EX-99.22 23 tm2318225d1_ex99-22.htm INFINITY FINDINGS DETAIL REPORT

 

EXHIBIT 99.22

 

infinity findings detail report

 

 

 

 

Infinity Loan ID Loan Number 1 Verus ID Borrower Last Name Property State Note Date Loan Purpose TPR QM ATR Status Initial Overall Loan Grade Final Overall Loan Grade Exception Category Exception Subcategory Exception Code Final Exception Status Initial Exception Grade Final Exception Grade Exception Exception Detail Follow-up Comments (Exception Response) Exception Conclusion Comments Compensating Factors Curable Status Loan Status Review Date Cleared Date Cured Date Exception Date
xxxxxx xxxxxx 778212 xxxxxx xxxxxx xxxxxx Refinance Non-QM/Compliant 3 1 Compliance Compliance xxxxxx Resolved 2 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the CA AB 260 higher-priced mortgage loan test as Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in the California Financial Code. While the California Financial Code provisions specify that lenders may lawfully make this type of loan subject to certain disclosure requirements and additional limitations, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.
 CA AB 260 Higher-Priced Mortgage Loan Test Fail : Charged 7.553% Allowed 6.700% Over by +0.853%.

Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).		 Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a). Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).     QC Complete 10/19/2022 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 778212 xxxxxx xxxxxx xxxxxx Refinance Non-QM/Compliant 3 1 Credit Credit xxxxxx Resolved 3 1 * Final Application Incomplete (Lvl R) As per the package the final 1003 loan amount is mismatch with the note and Final CD .However Note and final CD the loan amount is xxxxxx,and 1003 and 1008 xxxxxx.Hence required updated Final 1003 .

09/22/2022 - Received correct 1008 and Final 1003. Hence, exception is resolved.		 09/22/2022 - Received correct 1008 and Final 1003. Hence, exception is resolved. 09/22/2022 - Received correct 1008 and Final 1003. Hence, exception is resolved.     QC Complete 10/19/2022 10/19/2022 10/19/2022 xxxxxx
xxxxxx xxxxxx 775893 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 2 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z.
While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test: FAIL      Charged; 7.149%    Allowed: 6.690%   Over by: +0.459%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.  Resolved: This loan is compliant with regulation 1026.35.      QC Complete 05/22/2023 05/22/2023 05/22/2023 xxxxxx
xxxxxx xxxxxx 775893 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Credit Guidelines xxxxxx Waived 4 2 * Loan does not conform to program guidelines (Lvl W) As per exception form,

Requesting reserves exception, borrower has 5 months reserves.		     Self-employment 6 yrs

DTI is 35.640% 		   QC Complete 05/22/2023     xxxxxx
xxxxxx xxxxxx 775893 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 3 1 * Disclosure - Your Home Loan Toolkit is missing or unexecuted (Lvl R) Home Loan Toolkit is missing in the loan packages, please provide the home loan toolkit

Not Resolved 8/5/2022 : Received CFPB ARM booklet instead of Home Loan Toolkit, issue remains same.

Resolved 8/11/2022 : Received Home Loan Toolkit document and updated, hence conditions cleared.		 Resolved 8/11/2022 : Received Home Loan Toolkit document and updated, hence conditions cleared. Resolved 8/11/2022 : Received Home Loan Toolkit document and updated, hence conditions cleared.     QC Complete 05/22/2023 05/22/2023 05/22/2023 xxxxxx
xxxxxx xxxxxx 778378 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 2 1 Compliance Compliance xxxxxx Resolved 2 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z. While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.
Higher-Priced Mortgage Loan Test Fail : Charged 7.540% Allowed 7.120% Over by +0.420%.

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.
 Resolved: This loan is compliant with regulation 1026.35.
     QC Complete 10/19/2022 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 777650 xxxxxx xxxxxx xxxxxx Cash Out Not Covered/Exempt 2 1 Credit AUS xxxxxx Resolved 2 1 * The property type does not match the Appraisal Report (Lvl R) As per appraisal report property type shows as PUD attached, But Deed of trust has 2 riders which is 1-4 Rider and Prepay Rider. Conditional approval and all other final documents reflecting property type as SFR. A PUD rider is not required per guidelines. A PUD rider is not required per guidelines.     QC Complete 09/08/2022 05/22/2023 05/22/2023 xxxxxx
xxxxxx xxxxxx 778214 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 3 2 Compliance Compliance xxxxxx Resolved 2 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the CA AB 260 higher-priced mortgage loan test as Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in the California Financial Code. While the California Financial Code provisions specify that lenders may lawfully make this type of loan subject to certain disclosure requirements and additional limitations, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.
 CA AB 260 Higher-Priced Mortgage Loan Test FAIL: Charged 7.449% Allowed 6.560% Over by +0.889%

Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).		 Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a). Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).     QC Complete 05/22/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 778214 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 3 2 Credit Assets Insufficient xxxxxx Resolved 3 1 * Assets are not sufficient to close (Lvl R) As per lender guideline 6 months reserve required however we have exception approval for 3 months. 3 months X $6,341.33 = $19,023.99 + Cash from Borrower = $211,544.41. Total Required asset is $2,30,568.4‬0. Verified asset is $198,854.31. Asset is shortage for $2,30,568.4‬0 - $198,854.31 = $31,714.09.

09/21/2022 - Not Resolved - Received document was already present in the package and same was considered during review. Hence, asset is still shortage for $31,714.09.

09/27/2022 - Not Resolved - As per Final CD Cash from Borrower is $211,544.41‬ and as per calculation received Funds to close is -$134,295.91. Please provide Final CD which has Funds to close as -$134,295.91.

10/18/2022 - Calculation received and as per that assets are recalculated which met the requirement. Hence, exception is resolved.		 10/18/2022 - Calculation received and as per that assets are recalculated which met the requirement. Hence, exception is resolved. 10/18/2022 - Calculation received and as per that assets are recalculated which met the requirement. Hence, exception is resolved.     QC Complete 05/22/2023 05/22/2023 05/22/2023 xxxxxx
xxxxxx xxxxxx 778214 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 3 2 Credit Guidelines xxxxxx Waived 2 2 * Loan does not conform to program guidelines (Lvl W) Exception approval form is present in file with exception for short 3 month reserves( exception for reserve <6 month)     Credit Score: 722 (minimum required FICO per guidelines: 700)

Years on Job: 25+ years.
  QC Complete 05/22/2023     xxxxxx
xxxxxx xxxxxx 784244 xxxxxx xxxxxx xxxxxx Refinance Non-QM/Compliant 4 2 Credit Guidelines xxxxxx Waived 3 2 * Assets do not meet guidelines (Lvl W) Per loan file assets are not sufficient to covers the cash to close & reserve requirement, available assets is $0 & Cash from borrower is $35632.10 6 and reserves required $37586.94 (6 months X $6264.49). Hence asset is shortage for $35632.10+$6264.49 =$73219.04  Provide asset to fulfill cash to close and reserve requirement.

02/24/2023 - Received exception approval and Regions bank account #0127 for January 2023. Exception approval submitted only for reserve requirement. Total available asset balance is in the amount of $24,166.56 (Bank #0127) and $28,246.75 (Bank #2548). Both bank account is business bank account and require CPA letter to validate withdrawal of business funds would not adversely impact business and both business account is not one and same.

Waived: Exception approval received for Reserve and no CPA letter for using business funds.		     Credit History: 706 credit score and no 30 date late mortgage payments in the past 24 months.

Low DTI: Lowering interest rate from 13% to 8.875% resulting in a DTI of 24%. (maximum DTI per guidelines: 50%)		   QC Complete 02/06/2023     xxxxxx
xxxxxx xxxxxx 784244 xxxxxx xxxxxx xxxxxx Refinance Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z. While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail : Charged 9.080% Allowed 7.520% Over By +1.560%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.
 Resolved: This loan is compliant with regulation 1026.35.
     QC Complete 02/06/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 784075 xxxxxx xxxxxx xxxxxx Refinance Not Covered/Exempt 2 2 Credit Guidelines xxxxxx Waived 2 2 * Loan does not conform to program guidelines (Lvl W) Guideline Exception(s): 5% LTV Exception from 70% to 75% per CBSA Zip Code and < 12 months rental History.     Credit Score : Great FICO at 769.

Mortgage History: Housing history of 0x30x24.

