938084 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception granted to waive 6-month reserve requirement with DSCR<1.0.   Acceptable C3 collateral is in a suburban area with 25-75% built-up with stable growth, increasing property values and under 3 months marketing time. With completion of 1004-D "AS IS" appraised balue of xxxxxx       08/11/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 775778 xxxxxx 6938085 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception approved for no VOR for borrower's current address since this is not provided in the xxxxxx   Acceptable C3 collateral is in a suburban area with 25-75% built-up with stable growth, increasing property values and under 3 months marketing time. With completion of 1004-D "AS IS" appraised balue of xxxxxx       08/11/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 775778 xxxxxx 6938086 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception approved to use 5% higher LTV in comparison to max eligible LTV.   Acceptable C3 collateral is in a suburban area with 25-75% built-up with stable growth, increasing property values and under 3 months marketing time. With completion of 1004-D "AS IS" appraised balue of xxxxxx       08/11/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 776902 xxxxxx 6938117 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed GUIDELINE 1X30X12                                                               EXCEPTION REQUEST 2X30X12, Borrower had two 30dys late pmt due to auto debit request was not processed by the mortgage servicer.   COMPENSATING FACTORS: BORROWER HAS ENOUGH FUNDS FOR CLOSING COSTS AND RESERVES, DTI IS 32% FROM 50% MAX , LTV IS 65% FROM 80% MAX       08/17/2022 B 2 xxxxxx xxxxxx 3 3 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 776896 xxxxxx 6938119 xxxxxx xxxxxx Compliance Compliance Compliance - TRID LE-  Initial LE not disclosed within 3 days of Application The Intial LE is not included in the file Information provided     08/16/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 776896 xxxxxx 6938120 xxxxxx xxxxxx Compliance Compliance Compliance - Pending internal completion of TRID compliance review for disclosure timing and or fee tolerance comparisons.  Additional conditions may apply.   Information provided     08/16/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 776896 xxxxxx 6938121 xxxxxx xxxxxx Compliance Disclosure Disclosure - Missing initial disclosure within 3 days of application The xxxxxx (Provider List) is not included in the file Information provided     08/16/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 776896 xxxxxx 6938122 xxxxxx xxxxxx Credit Flood Certificate Flood Certificate - is missing. Flood Certificate is missing. Information provided     08/16/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 776896 xxxxxx 6938123 xxxxxx xxxxxx Credit Hazard Insurance Hazard Insurance - is missing. Hazard Insurance is missing. recd w/ rpc est to support dwelling coverage is sufficient     08/16/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 776896 xxxxxx 6938124 xxxxxx xxxxxx Credit Title Policy Title Policy - is missing.  Final ALTA title policy required. Missing Final Title Policy or Title Commitment. Information provided     08/16/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 776896 xxxxxx 6938125 xxxxxx xxxxxx Credit Application Application - is missing Missing Initial Application. rec'd initial 1003 xxxxxx app date; initial 1003 not required to be signed for securitization     08/16/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 776896 xxxxxx 6938126 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Payment shock of 307% exceeds guideline of 300% for first time homebuyers   xxxxxx and FICO score at 734,DTI below of 42.490%, C# property, as-iss over 75% built up, in balance of supply, marketing time under 3 months, PUD-residential no zoing, the collateral UW risk score is 2.5 on scale of 1 to 5 where 5 indicates highest potential collateral risk, CDA supported value with 0% variance       08/16/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 780389 xxxxxx 6996120 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Requirements for Program The subject transaction was a non arms length purchase between family members. Borrower is related to seller and the property was For Sale by Owner xxxxxx.   COMPENSATING FACTORS: 1. CUSTOMER HAS ENOUGH ASSETS TO COVER CASH TO CLOSE AND RESERVES REQUIREMENTS (10.87 MONTHS AVAILABLE) 2. LTV IS 5% LESS THAN MAX.       09/27/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   C   B     Non-QM 1
xxxxxx 780389 xxxxxx 6996121 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Satisfactory 12 mth Rental Borrower is living rent free and was a first time homebuyer with no Rental History.   COMPENSATING FACTORS: 1. CUSTOMER HAS ENOUGH ASSETS TO COVER CASH TO CLOSE AND RESERVES REQUIREMENTS (10.87 MONTHS AVAILABLE) 2. LTV IS 5% LESS THAN MAX       09/27/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   C   B     Non-QM 1
xxxxxx 780389 xxxxxx 6996122 xxxxxx xxxxxx Credit UW Income/Employment UW Income/Employment - UW - Income Other Borrower does not meet the minimum residual income requirements of $2,500.   COMPENSATING FACTORS: 1. CUSTOMER HAS ENOUGH ASSETS TO COVER CASH TO CLOSE AND RESERVES REQUIREMENTS (10.87 MONTHS AVAILABLE) 2. LTV IS 5% LESS THAN MAX       09/27/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   C   B     Non-QM 1
xxxxxx 780389 xxxxxx 6996123 xxxxxx xxxxxx Valuation Appraisal Appraisal - FEMA Disaster Re-certification Required      1. CUSTOMER HAS ENOUGH ASSETS TO COVER CASH TO CLOSE AND RESERVES REQUIREMENTS (10.87 MONTHS AVAILABLE) 2. LTV IS 5% LESS THAN MAX       11/09/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   C   B     Non-QM 1
xxxxxx 780387 xxxxxx 6985179 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Residual income of $2500 for DTI greater than 43%. Current residual income is $1952.30.   LTV 29% and 13 months post closing reserves.        10/05/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 774135 xxxxxx 7005921 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed GUIDELINE EXCEPTION 1  Include $7400.00 cash deposit to assets. LOE states from a side job which paid cash. Amount is needed for Cash to Close and Reserves. Buyer is unable to come up with replacement funds if this is backed out    GUIDELINE EXCEPTION 2  DISCOVERY DATE xxxxxx  Customer is unable to meet 6-month reserves. Funds available for reserves of 4.84 months. Requesting to adjust reserves requirement from 6 months to 4 months   COMENSATING FACTORS:  Low DTI: 17.241%  FICO 727-107 pts higher than required       07/21/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 775541 xxxxxx 7015645 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline-Required DTI is 43% for a first-time homebuyer. Exception-DTI is 49.726% Compensating Factors-FICO 706 and borrower has enough funds for closing costs and reserves.   Compensating Factors-FICO 706 and borrower has enough funds for closing costs and reserves. Reserves -$37,795.52/6.27 months.       07/18/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 775541 xxxxxx 7005935 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline-Required DTI is 43% for a first-time homebuyer. Exception-DTI is 49.726% Compensating Factors-FICO 706 and borrower has enough funds for closing costs and reserves.   Compensating Factors-FICO 706 and borrower has enough funds for closing costs and reserves. Reserves -$37,795.52/6.27 months.       07/18/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 777547 xxxxxx 7005938 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception to treat the property as Primary Residence.   Compensating factors: DTI of 25%, FICO 650-30 pts higher than the minimum FICO score of 620. Benefit to borrower: Securing a lower interest rate and a more favorable term on mortgage.        08/29/2022 B 2 xxxxxx xxxxxx 1 3 A   B   A   B   A   A   A   A     Non-QM 1
xxxxxx 777547 xxxxxx 7005939 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception to use VOR without cancelled checks.   Compensating factors: DTI of 25%, FICO 650-30 pts higher than the minimum FICO score of 620. Benefit to borrower: Securing a lower interest rate and a more favorable term on mortgage.        08/29/2022 B 2 xxxxxx xxxxxx 1 3 A   B   A   B   A   A   A   A     Non-QM 1
xxxxxx 776215 xxxxxx 7005946 xxxxxx xxxxxx Valuation UW Collateral UW Collateral - UW -  Appraisal Report Missing Loan amount is over xxxxxx.  Lender to provide second appraisal. 2nd Appraisal was provided.     08/01/2022     B   2 xxxxxx xxxxxx 1 1 D   B   C   B   A   A   D   B     Non-QM 1
xxxxxx 776215 xxxxxx 7005947 xxxxxx xxxxxx Valuation UW Collateral UW Collateral - UW - Appraisal Other Exception required for zoning of xxxxxx.   Compensating Factors dti 23%, Fico 789, no past due, no bankruptcies, Reserves is 23 months, borrower self employed for more than 27 years with stable income.       07/27/2022 B 2 xxxxxx xxxxxx 1 1 D   B   C   B   A   A   D   B     Non-QM 1
xxxxxx 776215 xxxxxx 7005948 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Payment Shock exceeds max amount   Compensating Factors dti 23%, Fico 789, no past due, no bankruptcies, Reserves is 23 months, borrower self employed for more than 27 years with stable income.       07/27/2022 B 2 xxxxxx xxxxxx 1 1 D   B   C   B   A   A   D   B     Non-QM 1
xxxxxx 776900 xxxxxx 7005952 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed GUIDELINE EXCEPTION EXCEPTION FOR SUBJECT PROPERTY LOCATION IS xxxxxx   COMPENSATING FACTORS:  DTI is 29.8%, Borrower has sufficient asset for reserves-37months, LTV is 46.018% Max for the program is 90%,  Borrowers FICO score is 761, Min 660       08/18/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 776897 xxxxxx 7005955 xxxxxx xxxxxx Valuation UW Collateral UW Collateral - UW - Appraisal Legible report/photos required Due to poor imaging, the bottom of the 1004 Appraisal report is cut off.  (appraisal as of xxxxxx by xxxxxx for xxxxxx). Full/Legible appraisal report is needed. received   Reviewer 08/29/2022 04:11 PM; The document received was the CDA and did not include the Full/Legible appraisal report with the complete pages dated xxxxxx by xxxxxx for xxxxxx.  The document in the file has the bottom of each page cut off.

