EX-99.33 34 ex99-33.htm DIGITAL RISK EXCEPTION REPORT

Exhibit 99.33

Loan Number

Loan ID

Finding #

Last Name

Note Date

DD Start Date

DD Delivery Date

Audit Category

Audit Issue

Finding ID

Exception Finding

Remediation Status

Exception Rebuttal

Exception Response

Status Comment

Compensating Factors

Initial Findings Grade

Final Findings Grade

Initial Loan Grade

Final Loan Grade

XXXX

1952283

1 of 5

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1952283

2 of 5

XXXX

XX/XX/XXXX

Credit

Assets - Cash to Close

XXXX

The file did not contain evidence the borrower had the proper amount of funds required to close. Liquid funds are required in the amount of $XXXX with $XXXX verified. File is short $XXXX in verified liquid assets. The retirement account provided can be used towards cash to close but evidence of liquidation is required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Additional account for reserves

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1952283

3 of 5

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

There are additional observations that could impact the credit decision and/or quality of the loan. The mortgage payoff is missing from the loan file. Provide payoff from XXXX for the previous subject property mortgage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Updated payoff attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1952283

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

Guidelines state all insurance policies must contain a standard mortgagee clause with "XXXX, LLC, XXXX” as mortgagee. The master insurance and additional wind and hail policies provided do not have the correct mortgagee clause. Provide updated policies reflecting XXXX as the mortgagee.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Updated XXXX pages with PPF as Loss Payee uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1952283

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1951595

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is inaccurate. The Note and Late Fee Addendum to the Note reflected different grace periods.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Note addendum.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1951595

2 of 3

XXXX

XX/XX/XXXX

Credit

Income - Other

XXXX

The subject purchase of the 2 unit property had 2 leases that existed prior to and after closing in which a Property Manger was employed. A copy of the Property Management Agreement between the Borrower and the Property Manager is required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached Property management agreement

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1951595

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. XXXX supported the appraised value.

Cleared

XXXX

1951594

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1951594

2 of 3

XXXX

XX/XX/XXXX

Credit

Assets - Minimum Reserves

XXXX

Reserves in the amount of $XXXX were required to be covered by the borrower's XXXX 401K account. Withdrawal terms were not provided. Another option to satisfy would be provision of the $XXXX EMD clearance prior to the most recent bank statements.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Guideline response provided.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Documentation uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Finding was not fired due to proof of liquidation but due to there are no terms of withdrawal as would normally be required for use of such funds. Borrower is not of age to withdraw without terms of withdrawal. (Upheld)

Response 2 (XX/XX/XXXX XX:XXPM)
Guidelines amended to not require withdrawal terms to meet reserve requirement. (Resolved)

XXXX

1951594

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. XXXX supported the appraised value.

Cleared

XXXX

1935293

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1935293

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1935293

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA provided and supports original appraised value.

Cleared

XXXX

1937361

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

There is no evidence the Borrower received The Notice of Right to Receive Copy of Appraisal within 3 business days from application. Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.14 Truth In Lending Act (Regulation Z) [HPML] 12 CFR 1026.35(a),(c). Informational only

Acknowledged

XXXX

1937361

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1937361

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937361

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1885337

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885337

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885337

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

The guidelines indicate all members of the entity with XX% or more controlling interest are required to serve as guarantors and provide a full recourse warm body guaranty. Ownership interest of the Borrowing Entity (XXXX) consists of XX% ownership interest to XXXX, held by XXXX (XX/XX%) and XX% ownership interest to XXXX, held XXX% by the Borrowing Guarantor XXXX. The loan file is missing a full recourse guaranty from XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
updated OA

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1885337

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The guidelines indicate the lease agreement for the subject property must be in the name of a member of the Borrowing Entity, the Borrowing Entity, or their verified Property Manager, as Landlord. The lease agreement provided was executed by XXXX, a member of the Borrowing Entity. However, XXXX executed the lease agreement as landlord on behalf of XXXX and not the Borrowing Entity.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Slv

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Update OA

Rebuttal 3 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Referenced documentation not received. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XXXX DSCR.

XXXX

1885337

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1937360

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937360

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937360

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937360

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1873841

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873841

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1873841

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The investor guidelines required a minimum of 3 tradelines, one active tradeline, one tradeline with 24+ month rating and 2 lines for 12 months open or closed. Loans which do not meet thee qualifications may be subject to approval with a X% LTV/LTC reduction. The credit report reflected only 2 tradelines. Maximum LTV based on the borrower's credit score was XX%. Subject closed at XX% LTV without the required X% LTV reduction exceeding the maximum LTV allowable.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please check the attached SLV request and waive this exception on compensating factors.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. $XXXX in reserves.

XXXX

1873841

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1885324

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885324

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885324

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete. The Date at the top of page 13 of the Security Instrument is missing.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Mortgage

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1885324

4 of 5

XXXX

XX/XX/XXXX

Credit

Hazard Insurance deductible over allowed 5% of coverage amount.

XXXX

Deductible over the allowed 5% of coverage amount. Coverage is $XXXX and deductible was $XXXX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached HOI

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
The deductible is still $XXXX. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1885324

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1833346

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Cleared

XXXX

1833346

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1833346

3 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The DSCR of XX is less than the minimum allowed by guidelines.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Minimum DSCR for XXX fico is XXXX Borrower has DSCR of XXX DSCR with 3 years of prepay

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Investor based monthly lease on a post-closing XXXX desk review, which returned a market rent of $XXXX per month and resulted in a XXXX DSCR. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1833346

4 of 6

XXXX

XX/XX/XXXX

Credit

Income - Missing or Incomplete Lease Agreement

XXXX

Investor guidelines require single family residence to be leased at the time of closing for all refinance transactions. The loan file does not contains documentation supporting the subject property is currently leased and the appraisal indicates the property is vacant.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
if the subject property comes out from recent renovations. it is permissible to property to be vacant.(completion of renovations within 90 days of loan’s closing date). we have rehab budget attached that recently completed. This can be waived.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Rehab

Rebuttal 3 (XX/XX/XXXX X:XXPM)
SLV

Response 1 (XX/XX/XXXX X:XXPM)
Vacancy is sufficient with a borrower letter of explanation, which is missing. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
SLV requires Investor exception. If LOE, then borrower signature required. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 4 (XX/XX/XXXX X:XXPM)
New guide provided no longer requires borrower LOE for this scenario. (Resolved)

XXXX

1833346

5 of 6

XXXX

XX/XX/XXXX

Credit

Program Parameters - LTV

XXXX

The LTV does not meet the program eligibility guidelines at XX%.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Maximum LTV for cash out is XX% Borrower has Good fico of XXX and Repeat client. the Loan is structured at XX% LTV .

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Investor based value on a post-closing XXXX desk review, which returned a value of $XXXX and resulted in a XXXX% LTV. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1833346

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

The Loan file did not contain an AVM, CDA, Field Review, 2nd appraisal or CU score at 2.5 or under to support the origination appraised value. XXXX supported a value XXXX% less than the appraised value.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Guidelines allow for the lower of the valuation value to be used for LTV.

Response 1 (XX/XX/XXXX X:XXPM)
Guidelines allow for the lower of the valuation value to be used for LTV. Rating agencies deem that an EV2 rating. (Resolved)

XXXX

1873891

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873891

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873891

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Subject is a cash out refinance. Investor guidelines required subject be leased at the time of closing or a letter of explanation of the vacancy must be provided. Appraisal reflected subject was vacant and no lease or letter of explanation of reason for vacancy was provided as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
Correspondent request to waive based on compensating factors. Needs to be approved by XXXX Client. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

XXXX

1873891

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1873884

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873884

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1873884

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

XXXX

1873884

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1826293

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Cleared

XXXX

1826293

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement is not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Note

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see uploaded

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is not sufficient to cure the finding. The Note has been provided. Please provide the Loan Agreement executed by the Lender for review. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1826293

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Name Discrepancy

XXXX

The Vested Interest on the Security Instrument is inconsistent with Title. There is no evidence in the loan file that the Vested Interest on Title deeded the property to the Borrower.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see uploaded marked up title, you will see deed transfer was satisfied and will reflect on final title policy

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Transferring deed

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is not sufficient to cure the finding. The Title Commitment has already been provided in the original loan file. There has to be a chain of title connecting those who are taking out the new deed with who was on title at the time the transaction took place. XXXX LLC did not have vested interest in the property to be able to be on the new mortgage. A deed transferring ownership from XXXX LLC to XXXX LLC is required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1826293

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The subject loan does not meet Program Parameters. Guidelines state for refinance transactions, single family properties must be leased at the time of closing. Exception can apply if a rationalized LOX is provided. The subject property is vacant per the appraisal and there is no lease in the file. Provide an LOX outlining the reason for the unit's vacancy to meet guideline requirements.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Client reviewed and elects to waive. Noted Compensating factors: 1) XXXX qualifying credit score 2) Experienced Investors 3) XXX month reserves

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XX DSCR. Experienced Investor. XX months of reserves.

XXXX

1826293

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873794

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873794

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1873794

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject loan is a rate/term refinance of a SFR investment property. The appraisal provided reflected the subject was vacant. The lender guidelines required single family properties to be leased at the time of closing. Guidelines noted that exceptions to this policy are permitted assuming rationalized LOX is provided outlining the reason for the unit(s) vacancy. Lease agreement nor a letter of explanation supporting the vacancy of the subject was provided as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
The subject property coming out of recent renovations, please check the attached Rehab budget.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
please see upload

Rebuttal 3 (XX/XX/XXXX X:XXPM)
SLV uploaded

Rebuttal 4 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Still missing LOE from Borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Exception from Originator provided. Exception must be granted by Investor. (Upheld)

Response 4 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

Buyer Comment 1 (XX/XX/XXXX X:XXPM)
Client reviewed and elects to waive. Noted Compensating factors: 1) XXX qualifying credit score 2) Experienced Investor 3) XXX months reserves

XXXX

1873794

4 of 5

XXXX

XX/XX/XXXX

Credit

Hazard Insurance - Missing/Insufficient

XXXX

The lender guidelines required all insurance policies to include some form of Liability Protection/Coverage. The subject's hazard policy did not reflect any liability coverage as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
HOI policy from state farm agency has included liability insurance within the policy by default. This could be waived off.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1873794

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1885351

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885351

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885351

3 of 4

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

FEMA Search completed reflecting a declared disaster after appraisal date. FEMA Declaration declared XX/XX/XXXX for XXXX (XX-XXXX-XX) with an incident period of XX/XX/XXXX - XX/XX/XXXX which is after the original appraisal date of XX/XX/XXXX. Please provide Property Inspection to confirm no damage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
PDI

Response 1 (XX/XX/XXXX X:XXPM)
PDI provided and no damage. (Resolved)

XXXX

1885351

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1885352

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885352

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885352

3 of 4

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
PDI

Response 1 (XX/XX/XXXX X:XXPM)
PDI provided and no damage. (Resolved)

XXXX

1885352

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1873831

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873831

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1873831

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

The loan file is missing a copy of a valid Certificate of Formation (Articles of Organization / Incorporation) for the Borrowing Entity, XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Articles of association is attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1873831

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The guidelines indicate the refinance of a vacant, 1 unit SFR, is permissible with a Letter of Explanation from the Borrower/Guarantor. The loan closed with the subject property unoccupied. The loan file is missing a Letter of Explanation from the Borrower/ Guarantor.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
The Subject property is coming out of recent renovations, please check the attached Rehab Budget. This could be waived.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 3 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 4 (XX/XX/XXXX X:XXAM)
New documentation uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Still missing LOE from borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Exception from Originator provided. Exception must be granted by Investor. (Upheld)

Response 4 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

Buyer Comment 1 (XX/XX/XXXX X:XXPM)
Client reviewed finding and elects to waive. Noted Compensating factors: 1) XXX qualifying credit score 2) Experienced investor

XXXX score. XX DSCR. Experienced Investor.

XXXX

1873831

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1937345

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937345

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937345

3 of 5

XXXX

XX/XX/XXXX

Credit

Credit - OFAC Screening

XXXX

The OFAC in the loan file exceeds the maximum 45 days of the Note, per guidelines. An updated unexpired OFAC is needed to satisfy lender guideline requirement.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
UPDATED OFAC

Response 1 (XX/XX/XXXX X:XXPM)
Updated OFAC provided as required. (Resolved)

XXXX

1937345

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Property Type

XXXX

Subject is a 9 unit property and requires client approval as a Lender Exception.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

Compensating factors: XX% LTV (below max allowed); DSCR of XX, XX months reserves.

XXXX

1937345

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA with XXXX Risk Management which supports the appraised value.

Cleared

XXXX

1873868

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873868

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873868

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. Per guidelines, single family properties must be leased at the time of origination unless a rationalized letter of explanation is provided. The appraisal reflects the subject is vacant and has undergone rehab; however, the loan file is missing the rationalized letter of explanation for no lease being provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

XXXX

1873868

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports value.

Cleared

XXXX

1885333

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885333

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885333

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit Report - Other

XXXX

The background check for borrower 2 indicates a state tax lien for $XXXX with a filing date of XX/XX/XXXX. The loan file does not contain documentation supporting the lien has been paid in full/ satisfied as required per investor guidelines.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Lien is not present on the credit report which supersedes the background in these matters

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Credit report does not override the background check. Proof tax lien was paid is required. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885333

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873856

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873856

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873856

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873856

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains CDAs, dated XX/XX/XXXX which supports the appraised values.

Cleared

XXXX

1873848

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873848

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873848

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873848

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports value.

Cleared

XXXX

1873849

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873849

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873849

3 of 5

XXXX

XX/XX/XXXX

Credit

Liabilities - Mortgage Payment History

XXXX

The credit report indicates a 30 day late payment in X/XXXX. Per the guidelines, a letter of explanation is required for any 30+ mortgage late payments in the last 24 months. The file is missing the required documentation.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1873849

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

Per the guidelines for refinance transactions, properties must be leased at time of closing. If the property is vacant, an exception to the guideline is permitted if a rationalized explanation letter is provided outlining the reason for the unit being vacant. The file is missing the required documentation.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1873849

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873828

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873828

2 of 3

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

FEMA Declaration declared XX/XX/XXXX for XXXX Hurricane XXXXX [DR-4798-XX] with an incident period of XX/XX/XXXX – XX/XX/XXXX which is on the original appraisal date XX/XX/XXXX. Please provide Property Inspection to confirm no damage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
The appraisal was completed after storm.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
PDI

Response 1 (XX/XX/XXXX X:XXPM)
The appraisal was completed on the last day of the storm. Photos reflect branches down and the collapsed fence resting against the property. The appraiser made no comments regarding these items or their affect on the home, and detailed comments are required in light of the storm, unless a inspection is provided. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1873828

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885343

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885343

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885343

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject was a refinance that was vacant and recently renovated. Guidelines allow this scenario if a Letter of Explanation is provided by the borrower, which is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1885343

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The Guaranty Agreement is missing from the file.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Guaranty Agreement

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
The Guaranty Agreement was signed as Member. It must be signed as Individual. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885343

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supported the appraised value.

Cleared

XXXX

1885335

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885335

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Acknowledged

XXXX

1885335

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject was a refinance that was vacant and recently renovated. Guidelines allow this scenario if a Letter of Explanation is provided by the borrower, which is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1885335

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The Guaranty Agreement is missing from the file.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Guaranty Agreement

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Guaranty agreement was signed as Member. It must be signed as Individual. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885335

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supports the appraised value.

Cleared

XXXX

1885332

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885332

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885332

3 of 6

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: Page 15 of the Security Instrument is missing.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
The legal description is page 15, the title company removes our legal description that does have the 15 and replaces it with their own to ensure correct title

Response 1 (XX/XX/XXXX X:XXPM)
The explanation provided is sufficient to cure the finding. (Resolved)

XXXX

1885332

4 of 6

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

The appraisal reflects the owner of record as XXXX. The subject loan originated as a refinance. The current tax records and the title commitment both reflect the owner of record as XXXX, which the subject guarantor is the sole member. The appraisal to be corrected to read the owner of record as XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Corrected Appraisal

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1885332

5 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the borrower's letter of explanation for the subject property vacancy required per guidelines on a vacant one unit property refinance.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines provided.

Response 1 (XX/XX/XXXX X:XXPM)
Correspondent request to waive based on compensating factors. Needs to be approved by XXXX Client. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

XXXX

1885332

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873893

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873893

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873893

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Subject is a no cash out refinance. Investor guidelines required subject be leased at the time of closing or a letter of explanation of the vacancy must be provided. Appraisal reflected subject was vacant and no lease or letter of explanation of reason for vacancy was provided as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1873893

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1873874

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873874

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873874

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873874

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885338

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885338

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885338

3 of 4

XXXX

XX/XX/XXXX

Credit

Program Parameters - LTV

XXXX

The LTV does not meet the program eligibility guidelines. Subject is qualifying as a purchase since it was acquired less than 3 months from the note date. LTV is qualified at lessor of the appraised value ($XXXX) or cost basis ($XXXX). Maximum LTV is XX% and LTV is verified at XX% using the lower cost basis.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please check the attached SLV request and waive this exception in Compensating factors.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885338

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873813

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873813

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873813

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873813

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1885360

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885360

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885360

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

The background check provided for Borrower 1 indicates a judgment of $XXXX XXXX. The loan file does not contain and documentation supporting the judgment has been released/satisfied prior to closing as required per investor guidelines.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Judgement is not present on credit report which supersedes in these areas

Rebuttal 2 (XX/XX/XXXX X:XXPM)
This is a $XXXX judgement from 1999 and doesn't appear on judgements/liens report on credit. Will need waiver

Rebuttal 3 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Credit report does not override the background check. Proof tax lien was paid is required. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885360

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873882

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873882

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 16 of 16 of the loan agreement is not complete.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Lender executed Loan agreement

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1873882

3 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The closing date is missing on page 15 of 16 of the Commercial Loan Agreement.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Note and Loan Agreement

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1873882

4 of 6

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: Page 15 of 16 is missing the consummation date.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Mortgage

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1873882

5 of 6

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873882

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873862

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873862

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873862

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873862

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX that supported the value.

Cleared

XXXX

1885328

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885328

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885328

3 of 6

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

File documentation reflects two different addresses for subject property, XXXX and XXXX. Clarification needs to be provided along with any necessary corrections to documents. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Corrected appraisal

Response 1 (XX/XX/XXXX X:XXPM)
Updated appraisal provided. (Resolved)

XXXX

1885328

4 of 6

XXXX

XX/XX/XXXX

Credit

Borrower - Identification

XXXX

The application reflects borrower's DOB as XX/XX/XXXX. Per file documentation, borrower's DOB is XX/XX/XXXX. Please provide corrected application.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Loan application

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Original application with incorrect birthday was provided in rebuttal. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX DSCR.