Excellent Credit History:No credit/Derogatory events (The last late was 1x30 on XXXXXX)

   QC Complete 04/05/2023     xxxxxx
xxxxxx xxxxxx 786195 xxxxxx xxxxxx xxxxxx Cash Out Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * State/Local Predatory APR Test Fail (Lvl R) This loan failed the CA AB 260 higher-priced mortgage loan test, Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in the
California Financial Code. While the California Financial Code provisions specify that lenders may lawfully make this type of loan subject to certain disclosure requirements and additional limitations, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

CA AB 260 Higher-Priced Mortgage Loan Test Fail: Charged 11.164% Allowed 8.330% Overby +2.834%

Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).		 Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a). Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).     QC Complete 03/28/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 786195 xxxxxx xxxxxx xxxxxx Cash Out Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test, Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z.
While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail: Charged 11.164% Allowed 8.330% Overby +2.834%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.
 Resolved: This loan is compliant with regulation 1026.35.
     QC Complete 03/28/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 785329 xxxxxx xxxxxx xxxxxx Cash Out Not Covered/Exempt 3 2 Credit Credit xxxxxx Resolved 3 1 * Required Documentation Missing or Incomplete  (Lvl R) Provide Mortgage statement/supporting document/credit supplement to reflect mortgage account xxxxxx for property "xxxxxx".

Resolved: Received Final CD & Seller CD - XXXXXX		 Resolved: Received Final CD & Seller CD -xxxxxx Resolved: Received Final CD & Seller CD -xxxxxx     QC Complete 03/15/2023 03/16/2023 03/16/2023 xxxxxx
xxxxxx xxxxxx 785329 xxxxxx xxxxxx xxxxxx Cash Out Not Covered/Exempt 3 2 Credit Guidelines xxxxxx Waived 2 2 * Loan does not conform to program guidelines (Lvl W) Exception approval is present in the loan file except with loan amount xxxxxx.     DTI: 13.810%

Residual Income: OVER $50K RESIDUAL INCOME.

Liquid Cash Reserve: $72,835.15 ALL CASH-IN-HAND WILL GO TO CONCURRENT PURCHASE CLOSING OF NEW PRIMARY
HOME (xxxxxx)		   QC Complete 03/15/2023     xxxxxx
xxxxxx xxxxxx 785328 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 1 Valuation Valuation xxxxxx Resolved 3 1 * Automated Appraisal Review Missing (Lvl R) Provide secondary valuation as both CU & LCU risk score is missing & per lender guidelines secondary valuation (CDA) is required; however, it is missing in the loan file.

Resolved: Received UDCP report and CU score is 2.3 hence CDA is not required - XXXXXX		 Resolved: Received UDCP report and CU score is 2.3 hence CDA is not required -xxxxxx Resolved: Received UDCP report and CU score is 2.3 hence CDA is not required -xxxxxx     QC Complete 03/15/2023 03/16/2023 03/16/2023 xxxxxx
xxxxxx xxxxxx 785328 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z.
While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail: Charged 10.621% Allowed 7.740% Overby +2.881%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.
 Resolved: This loan is compliant with regulation 1026.35.
     QC Complete 03/15/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 785238 xxxxxx xxxxxx xxxxxx Cash Out Not Covered/Exempt 2 2 Credit Guidelines xxxxxx Waived 2 2 * Loan does not conform to program guidelines (Lvl W) Exception for first time investor doing a cash out refinance.
Age of credit report for 120 Days.
For properties owned 6 mos or longer, ok to use appraisal Value to qualify.		     Reserves - Reserves of 32+ Months.

Low LTV: 45.956%

VOR - Current VOR History of 0*30 Since XXXXXX.

   QC Complete 03/10/2023     xxxxxx
xxxxxx xxxxxx 785603 xxxxxx xxxxxx xxxxxx Cash Out Not Covered/Exempt 2 2 Credit Guidelines xxxxxx Waived 2 2 * Loan does not conform to program guidelines (Lvl W) Asper the Lender Guidelines if the Subject property is in CBSA or a State ,Max loan amount XXXXXX and 5% LTV reduction ,as per the package the subject property is under the CBSA however exception approval present in the package PAGE#6 (LTV 65% to 70% ,5% exception for CBSA)     Mortgage History :  Per lender guideline credit history acceptable 1X30X12 and in this loan mortgage history is 0X30X48.

Credit Score  - Per lender guideline minimum required FICO is 660 and in this loan FICO is 726.

Credit History : Borrower has 42 year clean credit history.

   QC Complete 03/17/2023     xxxxxx
xxxxxx xxxxxx 786900 xxxxxx xxxxxx xxxxxx Cash Out Not Covered/Exempt 3 1 Credit Credit xxxxxx Resolved 3 1 * Final Application Incomplete (Lvl R) Per final 1003 subject loan is interest only; however, as per note and other closing document showing amortization type is fixed rate.