 Client 08/29/2022 05:31 PM; The appraisal has been uploaded twice had to be in 2 parts the system said the file was to big please update if you cannot still see it

 Reviewer 08/29/2022 06:54 PM; Each page of the appraisal received still has the bottom portion missing.

 Reviewer 08/30/2022 08:34 AM;  Each page of the appraisal received still has the bottom portion missing.

 08/30/2022     A 1 xxxxxx xxxxxx 1 3 D   B   C   B   A   A   D   A     Non-QM 1
xxxxxx 776897 xxxxxx 7005956 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Exception is required due to the appraisal report received reports that the property is subject to an external obsolescence (near a busy road) sale. Comparable provided is near a xxxxxx. Comment from the appraiser obtained states this affects the marketability and value. A xxxxxx deduction applied.   COMPENSATING FACTORS: (1) Payment shock of 118.771%. (2) FICO score of 681 exceeds the minimum score required by 21 points. (3) Residual income is $9893.98, which exceeds the minimum amount required by $7,393.98.       08/25/2022 B 2 xxxxxx xxxxxx 1 3 D   B   C   B   A   A   D   A     Non-QM 1
xxxxxx 776897 xxxxxx 7005957 xxxxxx xxxxxx Credit UW Assets UW Assets - UW - Gift Receipt Due to poor imaging, the Gift Letter to xxxxxx is cutoff and is not available in its entirety.  Please provide the full & complete gift letter as well as the evidence of receipt. received     08/29/2022     A 1 xxxxxx xxxxxx 1 3 D   B   C   B   A   A   D   A     Non-QM 1
xxxxxx 776893 xxxxxx 7005961 xxxxxx xxxxxx Compliance Compliance Compliance - TRID- Fee Tolerance Violation Zero tolerance violation of $600 due to increase in appraisal fee.  Change in loan amount is not a valid reason for the appraisal fee to be increased. Please provide proof of refund, LOX to borrower and a PCCD reflecting cure.  All must be provided within 60 days of closing rec'd itemization of the credit, the Lender pays for the entire appraisal as a promotion which is documented.    Client 08/19/2022 05:00 PM; Email uploaded as to the $500 credit

 Reviewer 08/22/2022 06:17 AM; Email document rec'd will not clear this deficiency.  Please provide a PCCD with cure, lox and proof of refund.

 Reviewer 08/22/2022 09:01 AM; xxxxxx, Email uploaded is not the correct format. Please upload all conditions as a PDF file for review. Also, be sure the entire credit is itemized including the amount for the appraisal. If documentation is not acceptable a PCCD will be required showing the cure.   xxxxxx

 Reviewer 08/22/2022 09:01 AM; Compliance updated: xxxxxx, Email uploaded is not the correct format. Please upload all conditions as a PDF file for review. Also, be sure the entire credit is itemized including the amount for the appraisal. If documentation is not acceptable a PCCD will be required showing the cure.   xxxxxx

 Client 08/22/2022 09:38 AM; Please review lender credits discount both 1600 and 500 is there.  

 Reviewer 08/22/2022 09:46 AM; xxxxxx, Document uplaoded is in 'MSG' format. Please upload as a PDF. xxxxxx

 Reviewer 08/22/2022 09:46 AM;

08/22/2022     A 1 xxxxxx xxxxxx 1 1 C   B   A   B   C   A   A   A     Non-QM 1
xxxxxx 776893 xxxxxx 7005962 xxxxxx xxxxxx Compliance Compliance Compliance - Pending internal completion of TRID compliance review for disclosure timing and or fee tolerance comparisons.  Additional conditions may apply.   Information provided   Client 08/19/2022 11:08 AM; Please review the CD the borrower was refunded the full appraisal as a promotion from xxxxxx.  Please clear this loan.

 Reviewer 08/19/2022 01:08 PM;

 Reviewer 08/19/2022 01:57 PM; xxxxxx, This situation is different from the other in which the appraisal was paid. The other loans we reviewed reflected a Credit from xxxxxx that was the exact amount of the appraisal fee. The lender credit on this CD is $2,100. The total of the 2 appraisal fees were $1,600. Please provide an itemization of the Lender credit for review. Additional conditions may apply. xxxxxx

 08/22/2022     A 1 xxxxxx xxxxxx 1 1 C   B   A   B   C   A   A   A     Non-QM 1
xxxxxx 776893 xxxxxx 7005963 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Exception required for not meeting 6 months reserve requirement for xxxxxx program.  Current reserve is 5.60 month   COMPENSATING FACTOR  DTI OF 21.42%   Business has been in existence for 7 years  BENEFIT TO BORROWER:  Borrower will get to own his own primary residence after renting for so many years       08/19/2022 B 2 xxxxxx xxxxxx 1 1 C   B   A   B   C   A   A   A     Non-QM 1
xxxxxx 776893 xxxxxx 7005964 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Guideline Exception form does not reflect an approved signature or date. received   Client 08/23/2022 10:26 AM; Please revisit the exception form it is dated xxxxxx at 10:09am and signed by an UW manager

 Reviewer 08/23/2022 03:56 PM; Exception form in file is dated xxxxxx and not signed.  Can you please reupload exception form dated xxxxxx?

 08/23/2022     A 1 xxxxxx xxxxxx 1 1 C   B   A   B   C   A   A   A     Non-QM 1
xxxxxx 776898 xxxxxx 7005966 xxxxxx xxxxxx Compliance Deed of Trust/Mortgage Deed of Trust/Mortgage - xxxxxx does not have 18-digit min #   Information provided   Reviewer 08/25/2022 01:25 PM; Update: can provide xxxxxx assignment to clear

 Reviewer 08/26/2022 09:49 AM; Received assignment, however it has not been properly executed.

 Client 08/26/2022 11:25 AM; xxxxxx recording was uploaded can you please clear condition

 Client 08/26/2022 11:27 AM; Exactly what do you need this was done by a licensed escrow officer.