XXXX

1885328

5 of 6

XXXX

XX/XX/XXXX

Credit

Liabilities - Mortgage Payment History

XXXX

The VOM indicates two 30 day late payments, dates not identified. Per the guidelines, a letter of explanation is required for any 30+ mortgage late payments made in the last 24 months. The file is missing the required documentation.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
LOX

Response 1 (XX/XX/XXXX X:XXPM)
LOE provided and rent was going into wrong account that was not set up for automatic payments. (Resolved)

XXXX

1885328

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885350

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885350

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1885350

3 of 4

XXXX

XX/XX/XXXX

Credit

Appraisal - Borrower Info

XXXX

The borrower's name on the appraisal does not match other loan file documentation. The subject appraisal reflects the borrower to be "XXXX". According to the note the borrower is "XXXX". The appraisal should have been updated to correct the borrower name.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
All appraisals with entity name

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Attached all Appraisals

Rebuttal 3 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
The borrower is still reflected as XXXX. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
All appraisals reflect the borrower to be XXXX, which is incorrect. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Exception granted by Investor. (Waived)

XXXX score. Experienced Investor. XX DSCR.

XXXX

1885350

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains CDAs, dated XX/XX/XXXX which supports the appraised values.

Cleared

XXXX

1873889

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873889

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873889

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject was a cash-out refinance. The 4 unit property was 75% vacant and recently renovated. This scenario is allowed with a Letter of Explanation from the borrower, which is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1873889

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supports the appraised value.

Cleared

XXXX

1885345

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885345

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885345

3 of 5

XXXX

XX/XX/XXXX

Credit

Assets - Other

XXXX

The subject loan originated as a purchase transaction with a cash to close amount of $XXXX and required reserves of $XXXX totaling $XXXX. The loan file contains asset documentation reflecting sufficient assets to cover the funds to close and reserves, however, the asset is in the name of the other non-purchasing entity member.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Non-Guarantor member is with XX% Ownership is in Borrowing entity, so those funds can be used by Borrowing entity.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
guidelines allow for non-gauranteeing entity members to contribute to liquidity

Rebuttal 3 (XX/XX/XXXX X:XXPM)
On page 40 of the UW support file, the bottom section has "Borrower(s) / Entity Member's name...".

Rebuttal 4 (XX/XX/XXXX X:XXPM)
Investor exception request,

Response 1 (XX/XX/XXXX X:XXM)
The bank account is a personal account of the non-guarantor who is not on the loan. The borrower would need to be on the account with a 100% access letter. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Please provide the guideline that supports the rebuttal. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX DSCR.

XXXX

1885345

4 of 5

XXXX

XX/XX/XXXX

Credit

Contract Addendum - Missing

XXXX

The Sales Contract Addendum for the Seller Credit of $XXXX reflected on the Final HUD-1 is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Addendum

Response 1 (XX/XX/XXXX X:XXPM)
Contract Addendum provided. (Resolved)

XXXX

1885345

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1937348

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937348

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement is missing page 16 of 16.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Loan agreement

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937348

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit Report - Other

XXXX

The borrower is a US Citizen as evidenced by the US issued passport provided in the loan file however the credit report provided indicates no activity or score on any bureaus. Investor guidelines require each guarantor on the transaction to have a tri-merge credit report with at least 2 of the three primary credit bureaus reporting. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Sponsor is technically a U.S. Citizen but has been living overseas and has no recent credit history hence structuring/pricing as FN.

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1937348

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885321

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885321

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885321

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1885321

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supported the appraised value.

Cleared

XXXX

1873827

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873827

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1873827

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines required at least 1 unit to be rented when the property is a 2-unit property, and the transaction is a refinance.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
The subject property is coming out of recent renovations, Please check the attached Rehab budget. this could be waived off.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 3 (XX/XX/XXXX X:XXPM)
SLV uploaded

Rebuttal 4 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Still missing LOE from the borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Exception from Originator received. Exception must be granted by Investor. (Upheld)

Response 4 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

Buyer Comment 1 (XX/XX/XXXX X:XXPM)
Client reviewed and elects to waive. Noted Compensating factors: 1) XXX qualifying credit score 2) XXX months reserves

XXXX

1873827

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1885349

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885349

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement is missing Page 16.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Loan Agreement

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1885349

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit - OFAC Screening

XXXX

The OFAC in the loan file is dated XX/XX/XXXX with the note date of XX/XX/XXXX which exceeds the maximum age of 45 days, per guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Loan agreement

Response 1 (XX/XX/XXXX X:XXPM)
Updated OFAC provided. (Resolved)

XXXX

1885349

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873829

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873829

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Loan Agreement

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1873829

3 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Signature Discrepancy

XXXX

The signature on the Note does not appear to match loan documents. The borrower's signature on page 15 of the loan agreement does not appear to match the signature on the note and mortgage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Loan Agreement, Note and Mortgage

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1873829

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Per guidelines, single family properties must be leased at the time of closing for refinance transactions. An exception is permitted with a rationalized letter of explanation outlining the reason for the property vacancy. The loan file is missing the borrower's letter of explanation for the vacant property.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
subject property is coming out of Recent renovations. please check the attached rehab budget.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 3 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 4 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Still missing LOE from Borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Exception from Originator received. Exception must be granted by Investor. (Upheld)

Response 4 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

Buyer Comment 1 (XX/XX/XXXX X:XXPM)
Client reviewed and elects to waive. Noted Compensating factors: 1) XXXX Qualifying credit score 2) XXX months reserves

XXXX

1873829

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873887

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873887

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873887

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873887

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1885355

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885355

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885355

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1885355

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873878

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873878

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873878

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873878

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885325

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885325

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885325

3 of 4

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PDI

Response 1 (XX/XX/XXXX X:XXPM)
PDI provided and no damage. (Resolved)

XXXX

1885325

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports value.

Cleared

XXXX

1873860

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873860

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873860

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873860

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873880

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873880

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873880

3 of 4

XXXX

XX/XX/XXXX

Credit

Hazard Insurance deductible over allowed 5% of coverage amount.

XXXX

Deductible over the allowed 5% of coverage amount. The evidence of insurance in the loan file reflects a deductible of $XXXX, which is XX% of the coverage of $XXXX and exceeds the maximum of 5% allowed.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Referenced documentation not received. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1873880

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906066

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906066

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1906066

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Subject is a no cash out refinance. Investor guidelines required the subject be leased at the time of closing or a letter of explanation of the vacancy must be provided. Appraisal reflected subject was vacant and no lease or letter of explanation of reason for vacancy was provided as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Rehab and SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906066

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1885341

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885341

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885341

3 of 6

XXXX

XX/XX/XXXX

Credit

Credit - OFAC Screening

XXXX

The loan file does not contain evidence the Borrower(s) passed the OFAC screening process. Lender guidelines require an OFAC check for all guarantors dated within 45 days of the note date. The loan file contained an OFAC check for the borrower; however, the loan file did not contain an OFAC check for the Co-borrower, XXXX, as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
OFAC

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1885341

4 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The subject loan was delivered as a XX% LTV/CLTV cash out refinance of a two-unit investment property. The origination appraisal reflected both of the subject's units were vacant and the loan file did not contain any lease agreements for either unit. Lender guidelines state that no more than one unit can be vacant for a two-unit refinance unless there is a rationalized letter of explanation outlining the reason for the vacancy. The loan file did not contain a letter of explanation as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
LOX uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1885341

5 of 6

XXXX

XX/XX/XXXX

Credit

Liabilities - Derogatory Credit Event

XXXX

The required waiting period and/or re-establishment of credit after a Significant Derogatory Credit Event has not been achieved. Lender guidelines require any prior foreclosures to be seasoned at least 36 months prior to the subject loan closing. The credit report for the borrower, XXXX, reflected a Foreclosure with XXXX in XX/XXXX which did not meet the XX-month seasoning requirement as required.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
LOX

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Approved externally with another counterpart. Foreclosure is from a timeshare dispute which usually requires going delinquent to resolve. Felt okay given co-guarantor credit and XX DSCR

Rebuttal 3 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
LOX explains the vacancy but does not address the derogatory credit event. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
An Investor exception is required. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885341

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supported the appraised value.

Cleared

XXXX

1873867

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873867

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873867

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873867

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1906048

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906048

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906048

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906048

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873866

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873866

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873866

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the borrower's letter of explanation for the subject property vacancy required per guidelines on a vacant one unit property refinance.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV , Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1873866

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885357

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885357

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Acknowledged

XXXX

1885357

3 of 5

XXXX

XX/XX/XXXX

Credit

Liabilities - Mortgage Payment History

XXXX

A complete mortgage payment history for the subject property was not provided. All refinances require a payment history and any 60+ mortgage lates within the preceding 24 months are ineligible or any 30+ mortgage lates in the last 24 months would require an explanation letter. The mortgage being paid off was taken out in XXXX; however, only the most recent 7 months payment history was provided.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please check the attached

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Payment history

Rebuttal 3 (XX/XX/XXXX X:XXPM)
Payments

Rebuttal 4 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Referenced documentation not received. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation provided is not for the subject property. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
Only 7 months was provided in rebuttals. (Upheld)

Response 4 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX% LTV. XX months of reserves.

XXXX

1885357

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

According to guidelines any liens/judgments present must have evidence of release/satisfaction provided prior to the closing or in conjunction with the closing of the loan. The background report reflect a State Tax lien in the amount of $XXXX filed XX/XX/XXXX in the State of XXXX. No documentation was provided to confirm satisfaction or release of this lien.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please check the attached

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1885357

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1873879

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873879

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1873879

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873879

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains CDAs, dated XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX which supports the appraised values.

Cleared

XXXX

1885353

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885353

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885353

3 of 5

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
There is no lien listed on the credit report which supersedes a background report in these matters

Rebuttal 2 (XX/XX/XXXX X:XXPM)
This is within RCN guidelines

Rebuttal 3 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
A recent tax lien can attach to real estate, even if not reflected on the credit report. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Page 22-23 of the guide indicate an open tax lien on a background check will disqualify the borrower. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885353

4 of 5

XXXX

XX/XX/XXXX

Credit

Final Application - Missing

XXXX

The Final application is missing as required by guides.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Loan Application attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1885353

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885327

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885327

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885327

3 of 4

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

FEMA Declaration declared XX/XX/XXXX for XXXX Hurricane XXXX (XX-XXXX-XX) with an incident period of XX/XX/XXXX and continuing which is after the original appraisal date XX/XX/XXXX. Please provide a Property Inspection to confirm no damage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PDI

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1885327

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906042

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906042

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906042

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject loan does not meet Program Parameters. Guidelines state class C multifamily buildings are permitted with pre-approval from XXXX management. The pre-approval is missing from the loan file and the commercial property valuation confirms subject as class C building.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1906042

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Property Type

XXXX

Subject is a 9 unit property and requires client approval as a Lender Exception.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

Compensating factors - Qualifying Credit Score XXXX, LTV XX%, Reserves $XXXX and experienced investor.

XXXX

1906042

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

Value is supported within 10% of original appraisal amount. The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a desktop commercial property valuation dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1885347

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885347

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885347

3 of 4

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PDI

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1885347

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1937355

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937355

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1937355

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937355

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1873890

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873890

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Acknowledged

XXXX

1873890

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

There are additional observations that could impact the credit decision and/or quality of the loan. The guidelines state any 30+ day mortgage lates in the last 24 months shall require an LOX from the customer. Borrower 2 has a 30+ day late reporting on credit for XXXX Bank on XX/XX/XXXX. Provide LOX for the late to meet guideline requirements.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please check the attached LOX

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1873890

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supports the appraised value.

Cleared

XXXX

1873851

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873851

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873851

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873851

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1937354

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937354

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1937354

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937354

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

Cleared

XXXX

1873864

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873864

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873864

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873864

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873885

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873885

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873885

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873885

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885339

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885339

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement is missing (Page 16 of 16).

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please see attached

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1885339

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1885339

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873838

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873838

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873838

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873838

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supported the appraised value.

Cleared

XXXX

1873857

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873857

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873857

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873857

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885344

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885344

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885344

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Name Discrepancy

XXXX

The borrower’s name on the Security Instrument is inconsistent with the Title. Title reflects that current vested interest is in the name of XXXX, however the mortgage list XXXX. A deed transferring ownership interest from XXXX to XXXX is required to confirm ownership interest in the new mortgage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Deed

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1885344

4 of 5

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1885344

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1873869

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873869

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873869

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873869

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1906030

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906030

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1906030

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

Missing required business documentation per guidelines. The valid certificate of formation is missing from the loan file. Provide articles of incorporation or articles of organization.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
AO

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1906030

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1906030

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a desktop commercial property valuation dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873844

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873844

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873844

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873844

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906034

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906034

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906034

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. Theguidelines require that the subject property be occupied by a tenant for allrefinances. The appraisal reflects the subject property is vacant and no leaseor explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Rehab and SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906034

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

Guideline requirement has not been met. The Note reflects a prepayment penalty with terms of 3%, 2%, 1% over the first 3 years. The subject loan is for a Single-Family Residence with a loan amount of $XXXX and is in the state of XXXX. XXXX regulations only permit a prepayment penalty if the loan amount is greater than $XXXX. The prepayment penalty exceeds the XXXX limits.

Void

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This is a XX property

Response 1 (XX/XX/XXXX X:XXPM)
Explanation received is sufficient. (Void)

XXXX

1906034

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885331

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885331

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Acknowledged

XXXX

1885331

3 of 6

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

The subject was a refinance transaction that was vacant and recently renovated. The detailed renovation cost breakdown is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Rehab

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1885331

4 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject was a refinance that was vacant and recently renovated. This scenario is allowed with a Letter of Explanation from the borrower, which is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1885331

5 of 6

XXXX

XX/XX/XXXX

Credit

Occupancy Status

XXXX

The Affidavit of Non-Occupancy is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Non-Occupancy Affidavit

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1885331

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supports the appraised value.

Cleared

XXXX

1873815

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873815

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Acknowledged

XXXX

1873815

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873815

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. Loan file contains CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1885334

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885334

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885334

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: Missing page 15 of 15.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
The legal description is page 15, when we send the file to title they remove our legal description which has a page number and replaces it with theirs to ensure all docs tie out properly

Response 1 (XX/XX/XXXX X:XXPM)
The explanation provided is sufficient to cure the finding. (Resolved)

XXXX

1885334

4 of 5

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

FEMA Declaration declared XX/XX/XXXX for XXXX Tropical Storm XXXX (XX-XXXX-XX) with an incident period of XX/XX/XXXX and continuing, which is after the original appraisal date XX/XX/XXXX. Please provide Property Inspection to confirm no damage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PDI

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1885334

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX that supported the value.

Cleared

XXXX

1873883

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873883

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873883

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873883

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supports the appraised value.

Cleared

XXXX

1873877

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873877

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873877

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873877

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained an Appraisal Review/CDA dated XX/XX/XXXX that supports the value.

Cleared

XXXX

1873817

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873817

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873817

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873817

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supported the appraised value.

Cleared

XXXX

1885358

1 of 7

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885358

2 of 7

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1885358

3 of 7

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

An OFAC check for Guarantor XXXX is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
OFAC

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1885358

4 of 7

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guarantor borrower, XXXX, only has one tradeline open for XX months which does not meet the minimum tradeline requirement.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
XXXX is just a co-guarantor, felt comfortable given other borrower had sufficient credit

Rebuttal 2 (XX/XX/XXXX X:XXPM)
co-guarantor means borrower, but felt comps from other borrower was sufficient

Rebuttal 3 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
XXXX signed the Note, so he is a borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Unable to clear based upon the file setup. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885358

5 of 7

XXXX

XX/XX/XXXX

Credit

Liabilities - Mortgage Payment History

XXXX

A complete mortgage payment history for the subject property was not provided. Payoff statement provided indicates late charges; however, reviewer unable to determine if there were any 60+ within the preceding 24 months which would make the loan ineligible or any 30+mortgage lates in the last 24 months which would require an explanation letter. Additional conditions may apply.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885358

6 of 7

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

According to guidelines the state of XXXX does not allow prepayment penalties on loan amounts less that $XXXX. The subject loan closed with a loan amount of $XXXX and a 3 year prepayment penalty of 3%/2%/1% which is not allowed.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885358

7 of 7

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1873842

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873842

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement is not signed by the lender.

Acknowledged

XXXX

1873842

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873842

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1873888

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873888

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873888

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the borrower's letter of explanation for the subject property vacancy required per guidelines on a vacant one unit property refinance.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1873888

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937358

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937358

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937358

3 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Minimum Reserves

XXXX

The loan file contains $XXXX in allowable assets, but requires $XXXX. The loan file is short $XXXX for required reserves.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
XXXX Business Checking Account #XXXX (XXXX LLC): $XXXX as of XX/XX/XXXX

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Those are different accounts, the XX amount ends in XXXX, the XX account ends in XXXX.

Response 1 (XX/XX/XXXX X:XXAM)
Later printout for same account, dated XX/XX/XXXX, reflects the most current balance of $XXXX. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1937358

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873820

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873820

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873820

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873820

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports value.

Cleared

XXXX

1873845

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873845

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873845

3 of 4

XXXX

XX/XX/XXXX

Credit

Interested Party Contribution - Exceeds

XXXX

Per the guidelines, the maximum seller contribution allowed is 2% of the sales price. The HUD indicates the seller paid contributions in the amount of $XXXX which exceeds the maximum allowed of $XXXX by $XXXX. In addition, borrower’s total closing costs were $XXXX. As a result, the LTV increased from XX% to XX% which exceeds the maximum LTV allowed of XX%.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
As per guidelines, Seller Concessions up to 3% (as of purchase price) are permitted. Kindly waive the exception.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
As per guidelines, Seller Concessions up to 3% (as of purchase price) are permitted which is $XXXX (XXXX*X%). Kindly waive the exception.

