EX-99.4 21 e7287ex99-4sch3.htm EXCEPTION REPORT

Exhibit 99.4 - Schedule 3

Client Loan Number Exception ID Loan Status Originator QM/ATR Status TPR QM/ATR Status Finding Group Status Moodys Final Exception Grade Fitch Final Exception Grade SP Final  Exception Grade Kroll Final Exception Grade DBRS Final Exception Grade Category Finding Name Initial Comment Client/Seller Reponse Comments Conclusion Comment Compensating Factors Merged
301133752 95f9ebe3-3070-e911-bdd2-f4e9d4a75ba2 Underwriting Complete QM/Non-HPML QM/Non-HPML Property Cleared A A A A A Property 570 - Review Appraisal Missing A CDA report was not provided in the file.  CU Risk Score is 4.3.   05/10/2019: The AVM report value of $XXXXXXX to appraisal value of $XXXXXXX has variance which is less than maximum tolerance variance threshold of 10%. Confidence factor is within guidelines. AVM report is acceptable. Condition cleared.  
301147129 7938db0e-435d-e911-bdd2-f4e9d4a75ba2 Underwriting Complete QM/Non-HPML QM/Non-HPML Credit Cleared A A A A A Credit Missing Documentation Executed Home Equity Line of Credit (HELOC) closure letter reflecting HELOC was frozen and closed was not provided in the file.    05/01/2019: Missing doc provided4/17/2019:  see attached 05/01/2019: Missing doc provided, condition cleared. 04/18/2019:  The closure letter provided belongs to a different buyer/loan.  Condition remains. Years on Job Borrower has 12 years on job Full Documentation The loan is full documentation 
301154813 08dc8ae5-f67a-e911-bdd2-f4e9d4a75ba2 Underwriting Complete QM/Non-HPML QM/Non-HPML Credit Cleared A A A A A Credit Missing Documentation Executed Home Equity Line of Credit (HELOC) closure letter reflecting HELOC was frozen and closed was not provided in the file. 05/30/2019: See attached 05/30/2019: Audit reviewed executed HELOC Closure Authorization, and has determined that the document requests the closure and lien release of said HELOC account. Condition cleared. FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 732 Reserves are higher than guideline minimum UW Guides require no months reserves, loan qualified with  11.80 months reserves Years in Field Borrower has 18 years in Field
301154813 8674d863-fb7a-e911-bdd2-f4e9d4a75ba2 Underwriting Complete QM/Non-HPML QM/Non-HPML Credit Cleared A A A A A Credit Missing AUS results Missing AUS results.  The Mortgage Information section of the AUS is missing. 05/28/2019: See attached 05/28/2019: Audit reviewed complete copy of the AUS, and has determined that the documentation submitted is deemed acceptable. Condition cleared.  FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 732 Reserves are higher than guideline minimum UW Guides require no months reserves, loan qualified with  11.80 months reserves Years in Field Borrower has 18 years in Field
301158639 aa9f7008-8e7d-e911-bdd2-f4e9d4a75ba2 Underwriting Complete QM/Non-HPML QM/Non-HPML Credit Cleared A A A A A Credit Failure to obtain 3rd party verification of employment • The lender must verify the existence of the borrower's business within 120 calendar days prior to the note date - from a third party, such as a CPA, regulatory agency, or the applicable licensing bureau, if possible; or - by verifying a phone listing and address for the borrower's business using a telephone book, the Internet, or directory assistance. • The lender must document the source of the information obtained and the name and title of the lender's employee who obtained the information.   The item required in the second bullet point was not provided and the business license was not dated.   5/30/19 See attached verification of the UW that verified the VOB and it is dated within 30 days of the note. 06/03/2019:  Received satisfactory verification of business.  Timing requirement met, condition cleared.06/03/2019:  Received verification of business, date verified and name of employee. Title of the lender’s employee not provided.  Condition remains. DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 37.64% FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 715 Years in Field Borrower has 13 years in Field  