Received Final 1003 post correction of amortization type - XXXXXX		 Received Final 1003 post correction of amortization type -xxxxxx Received Final 1003 post correction of amortization type -xxxxxx     QC Complete 04/05/2023 04/10/2023 04/10/2023 xxxxxx
xxxxxx xxxxxx 785335 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in
Regulation Z. While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail: Charged 8.282% Allowed 7.740% Overby +0.542%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.
 Resolved: This loan is compliant with regulation 1026.35.
     QC Complete 03/15/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 785335 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * State/Local Predatory APR Test Fail (Lvl R) This loan failed the CA AB 260 higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in the
California Financial Code. While the California Financial Code provisions specify that lenders may lawfully make this type of loan subject to certain disclosure requirements and additional limitations, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

CA AB 260 Higher-Priced Mortgage Loan Test Fail: Charged 8.282% Allowed 7.740% Overby +0.542%

Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).		 Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a). Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).     QC Complete 03/15/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 785956 xxxxxx xxxxxx xxxxxx Cash Out Not Covered/Exempt 3 1 Credit Guidelines xxxxxx Resolved 2 1 * Loan does not conform to program guidelines (Lvl R) Tax returns form 1120S (Transcripts) is missing in the loan file. However, it is required for self employed borrower according to guidelines. Income flows into 1040 Transcripts.

Resolved 04/13/2023: Guidelines do not require transcripts if evidence of filing is in the file which it is in this case.		 Resolved 04/13/2023: Guidelines do not require transcripts if evidence of filing is in the file which it is in this case. Resolved 04/13/2023: Guidelines do not require transcripts if evidence of filing is in the file which it is in this case.     QC Complete 03/28/2023 04/13/2023 04/13/2023 xxxxxx
xxxxxx xxxxxx 785956 xxxxxx xxxxxx xxxxxx Cash Out Not Covered/Exempt 3 1 Credit Credit xxxxxx Resolved 3 1 * Required Documentation Missing or Incomplete  (Lvl R) Per lender guideline minimum 2 years housing history required and in this loan borrower have only 1.5 Years housing history.

Resolved: Received updated Final 1003 - XXXXXX		 Resolved: Received updated Final 1003 -xxxxxx Resolved: Received updated Final 1003 -xxxxxx     QC Complete 03/28/2023 03/29/2023 03/29/2023 xxxxxx
xxxxxx xxxxxx 785736 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test, Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in
Regulation Z. While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail: Charged 9.148% Allowed 7.920% Overby +1.228%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.
 Resolved: This loan is compliant with regulation 1026.35.
     QC Complete 03/10/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 785736 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 1 Credit Doc Issue xxxxxx Resolved 3 1 * Condo / PUD rider Missing (Lvl R) Subject section of the Appraisal reflects the property type as PUD with HOA fees of $385 per year. Appraiser has commented with a revision of Appraisal to reflect the property type as PUD; however, the Project information section has not been filled. Also, if the property type is PUD, require PUD rider along with correction on Security instrument.

Resolved: Received PUD Rider - XXXXXX		 Resolved: Received PUD Rider - xxxxxx Resolved: Received PUD Rider - xxxxxx     QC Complete 03/10/2023 03/20/2023 03/20/2023 xxxxxx
xxxxxx xxxxxx 785872 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Credit Guidelines xxxxxx Waived 2 2 * Loan does not conform to program guidelines (Lvl W) EXCEPTION FOR 5% REDUCTION OF DECLINING MARKET.     Credit Score : 777

Excellent Credit History : Prior mortgage/Rental history 0x30x24

Clean credit/housing history : No derogatory found in last 5 years





  QC Complete 03/20/2023     xxxxxx
xxxxxx xxxxxx 785872 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 3 1 * Disclosure - Your Home Loan Toolkit is missing or unexecuted (Lvl R) Your Home Loan Toolkit is missing in the loan package.

Resolved 03/22/2023: Received Home Loan Toolkit and updated, hence condition cleared.		 Resolved 03/22/2023: Received Home Loan Toolkit and updated, hence condition cleared. Resolved 03/22/2023: Received Home Loan Toolkit and updated, hence condition cleared.     QC Complete 03/20/2023 03/22/2023 03/22/2023 xxxxxx
xxxxxx xxxxxx 785872 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 4 1 * State/Local Predatory APR Test Fail (Lvl R) This loan failed the CA AB 260 higher-priced mortgage loan test.Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in the
California Financial Code.While the California Financial Code provisions specify that lenders may lawfully make this type of loan subject to certain disclosure requirements and additional limitations, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

CA AB 260 Higher-Priced Mortgage Loan Test Fail: Charged 8.739% Allowed 8.330% Overby +0.409%.

Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).		 Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a). Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).     QC Complete 03/20/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 785872 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z.
While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail: Charged 8.739% Allowed 8.330% Overby +0.409%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35. Resolved: This loan is compliant with regulation 1026.35.     QC Complete 03/20/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 786008 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Credit Guidelines xxxxxx Waived 2 2 * Loan does not conform to program guidelines (Lvl W) Exception for 75% LTV W/A Declining Zip code and Forbearance < 1 Year AGO.     Low DTI Ratio: Per lender guideline maximum allowed DTI is 50% and in this loan DTI is 35%

Occupancy: Seasoned primary homeowner.

Reserve: 10+ Months reserve.

Length of Employment: 5+ YEARS BUSINESS OWNER (xxxxxx). 0X30X22 HOUSING HISTORY

Excellent Credit History: Per lender guideline housing history acceptable  1x30x12 and in this loan housing history is 0x30x12

Residual Income: Residual Income is required none and available $9K +


   QC Complete 03/10/2023     xxxxxx
xxxxxx xxxxxx 786008 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z.
While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail: Charged 10.245% Allowed 8.240% Overby +2.005%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35. Resolved: This loan is compliant with regulation 1026.35.     QC Complete 03/10/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 786259 xxxxxx xxxxxx xxxxxx Cash Out Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test, Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z.
While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail: Charged 9.176% Allowed 8.330% Overby +0.846%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.
 Resolved: This loan is compliant with regulation 1026.35.
     QC Complete 04/05/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 786259 xxxxxx xxxxxx xxxxxx Cash Out Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * State/Local Predatory APR Test Fail (Lvl R) This loan failed the CA AB 260 higher-priced mortgage loan test, Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in the
California Financial Code. While the California Financial Code provisions specify that lenders may lawfully make this type of loan subject to certain disclosure requirements and additional limitations, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met

CA AB 260 Higher-Priced Mortgage Loan Test Fail: Charged 9.176% Allowed 8.330% Overby +0.846%

Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).		 Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a). Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).     QC Complete 04/05/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 776026 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 1 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z. While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.
 Higher-Priced Mortgage Loan Test Fail : Charged 7.586%  Allowed 7.080%  Over by +0.506%

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35.  Resolved: This loan is compliant with regulation 1026.35.      QC Complete 05/22/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 786000 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 4 1 * State/Local Predatory APR Test Fail (Lvl R) This loan failed the CA AB 260 higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in the
California Financial Code. While the California Financial Code provisions specify that lenders may lawfully make this type of loan subject to certain disclosure requirements and additional limitations, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

CA AB 260 Higher-Priced Mortgage Loan Test Fail: Charged 10.166% Allowed 5.460% Overby +4.706%.

Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).		 Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a). Resolved: This loan is compliant with regulation CA AB 260, California Financial Code Division 1.9 4995(a).     QC Complete 03/10/2023 05/23/2023 05/23/2023 xxxxxx
xxxxxx xxxxxx 786000 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Credit Doc Issue xxxxxx Waived 3 2 * VOM or VOR missing/required (Lvl W) Provide verification of rent with borrower name and property address (xxxxxx) information as it is missing in the loan file.

Not Resolved: Borrower is staying on rent and per lender guideline VOR is required - XXXXXX

Borrower meets requirements for No housing History.		     Reserves - 61 Months Reserves is available vs 6 months required.

Low DTI: 19% DTI vs 50%.

Residual Income = Strong residual income vs not required. 		   QC Complete 03/10/2023     xxxxxx
xxxxxx xxxxxx 786000 xxxxxx xxxxxx xxxxxx Purchase Non-QM/Compliant 4 2 Compliance Compliance xxxxxx Resolved 4 1 * Higher Price Mortgage Loan (Lvl R) This loan failed the higher-priced mortgage loan test. Using the greater of the disclosed APR and the calculated APR, the loan is a higher-priced mortgage loan, as defined in Regulation Z.
While the higher-priced mortgage loan provisions specify that lenders can legally make this type of loan subject to additional requirements in 12 CFR §1026.35, some lenders and secondary market investors may prefer not to fund or buy higher-priced mortgage loans even if the additional conditions are met.

Higher-Priced Mortgage Loan Test Fail: Charged 10.166% Allowed 5.460% Overby +4.706%.

Resolved: This loan is compliant with regulation 1026.35.		 Resolved: This loan is compliant with regulation 1026.35. Resolved: This loan is compliant with regulation 1026.35.     QC Complete 03/10/2023 05/23/2023 05/23/2023 xxxxxx