 Reviewer 08/26/2022 11:30 AM; xxxxxx, the document uploaded is not fully executed. We need the fully executed assignment. xxxxxx

 Reviewer 08/26/2022 11:30 AM; xxxxxx, the most recent document uploaded is an invalid format. Please upload all conditions as a PDF and not 'xxxxxx'. The message is not compatible and does not open in images. xxxxxx

 Reviewer 08/26/2022 11:31 AM;

 Reviewer 08/26/2022 11:31 AM;

 Reviewer 08/26/2022 11:46 AM; Received email chain, however it won't clear deficiency.  The xxxxxx Assignment provided has not been signed or dated by xxxxxx nor has it been notarized.  Please provide executed copy

 08/26/2022     A 1 xxxxxx xxxxxx 1 1 C   A   A   A   C   A   A   A     Non-QM 1
xxxxxx 777226 xxxxxx 7005974 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Use Supplemental short-term rental income from departing residence and other investment property. Per xxxxxx Program, we can consider str for refi only   Comp factors: FICO of 729 where min is 680. DTI can be up to 50%, while DTI is at 41.628% (9% lower). Not using rental income of other 2 properties provided full hit for PITIA.       08/26/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 777558 xxxxxx 7005977 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception required on cash-out amount exceeding xxxxxx. Per guideline if ltv is >50%, the Maximum cashout is xxxxxx. Subject property is free and clear and borrower cash out amount is at xxxxxx   Low DTI of 38.218% where max is at 50%, FICO of 714 where min is 680 and cashout amount can cover 90 months of reserves       08/25/2022 B 2 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 777558 xxxxxx 7005978 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception required for expired for expired visa xxxxxx and can no longer provide unexpired visa. Borrower provided 120 showing school program end date on xxxxxx   Low DTI of 38.218% where max is at 50%, FICO of 714 where min is 680 and cashout amount can cover 90 months of reserves       08/25/2022 B 2 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 777558 xxxxxx 7005979 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception required for occupancy. Current occupancy is primary residence while program only allows secondary home and investment property.   Low DTI of 38.218% where max is at 50%, FICO of 714 where min is 680 and cashout amount can cover 90 months of reserves       08/25/2022 B 2 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 777558 xxxxxx 7005980 xxxxxx xxxxxx Compliance Compliance Compliance - TRID- Fee Tolerance Violation Zero tolerance violation of $2475 due to the addition of points on the xxxxxx CD.  COC in the file does not give a valid reason for the increase.  Please provide proof of refund, LOX to borrower and a PCCD reflecting cure.  All must be provided within 60 days of closing Information provided   Reviewer 08/29/2022 01:36 PM; Exception provided does not mention an exception for the tolerance violation.  This will not clear deficiency.  Refund is required.

 Client 08/30/2022 10:11 AM; Rate did not change the discount points were added to keep the rate the same there is no violation and no refund due please clear this condition&#x0D;


 Reviewer 08/30/2022 11:03 AM;

 Reviewer 08/30/2022 11:03 AM; xxxxxx, Please provide additional explanation for the change of circumstance on xxxxxx that required the addition of points. The CoC states 'points and exception' with no explanation. xxxxxx

 08/30/2022     A 1 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 777558 xxxxxx 7005981 xxxxxx xxxxxx Compliance Compliance Compliance - Pending internal completion of TRID compliance review for disclosure timing and or fee tolerance comparisons.  Additional conditions may apply.   Information provided     08/30/2022     A 1 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 778594 xxxxxx 7005983 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Borrower using 24 P&L only income option under xxxxxx Only-30 Yr Fixed, NOT xxxxxx.   Exception granted: DTI 27.569%, Borrower exceeds the number of reserves by 9 months, FICO score of 671 exceeds minimum score required for the program by 51 points        09/29/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 778594 xxxxxx 7005984 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Borrower not meeting the recent housing event seasoning of 36 months since modification completed xxxxxx for primary property   Exception granted: DTI 27.569%, Borrower exceeds the number of reserves by 9 months, FICO score of 671 exceeds minimum score required for the program by 51 points        09/29/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 778594 xxxxxx 7005985 xxxxxx xxxxxx Credit UW Income/Employment UW Income/Employment - UW - Income Other supply satisfactory 24 month business bank statements covering period September 2020 - thru - August 2022- time period used on the P&L income documents provided.  (exception granted for use of P&L for income- however supporting business returns were not provided)     Client 10/05/2022 02:08 PM; This is a 24 month PL only program.  Bank Statements are not required.  Approval uploaded and PL uploaded as well.

 Reviewer 10/05/2022 02:33 PM; Document received did not include the 24 month bank statements requested

 Client 10/05/2022 04:48 PM; The approval certificate was uploaded the 24 month PL program only does not require bank statements please review and clear

 Client 10/06/2022 12:56 PM; 24 PL only with exception re-uploaded the exception form as bank statements were not required

 Reviewer 10/06/2022 12:59 PM; Exception has been provided. Deficiency cleared.

 Reviewer 10/06/2022 01:07 PM; Deficiency has been updated.

 Reviewer 10/06/2022 01:09 PM; Deficiency has been cleared.

     10/06/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 778594 xxxxxx 7005986 xxxxxx xxxxxx Credit UW Approval UW Approval - UW Approval - 1008 or 92900 LT missing Missing Loan Approval. File only contains a 1008 and Guidelne Exception Form. received     10/05/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 777556 xxxxxx 7006001 xxxxxx xxxxxx Credit UW Income/Employment UW Income/Employment - UW - Income Other 24 months of business bank statements covering the most recent  time period and matching the time period of the P&L is required per guidelines dated 08/01/2022. Documentation provided.     09/09/2022     A 1 xxxxxx xxxxxx 1 1 C   A   C   A   A   A   A   A     Non-QM 1
xxxxxx 777546 xxxxxx 7006005 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed BORROWER’S BANK STATEMENT xxxxxx INSTANCES OF OVERDRAFTS.   COMPENSATING FACTORS: (1) LTV: 64.377%.  (2) BELOW DTI STANDARD OF 43%, LENDER CALCULATED.  (3) POST CLOSING RESERVES: 6.40 MONTHS.  (4) GOOD CREDIT SCORE AND FICO 659.  (5) C3 PROPERTY, 25%-75% BUILT UP, SHORTAGE OF SUPPLY, MARKETING TIME 3 MONTHS. RESIDENTIAL PROPERTY. CDA VARIANCE AT 0.00%.  (6) THE COLLATERAL UW RISK SCORE IS 1.3 ON A SCALE OF 1 TO 5 WHERE 5 INDICATES HIGHEST POTENTAIL COLLATERAL RISK.       08/29/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 778597 xxxxxx 7006012 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Guidelines dated 08/01/2022 indicate 24 months of business bank statements covering the most recent time period and matching the time period of the P&L (09/2020-08/31/2022) is required.   Exception approval received.  Comp factors.       09/23/2022 B 2 xxxxxx xxxxxx 1 1 A   B   A   B   A   A   A   A     Non-QM 1
xxxxxx 778592 xxxxxx 7006013 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed LTV of 75% for a xxxxxx living rent-free. Guidelines require 70% max.   COMPENSATING FACTORS: (1) Program Max DTI is 43%, but current DTI is only 26.376%. (2) FICO is 51 points higher that the minimum required.       09/13/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 778592 xxxxxx 7006014 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Rural Property, but not income or profit producing, per appraiser's comments.   COMPENSATING FACTORS: (1) Program Max DTI is 43%, but current DTI is only 26.376%. (2) FICO is 51 points higher that the minimum required.       09/13/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 778592 xxxxxx 7006015 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed LIS PENDENS ON ONE OF BORROWER'S PROPERTIES ON xxxxxx THUS IDENTIFIED HOUSING EVENT WITHIN 36 MONTHS. CONFIRMED THAT MORTGAGE WAS SATISFIED ON THE SAME DATE AND PROPERTY IS NOW FREE AND CLEAR.   COMPENSATING FACTORS: (1) Program Max DTI is 43%, but current DTI is only 26.376%. (2) FICO is 51 points higher that the minimum required.       09/13/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 776988 xxxxxx 7006017 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Did not meet requirement for min 10% borrower contribution xxxxxx   Compensating Factors: FICO 29 points higher than min FICO reqd, 15% below max, 6 mos reserves. Benefit to borrower: Purchase of prim res.       09/01/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 776988 xxxxxx 7006018 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Use of VOR from a private landlord supported by LOE stating cash pmts in lieu of cancelled checks. Borrower unable to provide proof of renatl pmt receipts   Compensating Factors: FICO 29 points higher than min FICO reqd, 15% below max, 6 mos reserves. Benefit to borrower: Purchase of prim res.       09/01/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 778427 xxxxxx 7006033 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Exception needed for LTV of 70% exceeding guidelines for 65% for First Time Home buyer living rent free.   Exception granted: compensation factors DTI 28.40%, Credit Score 655, 35 pts higher than minimum FICO score of 620, Reserves of 51.98 months.        09/15/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 781515 xxxxxx 7007897 xxxxxx xxxxxx Valuation UW Collateral UW Collateral - UW - Appraisal Other Subject condo square footage of xxxxxx does not meet minimum guideline of xxxxxx square feet   Client approved due to assets after close and residual income       11/07/2022 B 2 xxxxxx xxxxxx 3 13 C   B   C   B   N/A N/A C   B     Exempt 1
xxxxxx 781515 xxxxxx 7007898 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit - Minimum FICO FICO of 661 does not meet minimum of 700 for cash out refinance   Client approved due to assets after close and residual income       11/07/2022 B 2 xxxxxx xxxxxx 3 13 C   B   C   B   N/A N/A C   B     Exempt 1
xxxxxx 781515 xxxxxx 7007899 xxxxxx xxxxxx Credit Note Note - Other: There are two Prepayment Penalty Addendums in file, one reflecting 3.800% and the other reflecting 6-month interest. Please confirm which Prepayment Penalty Structure is correct. Per client: the 6 months interest is correct   Client 11/11/2022 01:52 PM; Hi, the 6 months interest is correct. xxxxxx.