Rebuttal 3 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
The loan would have been allowed to proceed with concessions exceeding 2%; however, concessions exceeded the borrower's total costs, which is not allowed. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Concessions exceeded costs, which resulted in an LTV over 80%. Exception must be granted by Investor. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1873845

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906050

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906050

2 of 5

XXXX

XX/XX/XXXX

Compliance

Flood Insurance - Escrow Notice

XXXX

The loan was subject to Flood Insurance and the Notice of Requirement to Escrow Flood Insurance Premiums is missing. Although the Flood Notice was provided in the loan file it could not be determine if it was provided to the Borrower(s) due to missing information and was not signed by the Borrower(s). National Flood Insurance Act (NFIA) & Implementing Regulations 42 USC 4012a(d) // 12 CFR 208.25(e)(2)

Acknowledged

XXXX

1906050

3 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906050

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The loan is qualified as a long term leased property but the lease provided does not meet guidelines for long-term leased properties. The month-to-month lease provided is missing the signed affidavit confirming long term intent. If this is not provided the loan is to be qualified as a short-term leased property and the LTV will exceed the maximum of XX% after the X% reduction.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1906050

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873858

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873858

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873858

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873858

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX that supported the value.

Cleared

XXXX

1873855

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873855

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873855

3 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject transaction was a refinance transaction. The investor guidelines required single family properties to be leased at the time of closing. Guidelines noted that exceptions are always permitted assuming rationalized LOX is provided outlining the reason for the units vacancy. The subject appraisal reflected subject was vacant, lease was not provided and LOX outlining the reason for the vacancy was not provided as required for an exception.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1873855

4 of 6

XXXX

XX/XX/XXXX

Credit

Hazard Insurance - Missing/Insufficient

XXXX

The investor guidelines required 6 months of rent loss coverage. The PITIA was $$XXXX X 6 months = $XXXX in required coverage. HOI policy indicated rent loss coverage of $XXXX.

Void

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PITIA for 6months was $XXXX. Please waive this exception

Response 1 (XX/XX/XXXX X:XXPM)
Explanation received is sufficient. (Void)

XXXX

1873855

5 of 6

XXXX

XX/XX/XXXX

Credit

Hazard Insurance deductible over allowed 5% of coverage amount.

XXXX

Deductible over the allowed 5% of coverage amount. Coverage is $XXXX and deductible was $XXXX or XX%).

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
HOI SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor waiver request.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1873855

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1885323

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885323

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885323

3 of 5

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

The Property Inspection Report dated XX/XX/XXXX indicates multiple health and safety issues, including the following: A Foundation concern exists, there was evidence of water intrusion in the basement along the east, west and south side of the basement foundation walls and floor. It was recommended that a qualified waterproofing contractor evaluate. Secondly, a drainage concern, the ground on the north and west side of the home is sloped towards the foundation. It was recommended that a qualified landscaping contractor slope the ground away from the foundation to prevent water penetration. It was also noted that two gas leaks exist in the supply pipe by the meter and should be repaired by a qualified plumbing contractor. Lastly, the furnace was not functional at time of inspection, it was recommended a qualified HVAC contractor evaluate and make the necessary repairs. The dryer vent is not attached in the laundry room, it was recommend for a qualified contractor to secure.The loan file contains no documentation to support the above items were evaluated by the recommended contracting professionals or remedied.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Invoice was collected confirming that issues were resolved shortly after the inspection report.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Invoices provided confirm gas leaks and faulty furnace were repaired. Remaining issues cited were not addressed. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX months of reserves. XX DSCR.

XXXX

1885323

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The guidelines indicate FTHB require a completion certificate from the Institute of Real Estate Management (IREM) or National Association of Residential Property Managers (NARPM) for courses which cover all of the following topics: property management agreement, ethics and legal issues, maintaining the property, and marketing and leasing. The loan file does contain evidence the Borrower/Guarantor has investor experience or completed the required coursework for FTHB.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please re-read the first bullet point in the 1-4 Family Properties section (just above what was highlighted red in the UW support file). The borrower has 2+ years of property management experience per the PMQ, therefore no finding was required. You can cancel this finding

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
The application reflects 0 properties owned and 0 properties flipped. The credit report reflects 0 mortgages. The business was just formed in XX/XXXX. Please provide evidence of experience. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX months of reserves. XX DSCR.

XXXX

1885323

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1873886

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873886

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1873886

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873886

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906058

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906058

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906058

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906058

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1906044

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906044

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906044

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. Subject property is a vacant refinance and single family properties must be leased at the time of closing. A letter of explanation is required for a guideline exception and this is missing from the loan file to support the vacancy.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Documentation uploaded.

XXXX

1906044

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The subject loan does not meet Program Parameters. Guidelines state additional debt secured by the collateral is not permitted. File contains a VOM and payoff for a private mortgage lien for $XXXX from XXXX LLC that is not paid off on the final HUD-1 provided. File does not contain evidence of loan payoff, provide documentation to support payoff of this lien.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Title found that this loan was unsecured, and a payment of $XXXX was completed. This is payment was on HUD (line 1301) and does not appear as an exception on title. Please cancel.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1906044

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873811

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873811

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873811

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873811

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the value.

Cleared

XXXX

1937359

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937359

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 17 of 17 of the loan agreement is missing the Lender signature and notary information.

Acknowledged

XXXX

1937359

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit Report - Other

XXXX

Per guidelines, any 30+ mortgage late in the last 24 months shall require an LOX from customer. The loan file is missing the LOX for the mortgage late reporting on Borrower 2 credit bureau.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Its Looks one mortgage late payment. Borrower is heavy repeat and experienced customer to XXXX. Could you please waive this exception on compensating factors.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor experience request.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1937359

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1885354

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885354

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1885354

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The appraisal reflects the subject property as being vacant with recent updating. The file does not contain a lease. Guidelines require SFR to be leased at time of closing; however, a letter of explanation from the borrower outlining the reason for the vacancy is required and is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX XX:XXPM)
SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1885354

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906059

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906059

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906059

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906059

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873825

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873825

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873825

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873825

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873875

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873875

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Acknowledged

XXXX

1873875

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The appraisal indicates the subject property is currently vacant. Investor guidelines require a SFR to be leased at time of closing for refinance transactions. The loan file does not contain a LOX providing the reason to the units vacancy.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLv & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1873875

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supports the appraised value.

Cleared

XXXX

1937350

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937350

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937350

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937350

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraisal value.

Cleared

XXXX

1873814

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873814

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873814

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873814

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX that supported the value.

Cleared

XXXX

1873863

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873863

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873863

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873863

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873823

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873823

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873823

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873823

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supported the appraised value.

Cleared

XXXX

1885356

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885356

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885356

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please place in buyer's queue for approval

Rebuttal 3 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Correspondent request to waive based oncompensating factors. Needs to be approved by XX Client. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required for vacant property coming out of rehab. (Resolved)

XXXX

1885356

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873853

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873853

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873853

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

Guidelines require single family properties to be leased at time of closing. The appraisal reflects vacant and a lease not found in the file. In this case, a letter of explanation is required outlining the reason for the vacancy and is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1873853

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873852

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873852

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873852

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required when property vacant after coming out of rehab. (Resolved)

XXXX

1873852

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906052

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906052

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906052

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Name Discrepancy

XXXX

The Vested Interest on the Security Instrument is inconsistent with the Title. The Security Instrument reflects the Entity as a XXXX Limited Liability Company whereas Title reflects a XXXX Limited Liability Company. In addition, the Entity documents provided in the loan file are for the XXXX Limited Liability Company.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Final title was received and confirms that we're covered. Please cancel

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1906052

4 of 5

XXXX

XX/XX/XXXX

Credit

Assets - Large Deposits/Unacceptable

XXXX

Total required funds for the transaction including closing funds and reserves was $XXXX. A one month statement from XXXX XXXX Bank, account ending # XXXX with a balance of $XXXX was provided. The statement reflected a large wire in on XX/XX/XXXX for $XXXX. Per the investor guidelines, large deposits are defined as any deposit representing more than XX% of the monthly average deposit balance which exceeds $XXXX must be sourced. Documentation to support the source of the large wire in was not provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
No LOX was needed, we could see that XXXX sold for $XXXX on XX/XX/XXXX. This property was on background and we were able to verify through land records as well. https://www.zillow.com/XXXX

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1906052

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1873824

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873824

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873824

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject was purchased and renovated. The transaction was cash-out, the renovation break down was provided, and the property was vacant. The property can be vacant with a letter of explanation from the borrower, which was missing.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required with vacant property coming out of rehab. (Resolved)

XXXX

1873824

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supported the appraised value.

Cleared

XXXX

1885346

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885346

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885346

3 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Bank Statements

XXXX

The bank statement used for the assets to close and reserve requirement is in the name of XXXX LLC. The loan file is missing documents to evidence the guarantor has ownership in the business, XXXX LLC.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Language in the guidelines has since been cleaned but, and we understand the confusion here. Non-guarantors are permitted to contribute funds to a project, or provide reserves for it. The bottom of page 43 of the UW Support file has the older language, which we agree causes confusion. "Borrower(s)/__Entity Member's__ name". Any entity member is permitted.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
XXXX members are members of the borrowing entity. This is allowed for XXXX guidelines

Rebuttal 3 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Evidence the non-guarantor is affiliated with both the borrowing Entity and the non-borrowing Entity is required. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Please provide XXXX entity docs to connect XXXX members with the subject Entity members. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1885346

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1885330

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885330

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885330

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

The Certificate of Formation for XXXX LLC is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Articles of organization & entity

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1885330

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The subject is a cash-out refinance. The property is vacant and recently renovated. This scenario is allowed with a Letter of Explanation from the borrower, which is missing from the file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1885330

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA in file supports the appraised value.

Cleared

XXXX

1906051

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906051

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906051

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906051

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1873816

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873816

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873816

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873816

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1885342

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1885342

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1885342

3 of 4

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

FEMA Search completed reflecting a declared disaster after appraisal date. FEMA Declaration declared XX/XX/XXXX for XXXX Hurricane XXXX (XX-XXXX-XX) with an incident period of XX/XX/XXXX and continuing which is after the original appraisal date XX/XX/XXXX. Please provide Property Inspection to confirm no damage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PDI

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1885342

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports value.

Cleared

XXXX

1873892

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1873892

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Acknowledged

XXXX

1873892

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873892

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1906040

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906040

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906040

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required with vacant property coming out of rehab. (Resolved)

XXXX

1906040

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937349

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937349

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1937349

3 of 5

XXXX

XX/XX/XXXX

Credit

Appraisal - Appraisal Missing

XXXX

Missing required appraisal from file. The appraisal for the subject property located at XXXX is missing from the loan file.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1937349

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Property Type

XXXX

The subject loan does not meet Program Parameters for Property Type. The guidelines indicate that raw land is an ineligible property type for a DSCR transaction. The subject property located at XXXX is raw land.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1937349

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

The Loan file did not contain an AVM, CDA, Field Review, 2nd appraisal or CU score at 2.5 or under to support the origination appraised value. The CDA for the subject property located at XXXX is missing from the loan file.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1906065

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906065

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The lender acknowledgment page on the loan agreement is not completed.

Acknowledged

XXXX

1906065

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906065

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906026

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906026

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906026

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX XX:XXPM)
Attached SLV & Rehab documents.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906026

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1906064

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906064

2 of 5

XXXX

XX/XX/XXXX

Compliance

HUD1 - Not Final

XXXX

It could not be determined that the HUD-1 provided in the loan file was the final binding HUD-1. Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024.8, Appendix A

Acknowledged

XXXX

1906064

3 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906064

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The Note reflects a prepayment penalty with terms of 3%, 2%, 1% over the first 3 years. The subject loan is for a Single Family Residence property with a loan amount of $XXXX and is in the state of XXXX. XXXX regulations only permit a maximum of 1% within 5 years of the execution date of the mortgage if the loan amount is greater than $XXXX. The prepayment penalty exceeds the XXXX limits.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please assign to buyer. Was known at time of bid

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Seller agrees with defect. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX DSCR.

XXXX

1906064

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906046

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906046

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906046

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906046

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906036

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906036

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906036

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906036

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1906070

1 of 7

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906070

2 of 7

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The lender acknowledgment page on the loan agreement is not completed.

Acknowledged

XXXX

1906070

3 of 7

XXXX

XX/XX/XXXX

Credit

Assets - Authorization

XXXX

The loan file contains asset documentation for XXXX #XXXX with the listed account holder of XXXX. The loan file is missing documentation supporting the borrower has access to these funds or is the owner of the Entity listed as the owner.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
OA

Response 1 (XX/XX/XXXX X:XXPM)
Document provided. (Resolved)

XXXX

1906070

4 of 7

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject property is vacant per the appraisal and the loan file does not contain documentation supporting the property is currently leased as required per investor guidelines for a refinance transaction for a single family residence.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must ne granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
New guidelines provided. LOE no longer required with vacant property coming out of rehab. (Resolved)

XXXX

1906070

5 of 7

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the Property Management Agreement as required per investor guidelines. The required Property Management Questionnaire is signed by XXXX who is not the borrower.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PMQ

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Property Management Questionnaire is still not signed by the Borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. $XXXX in reserves.

XXXX

1906070

6 of 7

XXXX

XX/XX/XXXX

Credit

Program Parameters - LTV

XXXX

The loan file contains 2 appraisal completed by different appraisers with different companies. Investor guidelines require the lower of the two appraised values to be used to qualify. This increases the LTV from XX% when utilizing the appraised value of $XXXX to XXXX% when using the appraised value of $XXXX. Investor guidelines allow for an LTV up to XX%. The LTV with the lower of the two appraised values exceeds the investor guidelines.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. $XXXX in reserves.

XXXX

1906070

7 of 7

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906049

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906049

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906049

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The Note reflects a prepayment penalty with terms of 5%, 4%, 3%, 2%, 1% over the first 3 years. The subject loan is for a Single Family Residence property with a loan amount of $XXXX and is in the state of XXXX. XXXX regulations only permit a maximum of 1% within 5 years of the execution date of the mortgage if the loan amount is greater than $XXXX. The prepayment penalty exceeds the XXXX limits.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX DSCR.

XXXX

1906049

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906047

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906047

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature and notary information.

Acknowledged

XXXX

1906047

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906047

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906060

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906060

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906060

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906060

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906081

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906081

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The lender acknowledgment page on the loan agreement is not completed.

Acknowledged

XXXX

1906081

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Buyer Comment 1 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906081

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906061

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906061

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906061

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906061

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1906033

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906033

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1906033

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Rehab and SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906033

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The loan file is missing the required Property Manangement Questionnaire.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PMQ

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1906033

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1906055

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906055

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature and notary information on page 17.

Acknowledged

XXXX

1906055

3 of 5

XXXX

XX/XX/XXXX

Credit

Assets - Large Deposits/Acceptable

XXXX

The loan file does not contain documentation supporting the source of the recent large deposit for $XXXX on XX/XX/XXXX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
LOE

Rebuttal 2 (XX/XX/XXXX X:XXPM)
LOE

Rebuttal 3 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
LOE does not address or document the large deposit. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Please document the XXXX HELOC account with confirmation of the large withdrawal. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX qualifying borrower score. XX DSCR. XX DSCR.

XXXX

1906055

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Credit Score

XXXX

The loan file was submitted with 2 warm body guarantors. Investor guidelines require any Guarantor to have a qualifying FICO score over XXX. Guarantor 2 XXXX has a qualifying FOCO of XXX. It should be noted that this Guarantor holds a XX% ownership in the borrowing entity and per investor guidelines would not have be required as a Guarantor but their assets were used for funds to close.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
We felt the additional guarantor provided more strength to the loan file. Please request buyer to waive. XXXX primary compensating factor was the borrower's experience in AL; they have 4 other properties.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor waiver request.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX qualifying borrower score. XX DSCR. XX DSCR.

XXXX

1906055

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906053

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906053

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906053

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906053

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906031

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906031

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature and notary information.

Acknowledged

XXXX

1906031

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: The notary date is missing from the notary section on page 14 of 15.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This is the full scan

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1906031

4 of 5

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906031

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1937325

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937325

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937325

3 of 6

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

The subject appraisal does not reflect a range/vent hood or a refrigerator in the kitchen.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This isn't actually an XXXX requirement. I believe that XXXX might require this, but their guidelines don't apply to DSCR. We see this most often in areas with limited market rents, as the borrower may choose to offer appliances as a separate rental payment, or allow the tenant to bring their own. The security of the loan remains unaffected as a range/vent hood and refrigerator would be considered personal property, and therefore would not affect the appraiser's opinion of value.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1937325

4 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

According to guidelines a single family property must be leased at the time of closing or a satisfactory letter of explanation is required. The loan file does not contain a lease agreement or a letter of explanation as required.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
The UW support file has an older iteration of guidelines. Vacant refinances, assuming recent renovations, are permitted. Please refer to XXXX guidelines. If not, please assign to buyer and request waiver.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Please provide updated guidelines, borrower LOE, or Investor exception. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XXXX DSCR. Experienced Investor.

XXXX

1937325

5 of 6

XXXX

XX/XX/XXXX

Credit

Liabilities - Mortgage Payment History

XXXX

A mortgage payment history reflects 2 30-day late payments in the last 12 months which requires a letter of explanation. The loan file did not contain a letter of explanation as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
LOX

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1937325

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1937356

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937356

2 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937356

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1906037

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906037

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete:The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906037

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The appraisal indicates the subject property is vacant, the loan file contains a lease with a start date of XX/XX/XXXX which is after the closing date of XX/XX/XXXX. Investor guidelines require the subject property top be leased at time of closing for a refinance transaction. The loan file is missing adequate verification or lease and only contains had written receipt with no evidence of deposit to support.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
If a waiver is truly necessary here, then please assign to buyer.

Rebuttal 3 (XX/XX/XXXX X:XXPM)
Investor waiver request.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must be granted by Originator. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Apologies. Exception must be granted by Investor. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XXXX% LTV. $XXXX in reserves.

XXXX

1906037

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906039

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906039

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906039

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. Subject property is a vacant refinance and guidelines state single family properties must be leased at the time of closing. An exception to this is if a rationalized letter of explanation is provided outlining the reason for the vacancy. This is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906039

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1906035

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906035

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906035

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906035

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1937334

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937334

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937334

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937334

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1937324

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937324

2 of 5

XXXX

XX/XX/XXXX

Compliance

HUD1 - Missing (All)

XXXX

There is no evidence of a HUD-1 Settlement Statement provided in the loan file. As a result the following reviews could not be performed: TILA Accuracy, MDIA, Agency Points and Fees, QM Points and Fees, QM DTI Threshold, Federal Threshold, State Threshold, RESPA 2010 review, and final HUD-1 accuracy. Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024.8(a)

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
HUD is second document

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937324

3 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937324

4 of 5

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

There are additional observations that could impact the credit decision and/or quality of the loan. The final HUD-1 is missing from the loan file to verify the loan details.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
HUD is second document

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1937324

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1937322

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937322

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937322

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The appraisal provided indicates the subject property is Class C. Investor guidelines indicate Class C multifamily building are permitted with pre-approval from XXX management. The loan file does not contain an approval.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX DSCR.