301158639 8c42a2ab-537d-e911-bdd2-f4e9d4a75ba2 Underwriting Complete QM/Non-HPML QM/Non-HPML Credit Cleared A A A A A Credit Missing Executed Business Returns Per Appendix Q, Self-employed consumers must provide the following information:  signed, dated individual tax returns, with all applicable tax schedules for the most recent two years;  for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules.  XXXX complete and signed business returns not provided for the borrower's partnership as referenced as LOE from borrower on page 131.    06/13/2019:  Received signed XXXX partnership return and complete XXXX/XXXX partnership returns.  Condition cleared.06/03/2019:  Received executed page 1 for XXXX partnership tax return.  A review of the file found partial pages to XXXX/XXXX partnership returns on pages 50-60, 223-246 and 313-322.  Missing all pages to XXXX/XXXX returns and missing signed XXXX return.  Condition remains. DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 37.64% FICO is higher than guideline minimum UW Guides require FICO of 700, loan qualified with FICO of 715 Years in Field Borrower has 13 years in Field  
301150076 53b98711-a26b-e911-bdd2-f4e9d4a75ba2 Underwriting Complete QM/Non-HPML QM/Non-HPML Credit Cleared B B B B B Credit Missing Documentation Executed Home Equity Line of Credit (HELOC) closure letter reflecting HELOC was frozen and closed was not provided in the file. 05/15/2019: Please see attached credit report showing it's paid and closed. 05/15/2019: Audit reviewed Post Closing credit report, and has determined that said document verifies HELOC account has been paid and closed. Loan will be rate a B.  CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 30.30% Years in Primary Residence Borrower has resided in subject for 10 years
301150076 dbd75cf1-318c-4d1f-a3a3-44c027a8c1d1 Underwriting Complete QM/Non-HPML QM/Non-HPML Compliance Cleared A A A A A Compliance Missing Affiliated Business Disclosure File is missing the Affiliated Business Disclosure.  If the lender is not affiliated with any other businesses, please provide an attestation stating such. 05/06/2019: please see attached attestation letter which was included in original credit upload please rescind the condition 05/08/2019:  Received attestation no affiliates.  Condition cleared.05/06/2019: Audit re-analyzed the loan documents, and has determined that the Affiliated Business Disclosure was NOT located within the file. No download was attached. Finding deemed non-material, loan will be graded a B for all agencies. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 30.30% Years in Primary Residence Borrower has resided in subject for 10 years
301150076 5edd5ccf-f0fb-45b2-a6cc-d7c9aa42b82d Underwriting Complete QM/Non-HPML QM/Non-HPML Compliance Cleared A A A A A Compliance Information required for CD 'Calculating Cash To Close' section not completed, or completed in error The information in the Calculating Cash To Close section of the final Closing Disclosure indicates the Loan Estimate figure for Cash to Close of $XXXXX.  The most recent Loan Estimate dated XX/XX/XXXX indicates an amount of $XXXXX.   Provide re-disclosed CD and letter of explanation. 05/0/2019: please see attached loan estimate, please clear the condition 05/08/2019: Lender provided re-disclosed LE which matched the CD for calculating cash to close and provided verification of receipt of LE 4 days prior to consummation.  Condition cleared. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 30.30% Years in Primary Residence Borrower has resided in subject for 10 years
301150076 845f95d5-a16b-e911-bdd2-f4e9d4a75ba2 Underwriting Complete QM/Non-HPML QM/Non-HPML Property Cleared A A A A A Property 570 - Review Appraisal Missing A CDA Report was not provided in the loan file.  CU Risk Score is 2.7.   05/07/2019: A CDA provided reflecting a value of $XXXXXX which is a 0% variance. Variance within acceptable tolerance.  Condition Cleared. CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 70% DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 30.30% Years in Primary Residence Borrower has resided in subject for 10 years