 Reviewer 11/11/2022 01:54 PM;

 Reviewer 11/11/2022 01:56 PM; xxxxxx, xxxxxx !  This has been cleared. Have a great weekend.

 11/11/2022     A 1 xxxxxx xxxxxx 3 13 C   B   C   B   N/A N/A C   B     Exempt 1
xxxxxx 781516 xxxxxx 7007901 xxxxxx xxxxxx Compliance Compliance Compliance - E-Consent- missing evidence of borrower’s e-consent prior to earliest e-signature event Missing evidence of borrower’s e-consent on or prior to earliest e-signature event date of xxxxxx. Information provided     11/10/2022     A 1 xxxxxx xxxxxx 1 13 C   A   A   A   C   A   A   A     Non-QM 1
xxxxxx 781771 xxxxxx 7014666 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline Exception 1- Exception to use income option 5 and use Matrix 9/27/2022 for income analysis, which is elligible for application submitted after xxxxxx only. Loan submission date is xxxxxx and using Matrix9/15/2022 for all other qualifying analysis. Compensating Factors- LTV is 69.952% ( max allowed is 80%), DTI is 34.803% (max allowed up to 43%, credit score is 782 ( minimum is 660) and reserves are 10.35 months ( minimum required is 6 month.   Compensating Factors- LTV is 69.952% ( max allowed is 80%), DTI is 34.803% (max allowed up to 43%, credit score is 782 ( minimum is 660) and reserves are 10.35 months ( minimum required is 6 month.           10/25/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 781178 xxxxxx 7012558 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Loan approval is missing the approval date. Documentation provided is sufficient.   Reviewer 11/09/2022 02:31 PM; Signature is also missing.

 Client 11/14/2022 05:29 PM; Loan Approval is uploaded and it is signed

 Reviewer 11/14/2022 09:27 PM; The document received did not include a signature.

 Reviewer 11/15/2022 06:59 AM; Documentation provided is sufficient.

 11/15/2022     A 1 xxxxxx xxxxxx 1 13 C   A   C   A   A   A   A   A     Non-QM 1
xxxxxx 781773 xxxxxx 7014668 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed GUIDELINE MAX DTI 43% For Option xxxxxx EXCEPTION DTI 45.653%   COMPENSATING FACTORS: FICO is 10 points higher than minimum required..Verified assets are enough to cover closing costs and reserves requirement, remaining balance supports more than 6months of reserves       11/01/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 781773 xxxxxx 7014669 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed GUIDELINE MIN REQ RESIDUAL INCOME $2500 EXCEPTION 2  Current Residual Income is $1713.23   COMPENSATING FACTORS: FICO is 10 points higher than minimum required..Verified assets are enough to cover closing costs and reserves requirement, remaining balance supports more than 6months of reserves       11/01/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 783075 xxxxxx 7039508 xxxxxx xxxxxx Credit UW Assets UW Assets - UW - Asset Other Missing documentation on the borrowers 1031 exchange used for closing costs on the subject property. Funds were to be received in the amount of $479,080.76. Documentation received is sufficient.   Reviewer 12/07/2022 02:33 PM; Funds on the 1008 reflect $479,080 and the funds received from the 1031 were $452,690

 Client 12/08/2022 05:17 PM; 1031 Paperwork submitted please review

 Reviewer 12/09/2022 08:16 AM; Documentation received is sufficient.