XXXX

1937322

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906043

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906043

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906043

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Subject is a limited cash out refinance. Investor guidelines required the subject be leased at the time of closing or a letter of explanation of the vacancy must be provided. Appraisal reflected subject was vacant and no lease or letter of explanation of reason for vacancy was provided as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906043

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906084

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906084

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete:The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906084

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906084

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1906027

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906027

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1906027

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906027

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906067

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906067

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender

Acknowledged

XXXX

1906067

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. Guidelines state for refinance transactions, single family properties must be leased at the time of closing. Exception to this is a rationalized letter of explanation outlining the reason for vacancy. Subject property is a vacant refinance and the letter of explanation is missing to approve vacancy.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Uploaded SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines provided.

XXXX

1906067

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1906054

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906054

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906054

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Investor Exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

Experienced Investor. XXXX DSCR. XX months of reserves.

XXXX

1906054

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937321

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937321

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1937321

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Investor guidelines require a minimum DSCR of XX for multifamily (5+) properties. The DSCR for the subject property is XX when using the Net Cash Flow guidelines indicated in the investor guidelines for 5+ unit properties.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I'm seeing XX DSCR $XXXX Loan Amount XX% Rate 10 YR IO $XX annual XX

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Monthly rental $XXXX / $XXXX = XX DSCR. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1937321

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906073

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906073

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The lender acknowledgment page on the loan agreement is not completed.

Acknowledged

XXXX

1906073

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Subject is a no cash out refinance on a 2 unit property. Investor guidelines required at least on unit in the subject be leased at the time of closing or a letter of explanation of the vacancy must be provided. Appraisal reflected subject was vacant and no lease or letter of explanation of reason for vacancy was provided as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines provided.

XXXX

1906073

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906063

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906063

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature and notary information.

Acknowledged

XXXX

1906063

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906063

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906038

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906038

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906038

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906038

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906029

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906029

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906029

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906029

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1906075

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906075

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906075

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906075

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906088

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906088

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906088

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906088

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906062

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906062

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906062

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906062

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906045

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906045

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete:The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906045

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Subject is a cash out refinance. Investor guidelines required the subject be leased at the time of closing or a letter of explanation of the vacancy must be provided. Appraisal reflected subject was vacant and no lease or letter of explanation of reason for vacancy was provided as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906045

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906032

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906032

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906032

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Missing background check per guidelines for both Guarantors to include litigation, criminal history and judgment/lien search.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Jose's background

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Borrowers are foreign nationals, background cannot be pulled

Response 1 (XX/XX/XXXX X:XXAM)
Documentation not received. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Upon further review by Senior Management both borrowers are foreign nationals and background check does not apply as it cannot be obtained. (Resolved)

XXXX

1906032

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906086

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906086

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete:The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906086

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Rehab and SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines provided.

XXXX

1906086

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1937335

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937335

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1937335

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: Page 9 of the security instrument was missing.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please check attached

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937335

4 of 5

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937335

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1906069

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906069

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906069

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The loan file does not contain the signed Lease agreement for the subject property as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines provided.

XXXX

1906069

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1906083

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906083

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1906083

3 of 5

XXXX

XX/XX/XXXX

Credit

Appraisal - Borrower Info

XXXX

The borrower's name on the appraisal does not match other loan file documentation. The subject appraisal reflects the borrower to be "XXXX LLC". According to the note the borrower is "XXXX, LLC". The appraisal should have been updated to correct the borrower name.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Updated appraisal

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1906083

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Rehab & SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XXXX DSCR. Experienced Investor.

XXXX

1906083

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937362

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937362

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1937362

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937362

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1937352

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937352

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 16 of 16 of the loan agreement is missing the date, lender signature and notary information.

Acknowledged

XXXX

1937352

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937352

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906087

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906087

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906087

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906087

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906028

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906028

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906028

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906028

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906076

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906076

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete:The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906076

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must be granted by Originator. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XXXX DSCR. $XXXX in reserves.

XXXX

1906076

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906041

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906041

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906041

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing required STR Documents

XXXX

Missing required short term rental docs per guidelines. The appraisal and documentation on file support that the subject property is a short term rental through websites such as Air BNB. Documentation to support the monthly operating income for DSCR calculation as well as documentation to support that the property is capable of generating a consistent cash flow over a 12-month period is required.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This was not underwritten as a short term rental and nothing I'm seeing online shows this.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Subject is a 2 unit property located in XXXX. Both units are fully furnished and vacant. The furnishings and appointments are synonymous with those used for AIRBNB rental. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1906041

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - LTV

XXXX

The LTV does not meet the program eligibility guidelines. The subject is a short term rental which requires a X% LTV reduction. Max LTV with reduction is XX% and LTV is verified at XX%.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This was not underwritten as a short term rental and nothing I'm seeing online shows this.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1906041

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1937329

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937329

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937329

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937329

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1906080

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906080

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1906080

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906080

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906082

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906082

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1906082

3 of 4

XXXX

XX/XX/XXXX

Credit

Hazard Insurance deductible over allowed 5% of coverage amount.

XXXX

Deductible over the allowed X% of coverage amount. Coverage is $XXXX and deductible was $XX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXAM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1906082

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1906085

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906085

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The lender signature page of the loan agreement is not completed.

Acknowledged

XXXX

1906085

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. $XXXX in reserves. XX DSCR.

XXXX

1906085

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906078

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906078

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The lender acknowledgment page on the loan agreement is not completed.

Acknowledged

XXXX

1906078

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SLV

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Exception must be granted by Investor. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. $XXXX in reserves.

XXXX

1906078

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906079

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906079

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The lender acknowledgment on the loan agreement is not completed.

Acknowledged

XXXX

1906079

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached SLV & Rehab

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906079

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906072

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906072

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete:The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906072

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Rehab & SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906072

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1937319

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937319

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note are incomplete: Page 16 of 16 of the loan agreement is missing the date, lender signature and notary information.

Acknowledged

XXXX

1937319

3 of 4

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

The appraisal is missing a photo of the kitchen.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. XX months of reserves.

XXXX

1937319

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1906077

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906077

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906077

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The guidelines require that the subject property be occupied by a tenant for all refinances. The appraisal reflects the subject property is vacant and no lease or explanation was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached Rehab & SLV

Rebuttal 2 (XX/XX/XXXX X:XXAM)
New guidelines uploaded.

XXXX

1906077

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906074

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906074

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906074

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The lease agreement provided is in the name of a property management company (XXXX) and a property management agreement is missing from the loan file to verify the property manager for the subject property.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PMQ

Rebuttal 2 (XX/XX/XXXX X:XXPM)
PMA

Response 1 (XX/XX/XXXX X:XXPM)
Still missing property management agreement. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1906074

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The property management questionnaire provided is completed by the borrower. The lease agreement is signed by a property manager and according to guidelines if a professional third-party property manager is being used, the questionnaire shall be completed by the property manager.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PMQ

Rebuttal 2 (XX/XX/XXXX X:XXPM)
PMA

Rebuttal 3 (XX/XX/XXXX X:XXAM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Still missing property management agreement signed by the property manager. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Still missing Questionnaire. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced Investor.

XXXX

1906074

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1937318

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937318

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 11 of the Loan Agreement was missing.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937318

3 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Loan Agreement uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937318

4 of 5

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937318

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906071

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906071

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by Lender.

Acknowledged

XXXX

1906071

3 of 4

XXXX

XX/XX/XXXX

Credit

Contract Addendum - Missing

XXXX

The Sales Contract Addendum is missing. The final HUD-1 provided lists a seller credit for $XXXX. Provide the fully executed addendum to verify the seller credit.

Resolved

Rebuttal 1 (XX/XX/XXXX XX:XXPM)
XXXX has no addendum. Only $XXXX concession. Validated ~XXXX in liquidity vs. ~XXXX needed. DSCR ~XXXX. Great FICO (XXX)

Response 1 (XX/XX/XXXX X:XXPM)
All title fees are on the buyer's side. The $XXXX can be used as a title adjustment. (Resolved)

XXXX

1906071

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1937341

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937341

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender

Acknowledged

XXXX

1937341

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937341

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937351

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937351

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 16 of 16 of the loan agreement is missing the lender signature and notary information.

Acknowledged

XXXX

1937351

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937351

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937323

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937323

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937323

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. Guidelines state single family properties on refinance transactions must be leased at the time of closing unless a rationalized letter of explanation outlining the reason for vacancy is provided. This is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This is a refinance out of XXXX RTL deal.

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated guide no longer requires borrower LOE for this scenario. (Resolved)

XXXX

1937323

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1906068

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1906068

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1906068

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The appraisal provided indicates all 4 units are currently vacant. Investor guidelines allow for no more than one vacant unit at origination on a 4 unit refinance transaction.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This is a refinance from recent renovations. The sponsor was adding value with the intention to increase market rent.

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE is required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated guide no longer requires borrower LOE for this scenario. (Resolved)

XXXX

1906068

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937339

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937339

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 13 of 16 of the Loan Agreement is illegible.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please check attached

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937339

3 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937339

4 of 5

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937339

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937331

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937331

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1937331

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the borrower's letter of explanation for the vacancy of the subject property, required per guidelines on a refinance of an unleased one unit property.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Recently rehabbed loan with budget in file. Validated ~XXXX liquidity vs. ~XXXX needed. Great FICO XXX

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE provided. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX DSCR.

XXXX

1937331

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937338

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937338

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937338

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937338

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937326

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937326

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937326

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1937333

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature and notary information.

Acknowledged

XXXX

1937333

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Per guidelines for a refinance transaction the subject property must be leased at time of closing, or a satisfactory letter explaining the reason property is vacant. The appraisal indicates property as vacant, no lease agreement or letter of explanation was provided.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Recently rehabbed (XXXX budget in file). Great liquidity validated ~XXXX vs. ~XXXX needed. Solid FICO XXX with no late payments

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1937333

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1937337

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature and notary information.

Acknowledged

XXXX

1937337

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Recently rehabbed (XXXX budget in file). Great liquidity ~XXXX vs. ~XXXX needed. Solid DSCR ~XXXX.

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated guide no longer requires borrower LOE for this scenario. (Resolved)

XXXX

1937337

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1937353

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937353

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1937353

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Inaccurate

XXXX

The security instrument was not completed accurately. The loan amount and maturity date reflected on the security instrument did not match the loan amount and maturity date reflected on the note.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Its Looks both reflects same. Please check the attached.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937353

4 of 5

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937353

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1937347

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937347

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937347

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937347

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937320

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937320

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937320

3 of 5

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

The photograph provided in the appraisal does not reflect that the range/vent hood or refrigerator are installed in either unit.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Landlords are not obligated to provide appliances in OH

Response 1 (XX/XX/XXXX X:XXPM)
Explanation received is sufficient. (Resolved)

XXXX

1937320

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

According to guidelines the subject property must be leased at the time of closing. The appraisal reflects both units as vacant and no lease agreement was provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Recently renovated (~XXXX rehab budget in file).

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated guide no longer requires borrower LOE for this scenario. (Resolved)

XXXX

1937320

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1937332

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937332

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note are incomplete: Page 16 of 16 of the loan agreement is missing the date, lender signature and notary information.

Acknowledged

XXXX

1937332

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The subject property is vacant per the appraisal in both units and the loan file does not include documentation suggesting otherwise. Investor guidelines require no more than 1 unit be vacant in a 2 unit property for a refinance transaction. The loan file does not contain a letter of explanation stating the reason for the vacancy.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Recent rehab (~$XXXX budget in file). Terrific liquidity validated ~XXXX vs. ~XXXX minimum needed. Great FICO XXX with no late payments. Awesome DSCR ~XXXX

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated guide no longer requires borrower LOE for this scenario. (Resolved)

XXXX

1937332

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937343

1 of 7

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937343

2 of 7

XXXX

XX/XX/XXXX

Compliance

Note - Address Discrepancy

XXXX

The property address on the Note and Loan Agreement is inconsistent with the Appraisal and Title provided in the loan file. The Note and Loan Agreement did not included "Street" or the abbreviation in the property address.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Parcel numbers match across the documents, please waive

Response 1 (XX/XX/XXXX X:XXAM)
The explanation provided is sufficient to cure the finding. (Resolved)

XXXX

1937343

3 of 7

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937343

4 of 7

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Property Address Discrepancy

XXXX

The property address on the Security Instrument is inconsistent with the Appraisal and Title. The Security Instrument did not include "Street" or the abbreviation in the property address.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Parcel numbers match across the documents, please waive

Response 1 (XX/XX/XXXX X:XXAM)
The explanation provided is sufficient to cure the finding. (Resolved)

XXXX

1937343

5 of 7

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the borrower's letter of explanation for the subject property vacancy required per guidelines on a refinance of a vacant one unit property.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Recently renovated (~XXXX budget in file). Great liquidity validated ~XXXX vs. ~XXXX minimum required. Nice FICO XXX with no late payments. Heavy repeat XXX client.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Attached Rehab & SLV

Response 1 (XX/XX/XXXX X:XXAM)
Explanation letter is still required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated guidelines provided. LOE is no longer required for vacant property coming out of rehab. (Resolved)

XXXX

1937343

6 of 7

XXXX

XX/XX/XXXX

Credit

Hazard Insurance - Missing/Insufficient

XXXX

The subject property hazard policy is missing the liability coverage required per guidelines.

Void

Rebuttal 1 (XX/XX/XXXX X:XXPM)
HOI policy - XXXX Agent has included liability within the coverage by default. No additional documentation or wording is required. This could be waived off.

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Void)

XXXX

1937343

7 of 7

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937340

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937340

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937340

3 of 5

XXXX

XX/XX/XXXX

Credit

Borrower - Identification

XXXX

The loan file is missing the borrower's personal identification required per guidelines.

Waived

Rebuttal 1 (XX/XX/XXXX X:XX)
attached ID!

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Investor exception request.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation not received. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XXX DSCR. Experienced Investor.

XXXX

1937340

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the borrower's letter of explanation for the vacancy of the subject property, required per guidelines on a refinance of a one unit property.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Recently renovated (~XXX budget in file). Terrific DSCR of ~XXXX from market rent. Solid liquidity validated~XXXX vs. ~XXXX needed. Heavy repeat XXXX client (30+ closed)

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated guide no longer requires borrower LOE for this scenario. (Resolved)

XXXX

1937340

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937328

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937328

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 16 of 16 of the loan agreement is missing the date, lender signature and the notary information.

Acknowledged

XXXX

1937328

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937328

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1937330

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937330

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 16 of 16 of the loan agreement is missing the date, lender signature and notary information.

Acknowledged

XXXX

1937330

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937330

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937342

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937342

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937342

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the borrower's letter of explanation for the vacancy of the subject property, required per guidelines on a refinance of a one unit property.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Recently renovated (~XXXX budget in file). Repeat XXXX client (3+). Great DSCR based on market rents ~XXXX. Terrific liquidity validated ~XXXX vs. ~XXXX needed. Nice FICO XXX with no late payments

Response 1 (XX/XX/XXXX X:XXPM)
Borrower LOE required. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated guide no longer requires a borrower LOE for this scenario. (Resolved)

XXXX

1937342

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937346

1 of 6

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937346

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1937346

3 of 6

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: Page 13 of the security instrument was missing.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please check attached

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1937346

4 of 6

XXXX

XX/XX/XXXX

Credit

Assets - Bank Statements

XXXX

The loan file requires $XXXX in verified assets. The loan file contains $XXXX in acceptable funds with 1 page of a bank statement from XXXX #XXXX and #XXXX. If all pages were accounted for and acceptable the loan file would have sufficient reserves. Investor guidelines require all pages to be provided.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This is an investing account. This summarizes the IRA value. We took XX% of the total value of the ~XXXX. This should suffice.

Response 1 (XX/XX/XXXX X:XXPM)
Explanation received is sufficient. (Resolved)

XXXX

1937346

5 of 6

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

The borrower has a Federal tax lien dated XX/XX/XXXX for $XXXX on their background check. The loan file does not contain documentation supporting the lien has been paid in full as required per investor guidelines.

Upheld

Rebuttal 1 (XX/XX/XXXX X:XXPM)
The credit report doesn't illustrate that.

Response 1 (XX/XX/XXXX X:XXPM)
The Federal Tax Lien is verified on the background check and has not expired. (Upheld)

XXXX

1937346

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1937336

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1937336

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1937336

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1937336

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1820362

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note incomplete: Prepayment Addendum

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
prepayment atestation

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1820362

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The final application indicates borrower's citizenship as Permanent Resident Alien. The UW Approval indicates to provide PRA card which is not reflected in the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
borrower permanent resident card attached

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1820362

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a Desk Review from XXXX, LLC, dated XX/XX/XXXX, thast supports the appraised value.

Cleared

XXXX

1923755

1 of 4

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1923755

2 of 4

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

FEMA Search completed reflecting a declared disaster after appraisal date. FEMA incident XXXX Hurricane XXXX (XX-XXXX-XX) has an incident date of XX/XX/XXXX which is after the appraisal date of XX/XX/XXXX. Provide property inspection to confirm no damage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
DAIR

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1923755

3 of 4

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The loan file contains a lender exception for a foreign national borrower closing in personal name. Guidelines state foreign national borrowers must close in the name of the entity. Determined non-material based on compensating factors (waived).

Waived

Compensating factors: reserves of $XXXX, LTV of XX% which is below max of XX%, XX+ years at same primary address.

XXXX

1923755

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1900207

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan modification was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
mod

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1900207

2 of 4

XXXX

XX/XX/XXXX

Credit

Appraisal - Appraisal Missing

XXXX

The loan file is missing the appraisal completed at origination. Appraisal in the loan file is dated XX/XX/XXXX with a Note date of XX/XX/XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
appraisal

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1900207

3 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Other

XXXX

The loan file is missing assets from the original construction loan.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
original loan assets

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1900207

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a XXXX dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1923754

1 of 5

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1923754

2 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Missing background check per guidelines. The loan file is missing the required entity background search for XXXX, LLC to include liens and judgment search.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Entity Background Search

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1923754

3 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The subject loan does not meet Program Parameters for borrower exposure. The loan file contains a lender exception to allow the loan to proceed with exposure to a single borrower exceeding $XXXX in current unpaid principal balance (UPB) or fifteen (15) properties. Request to allow 23rd file to close with XXXX. (Waived).

Waived

Compensating Factors: strong investor portfolio with good repayment history. FICO XXXX. XX months reserves.

XXXX

1923754

4 of 5

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The subject loan does not meet Program Parameters for payment history. The loan file contains a lender exception to proceed with borrower living Rent Free in the primary residence in lieu of a VOR or VOM. Compensating factors deem this as non-material. (Waived).

Waived

Compensating Factors: strong investor portfolio with good repayment history. FICO XXXX. XX months reserves.

XXXX

1923754

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1923752

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1923752

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file requires for a cash out refinance a maximum cas out of $XXXX with a Fico score of XXX-XXX and LTV Greater than XX%. The exception request of cash out amount of $XXXX. is approved by management. Compensating factors deem this as non-material. (Waived).

Waived

Compensating Factors: DSCR XX, Fico Score XXXX, fifteen years at primary residence and mortgage rating XXXX.

XXXX

1923752

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1923751

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1923751

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1923751

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1923749

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is inaccurate. The loan file contained two executed Prepayment Addendums with different terms listed.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
PPP

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1923749

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Lender exception was provided that states 12 payment proof required-with VOR. Exception request states lender allowed documentation provided by the borrower (VOR and receipts); however, exception is invalid because no documentation from the borrower was provided in the loan file.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
exception was granted to accept the following docs for VOR.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received. Waiver granted by Investor. (Waived)

Compensating Factors: Borrower has three (3) other investments purchased XXXX, on time payment on the credit report, Fico score XXXX, reserves $XXXX, DSCR XXXX%.

XXXX

1923749

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1923748

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not signed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
loan agreement

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1923748

2 of 3

XXXX

XX/XX/XXXX

Credit

Mortgage History - Missing/Incomplete

XXXX

Lender exception granted for borrower not owning a primary or investment property for the required 12 months. Deemed non-material based on compensating factors. (Waived)

Waived

Compensating factors - FICO of XXXX and XXX months of reserves.

XXXX

1923748

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1944842

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1944842

2 of 3

XXXX

XX/XX/XXXX

Credit

Appraisal - Borrower Info

XXXX

The borrower's name on the appraisal does not match other loan file documentation. The appraisal reflects the borrower to be XXXX and XXXX; however, the note reflects the borrower to be XXXX, LLC signed by XXXX, sole member and manager.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Updated appraisal attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944842

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1923747

1 of 4

XXXX

XX/XX/XXXX

Compliance

HUD1 - Not Final

XXXX

It could not be determined that the HUD-1 provided in the loan file was the FINAL binding HUD-1. Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024.8, Appendix A

Acknowledged

XXXX

1923747

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1923747

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1923747

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA from XXXX, LLC dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1923794

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1923794

2 of 5

XXXX

XX/XX/XXXX

Compliance

HMDA - Government Monitoring

XXXX

The Government Monitoring Section on the application was not completed. Home Mortgage Disclosure Act (Regulation C) 12 CFR 1003.4(b) Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.13

Acknowledged

XXXX

1923794

3 of 5

XXXX

XX/XX/XXXX

Credit

Assets - Minimum Reserves

XXXX

The loan file requires 6 months reserves totaling $XXXX the loan file contains $XXXX in asset documentation and is short $XXXX. The loan file is also missing documentation supporting the borrower has access to the funds in the account provided in the name of an entity that is not a borrower.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Assets attached.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
All assets attached including breakdown.

Response 1 (XX/XX/XXXX X:XXPM)
Only a XX/XX/XXXX statement was provided for XXXX CU personal account #XXXX. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1923794

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The background check provided includes a Felony for Conspiracy to distribute more than 5 kilograms of cocaine which is listed as a felony. Per the arrest record it is considered as trafficking cocaine. Investor guidelines indicate the following criminal convictions against the Borrower regardless of age or level of change conviction on will make the loan ineligible unless directly approved by XXXX: trafficking's regardless of type).

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
The federal indictment was dismissed by DA, see attached.

Response 1 (XX/XX/XXXX X:XX)
Documentation received is sufficient. (Resolved)

XXXX

1923794

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1923745

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1923745

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1923745

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX, which supports value.

Cleared

XXXX

1930417

1 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Trust Missing

XXXX

Title to the Property is held in Trust, but the Trust Document is missing. Unable to determine if signatures on Note are accurate.

Void

Rebuttal 1 (XX/XX/XXXX X:XXPM)
see attached corrected Note.

Response 1 (XX/XX/XXXX X:XXAM)
Finding voided.

XXXX

1930417

2 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Trust Missing

XXXX

Title to the Property is held in a Trust, but the Trust Document is missing. Unable to determine if signatures on the Security Instrument are accurate.

Void

Rebuttal 1 (XX/XX/XXXX X:XXPM)
see attached Mortgage.

Response 1 (XX/XX/XXXX X:XXAM)
Finding voided.

XXXX

1930417

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

Missing required business documentation per guidelines. The file is missing the Loan Agreement, Personal Guaranty, and Resolution for XXXX LLC as required by guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Documentation uploaded.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
see attached.

Rebuttal 3 (XX/XX/XXXX X:XXPM)
see attached Loan Agreement.

Response 1 (XX/XX/XXXX X:XXAM)
Still missing Loan Agreement and Personal Guarantee signed by XXXX. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Guaranty Agreement received. A direction has not been given on the Loan Agreement. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1930417

4 of 5

XXXX

XX/XX/XXXX

Credit

Mortgage History - Missing/Incomplete

XXXX

The mortgage history in the loan file was incomplete or missing. Guidelines require a current mortgage history for mortgages on the subject and primary residence. Current means the borrower has made all mortgage payments due in the month prior to the Note date. The mortgage with XXXX Bank on the primary residence is reporting on the credit report through XX/XX/XXXX. The loan closed XX/XX/XXXX; therefore, the XXXX and XXXX XXXX payments are required to be verified.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Documentation uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1930417

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873515

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1873515

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873515

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1928796

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928796

2 of 3

XXXX

XX/XX/XXXX

Credit

Appraisal - Missing required 1004 D

XXXX

Missing required 1004 to validate value or required repairs. The appraisal in the loan file dated XX/XX/XXXX was made subject to repairs; however, the completion report is not present in the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928796

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1891933

1 of 4

XXXX

XX/XX/XXXX

Compliance

HMDA - Government Monitoring

XXXX

The Government Monitoring Section on the application was not fully completed. Home Mortgage Disclosure Act (Regulation C) 12 CFR 1003.4(b) Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.13

Acknowledged

XXXX

1891933

2 of 4

XXXX

XX/XX/XXXX

Credit

Borrower - Ineligible borrower

XXXX

Does not meet eligible borrower requirements per guidelines. Individual borrowers are not permitted in XX for the subject transaction.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Discussed with XXXX Rep - Unable to determine the cause of "ineligible" condition. Investor to speak to details if it cannot be cleared

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

Buyer Comment 1 (XX/XX/XXXX X:XXPM)
Client has reviewed finding and elects to waive. Noted Compensating Factors: 1) Requirement is Lender specific. Client does not have same restriction. 2) $XXXX verified reserves. 3) Experienced borrower.

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1891933

3 of 4

XXXX

XX/XX/XXXX

Credit

Income - Rental Property/Missing Lease

XXXX

The subject property is a 2 unit property with 2 separate leases for each unit. The lease for Apartment A of the subject reflects a landlord that is not the borrower or a co-owner of the subject. The background indicates this landlord is a family member. The leases are required to reflect the landlord as an owner/borrower.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Corrected lease attached

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Lease provided.

Response 1 (XX/XX/XXXX X:XXPM)
Corrected lease referenced in rebuttal was not received. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Correct lease provided as required. (Resolved)

XXXX

1891933

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports value.

Cleared

XXXX

1880062

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1880062

2 of 3

XXXX

XX/XX/XXXX

Credit

Program Parameters - Cash-Out Amount

XXXX

Subject transaction is a limited cash-out refinance. Per the guidelines, the maximum cash-out allowed is $XXXX. Borrower's received cash back in the amount of $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Product does not differentiate between cash-out and limited cash out – refinance encumbers all.

Response 1 (XX/XX/XXXX X:XXPM)
Loan attributes qualify for cash-out. (Resolved)

XXXX

1880062

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1880060

1 of 3

XXXX

XX/XX/XXXX

Compliance

HMDA - Government Monitoring

XXXX

The Government Monitoring Section on the application was missing. Home Mortgage Disclosure Act (Regulation C) 12 CFR 1003.4(b) Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.13

Acknowledged

XXXX

1880060

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1880060

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score is 1.

Cleared

XXXX

1891960

1 of 3

XXXX

XX/XX/XXXX

Compliance

Flood Insurance - Escrow Notice

XXXX

The loan was subject to Flood Insurance and the Notice of Requirement to Escrow Flood Insurance Premiums is missing. National Flood Insurance Act (NFIA) & Implementing Regulations 42 USC 4012a(d) // 12 CFR 208.25(e)(2)

Acknowledged

XXXX

1891960

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1891960

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1873507

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1873507

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873507

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873509

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1873509

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873509

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1953777

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1953777

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 17.

Acknowledged

XXXX

1953777

3 of 4

XXXX

XX/XX/XXXX

Credit

Credit Missing - One or More Reports Missing

XXXX

Not all required credit reports are within the file. The loan file did not contain a credit report for the borrower/guarantor Israel Colon as required. Additional conditions may apply upon receipt and review.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1953777

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 2.1.

Cleared

XXXX

1880061

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1880061

2 of 4

XXXX

XX/XX/XXXX

Compliance

Flood Insurance - Escrow Notice

XXXX

The loan was subject to Flood Insurance and the Notice of Requirement to Escrow Flood Insurance Premiums is missing. The flood notice provided in the loan file did not contain the Borrower's name(s) or evidence of receipt by the Borrower(s). National Flood Insurance Act (NFIA) & Implementing Regulations 42 USC 4012a(d) // 12 CFR 208.25(e)(2)

Acknowledged

XXXX

1880061

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1880061

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.2.

Cleared

XXXX

1891955

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891955

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing an unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891955

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1891961

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

The Notice of Right to Receive Copy of Appraisal, issued on XX/XX/XXXX was not disclosed within 3 days of the application date, XX/XX/XXXX. Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.14 Truth In Lending Act (Regulation Z) [HPML] 12 CFR 1026.35(a),(c) Informational Only

Acknowledged

XXXX

1891961

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing an unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891961

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1891957

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891957

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing the unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891957

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1891956

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891956

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing the unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891956

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1891966

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891966

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing the unexpired permanent resident card front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891966

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1891962

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891962

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing the unexpired permanent resident card front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891962

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1891958

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891958

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

Residency Alien Documentation. The loan file is missing an unexpired green card for XXXX as required per investor guidelines

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891958

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1891959

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891959

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

Residency Alien Documentation. The loan file is missing an unexpired green card for XXXX as required per investor guidelines

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891959

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.2.

Cleared

XXXX

1891965

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891965

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

Residency Alien Documentation. The loan file is missing anunexpired green card for XXXX as required per investor guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891965

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 2.4.

Cleared

XXXX

1891953

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891953

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

Residency Alien Documentation. The loan file is missing an unexpired green card for XXXX as required per investor guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891953

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1891952

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891952

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing an unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891952

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1880052

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1880052

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1880052

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

The Loan file did not contain an AVM, CDA, Field Review, 2nd appraisal or CU score at 2.5 or under to support the origination appraised value.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1880054

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1880054

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1880054

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

The Loan file did not contain an AVM, CDA, Field Review, 2nd appraisal or CU score at 2.5 or under to support the origination appraised value.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
CDA attached.

Response 1 (XX/XX/XXXX X:XXPM)
CDA provided and supports original appraised value. (Resolved)

XXXX

1891948

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891948

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing an unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891948

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1891943

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891943

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing an unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891943

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1891951

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891951

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing an unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891951

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU dated XX/XX/XXXX with a score of 1 was provided and supported the appraised value.

Cleared

XXXX

1891947

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891947

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing an unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891947

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1891950

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891950

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The borrower/qualifying guarantor indicates Permanent Resident Alien status, however, the loan file is missing an unexpired permanent resident card, front/back.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891950

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1891939

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891939

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The loan file is missing an unexpired green card for XXXX as required per investor guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891939

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1891938

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891938

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

Residency Alien Documentation. The loan file is missing an unexpired green card for XXXX as required per investor guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891938

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1891949

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891949

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

Residency Alien Documentation. The loan file is missing an unexpired green card for XXXX as required per investor guidelines

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891949

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1873511

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1873511

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873511

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score is 1.2.

Cleared

XXXX

1923796

1 of 4

XXXX

XX/XX/XXXX

Compliance

Flood Insurance - Escrow Notice

XXXX

Acknowledged

XXXX

1923796

2 of 4

XXXX

XX/XX/XXXX

Credit

Borrower - Identification

XXXX

The required state issued ID for guarantor # 3, (XXXX) was not provided as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1923796

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The require track record report covering investment properties purchased or sold within the most recent 3 years for all guarantors was not provide as required.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Final Approval attached showing no experience.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please advise on latest status. Thank you.

Response 1 (XX/XX/XXXX X:XXAM)
Evidence of sufficient experience track record for XXXX was not provided. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

Buyer Comment 1 (XX/XX/XXXX X:XXAM)
Client has reviewed and elects to waive. Noted Compensating factors: 1) XXX qualifying credit score 2) XX months reserves

XXXX score. Experienced Investor. XX% LTV.

XXXX

1923796

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1923746

1 of 4

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1923746

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Subject loan is a cash out refinance. The file contains a Borrower Certification of Business Purpose indicating cash out proceeds will be used for a new home construction and flipping houses. A new home construction would not be an acceptable business purpose.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I only see it saying for construction and flipping houses (which can mean remodeling or updating homes as well since you need contractor for that) I don't see it saying new home construction.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
cert

Response 1 (XX/XX/XXXX X:XXPM)
The certification of business purpose on page 633 reflects: "New home construction and house flipping". If it is changed to "Investor new home construction and house flipping" it will be sufficient. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1923746

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Lender exception provided to allow listing on a cash out refinance not canceled 90 days prior to the Note date. Deemed non-material based on compensating factors (waived).

Waived

Compensating factors: XXXX FICO, excess reserves

XXXX

1923746

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1928795

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928795

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928795

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1923744

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Lender did not execute the Loan Agreement.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1923744

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1923744

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1873512

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1873512

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873512

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score is 1.4.

Cleared

XXXX

1906250

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1906250

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing a Background Check and clear OFAC for XXXX (manager) of the borrowing entity, who is being considered a Non-Owner Key Principle per investor guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1906250

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1891941

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

There is no evidence the Borrower received The Notice of Right to Receive Copy of Appraisal within 3 business days from application due to the following: There was no application date. Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.14 Truth In Lending Act (Regulation Z) [HPML] 12 CFR 1026.35(a),(c). Informational Only

Acknowledged

XXXX

1891941

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1891941

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1880057

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1880057

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1880057

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA, dated XX/XX/XXXX, supported the appraised value.

Cleared

XXXX

1930419

1 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Trust Missing

XXXX

Title to the Property is held in Trust, but the Trust Document is missing. Unable to determine if signatures on Note are accurate.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
there is no trust- can you advise.- it was removed from the UW condition.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
see corrected docs uploaded

Response 1 (XX/XX/XXXX X:XXAM)
The Operating agreement and Resolution have been provided to clear the UW conditions. However, the Trust documents have not been provided. The borrower signed as a trustee and the Mortgage also included a Revocable Trust Rider confirming the borrower closed in a trust. Please provide the Trust documents for review. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930419

2 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Trust Missing

XXXX

Title to the Property is held in a Trust, but the Trust Document is missing. Unable to determine if signatures on the Security Instrument are accurate.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
there is no trust- can you advise.- it was removed from the UW condition.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
corrected mortgage uploaded.

XXXX

1930419

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

Missing required business documentation per guidelines. The file is missing the Loan Agreement, Personal Guaranty, and Resolution for XXXX LLC as required by guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Still missing loan agreement and personal guarantee signed by XXXX. (Upheld)

Rebuttal 2 (XX/XX/XXXX X:XXPM)
hello, please advise why a loan agreement is required- not noted on the Note submitted.

Rebuttal 3 (XX/XX/XXXX X:XXAM)
hello, see attached PG- LA to follow, we were advised that it is required per management.

Rebuttal 4 (XX/XX/XXXX X:XXAM)
see attached loan agreement

Response 1 (XX/XX/XXXX X:XXAM)
Still missing loan agreement and personal guarantee signed by XXXX. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Still missing Personal Guaranty. Also, waiting to hear from Investor regarding Loan Agreement according to last correspondence received. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
Guaranty Agreement received. Still missing Loan Agreement. (Upheld)

Response 4 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1930419

4 of 5

XXXX

XX/XX/XXXX

Credit

Mortgage History - Missing/Incomplete

XXXX

The mortgage history in the loan file was incomplete or missing. Guidelines require a current mortgage history for mortgages on the subject and primary residence. Current means the borrower has made all mortgage payments due in the month prior to the Note date. The mortgage with XXX on the primary residence is reporting on the credit report through XX/XX/XXXX. The loan closed XX/XX/XXXX; therefore, the XXXX and XXXX payments are required to be verified

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Documentation uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1930419

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1906249

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1906249

2 of 4

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

The origination appraisal was completed for XXXX. The file did not contain an appraisal transfer letter and AIR compliance certification from the transferring lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1906249

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The require track record report covering investment properties purchased or sold within the most recent 3 years for all borrowers/guarantors was not provide as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Loan Approval showing no experience.

Response 1 (XX/XX/XXXX X:XXAM)
Borrower has owned the subject rental for more than 12 months. (Resolved)

XXXX

1906249

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1891942

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

The Notice of Right to Receive Copy of Appraisal, issued on XX/XX/XXXX was not disclosed within 3 days of the application date, XX/XX/XXXX . Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.14 Truth In Lending Act (Regulation Z) [HPML] 12 CFR 1026.35(a),(c) Informational Only

Acknowledged

XXXX

1891942

2 of 4

XXXX

XX/XX/XXXX

Credit

Credit Report - Adverse Credit

XXXX

The background check indicates an open judgment for $XXXX for XXXX School District (considering as local government). The loan file does not contain documentation supporting it's resolution as required per investor guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891942

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The I-XXXX provided does not include the date issues. The background check provided indicates several criminal offenses within the last couple years. Unable to determine if the offenses occurred before or after the most recent card was issues and as such unable to verify if the clearance letter from the XXXX would be required. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
This condition would be considered valid for a temporary residency status (work authorization) or for a true foreign national without permanent residency status. No indication in the file that status has been revoked and based on first issuance of XXXX been renewed. No additional information is available at this time.