 12/09/2022     A 1 xxxxxx xxxxxx 3 1 C   A   C   A   N/A N/A A   A     Exempt 1
xxxxxx 783107 xxxxxx 7039511 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Income and assets documentation expired.   The exception was granted for documents expiring with the following compensating factors:    1. CREDIT SCORE IS 789. MINIMUM REQUIRED PER GUIDELINE IS 660.  2. BORROWER HAS ENOUGH FUNDS FOR CLOSING COST AND RESERVES  3. DTI: 30.936%       12/19/2022 B 2 xxxxxx xxxxxx 2 1 C   B   C   B   C   A   C   B     Non-QM 1
xxxxxx 783107 xxxxxx 7039512 xxxxxx xxxxxx Compliance Compliance Compliance - Pending Internal completion of compliance fee tests.  Additional conditions may apply.   Information provided     12/21/2022     A 1 xxxxxx xxxxxx 2 1 C   B   C   B   C   A   C   B     Non-QM 1
xxxxxx 783107 xxxxxx 7039513 xxxxxx xxxxxx Compliance Compliance Compliance - TRID CD- Need proof CD was received 3 days prior to consummation Please provide the initial CD issued and received 3 days prior to consummation Information provided     12/21/2022     A 1 xxxxxx xxxxxx 2 1 C   B   C   B   C   A   C   B     Non-QM 1
xxxxxx 783107 xxxxxx 7065143 xxxxxx xxxxxx Valuation UW Collateral UW Collateral - UW - Appraisal Other Subject property type is not eligible   he exception was granted for the subject being a xxxxxx with the following compensating factors:    1. CREDIT SCORE IS 789. MINIMUM REQUIRED PER GUIDELINE IS 660.  2. BORROWER HAS ENOUGH FUNDS FOR CLOSING COST AND RESERVES  3. DTI: 30.936%       03/17/2023 B 2 xxxxxx xxxxxx 2 1 C   B   C   B   C   A   C   B     Non-QM 1
xxxxxx 783072 xxxxxx 7039517 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline Exception- Exception required due to recent housing event seasoning of 36 months not met. The subject property was under a deferral plan that ended xxxxxx. Deferred balance paid with the property 2nd loan.   Compensating Factors- Reserves exceed minimum required by 3.22 months, the borrower''s primary home rating is 0x30x51, all consumer credit paid as agreed in the most recent 12 months, the borrower exceeds minimum credit score requirement by 117 points, property location is suburban over 75% built-up, with stable property values and shortage of demand/supply. Marketing time under 3 months.           12/19/2022 B 2 xxxxxx xxxxxx 3 3 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783072 xxxxxx 7039518 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline Exception- Exception approval is required due to housing rating requirements of 1x30x12 not met The current property mortgage was 2x60x12 and currently 1x120x12. The subject property is owned as husband and wife since xxxxxx, but the mortgage from xxxxxx is only under the borrower's ex-spouse name. A court approval to remove ex-spouse from title is in the file.   Compensating Factors- Reserves exceed minimum required by 3.22 months, the borrower''s primary home rating is 0x30x51, all consumer credit paid as agreed in the most recent 12 months, the borrower exceeds minimum credit score requirement by 117 points, property location is suburban over 75% built-up, with stable property values and shortage of demand/supply. Marketing time under 3 months.         12/19/2022 B 2 xxxxxx xxxxxx 3 3 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783072 xxxxxx 7039519 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline Exception- Exception approval is required due to the property total acreage of xxxxxx ac is exceeding the allowed amount of 2 acres for the no ratio program.   Compensating Factors- Reserves exceed minimum required by 3.22 months, the borrower''s primary home rating is 0x30x51, all consumer credit paid as agreed in the most recent 12 months, the borrower exceeds minimum credit score requirement by 117 points, property location is suburban over 75% built-up, with stable property values and shortage of demand/supply. Marketing time under 3 months.         12/19/2022 B 2 xxxxxx xxxxxx 3 3 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783353 xxxxxx 7045110 xxxxxx xxxxxx Compliance Compliance Compliance - Pending Internal completion of compliance fee tests.  Additional conditions may apply.   Information provided     12/30/2022     A 1 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 783353 xxxxxx 7045111 xxxxxx xxxxxx Compliance Compliance Compliance - TRID CD- Need proof CD was received 3 days prior to consummation Initial CD is missing. Please provide. Information provided     12/30/2022     A 1 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 783353 xxxxxx 7045112 xxxxxx xxxxxx Compliance Compliance Compliance - TRID- Fee Tolerance Violation 0% tolerance violation in the amount of xxxxxx for the increase in the Loan Origination fee without a valid COC. Please provide a PCCD reflecting full cure along with LOX and proof of refund to the borrower. Information provided   Client 12/30/2022 10:41 AM; xxxxxx COC in file addresses the reason for the origination fee/1 point to Lender. During life of loan, it was discovered the borrowers were xxxxxx's, so the loan program had to be switched from xxxxxx to xxxxxx and a 1 point origination fee was added as it is a deviation from our guidelines. xxxxxx.

 Reviewer 12/30/2022 10:51 AM;

 Reviewer 12/30/2022 01:54 PM; xxxxxx, These have been cleared. xxxxxx

 12/30/2022     A 1 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 783353 xxxxxx 7045113 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline-None permanent resident alien requires copies of the borrower''s passport and unexpired visa must be obtained. Deviation Request- Borrower is a non-permanent resident alien with a category of xxxxxx,, borrower does not have an active visa. Copy of the borrower''s passport from xxxxxx in the file. Compensating Factors- Self employed 3+ years with good monthly income, good credit, mortgage history since 2018 with no xxxxxx residence 14 years.    Compensating Factors- Self employed 3+ years with good monthly income, good credit, mortgage history since 2018 with no derog, stable residence 14 years.       12/30/2022 B 2 xxxxxx xxxxxx 1 13 C   B   C   B   C   A   A   A     Non-QM 1
xxxxxx 783351 xxxxxx 7045114 xxxxxx xxxxxx Compliance Compliance Compliance - Pending internal completion of TRID compliance review for disclosure timing and or fee tolerance comparisons.  Additional conditions may apply.   Information provided     12/29/2022     A 1 xxxxxx xxxxxx 1 1 C   A   A   A   C   A   A   A     Non-QM 1
xxxxxx 783351 xxxxxx 7045115 xxxxxx xxxxxx Compliance Compliance Compliance - CD- Other CD in file indicates a funding date of xxxxxx but per all the closing documents in the file the loan closed on xxxxxx. Funding date cannot be prior to the closing date.  Provide PCCD with correct prepaid interest based on correct funding date on page 2 section F. Provide documentation of the correct funding date and correct prepaid interest collected.  Final Settlement Statement w/ correct funding date and prepaid interest is acceptable   Reviewer 12/29/2022 10:15 AM; Received final settlement statement.  Still need PCCD with corrections

 Client 12/29/2022 10:30 AM; xxxxxx, final settlement statement has been sufficient to clear this finding in the past without requiring a PCCD. Please escalate or clear. xxxxxx

 Reviewer 12/29/2022 10:59 AM;

 Reviewer 12/29/2022 10:59 AM; xxxxxx This has been cleared. xxxxxx

 12/29/2022     A 1 xxxxxx xxxxxx 1 1 C   A   A   A   C   A   A   A     Non-QM 1
xxxxxx 783171 xxxxxx 7049040 xxxxxx xxxxxx Valuation UW Collateral UW Collateral - UW - Appraisal - Disaster Recertification Required The Date of the Appraisal is xxxxxx, and the Date of the 1004D is xxxxxx. Both are before the FEMA Disaster Dates of xxxxxx-xxxxxx for xxxxxx. FEMA disaster docs in file show this property in a FEMA zone (xxxxxx), but there are no certification docs after the xxxxxx (after xxxxxx) to show the property has been cleared of disaster damage.     Client 10/13/2022 04:07 PM; The inspection report signed off on one of your conditions was done xxxxxx but the 2nd condition wasnt cleared please clear and update grade

 Reviewer 10/14/2022 06:48 AM;

 Reviewer 10/14/2022 09:10 AM; xxxxxx, Credit has cleared their condition. xxxxxx

 10/13/2022     A 1 xxxxxx xxxxxx 3 13 C   A   A   A   N/A N/A C   A     Exempt 1
xxxxxx 783294 xxxxxx 7049042 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Taxes and Insurance documentation Discrepancy with the Property Tax Amount.  Per the Initial Escrow Account Disclosure Statement, Payment Letter to Borrower, and escrow-signed HUD-1, the property taxes are xxxxxx annually (xxxxxx monthly). But, per the Tax Record Information Sheet, Tax Bill/Cert, Title Commitment, and Appraisal, the taxes are xxxxxx annual ( xxxxxx monthly). File is missing the supporting document to validate the taxes are now xxxxxx. (Note this is a refinance transaction). received   Client 10/13/2022 04:09 PM; Tax record uploaded

 Reviewer 10/14/2022 06:49 AM; deficiency has been cleared

 10/13/2022     A 1 xxxxxx xxxxxx 3 13 C   A   C   A   N/A N/A A   A     Exempt 1
xxxxxx 783295 xxxxxx 7049045 xxxxxx xxxxxx Credit HUD1 HUD1 - HUD1 Other  Disbursement date is in the future xxxxxx. Please provide evidence loan has been funded. Information provided   Reviewer 10/13/2022 02:05 PM; Please provide proof loan has funded. Copy of wire or checks