Response 1 (XX/XX/XXXX X:XXPM)
Resident card was valid at origination and not expired. Criminal offenses were not infractions that would result in deportation. (Resolved)

XXXX

1891942

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1891937

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1891937

2 of 4

XXXX

XX/XX/XXXX

Credit

Credit Report - Adverse Credit

XXXX

The background check indicates an open judgment for $XXXX for XXXX School District (considering as local government).The loan file does not contain documentation supporting it's resolution as required per investor guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Receipt attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1891937

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The I-XXX provided does not include the date issues. The background check provided indicates several criminal offenses within the last couple years. Unable to determine if the offenses occurred before or after the most recent card was issues and as such unable to verify if the clearance letter from the XXXX would be required. Additional conditions may apply.

Resolved

Response 1 (XX/XX/XXXX X:XXPM)
Resident card was current at origination and not expired. Infractions were not the type that would result in deportation. (Resolved)

XXXX

1891937

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1906245

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1906245

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906245

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

The Loan file did not contain an AVM, CDA, Field Review, 2nd appraisal or CU score at 2.5 or under to support the origination appraised value. The loan file did not contain a valuation supporting document.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1891936

1 of 3

XXXX

XX/XX/XXXX

Compliance

Flood Insurance - Escrow Notice

XXXX

Acknowledged

XXXX

1891936

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1891936

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944841

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1944841

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944841

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

The AVM did not support the value within a 10% variance, confident score was below XX, or there was no hit. The loan file contained a CDA that was a -XX% below Appraisal value therefore did not support. No other valuation product was provided. CDA reflects $XXXX value and no variance but appraisal reflects value of $XXXX and was the value used for subject loan. Seems CDA was submitted incorrectly.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
CDA correction attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1953778

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953778

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1953778

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 2.5.

Cleared

XXXX

1906244

1 of 4

XXXX

XX/XX/XXXX

Compliance

Flood Insurance - Escrow Notice

XXXX

Acknowledged

XXXX

1906244

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. An exception was made for 1X30 day late in XX/XX/XXXX. The credit report reflects a 1X30 for a mortgage on another property in XX/XX/XXXX. Per guides, loans are ineligible if a 30 day late within the last 12 months are present in the credit report. The loan would not be eligible until XX/XX/XXXX. Client to approve lender exception based on compensating factors.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Exception was granted at time of origination but delivered to wrong investor. Comp factors for exception were age of event, high fico, and borrower experience.

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

Buyer Comment 1 (XX/XX/XXXX X:XXAM)
Client reviewed finding and elects to waive. Noted Compensating factors: 1) Isolated late. Borrower has XX mtg accounts dating back to XXXX. All paid as agreed. 2) No consumer installment or revolving lates on credit report 2) Experience Investor

Compensating factors: FICO XXX, reserves of $XXXX or XX months, DSCR XX.

XXXX

1906244

3 of 4

XXXX

XX/XX/XXXX

Credit

Final Application - Missing

XXXX

The Final application is missing as required by guides. The loan file does not contain a loan application.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1906244

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports value.

Cleared

XXXX

1928797

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928797

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928797

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score 1.0

Cleared

XXXX

1891935

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1891935

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1891935

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1928755

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928755

2 of 3

XXXX

XX/XX/XXXX

Credit

Assets - Bank Statements

XXXX

The loan file is missing the XXXX monthly statement for the XXXX #XXXX CK account. Investor guidelines require 2 current consecutive months bank statements and the loan file currently contains on 1 month for this account.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Lender request to waive and allow only one month statement.

Response 1 (XX/XX/XXXX X:XXAM)
Still missing the XXXX monthly statement for the XXXX #XXXX XX account. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Client request to waive based on compensating factors. (Waived)

XXXX

1928755

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1953775

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953775

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Guidelines require a complete background check on both the borrower/guarantor and the borrowing entity and criminal, liens and judgment searches. The loan file is missing an unexpired criminal, liens and judgment searches on the borrower/guarantor and missing the complete background search on the entity, XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached are both backgrounds. Please note, if there's no hits on certain searches, they will be listed on the last page.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1953775

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 2.5.

Cleared

XXXX

1928754

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928754

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928754

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1891931

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1891931

2 of 4

XXXX

XX/XX/XXXX

Compliance

HMDA - Government Monitoring

XXXX

The Government Monitoring Section on the application was not found in loan file. Home Mortgage Disclosure Act (Regulation C) 12 CFR 1003.4(b) Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.13

Acknowledged

XXXX

1891931

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1891931

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU dated XX/XX/XXXX with a score of 1 was provided and supported the appraised value.

Cleared

XXXX

1953776

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953776

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1953776

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

The Loan file did not contain an AVM, CDA, Field Review, 2nd appraisal or CU score at 2.5 or under to support the origination appraised value.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928753

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928753

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928753

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1906243

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1906243

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906243

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1906242

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1906242

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

The loan file is missing the current operating agreement for the borrowing entity with ownership percentages as required per investor guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1906242

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1928794

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928794

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928794

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1928793

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928793

2 of 3

XXXX

XX/XX/XXXX

Credit

Borrower - Identification

XXXX

The guidelines require that all guarantors supply a copy of state or government issued ID or passport. The loan file was missing the identification for the primary borrower/guarantor XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928793

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1928791

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928791

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928791

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1928792

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928792

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928792

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score 1.7.

Cleared

XXXX

1906241

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1906241

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1906241

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score is 1.

Cleared

XXXX

1928790

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928790

2 of 3

XXXX

XX/XX/XXXX

Credit

Program Parameters - LTV

XXXX

The subject loan LTV of XX% exceeds program guidelines of XX% when the DSCR is below XX. Audit used market survey to determine DSCR instead of lease which is higher. To use lease amount investor guidelines require 3 month proof of rents received the loan file contains proof of payment for XXXX and XXXX plus the security deposit.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Attached, find our final loan approval showing DSCR of XXXX. Please provide your calculation if not approved. Used actual rent of $XXXX which is within 125% of the market rent - 3 months' rent payments provided.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928790

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.4.

Cleared

XXXX

1928788

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928788

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928788

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1923795

1 of 3

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Name Discrepancy

XXXX

The borrower(s)' name(s) on the Security Instrument is inconsistent with the Title. Title reflects that current vested interest is in the names of XXXX and XXXX, however the mortgage lists XXXX LLC. A deed transferring ownership interest from XXXX and XXXX to XXXX LLC is required to confirm ownership interest in the new mortgage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1923795

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1923795

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is not supported within 10% of original appraisal amount

XXXX

The Loan file did not contain an AVM, CDA, Field Review, 2nd appraisal or CU score at 2.5 or under to support the origination appraised value.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1928789

1 of 3

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Name Discrepancy

XXXX

The vested interest on the Security Instrument is inconsistent with title. The borrower's vesting listed on the Security Instrument is not the same vesting reflected on current title. The loan file did not contain a deed to reflect the change in vested interest.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Deed attached.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928789

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928789

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score of 1.0.

Cleared

XXXX

1928787

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928787

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928787

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1928786

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928786

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928786

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1953774

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1953774

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the borrower's liens and judgment searches, required per guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see background uploaded with the initial package. If there were no hits, it would show on the last page.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation not received. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Upon further review, no hit searches were in the file. (Resolved)

XXXX

1953774

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1953759

1 of 6

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953759

2 of 6

XXXX

XX/XX/XXXX

Credit

Borrower - SS# incorrect

XXXX

The loan file does not contain evidence of a complete social security number for the co-borrower XXXX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see page 7 of Final Loan Approval. Theron is a non qualifying guarantor.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Client has elected to waive.

Response 1 (XX/XX/XXXX X:XXPM)
XXXX signed the Note. He is a borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1953759

3 of 6

XXXX

XX/XX/XXXX

Credit

Credit Missing - One or More Reports Missing

XXXX

Not all required credit reports are within the file. The credit report for the co-borrower XXXX is missing from the loan file.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see page 7 of Final Loan Approval. Theron is a non qualifying guarantor.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Client has elected to waive.

Response 1 (XX/XX/XXXX X:XXPM)
XXXX signed the Note. He is a borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1953759

4 of 6

XXXX

XX/XX/XXXX

Credit

Final Application - Missing

XXXX

The Final application is missing as required by guides for the co-borrower XXXX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see page 7 of Final Loan Approval. Theron is a non qualifying guarantor.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Client has elected to waive.

Response 1 (XX/XX/XXXX X:XXPM)
XXXX signed the Note. He is a borrower. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XX months of reserves.

XXXX

1953759

5 of 6

XXXX

XX/XX/XXXX

Credit

Income - Rental Property/Missing Lease

XXXX

The rental income was not properly documented. The lease agreement for the unit located at XXXX is expired as of XX/XX/XXXX and is specifically marked to expire on that date and not extend to month-to-month.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Additional evidence of rents received after lease expiration attached.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1953759

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a field review, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1928784

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928784

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928784

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1928785

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928785

2 of 4

XXXX

XX/XX/XXXX

Compliance

Flood Insurance - Escrow Notice

XXXX

Acknowledged

XXXX

1928785

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928785

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1928783

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928783

2 of 5

XXXX

XX/XX/XXXX

Compliance

Flood Insurance - Escrow Notice

XXXX

Acknowledged

XXXX

1928783

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

Missing required business documentation per guidelines. Provide operating agreement for XXXX LLC to verify borrower's ownership in the subject property.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928783

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. Subject property is leased per the appraisal. Provide lease to support the DSCR calculation.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Lease and OA attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928783

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1928782

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928782

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928782

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1928780

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928780

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928780

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1928781

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928781

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Missing background check per guidelines. The background report for the entity is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Entity is new so there is no background. Search results attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928781

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1928779

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928779

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928779

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1928778

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Page 21 of the Loan Agreement was not initialed by the Borrower.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Page with initials is attached.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928778

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928778

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score 1.2.

Cleared

XXXX

1928776

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928776

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The borrower is a Permanent resident alien with criminal activity after the date of the latest green card. The borrower's green card was issued XX/XX/XXXX and has the following relevant criminal offenses since: Code enforcement violation and penalties residential rental license XX/XX/XXXX and failure to secure a cert. of occupancy- inspection XX/XX/XXXX and XX/XX/XXXX. Per investor guidelines any criminal activity since the issue date of their Green Card will require a clearance letter from the XXXX.

Void

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Per our Underwriter: We did not consider this as criminal activity but rather code enforcement (failure to shovel sidewalk within 24 hours).

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Void)

XXXX

1928776

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1928777

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928777

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The borrower is a Permanent resident alien with criminal activity after the date of the latest green card. The borrower’s green card was issued XX/XX/XXXX and has the following relevant criminal offenses since: Code enforcement violation and penalties residential rental license XX/XX/XXXX and failure to secure a cert. of occupancy- inspection XX/XX/XXXX and XX/XX/XXXX. Per investor guidelines any criminal activity since the issue date of their Green Card will require a clearance letter from the XXXX.

Void

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Per our Underwriter: We did not consider this as criminal activity but rather code enforcement (failure to shovel sidewalk within 24 hours).

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Void)

XXXX

1928777

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1928775

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928775

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Void

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Per our Underwriter: We did not consider this as criminal activity but rather code enforcement (failure to shovel sidewalk within 24 hours).

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1928775

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1928774

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928774

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The borrower is a Permanent resident alien with criminalactivity after the date of the latest green card. The borrower’s greencard was issued XX/XX/XXXX and has the following relevant criminal offenses since: Code enforcement violation and penalties residential rental license XX/XX/XXXX and failure to secure a cert. of occupancy- inspection XX/XX/XXXX and XX/XX/XXXX. Per investor guidelines any criminal activity since the issue date of their Green Card will require a clearance letter from the XXXX.

Void

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Per our Underwriter: We did not consider this as criminal activity but rather code enforcement (failure to shovel sidewalk within 24 hours).

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Void)

XXXX

1928774

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1928770

1 of 6

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: The Occupancy Affidavit and Business Purpose Cert provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928770

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928770

3 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Missing

XXXX

The Note is missing. The Note provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928770

4 of 6

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Missing

XXXX

The Security Instrument (Mortgage/Deed of Trust) is missing. The Security Instrument provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928770

5 of 6

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

There are additional observations that could impact the credit decision and/or quality of the loan. Subject property fully executed note is missing from the loan file, provide the note to verify the loan terms. The note provided is not for the subject property.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficiently. (Resolved)

XXXX

1928770

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score is 1.

Cleared

XXXX

1928771

1 of 6

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: The Occupancy Affidavit and Business Purpose Cert provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928771

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928771

3 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Missing

XXXX

The Note is missing. The Note provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928771

4 of 6

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Missing

XXXX

The Security Instrument (Mortgage/Deed of Trust) is missing. The Security Instrument provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928771

5 of 6

XXXX

XX/XX/XXXX

Credit

Note - Inaccurate

XXXX

Major issues were detected with the note. The note provided was not for the subject property, provide a fully executed note for the subject property to verify loan terms.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928771

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score is 1.

Cleared

XXXX

1944840

1 of 6

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: The Occupancy Affidavit and Business Purpose Cert provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944840

2 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944840

3 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Missing

XXXX

The Note is missing. The Note is missing. The Note provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Signed Note attached.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is not sufficient to cure the finding. The Note for the property located at XXXX has been provided; however, the document has not been executed by the borrower. Please provide a fully executed Note. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944840

4 of 6

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Missing

XXXX

The Security Instrument (Mortgage/Deed of Trust) is missing. The Security Instrument provided in the loan file was for XXXX not XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944840

5 of 6

XXXX

XX/XX/XXXX

Credit

Note - Inaccurate

XXXX

Major issues were detected with the note. The note provided was not for the subject property, provide a fully executed note for the subject property to verify loan terms.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
I apologize, the closing documents got mixed up into our system. Attached are the corrected docs for this loan/property.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944840

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score is 1.

Cleared

XXXX

1928773

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1928773

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928773

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.3.

Cleared

XXXX

1928766

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928766

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928766

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score 1.3.

Cleared

XXXX

1928767

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

The Notice of Right to Receive Copy of Appraisal, issued on XX/XX/XXXX was not disclosed within 3 days of the application date,XX/XX/XXXX. Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.14 Truth In Lending Act (Regulation Z) [HPML] 12 CFR 1026.35(a),(c) Informational Only.

Acknowledged

XXXX

1928767

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928767

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score 1.

Cleared

XXXX

1953773

1 of 3

XXXX

XX/XX/XXXX

Compliance

HMDA - Government Monitoring

XXXX

The Government Monitoring Section on the application was not completed. Home Mortgage Disclosure Act (Regulation C) 12 CFR 1003.4(b) Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.13

Acknowledged

XXXX

1953773

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Guidelines require a background check along with Criminal, Liens and Judgment searches on the borrower. The loan file is missing the borrower's Criminal search.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please note that hits are in the table of contents. If there are no hits, they are in the last page of the background that was in the package.

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1953773

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1928768

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928768

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928768

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1953772

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1953772

2 of 3

XXXX

XX/XX/XXXX

Credit

Credit Missing - One or More Reports Missing

XXXX

The loan file is missing the credit report on the borrower/guarantor. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1953772

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1928769

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

The Notice of Right to Receive Copy of Appraisal, issued on was not disclosed within 3 days of the application date, XX/XX/XXXX. Equal Credit Opportunity Act (Regulation B) 12 CFR 1002.14 Truth In Lending Act (Regulation Z) [HPML] 12 CFR 1026.35(a),(c) Informational Only

Acknowledged

XXXX

1928769

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928769

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU Score 1.

Cleared

XXXX

1953771

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953771

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1953771

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 2.

Cleared

XXXX

1953770

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953770

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the borrower's Criminal, Liens and Judgment searches required per the guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please note that hits are in the table of contents. If there are no hits, they are in the last page of the background that was in the package.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1953770

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1928764

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928764

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1928764

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1953769

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1953769

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the borrower/guarantor's Criminal, Liens and Judgment searches required per guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please note that hits are in the table of contents. If there are no hits, they are in the last page of the background that was in the package.

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1953769

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1953768

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953768

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Guidelines require a complete background check which includes Criminal, Liens and Judgment searches on the borrower/guarantors. The loan file is missing the Liens and Judgment searches on both of the borrower/guarantors.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please note that hits are in the table of contents. If there are no hits, they are in the last page of the background that was in the package.

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1953768

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1953767

1 of 3

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1953767

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Guidelines require a complete background check which includes Criminal, Liens and Judgment searches on the borrower/guarantor. The loan file is missing the borrower/guarantor's Liens and Judgment search.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please note that hits are in the table of contents. If there are no hits, they are in the last page of the background that was in the package.

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1953767

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1953766

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953766

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1953766

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1953765

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953765

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1953765

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1953764

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953764

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1953764

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1953763

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953763

2 of 3

XXXX

XX/XX/XXXX

Credit

Credit - OFAC Screening

XXXX

The loan file is missing the OFAC screening on the guarantor and the non-qualifying guarantor required per guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1953763

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.

Cleared

XXXX

1953762

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953762

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Guidelines require a complete background check which includes a Criminal, Liens and Judgment searches on the guarantor. The loan file is missing the Criminal search on the guarantor.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please note that hits are in the table of contents. If there are no hits, they are in the last page.

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1953762

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Resolved

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1928765

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1928765

2 of 4

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Name Discrepancy

XXXX

The Mortgage was executed by an entity, but the entity documents are missing for XXXX LLC. Unable to determine if signatures on mortgage are accurate.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Operating Agreement attached. Please advise if anything else is missing. Thank you,

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1928765

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

Missing required business documentation per guidelines. The current operating agreement for the entity is required per guidelines and is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Operating Agreement attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1928765

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CU score is 1.3.

Cleared

XXXX

1953761

1 of 5

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Late

XXXX

Acknowledged

XXXX

1953761

2 of 5

XXXX

XX/XX/XXXX

Credit

Assets - Other

XXXX

The loan file is missing all of the borrower's asset documentation used to support sufficient funds for closing and reserve requirements totaling $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1953761

3 of 5

XXXX

XX/XX/XXXX

Credit

Borrower - Identification

XXXX

Per guidelines, qualifying guarantors require identification. The loan file is missing a copy of the borrower/guarantor's state or government issued ID or passport..