 10/13/2022     A 1 xxxxxx xxxxxx 3 13 C   A   C   A   N/A N/A A   A     Exempt 1
xxxxxx 783288 xxxxxx 7048999 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Exception approval required due to 8 overdrafts and 1 NSF found on recent bank statement from xxxxxx which exceeds the max three (3) occurrences allowed i the most recent 12-month time period   Exception granted:  The Borrowers residual income of $8,555.87 exceeds the minimum amount required of $2,500. All consumer credits paid as agreed in the most recent 12 months, Payment shock is 89.634%        12/16/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783288 xxxxxx 7049000 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Exception approval is required to keep LTV at 70%. Guideline requirement is 65% Max LTV for FTHB with incomplete rental history (VOM obtained reported 0x30x12 renting since 1/19/2018 @ $2,800 mo November, January & July were paid cash) 5% LTV Reduction applied, Guideline requires 10% reduction.   Exception granted:  The Borrowers residual income of $8,555.87 exceeds the minimum amount required of $2,500. All consumer credits paid as agreed in the most recent 12 months, Payment shock is 89.634%        12/16/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783288 xxxxxx 7049001 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Exception is required for Condo Property within a project that requires the mortgagee to pay common expenses & assessments for over 12 months in case of foreclosure.   Exception granted:  The Borrowers residual income of $8,555.87 exceeds the minimum amount required of $2,500. All consumer credits paid as agreed in the most recent 12 months, Payment shock is 89.634%        12/16/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783157 xxxxxx 7049004 xxxxxx xxxxxx Compliance Compliance Compliance - Pending Internal completion of compliance fee tests.  Additional conditions may apply.   Information provided     12/21/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   B   A   A     Non-QM 1
xxxxxx 783157 xxxxxx 7049005 xxxxxx xxxxxx Compliance Compliance Compliance - TRID CD- Need proof CD was received 3 days prior to consummation Initial CD is missing. Information provided   Client 12/08/2022 05:13 PM; This is in the closing file submitted please review xxxxxx.

 Reviewer 12/09/2022 07:47 AM;

 Reviewer 12/09/2022 08:57 AM; xxxxxx, Please advise where you are seeing this in the file. The auditor and I went through the entire bundle of documents and the Initial CD and evidence of receipt is missing. xxxxxx&#x0D;


 12/12/2022     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   C   B   A   A     Non-QM 1
xxxxxx 783157 xxxxxx 7049006 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed GUIDELINE EXCEPTION  EXCEPION REQUIRED TO ALLOW A PAYMENT SHOCK OF 400.749 WHEN MAXIMUM PAYMENT SHOCK IS 300% FOR BORROWER WITH EXPERIENCE PAYING HIGHER HOUSING PAYMENT THAN CURRENTLY PAYING SINCE SALE OF PRIOR PRIMARY RESIDENCE   COMPENSATING FACTORS:  BORRWER MAINTAINS EXCELLENT CREDIT HISTYORY HAS LONG TERM INSURANCE BUSINESS. EXCELLENT SAVINGS ABILITY DEMONSTRATED. EXPERIENCED HOME OWNER – UED TO PAYING A SIGIFICANTLY HIGHER HOUSING PAYMENT. MOST RECENTLY WITH xxxxxx LOANS CLOSED ORIGINATION. HIGHER PAYMNT SHOCK DUE TO CURRENT TEMPORARY HOUSING RENTAL PAYMENT BEFORE NEW PURCHASE. BORROWER I MARRIED AND HOUSEHOLD HAS ADDITIONAL INCOME FROM SPOUSE (NT USED FOR QUALIFICATION) WHO IS xxxxxx  BENEFIT TO BORROWER: HOME PURCHASE       12/06/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   C   B   A   A     Non-QM 1
xxxxxx 783157 xxxxxx 7049007 xxxxxx xxxxxx Compliance Compliance Compliance - TRID- Fee Tolerance Violation 0% tolerance violation for addition of doc fee in the amount of $200.00. No COC in file. A refund in the amount of $200 along with PCCD, copy of check, lox to borrower as well as tracking evidence of refund to the borrower is required within 60 days from consummation. Cured: Rec'd copy of check, lox, tracking and PCCD   Client 12/13/2022 10:39 AM; coc was issued on xxxxxx for increase in fee's.  What fee do you feel there is a 200.00 cure for?

 Reviewer 12/13/2022 11:32 AM;

 Reviewer 12/13/2022 01:30 PM; xxxxxx, There is a $200.00 Doc Fee that was added to the initial CD and Final CD with no CoC in the file to determine if it was a valid change of circumstance. xxxxxx

 Reviewer 12/14/2022 10:57 AM; COC uploaded is not a valid reason for the addition of the doc fee.  0% tolerance violation for addition of doc fee in the amount of $200.00. No COC in file. A refund in the amount of $200 along with PCCD, copy of check, lox to borrower as well as tracking evidence of refund to the borrower is required within 60 days from consummation.

 Client 12/15/2022 10:50 AM; PER INITIAL LE UPLOADED, THE DOC FEE TO xxxxxx HAS BEEN DISCLOSED ORIGINALLY FROM INITIAL LE TO ALL PR CD ISSUED.  THERE IS NO CURE DUE

 Reviewer 12/15/2022 11:00 AM;

 Reviewer 12/15/2022 11:00 AM; xxxxxx, The initial LE had an Admin fee and no Doc Fee. There is no Doc Fee disclosed on the initial CD. xxxxxx

 Reviewer 12/15/2022 01:27 PM; Initial LE xxxxxx uploaded shows an Admin fee of $200. However, that fee did not carry over to the CD's. The CD reflects a doc fee. % tolerance violation for addition of doc fee in the amount of $200.00. No COC in file. A refund in the amount of $200 along with PCCD, copy of check, lox to borrower as well as tracking evidence of refund to the borrower is required within 60 days from consummation.

 Reviewer 12/21/2022 11:44 AM; Received copy of refund check. Still need PCCD, Lox to borrower and racking evidence of refund to the borrower is required within 60 days from consummation.

 Client 12/21/2022 12:23 PM; Both have been uploaded

 Reviewer 12/21/2022 12:49 PM;

 Client 12/21/2022 01:23 PM; This was already uploaded please review i have uploaded it again.

 Reviewer 12/21/2022 01:25 PM; xxxxxx, This has been cured. xxxxxx

 Reviewer 12/21/2022 01:26 PM; xxxxxx, the original upload was just uploaded an hour ago and it was just reviewed and cleared. xxxxxx (we only received it all about an hour ago at first all we got was the check and that's when follow up was added.)  

 Reviewer 12/21/2022 01:26 PM;

  12/21/2022   B 2 xxxxxx xxxxxx 1 1 C   B   C   B   C   B   A   A     Non-QM 1
xxxxxx 783179 xxxxxx 7049024 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline Exception 1- Exception required for property located in a neighborhood with rural characteristics.    Compensating Factors- Good equity position with LTV under 65%, borrower has excellent credit history with minor revolving utilization. Several reported mortgage loans all rated as agreed. Borrower is an experienced investor/landlord.           12/29/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783179 xxxxxx 7049025 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline Exception 2- Exception required for property located within an area with xxxxxx. Subject is not a working farm.    Compensating Factors- Good equity position with LTV under 65%, borrower has excellent credit history with minor revolving utilization. Several reported mortgage loans all rated as agreed. Borrower is an experienced investor/landlord.        12/29/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783179 xxxxxx 7049026 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline Exception 3- Exception required for subject parcel exceeding the maximum of xxxxxx acres being an actual xxxxxx acres lot.    Compensating Factors- Good equity position with LTV under 65%, borrower has excellent credit history with minor revolving utilization. Several reported mortgage loans all rated as agreed. Borrower is an experienced investor/landlord.        12/29/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783179 xxxxxx 7049027 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Guideline Exception 4- Exception required for debt service coverage ratio not meeting 1.0 with actual ratio of .94.    Compensating Factors- Good equity position with LTV under 65%, borrower has excellent credit history with minor revolving utilization. Several reported mortgage loans all rated as agreed. Borrower is an experienced investor/landlord.        12/29/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783298 xxxxxx 7049028 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed GUIDELINE EXCEPTION   *GUIDELINE EXCEPTION 1  EXCEPTION REQUIRED FOR MARKET RENTS OF SUBJECT NOT PRODUCING A DEBT SERVICE COVERAGE RATIO OF 1.0 OR ABOVE WITH AN ACTUAL COVERAGE RATIO OF .85      *GUIDELINE EXCEPTION 2  EXCEPTION REQUIRE FOR BORROWER WITHOUT A COMPLETE 12 MONTHS HOUSING HISTORY, DUE TO LIVING RENT FREE PRIOR TO PURCHASE OF CURRENT PRIMARY RESIDENCE WHICH PRODUCE ONLY A SIX MONTHS RATING. BORROWER DOES HAVE EXISITNG INVESTMENT PROPERTY MTG   HISTORY WITH RATING GREATER THAN 12 MONTHS.      *GUIDELINE EXCEPTION 3  EXCEPTION FOR ASSETS TO BE USED FOR CLOSING AND RESERVES NOT BEING SEASONED FOR 60 DAYS AS REQUIRED, DUE TO ORIGINATING FROM REFINANCE OF REAL ESTATE AND HELOC DRAW.   COMPENSATING FACTORS:  BORROWER IS AN EXPERIENCED HOME OWNER AND INVESTOR. HAS OWNERSHIP OF INVESTMENTPROPERTY FOR OVER 15 YRS. EXCELLENT SAVINGS ABILITY DEMONSTRATED.  ALSO TAPPED INTO INVESTMENT PROPERTY EQUITY FOR CLOSING FUNDS. GOOD OVERALL CREDIT HISTORY.   BORROWER HAS NEW FHA LOAN ON PRIMARY. APPROVED BY xxxxxx         12/28/2022 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783164 xxxxxx 7049052 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed DTI Exceeds 43% for first time homebuyers   Exception granted: Excellent savings ability demonstrated.  All consumer credit is paid as agreed over the last 48 months, Both borrowers have long term employment history,  Borrowers owned a home in 2018,  Minimal payment shock.  The subject and the neighborhood do not give the appearance of farming activity or agricultural use.         12/30/2022 B 2 xxxxxx xxxxxx 1 1 A   B   A   B   A   A   A   A     Non-QM 1
xxxxxx 783164 xxxxxx 7049053 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Not obtaining credit supplement prior to funding for installment debt being paid down to under 10 months at closing table in order to reduce liabilities and debt to income ratio   Exception granted: Excellent savings ability demonstrated.  All consumer credit is paid as agreed over the last 48 months, Both borrowers have long term employment history,  Borrowers owned a home in 2018,  Minimal payment shock.  The subject and the neighborhood do not give the appearance of xxxxxx.         12/30/2022 B 2 xxxxxx xxxxxx 1 1 A   B   A   B   A   A   A   A     Non-QM 1
xxxxxx 783164 xxxxxx 7049054 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Exception required for property located in area xxxxxx for xxxxxx and residential use.  Neighborhood and subject do not reflect any agricultural activity.   Exception granted: Excellent savings ability demonstrated.  All consumer credit is paid as agreed over the last 48 months, Both borrowers have long term employment history,  Borrowers owned a home in 2018,  Minimal payment shock.  The subject and the neighborhood do not give the appearance of xxxxxx.         12/30/2022 B 2 xxxxxx xxxxxx 1 1 A   B   A   B   A   A   A   A     Non-QM 1
xxxxxx 783164 xxxxxx 7049055 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Exception needed for not meeting the residual income requirement of $3,500 when Debt to income ratio exceeds 43%   Exception granted: Excellent savings ability demonstrated.  All consumer credit is paid as agreed over the last 48 months, Both borrowers have long term employment history,  Borrowers owned a home in 2018,  Minimal payment shock.  The subject and the neighborhood do not give the appearance of farming activity or agricultural use.         12/30/2022 B 2 xxxxxx xxxxxx 1 1 A   B   A   B   A   A   A   A     Non-QM 1
xxxxxx 784200 xxxxxx 7053381 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Usage of Lease with Security Deposit $1500 and one months rent $3100 for DSCR calculation, vs guidelines of two months rent receipt.           01/18/2023 B 2 xxxxxx xxxxxx 3 1 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783285 xxxxxx 7054651 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Borrower is paying rent in cash with 12 months payment rent receipts.   FICO 762, DTI < 43%, Purchase primary residence, c4, as is, over 75% built up, in balance of supply, marketing time < 3 months. The highest and best use appears to be single family as it is presently utilized. No zoning. The collateral UW Risk score is 3.3 on a scale of 1 to 5 where 5 indicates highest and potential collateral risk.        01/10/2023 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 783285 xxxxxx 7054652 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Borrower does not meet the standard tradeline requirement. Applicant must have 3 trade lines. One tradeline must have been active within the last 6 months. At least 1 trade line must be seasoned 24 months.   FICO 762, DTI < 43%, Purchase primary residence, c4, as is, over 75% built up, in balance of supply, marketing time < 3 months. The highest and best use appears to be single family as it is presently utilized. No zoning. The collateral UW Risk score is 3.3 on a scale of 1 to 5 where 5 indicates highest and potential collateral risk.        01/10/2023 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 783690 xxxxxx 7054653 xxxxxx xxxxxx Compliance Compliance Compliance - TRID CD- Need proof CD was received 3 days prior to consummation The Initial CD is missing from file. Information provided     01/11/2023     A 1 xxxxxx xxxxxx 2 1 C   B   A   A   C   B   A   A     Non-QM 1
xxxxxx 783690 xxxxxx 7054654 xxxxxx xxxxxx Compliance Compliance Compliance - Pending internal completion of TRID compliance review for disclosure timing and or fee tolerance comparisons.  Additional conditions may apply.   Information provided   Client 01/17/2023 05:59 PM; &#x0D;
The closing fee of 335.00 was not on the initial LE dated xxxxxx.  BUT there was a owners title fee of 335.00 that was on this LE .  Ifs a closing fee and did not increase please clear

 Reviewer 01/18/2023 06:53 AM;

 Reviewer 01/18/2023 08:58 AM; xxxxxx, If you provide satisfactory confirmation/documentation  from the Settlement Agent confirming the $335 fee on the final CD is the owners title fee and we can take another look at it. xxxxxx

 Client 01/18/2023 09:08 AM; Section B #8 see CD uploaded.

 Reviewer 01/18/2023 11:34 AM;

 Reviewer 01/18/2023 01:57 PM; xxxxxx, you must be looking at the xxxxxx ICD and not the closing CD dated xxxxxx. The xxxxxx Final CD reflects B02 as an addtional closing fee and actual the Owners Title Insurance is on line B06. Refund is required. xxxxxx

 01/24/2023     A 1 xxxxxx xxxxxx 2 1 C   B   A   A   C   B   A   A     Non-QM 1
xxxxxx 783690 xxxxxx 7054655 xxxxxx xxxxxx Compliance Compliance Compliance - TRID- Fee Tolerance Violation 0% tolerance violation in the amount of $237.50 due to the addition of settlement fee.  A refund in the amount of $237.50 along with a PCCD, copy of refund check, lox to borrower and evidence refund was sent to the borrower with in 60 days from consummation Information provided   Client 01/12/2023 09:06 AM; See email chain from our compliance on CD

 Reviewer 01/12/2023 09:09 AM;

 Reviewer 01/12/2023 11:49 AM; Escalation has been assigned for Further Review

 Reviewer 01/12/2023 11:49 AM; xxxxxx, there is an additional fee added on the xxxxxx CD. This is being further reviewed to confirm the total violation amount and will update once completed. xxxxxx