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1953761

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Guidelines require a complete background check which includes liens and judgment searches. The loan file is missing the borrower/guarantor's liens and judgment searches.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1953761

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The CU score is 1.0.

Cleared

XXXX

1953760

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1953760

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1953760

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939613

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939613

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939613

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1911903

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1911903

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1911903

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1925339

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925339

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow the borrower, a foreign national, to meet tradeline requirements with a bank account and utility bill. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors XX mos reserves, low LTV

XXXX

1925339

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1873754

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1873754

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1873754

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1901738

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1901738

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Lender Exception provided to proceed without obtaining cancelled rent checks for the borrower's primary residence due to borrower paying cash. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: LTV XX%, DSCR greater than X

XXXX

1901738

3 of 4

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Disaster report

Rebuttal 2 (XX/XX/XXXX X:XXPM)
1004D

Rebuttal 3 (XX/XX/XXXX X:XXPM)
Updated 1004D provided.

Response 1 (XX/XX/XXXX X:XXAM)
Roof damage in the form of missing shingles was documented. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Updated 1004D provided and roof shingles have been replaced. (Resolved)

XXXX

1901738

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA provided and supports original appraised value.

Cleared

XXXX

1925324

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Acknowledged

XXXX

1925324

2 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Cash to Close

XXXX

The total funds to close and reserves required are $XXXX while total verified funds in file are $XXXX resulting in a shortfall of $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Documentation uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1925324

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for a transferred appraisal completed by a non-approved XXX. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXXX FICO, experienced investor

XXXX

1925324

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944925

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1944925

2 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Minimum Reserves

XXXX

Sufficient reserves to meet underwriting requirements and PITI were not verified in the file. The borrower is short reserves of $XXXX

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
exception

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

Compensating Factors: XXX FICO, experienced investor

XXXX

1944925

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for the use of an expired appraisal without a 1004D value recert. Considered to be non-material based on compensating factors (waived).

Waived

Compensating Factors: XXX FICO, experienced investor

XXXX

1944925

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1901740

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Entity name is missing from Exhibit B above the signature lines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
exhibit B

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1901740

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1901740

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for a XXX FICO as opposed to the required XXX FICO. Considered to be non-material based on compensating factors (waived).

Waived

Compensating Factors; Experienced investor, DSCR above XXX

XXXX

1901740

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930449

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following sections of the Note are incomplete:The Loan Agreement was not executed by the Lender, and Exhibit B to the Loan Agreement Signature Line did not disclose the printed name for the Natural Person signing the document.

Acknowledged

XXXX

1930449

2 of 4

XXXX

XX/XX/XXXX

Compliance

State HPML

XXXX

This loan failed the XX rate spread home loan test. (XX GS §24-1.1F(a)(7)). The loan is a rate spread home loan. The Date Rate Set was: XX/XX/XXXX. The loan is a compliant HPML. Escrow, prepayment, and appraisal requirements have been met.

Acknowledged

XXXX

1930449

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930449

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. A CDA dated XX/XX/XXXX was provided and supported the appraised value.

Cleared

XXXX

1930412

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930412

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930412

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930426

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1930426

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930426

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1911905

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not signed by the Lender.

Acknowledged

XXXX

1911905

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1911905

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944924

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944924

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944924

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930437

1 of 5

XXXX

XX/XX/XXXX

Compliance

HUD1 - Not Final

XXXX

It could not be determined that the ALTA Settlement Statement provided in the loan file was the FINAL binding Statement as it was not signed, stamped or certified, or marked Final. Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024.8, Appendix A.

Acknowledged

XXXX

1930437

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930437

3 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The note is missing the I/O term and payment per approval. The payment on the note is $XXXX and the payment in CE for 30 year fixed rate is $XXXX. When adding the I/O term of XXX months in CE the payment matches the note $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the corrected Note.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930437

4 of 5

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930437

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925319

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925319

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925319

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1901732

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1901732

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the required Resolution granting authority of signer to enter loan obligation.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached entity documentation.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Please see attached Resolution.

Response 1 (XX/XX/XXXX X:XXPM)
No owner controls 100%. Still missing resolution. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1901732

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1893973

1 of 9

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1893973

2 of 9

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete:The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1893973

3 of 9

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

Guidelines require a background report which includes liens and judgments searches on the business entity. The loan file is missing the complete background search on the entity, XXXX LLC.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached Business Search and confirmation of no judgment/lien hits against business.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1893973

4 of 9

XXXX

XX/XX/XXXX

Credit

Credit - Other

XXXX

Per the Loan Resolutions for XXXX LLC and XXXX LLC, the entity, XXXX LLC, shall be transferred and assigned subsequently to XXXX and XXXX; however, the loan file did not contain evidence of the percentage of the ownership interests for each individual. Documentation to be provided confirming XXXXX will own at least XX% of XXXX LLC. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Document provided.

Response 1 (XX/XX/XXXX X:XXPM)
Personal Guaranty provided as required. (Resolved)

XXXX

1893973

5 of 9

XXXX

XX/XX/XXXX

Credit

Credit Missing - One or More Reports Missing

XXXX

Not all required credit reports are within the file. According to guidelines a gap credit or Undisclosed Debt Monitoring report is required no more than 10 days prior to loan closing or any time after closing. The loan file did not contain the gap credit or Undisclosed Debt Monitoring report.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached updated UDN.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1893973

6 of 9

XXXX

XX/XX/XXXX

Credit

Debts - Not Verified

XXXX

The loan file does not contain documentation confirming the payment of $XXXX on the credit report for the XXXX for the property located at XXXX includes escrows.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
The XXXX property was excluded due to being under contract for sale. Please see attached Contract and proof of a XX/XX/XXXX sale.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1893973

7 of 9

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

FEMA Search completed reflecting a declared disaster after appraisal date. A FEMA search reflected XXXX Disaster XX-XXXX-XX had an incident period of XX/XX/XXXX - XX/XX/XXXX, which was after the appraisal date of XX/XX/XXXX. The FEMA search also reflected the subject property county, XXXX, was designated for Individual Assistance. The loan file contained a Disaster Inspection Report dated XX/XX/XXXX; however, that was prior to the incident period end date of XX/XX/XXXX. An updated property inspection for the subject property is required to confirm no damage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Documentation uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The disaster was well XXXX of the subject property when the PDI was conducted on XX/XX/XXXX. (Resolved)

XXXX

1893973

8 of 9

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

The loan file is missing the qualified 1031 Exchange Agreement and Accommodation Agreement. Additional conditions may apply upon receipt.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Client request to waive.

Response 1 (XX/XX/XXXX X:XXPM)
Client request to waive based on compensating factors. (Waived)

XXXX

1893973

9 of 9

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supported the appraisal value.

Cleared

XXXX

1914002

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914002

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914002

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939612

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1939612

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Name Discrepancy

XXXX

The borrower's name on the Note does not appear to match loan documents. The borrower is an entity however the name on page 1 of the Note reflects individual.

Acknowledged

XXXX

1939612

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939612

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925340

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925340

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the required XXX and XXX SSR's per XXX guidleines. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the SSR reports for XXXX and XXXX

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1925340

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939609

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1939609

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939609

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925330

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925330

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925330

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925317

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925317

2 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Large Deposits/Unacceptable

XXXX

Recent large deposits of $XXXX on XX/XX/XXXX, $XXXX on XX/XX/XXXX, $XXXX on XX/XX/XXXX, $XXXX on XX/XX/XXXX into XXXX XXXX , were not adequately sourced and/or documented.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the exception request document

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX

1925317

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

XXXX provided an exception to use XXX% of lease income with 2 months proof of receipt. Considered to be non-material based on compensating factors (waived)

Waived

Compensating Factors: XXX FICO, XXX mos reserves

XXXX

1925317

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930451

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930451

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930451

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1911909

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Acknowledged

XXXX

1911909

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1911909

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914013

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1914013

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Borrower 1 was XX%/XX% owner of the borrowing entity, XXXX LLC, with a non-borrower, XXXX, Lender guidelines require a Personal Guaranty to be signed by one or more owners representing a majority ownership (%X%). The loan file contained the signed Guaranty by both guarantors as required. However, the loan file did not contain a limited application that includes, name, address, date of birth, social security number, and citizenship, authorization for credit report and background check, for the non-borrowing guarantor as required. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
guarantor docs all. Guarntor added to DRIVE

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1914013

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1914006

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1914006

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to exceed more than 15 properties. XXXX guideline requirements no more than $XXXX. or 15 properties to one single borrower. Determined non-material based on compensating factors (waived).

Waived

Compensating factors: Fico score XXXX, DSCR XX%, borrower has lived in the primary for X+ years.

XXXX

1914006

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1914009

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1914009

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Waived

Compensating factors: Fico score XXXX, DSCR XX%, borrower has lived in the primary for X+ years.

XXXX

1914009

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1911904

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1911904

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to approve ownership of more than 15 properties. XXXX guideline requirements no more than $XXXX. or 15 properties to one single borrower. Determined non-material based on compensating factors (waived).

Waived

Compensating factors: Fico score XXXX, DSCR XX%, borrower has lived in the primary for X+ years.

XXXX

1911904

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1911902

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1911902

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Waived

Compensating factors: Fico score XXXX, DSCR XX%, borrower has lived in the primary for 5+ years.

XXXX

1911902

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925334

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925334

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925334

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944926

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1944926

2 of 3

XXXX

XX/XX/XXXX

Credit

Assets - Minimum Reserves

XXXX

Sufficient reserves to meet underwriting requirements and PITI were not verified in the file. The borrower is short reserves of $XXXX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
exception

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

Experienced Investor. XX% LTV.

XXXX

1944926

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA provided and supports original appraised value.

Cleared

XXXX

1939611

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1939611

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939611

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930432

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930432

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing non-permanent resident employment status documentation is required for all borrowers. Legal status documentation Visa must be current. If the visa will expire within six (6) months following the close date, additional documentation is required: evidence that the proper extension steps have been followed per the XXXX website, along with proof of payment receipt and proof that the extension was done in the timeframe required by XXXX. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see i-94 confirmation

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1930432

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1901713

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1901713

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

Missing required business documentation per guidelines. The loan file is missing the Articles of Organization for, XXXX, LLC. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
AOI

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Operating agreement

Response 1 (XX/XX/XXXX X:XXAM)
Still missing Operating Agreement. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1901713

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

According to guidelines guarantors are required to provided a limited loan application, authorization for credit report, background report and identification documents. The loan file did not contain a limited application, authorization for credit report, or a picture ID as a driver's license, passport, or similar for the non-borrowing guarantor as required. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
guarantor docs

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1901713

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1914000

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914000

2 of 3

XXXX

XX/XX/XXXX

Credit

Appraisal - Appraisal Missing

XXXX

Missing required appraisal from file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
appraisal

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1914000

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA dated XX/XX/XXXX supported original appraised value.

Cleared

XXXX

1914015

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914015

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914015

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925327

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925327

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan filecontains a lender exception to allow a 2-unit property with one of the two units occupied by a family member. Properties occupied by family members as tenants are not eligible for business purpose programs. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: DSCR XX%, Fico score XXX, Low LTV below XX%.

XXXX

1925327

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1901714

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Acknowledged

XXXX

1901714

2 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Minimum Reserves

XXXX

Sufficient reserves to meet underwriting requirements were not verified in the file. The loan file contains retirement funds in the amount of $XXXX and the cash back to borrower in the amount of $XXXX for a total of $XXXX. Six months reserves or $XXXX is required. The borrower is short reserves by $XXXX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached exception to allow short reserves.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor.

XXXX

1901714

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Borrower 1 was XX% owner of the borrowing entity, XXXX, LLC, with a non-borrower XXXX. The lender guidelines require a personal guaranty to be signed by one or more owners representing a majority ownership (XX%). The loan file contained the signed Guaranty by both guarantors as required; however, the loan file did not contain a limited application that includes name, address, date of birth, social security number and citizenship, and authorization for credit report for the non-borrowing guarantor as required. Additional conditions may apply.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached Guarantor App and Authorization for XXXX.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Please see attached credit report, ID and background for XXXX.

Rebuttal 3 (XX/XX/XXXX X:XXPM)
Please see attached docs to clear.

Response 1 (XX/XX/XXXX X:XXAM)
Still missing credit report, background check, and photo ID. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Non-borrowing Guarantor credit score less than XXX. Exception granted by Investor. (Waived)

XXXX score. Experienced Investor.

XXXX

1901714

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939618

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939618

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939618

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914012

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1914012

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the background search for the borrowing entity to include liens and judgment search.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
background

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1914012

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1901718

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1901718

2 of 4

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Inaccurate

XXXX

Security Instrument - Inaccurate. The security instrument was not completed accurately. The All-Purpose acknowledgment for Travis Biziorek is missing the description of the document it was attached to.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is not sufficient to cure the finding. The All-purpose XXXX Acknowledgement was used and does not indicate that the document notarized was the Mortgage, without that information filled out we cannot determine the document notarized was the Mortgage. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1901718

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

A personal Guaranty is required from one or more owners representing a majority ownership interest (XX% or more) and any individual whose assets were used to qualify for the loan. The following items are missing from the non-borrower guarantor, XXXX 1) A limited application that includes their name, address, date of birth, social security number, and citizenship 2) An authorization for a credit report and background report 3) Identification documentation must be provided as in a driver's license, passport, or similar.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see attached Guarantor docs for XXXX.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1901718

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939616

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939616

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939616

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939614

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939614

2 of 3

XXXX

XX/XX/XXXX

Credit

Assets - Minimum Reserves

XXXX

The loan file is short reserves of $XXXX. Cash to close $XXXX plus reserves of 6 months at $XXXX per month to equal $XXXX totaling $XXXX. Bank Statement from XXXX #XXXX ending XX/XX/XXXX provided and only reflects a balance of $XXXX leaving short for reserves $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the attached summary and settlement statement confirming proceeds and proof of funds. Below is a message from management to further clarify the situation: Here is the Settlement Statement for XXXX which resulted in $XXXX cash to the borrower. This cash erroneously left off the URLA for loan #XXXX resulting in an appearance of short funds. Since the loan is funded, I am unable to correct the final URLA to reflect these funds. Please pass this information along to the investor to clear our short funds issue.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Please see the attached CD and LLC docs. Please disregard the previous settlement statement

Response 1 (XX/XX/XXXX X:XXPM)
Please provide documentation to connect the borrower with the property at XXXX. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1939614

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930430

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930430

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930430

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1913996

1 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The signature page of the loan agreement is missing the date in the notary section.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
corrected loan agreement

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1913996

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1913996

3 of 5

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: The signature page is missing the date in the notary section.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
dot

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1913996

4 of 5

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1913996

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944927

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944927

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

A personal Guaranty is required from one or more owners representing a majority ownership interest and any individual whose assets were used to qualify for the loan. (XX% or more). The following are missing for XXXX. 1) A limited application that includes their name, address, date of birth, social security number, and citizenship. 2) An authorization for a credit report and background report. 3) Identification documentation must be provided as in a driver's license, passport, or similar

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the attached

Rebuttal 2 (XX/XX/XXXX X:XXPM)
For the background check, we add the guarantor to the fraud guard. See the attached

Response 1 (XX/XX/XXXX X:XXPM)
Still missing background check. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944927

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925321

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925321

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925321

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914004

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914004

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Missing background check per guidelines for "XXXX LLC".

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
background

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1914004

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing a borrowing Resolution/Corporate Resolution granting authority of signer to enter loan obligation for "XXXX LLC".

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
resolution

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1914004

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925348

1 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925348

2 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the required XXXX and XXXX SSR's. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
ssr

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1925348

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow borrower with no short term investment experience. Guidelines state borrower must show a history of owning and managing a minimum of 1 vacation rental over hte last 12 months. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Fico score XXXX, excess reserves $XXXX, DSCR XX%.

XXXX

1925348

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow investor concentration allowed up to XX% LTV. Guidelines state max LTV of XX% LTV for investor concentration up to XX%. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Fico score XXXX, excess reserves $XXXX, DSCR XX%.

XXXX

1925348

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939615

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1939615

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939615

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914011

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1914011

2 of 4

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: The signature page is missing the date in the notary section.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached Mortgage, including signature page.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Please see attached completed Mortgage.

Rebuttal 3 (XX/XX/XXXX X:XXPM)
Recorded Mortgage to show corrected Notary date.

Response 1 (XX/XX/XXXX X:XXAM)
The referenced documentation was not received. Please provide the complete Mortgage for review. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
The documentation provided is not sufficient to cure the finding. The recorded Mortgage provided was in the original loan fie and the date of the notarization in the notary section on pg. 8 of the Mortgage is missing. Provide a completed Notary section with date of when the borrower personally appeared before the notary; the updates are required to be initialed by the notary. (Upheld)

Response 3 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914011

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914011

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930431

1 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Entity name is not disclosed on Exhibit B of the Loan Agreement.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please note the Exhibit B contains the entity name above the borrower's signature.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930431

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Rebuttal 3 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930431

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow loan to proceed to allow for finalized modification of entity's ownership struction (XX/XX/XXXX) to transpire after date of application (XX/XX/XXXX). Guidelines any modification made to the ownership structure of an Entity (after the application date) must be approved by management. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: DSCR XX%, LTV/CLTV XX%, excess reserves $XXXX, borrower is an experienced investor and will have >XX months in excess assets reserves.

XXXX

1930431

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains an Appraisal stating the subject property is Rural. Per XXXX guidelines no rural properties are accepted. Additional conditions may apply.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached exception to allow the rural property designation.

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

Compensating Factors: DSCR XX%, LTV/CLTV XX%, excess reserves $XX, borrower is an experienced investor and will have >XX months in excess assets reserves.

XXXX

1930431

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939623

1 of 4

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: cash out purpose was not in loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939623

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Acknowledged

XXXX

1939623

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939623

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1911901

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1911901

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1911901

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1925341

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Exhibit B of the loan agreement is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
exhibit b

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925341

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925341

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925341

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925322

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925322

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the required entity background search for,XXXX LLC, per XXXX guidelines. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see UCC filing attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1925322

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930427

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1930427

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930427

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939622

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939622

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939622

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925343

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925343

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925343

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1901736

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1901736

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

According to guidelines all guarantors are required to provide a limited application that includes their name, address, date of birth, social security number, and citizenship. 2) An authorization for a credit report and background report. 3) Identification documentation must be provided as in a driver's license, passport, or similar. The loan file is missing the above documentation for non-borrowing guarantor, XXXX. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached search showing no hits for XXXX.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see attached Guarantor docs for XXXX.