 Reviewer 01/12/2023 12:04 PM; Initial LE does not reflect a closing fee.  There is a closing/escrow fee but not a closing fee.  Final CD issued xxxxxx reflects a closing and closing escrow fee.  The addition of the closing fee resulted in a tolerance violation.  A refund in the amount of $237.50 along with a PCCD, copy of refund check, lox to borrower and evidence refund was sent to the borrower with in 60 days from consummation

 Reviewer 01/12/2023 12:40 PM; xxxxxx;
There is another closing fee in section B (line 2) that was not disclosed on the LE which is what is causing the 10% tolerance violation.  xxxxxx;
Let us know if you have any further questions.xxxxxx;
xxxxxx&xxxxxx;
xxxxxx

 Reviewer 01/18/2023 01:13 PM; Testing is based on the initial LE and final CD.  Initial LE does not reflect a closing fee. There is a closing/escrow fee but not a closing fee. Final CD issued xxxxxx reflects a closing and closing escrow fee. The addition of the closing fee resulted in a tolerance violation. A refund in the amount of $237.50 along with a PCCD, copy of refund check, lox to borrower and evidence refund was sent to the borrower with in 60 days from consummation

 Client 01/18/2023 04:18 PM; INITIAL LE TOTAL FEE'S IN SECTION B IS 5363.  PRE CD xxxxxx TOTAL FEES IN SECTION B ARE 5362.50/ FINAL CD TOTAL FEES IN SECTION BE WENT DOWN AND WAS ONLY 3462.50.  SO CURE IS DUE JUST TO ADD THE FEE EVEN THOUGH TOTAL FEE'S ARE LESS?

 Reviewer 01/19/2023 07:09 AM;

 Reviewer 01/19/2023 08:56 AM; Escalation has been assigned for Further Review

 Reviewer 01/19/2023 08:56 AM; This has been escalated for further review.

 Reviewer 01/19/2023 10:59 AM; xxxxxx;
The majority of the fees were disclosed in section B of the LE which makes the zero tolerance.  The fees included in the 10% tolerance are the newly added $335 closing fee (that was NOT disclosed on the LE) and the Recording fee.  The baseline for the 10% tolerance is $300 (as the only 10% fee disclosed on the LE was the recording fee) and the total 10% charged on the CD is $567.50 which resulted in a 10% tolerance violation of $237.50.  Let us know if yo

 Reviewer 01/23/2023 03:10 PM; Still need tracking evidence that the refund was sent to the borrower

  01/24/2023   B 2 xxxxxx xxxxxx 2 1 C   B   A   A   C   B   A   A     Non-QM 1
xxxxxx 783292 xxxxxx 7054664 xxxxxx xxxxxx Credit Hazard Insurance Hazard Insurance - Other: Please provide Evidence of insurance for both units that includes the Policy #'s for both buildings and the Policy Period from (effective date) to (expiration date).  **Dec page in file is missing some information and the printed copy has some blanks. Policy Period is blank and policy # for both just states xxxxxx. Information provided   Reviewer 01/12/2023 11:52 AM; Insurance quotes are not acceptable

01/17/2023     A 1 xxxxxx xxxxxx 3 1 C   A   C   A   N/A N/A A   A     Exempt 1
xxxxxx 783698 xxxxxx 7054666 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Non-Warrantable Condo- established project yet developer/builder remains in control of HOA   Exception granted: LTV is 5% Less than Max, Borrowers has been self employed for more than 20 years, Benefit to borrower cash out proceeds will be used for investment purposes.        01/10/2023 B 2 xxxxxx xxxxxx 3 13 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783698 xxxxxx 7054667 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Final Closing Disclosure evidenced cash back $399,446.55 missing received   Client 01/13/2023 11:44 AM; This is not a TRID loan, so there will be no CD

 Reviewer 01/13/2023 02:36 PM; Condition has been addressed xxxxxx

 01/13/2023     A 1 xxxxxx xxxxxx 3 13 C   B   C   B   N/A N/A A   A     Exempt 1
xxxxxx 783156 xxxxxx 7054683 xxxxxx xxxxxx Credit UW Assets UW Assets - UW - Shorts Funds for Reserves Reserves of 2 months do not meet guideline of 6 months   Exception granted: self employed for 4 years, benefit to borrower first time homebuyer       12/29/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   C   B     Non-QM 1
xxxxxx 783156 xxxxxx 7054684 xxxxxx xxxxxx Valuation UW Collateral UW Collateral - UW - Appraisal Other Property appears to be rural with comps greater than xxxxxx   Exception granted: self employed for 4 years, benefit to borrower first time homebuyer       12/29/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   C   B     Non-QM 1
xxxxxx 783156 xxxxxx 7054685 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed Seller credit of 4.32% exceeds guideline of 4.00%   Exception granted: self employed for 4 years, benefit to borrower first time homebuyer       12/29/2022 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   C   B     Non-QM 1
xxxxxx 783156 xxxxxx 7054686 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other Exception granted for seller concession exceeding percentage allowed, however, Seller concession xxxxxx and lender credit $850 exceed closing costs.  Concessions cannot be used towards down payment PCCD xxxxxx seller concession     Client 12/30/2022 10:47 AM; The $850 credit was a promotion xxxxxx offers to borrowers it was a credit for appraisal

 Reviewer 12/30/2022 12:52 PM; Credit is not reflected on the final closing disclosure.

 Client 01/13/2023 11:26 AM; 850.00 credit from lender is for appraisal fee that borrower paid.  xxxxxx gives a promotion that at closing we will reimburse the appraisal fee or fee's bororwer has paid upon closing the transaction.  These funds they paid outside of closing.  A post closing cd is being uploaded with the additional funds borrower brought in to close to show credit from seller is the actual amount of the closing costs.

 Reviewer 01/13/2023 12:13 PM; Documents received did not clear this condition

 Reviewer 01/13/2023 03:06 PM; deficiency updated

 Reviewer 01/13/2023 03:06 PM; updated CD dated xxxxxx shows lender credit of $17,216.88 which exceeds closing costs of $17,210.49

 Client 01/16/2023 10:16 AM; THERE IS ALSO A CHARGE FOR PRORATIONS THAT IS 6.39, REVIEW CD AND CHARGE COLUMN WHERE PORORATIONS ARE

 Reviewer 01/17/2023 07:04 AM; Condition has been cleared xxxxxx

01/17/2023     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   C   B     Non-QM 1
xxxxxx 784297 xxxxxx 7054689 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW - LTV/CLTV does not meet parameters Exception to allow a purchase LTV of 90% for borrower who sold prior residence within the last 12 months and is currently living rent free   Compensating Factors: Prior mortgage with xxxxxx rated AA for over 50 months. Long term self employment history. Excellent savings ability demonstrated. Minimal payment shock.       01/19/2023 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 783687 xxxxxx 7054690 xxxxxx xxxxxx Credit UW Qualifications UW Qualifications - UW – Exception needed GUIDELINE EXCEPTION  2 APPRAISALS ARE BOTH TRANSFERS   COMPENSATING FACTORS:  1) SELF EMPLOYED FOR MORE THAN 4 YERS  2) SUFFICIENT ASSERS TO COVER CASH TO CLOSE AND RESERVES  Signed by: xxxxxx       01/10/2023 B 2 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 783687 xxxxxx 7054691 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other *1008 reflects the incorrect appraised value. Reflects xxxxxx but the 1st Appraisal reflects xxxxxx received     01/12/2023     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1
xxxxxx 783687 xxxxxx 7054692 xxxxxx xxxxxx Credit UW Credit UW Credit - UW - Credit Other *Loan Approval reflects the incorrect appraised value. Reflects xxxxxx but the 1st Appraisal reflects xxxxxx received   Reviewer 01/12/2023 08:31 PM; Documents received did not include the approval with the appraised value of xxxxxx

 01/18/2023     A 1 xxxxxx xxxxxx 1 1 C   B   C   B   A   A   A   A     Non-QM 1