Response 1 (XX/XX/XXXX X:XXAM)
Still missing application, credit report, and ID for XXXX. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1901736

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939619

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939619

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the background check which includes judgment and liens search on the entity, XXXX, LLc, per XXXX guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
background

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1939619

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow lease to be used with 3 months receipts plus security deposit. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Fico score XXXX, assets exceeds requried reserves by XX months, borrower has payment history on all mortgage of XXXX.

XXXX

1939619

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1913999

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1913999

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. Vacant properties with (3) DSCR >XXXX < XXXX are not eligible for refinance. No exception at origination.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX score. Experienced Investor. XX% LTV.

XXXX

1913999

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1911899

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1911899

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1911899

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1914008

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914008

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914008

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914017

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1914017

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914017

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930418

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1930418

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930418

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939620

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939620

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939620

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1914016

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1914016

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914016

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939621

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1939621

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939621

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914014

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914014

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914014

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1913998

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1913998

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1913998

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1939624

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1939624

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the background check which includes judgment and liens search on the entity, XXXX, LLC per XXXX guidelines. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached business report.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see attached entity search

Response 1 (XX/XX/XXXX X:XXAM)
Still missing lien/judgement searches. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1939624

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925311

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925311

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The required background check for XXXX LLC is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1925311

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1911908

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1911908

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1911908

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the original appraised value.

Cleared

XXXX

1930446

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1930446

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

A personal Guaranty is required from one or more owners representing a majority ownership interest and any individual whose assets were used to qualify for the loan. (XX% or more). The following items are missing for either XXXX or XXXX: 1) A limited application that includes their name, address, date of birth, social security number, and citizenship. 2) authorization for a credit report and background report 3) Identification documentation must be provided as in a driver's license, passport, or similar.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Kyle guarantor docs

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1930446

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for investor concentration of XX%. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXX FICO, X months reserves

XXXX

1930446

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939627

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939627

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception allowing actual rents greater than XX% of the Market Survey value to be used to qualify with only 4 months proof of receipt instead of the 6 months as requ9ire per investor guidelines. Determined non-material based on compensating factors. (waived).

Waived

Compensating Factors: Good DSCR over XX- Excess reserves- Strong FICO XXX.

XXXX

1939627

3 of 4

XXXX

XX/XX/XXXX

Credit

Hazard Insurance - Missing/Insufficient

XXXX

The hazard insurance policy provided indicates $X coverage for liability insurance, with investor guidelines requiring liability coverage equal to $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached insurance policy

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1939627

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925333

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925333

2 of 3

XXXX

XX/XX/XXXX

Credit

Assets - Investment Property Reserves

XXXX

The borrower is short reserves of $XX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Our assets include $XXXX (XXXX + XXXX+ XXXX - attached) Reserves needed $XXXX Clear to close needed $XXXX Excess reserves $XXXX

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXPM)
9 months of reserves were required. The shortage stands. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

XXXX score. XX DSCR. Experienced.

XXXX

1925333

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925346

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925346

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925346

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944918

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement is missing pages (8,9,10,11)

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
loan agreement

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944918

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944918

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the background search for the borrowing entity to include liens and judgment search.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
lien and judgment no hit

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944918

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944928

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944928

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the background search for the borrowing entity to include liens and judgment search.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
no hit

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944928

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944930

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944930

2 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Minimum Reserves

XXXX

Sufficient reserves to meet underwriting requirements and PITI were not verified in the file. The borrower is short reserves of $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please note the borrower will have sufficient available reserves remaining in the HELOC account after closing costs are withdrawn. The available balance is $XXXX+ and closing costs were $XXXX, leaving $XXXX+ in accessible funds for reserves.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944930

3 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Other

XXXX

The loan file is missing proof of funds transfer from the borrowers HELOC ending in XXX to title in the amount needed to close of $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached cashier's check from XXXX Credit Union.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944930

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925312

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925312

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925312

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925326

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925326

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925326

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1952334

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1952334

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for cash out over $XXXX. Considered non-material based on compensating factors (waived).

Waived

Compensating factors: XXXX FICO, XX months reserves

XXXX

1952334

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925310

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925310

2 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Bank Statements

XXXX

The loan file is missing 2 consecutive months statements for the XXXX Bank account with an ending balance of $XXXX on XX/XX/XXXX. In addition to the file not containing a 2 month history, the screen shot provided for the above account lacks an account number and verification of the account holder.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached exception request

Response 1 (XX/XX/XXXX X:XXPM)
Waiver granted by Investor. (Waived)

Compensating factors: XXX FICO, XX months reserves

XXXX

1925310

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception as the borrower has no short term rental experience. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXX FICO, XX months reserves

XXXX

1925310

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939625

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The LoanAgreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939625

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939625

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The file contains a CDA, dated XX/XX/XXXX, that supports the value.

Cleared

XXXX

1925342

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925342

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925342

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952335

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1952335

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for a first time investor to purchase as short term rental, and to allow for a unit below 500sqft. Considered non-material based on compensating factors (waived).

Waived

Compensating factors: XXX FICO, XX months reserves

XXXX

1952335

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1913995

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1913995

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1913995

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA report dated XX/XX/XXXX which supports the original appraised value.

Cleared

XXXX

1925345

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925345

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925345

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925309

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925309

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925309

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925338

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925338

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925338

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA,XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914007

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1914007

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914007

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939626

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The loan agreement is not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939626

2 of 4

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Name Discrepancy

XXXX

The Vested Interest on the Security Instrument is inconsistent with Title. There is no evidence in the loan file that the Vested Interest on Title deeded the property to the Borrower.?

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see attached Warranty Deed transferring ownership to XXXX.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939626

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939626

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939628

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1939628

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939628

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944929

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944929

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The guidelines indicate Borrowers who live rent-free or without a complete 12-month housing history are allowed on Refinance transactions, however must provide a current lease with verification of two months’ rent on the subject property. Lender Exception provided for "Borrower living Rent Free without verification of 2 months rent provided." Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: XX Months PITI Reserves, Experienced Investor

XXXX

1944929

3 of 4

XXXX

XX/XX/XXXX

Credit

Program Parameters - Property Type

XXXX

The guidelines indicate the minimum square footage for a single family residence is 600sqft. The subject property is a XXXX sqft single family residence. Lender Exception provided for "Refinance of SFR with unit square footage < 600 square feet (XXXX square feet.)." Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Experienced Investor, XX months PITI Reserves

XXXX

1944929

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1925325

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925325

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925325

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925328

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925328

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to use 100% of lease income with 6 months proof of receipt. Considered to be non-material based on compensating factors (waived).

Waived

Compensating Factors: XXX FICO, XX months reserves

XXXX

1925328

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925315

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925315

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The required background check for XXXX Investments is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached judgment and lien searches for XXXX Investments.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1925315

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to for the use of lease income vs market rent from the 1007. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XX months reserves, XXXX FICO

XXXX

1925315

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930435

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1930435

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for a non-warrantable condo with current litigation and 60% of assessments past due. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXXX FICO, XX months reserves

XXXX

1930435

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914003

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914003

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914003

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939632

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939632

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939632

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939633

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1939633

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939633

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value used to qualify.

Cleared

XXXX

1930448

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is not signed by the lender.

Acknowledged

XXXX

1930448

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930448

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952336

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1952336

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guidelines require a 12 month history of rents received for a short term rental. A 12 month history is in file from a rental management company however which references a unit “XXXX” and a unit “XXXX”. In an LOX/email from the borrower, they confirm that XXXX is for XXXX and that XXXX is for XXXX. Therefore the loan file is missing the required 12 month history for the subject property confirming average monthly rents of $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
rental for XXXX and XXXX history

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1952336

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939630

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939630

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939630

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944931

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944931

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for short term rental for a borrower without a full 12 month history of operating a short term rental. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXX FICO, XX months reserves

XXXX

1944931

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for the condo project having over 90% investor concentration. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXX FICO, XX months reserves

XXXX

1944931

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925320

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925320

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925320

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1914001

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1914001

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1914001

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939629

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The loan agreement is not signed by the lender.

Acknowledged

XXXX

1939629

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939629

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939631

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1939631

2 of 4

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: The borrower date is missing from page 11 in the last paragraph.

Acknowledged

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Lender Acknowledges.

Response 1 (XX/XX/XXXX X:XXPM)
Lender acknowledges with grade EV2. (Acknowledged)

XXXX

1939631

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939631

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925316

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925316

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925316

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930444

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1930444

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930444

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944934

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944934

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944934

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944935

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Borrower is an entity however the name on Exhibit B of the Loan Agreement reflects individual.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
loan agreement and exhibit B

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see attached Exhibit B

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is not sufficient to cure the finding. The Exhibit B provided was in the original loan file. The Borrower is an entity however the name on Exhibit B of the Loan Agreement reflects individual at the top of the Exhibit B. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944935

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944935

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the XXX required on all cash out refinances with an LTV greater than XX% is not fillled out. Additional conditions may apply

Void

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Escalated.

Response 1 (XX/XX/XXXX X:XXPM)
LTV is below XX% due to stacked fees. (Void)

XXXX

1944935

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939634

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The LoanAgreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939634

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The required background check for XXXX LLC is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1939634

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925344

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925344

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925344

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925349

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925349

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925349

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925336

1 of 4

XXXX

XX/XX/XXXX

Compliance

HUD1 - Not Final

XXXX

It could not be determined that the Borrower's Closing Statement provided in the loan file was the FINAL binding Statement as it was not signed, stamped or certified, or marked Final. Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024.8, Appendix A.

Acknowledged

XXXX

1925336

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1925336

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow use of XXXX guidelines for a mid-term rental. Considered to be non-material based on compensating factors. Waived

Waived

Compensating factors; XXX FICO, XX mos reserves

XXXX

1925336

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925337

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925337

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925337

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925335

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925335

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Personal Guaranties from community property states (XX) must be accompanied by a signature from the guarantor's spouse. The loan file is missing the Personal Guaranty signed by the spouse. Additional conditions may apply.

Void

Rebuttal 1 (XX/XX/XXXX X:XXPM)
property is in XX and that is NOT a community property state. spouse signature is not needed.

Response 1 (XX/XX/XXXX X:XXPM)
Explanation received is sufficient. (Void)

XXXX

1925335

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930422

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930422

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930422

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925318

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 12.

Acknowledged

XXXX

1925318

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Borrower 1 was XX%/XX% owner of the borrowing entity, XXXX XXXX, with a non-borrower, XXXX. Lender guidelines require a personal Guaranty to be signed by one or more owners representing a majority ownership (XX%). The loan file contained the signed Guaranty by both guarantors as required. However, the loan file did not contain a limited application that includes name, address date of birth, social security number, and citizenship, authorization for credit report and background check, or a picture ID as a driver's license, passport, or similar for each guarantor, for the non-borrowing guarantor as required. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
guarantor docs

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1925318

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939637

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939637

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939637

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930428

1 of 4

XXXX

XX/XX/XXXX

Compliance

Appraisal Notice - Missing

XXXX

Acknowledged

XXXX

1930428

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature on page 16.

Acknowledged

XXXX

1930428

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the loan application (XXX Form 1003) signed as individual (XXXX) who signed for the entity, XXXX, LLc, is missing from the loan file. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SEE ATTACHED APPLICATION.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1930428

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930438

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1930438

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow the subject being rented to family. Considered non-material based on compensating factors (waived)

Waived

Compensating factors: XXX FICO, XXX months reserves

XXXX

1930438

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925332

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925332

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925332

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930442

1 of 4

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: The Affidavit of Occupancy provided in the loan file is not for the subject transaction.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
occupancy aff

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1930442

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement provided in the loan file was not for the subject transaction.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
loan agreement

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1930442

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930442

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contain a CDA dated XX/XX/XXXX which supports the appraised value used to qualify.

Cleared

XXXX

1939638

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1939638

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939638

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925329

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925329

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1925329

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944936

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944936

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944936

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930433

1 of 4

XXXX

XX/XX/XXXX

Compliance

HUD1 - Not Final

XXXX

It could not be determined that the HUD-1 provided in the loan file was the FINAL binding HUD-1. The signed HUD1 has no dates listed and the one with dates is not signed, stamped, or certified. Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024.8, Appendix A

Acknowledged

XXXX

1930433

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930433

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The file contains a lender exception to allow a private party VOM and payoff in the file with an exception for not having 12 months cancelled checks to suppport the private party VOM. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Experienced Investor, DSCR XX%, LTV/CLTV XX%.

XXXX

1930433

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1925323

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925323

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the background check which includes search for liens and judgments on the entity, XXXX LLC, per XXXX guidelines. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1925323

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the required entity documentation, Entity Certificate/Articles of Organization per XXXX guidelines. Addtional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1925323

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930424

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930424

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930424

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930441

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930441

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930441

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944937

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944937

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The file is missing the background check which includes judgment and liens search on the entity, XXXX LLC, per XXXX guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944937

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930415

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1930415

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930415

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930436

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is not signed by the lender.

Acknowledged

XXXX

1930436

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930436

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944938

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944938

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception as the borrower lives rent free. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXX FICO, XX months reserves

XXXX

1944938

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for the subjects project having right of first refusal and XX% HOA delinquency. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXX FICO, XX months reserves

XXXX

1944938

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944939

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944939

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for the use of the transferred appraisal reflecting the borrower to be XXXX as opposed to the borrowing entity “XXXX LLC”. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXXX FICO, XX month reserves

XXXX

1944939

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944940

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944940

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944940

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1925347

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1925347

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the background check which includes judgment and liens search on the entity, XXXX, LLC, per XXXX guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Entity Background check

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1925347

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944941

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944941

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944941

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944942

1 of 4

XXXX

XX/XX/XXXX

Compliance

HUD1 - Not Final

XXXX

Acknowledged

XXXX

1944942

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944942

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944942

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944945

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement wasnot executed by the Lender.

Acknowledged

XXXX

1944945

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception allowing a first time investor with a DSCR of XXXX. Compensating factors deem this as non-material. (waived).

Waived

Compensating Factors: FICO XXX- Good reserves XX months- Borrower owns primary residence.

XXXX

1944945

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value used to qualify.

Cleared

XXXX

1939636

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1939636

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the background search to include judgment and liens for the borrowing entity, XXXX LLC.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1939636

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX supportive of value.

Cleared

XXXX

1930450

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: Exhibit B of the Loan Agreement does not reflect the borrower's name and signature.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
exhibit b

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1930450

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs provided.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1930450

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930450

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944947

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement is not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944947

2 of 3

XXXX

XX/XX/XXXX

Credit

Assets - Cash to Close

XXXX

The file did not contain evidence the borrower had the proper amount of funds required to close. File is missing the documentation for funds to close. The file did not contain the Final Hud-1 for using the loan proceeds from XXXX for funds to close. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the attached HUD

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944947

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939635

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939635

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939635

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930440

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1930440

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930440

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930447

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1930447

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930447

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939639

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1939639

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939639

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944946

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement is not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944946

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944946

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930445

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1930445

2 of 4

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Incomplete

XXXX

The following section of the Security Instrument (Mortgage/Deed of Trust) is incomplete: Name of PUD Development is missing from the PUD Rider.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached rider

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1930445

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the required XXXX and XXXX SSR's per XXXX guidelines. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached SSR reports

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1930445

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944948

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944948

2 of 3

XXXX

XX/XX/XXXX

Credit

Assets - Bank Statements

XXXX

The loan file is missing 2 consecutive months of asset statements verify a minimum balance of $XXXX required for funds to close ($XXX) and reserves ($XXXX).

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
see hud from refinance of additional REO on XX/XX/XX

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944948

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939641

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939641

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the borrower's criminal history report that verifies there are no felonies or misdemeanors for moral turpitude within the last 10 years.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached background and fraud report

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1939641

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944944

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944944

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944944

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944943

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1944943

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944943

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939640

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Updated Note provided

Response 1 (XX/XX/XXXX X:XXPM)
The note provide is sufficient to cure the exception. (Resolved)

XXXX

1939640

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The loan agreement addendum Exhibit C is missing.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Loan Agreement

Response 1 (XX/XX/XXXX X:XXPM)
The loan agreement provided is sufficient to cure the exceptions. (Resolved)

XXXX

1939640

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939640

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944949

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1944949

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Borrower 1 was XX%/XX% owner of the borrowing entity, XXXX, LLC, with a non-borrower, XXXX. Lender guidelines require a Personal Guaranty to be signed by one or more owners representing a majority ownership (XX%). The loan file contained the signed Guaranty by both guarantors as required. However, the loan file did not contain a limited application that includes name, address, date of birth, social security number, and citizenship, authorization for credit report and background check, or a picture ID as a driver's license, passport, or similar for each guarantor, for the non-borrowing guarantor as required. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944949

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930414

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1930414

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930414

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944952

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944952

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944952

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930416

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1930416

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930416

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944951

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement is not executed by the Lender.

Acknowledged

XXXX

1944951

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944951

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1939643

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939643

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Lender's Exception - Lender allowed the borrower to be qualified with a credit score of XXXX, which is less than the minimum of XXX. Compensating factors deems as non-material. (waived)

Waived

Compensating factors - XX months reserves, Low DTI, resided at primary residence for XX years

XXXX

1939643

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944950

1 of 4

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: Documentation that the cash proceeds will only be used for Business Purposes.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
business purpose cert

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944950

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944950

3 of 4

XXXX

XX/XX/XXXX

Credit

Hazard Insurance - Missing/Insufficient

XXXX

The hazard insurance policy on the subject property did not reflect sufficient coverage. The guidelines require a minimum of 6 months rental loss coverage. The evidence of insurance in the loan file did not reflect any rent loss coverage.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
please use cash out proceeds for reserves

Response 1 (XX/XX/XXXX X:XXAM)
Explanation received is sufficient. (Resolved)

XXXX

1944950

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939642

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1939642

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the background check which includes judgment and liens search on the entity, XXXX LLC, per XXXX guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Please see the correspondence below as well as the attached: "We pulled a background search and no results were available. There is documentation of that in the file. We don’t always get results when it’s a new entity and that is acceptable. If it’s new or there aren’t any results, then the assumption is there aren’t any judgments or liens."

Rebuttal 3 (XX/XX/XXXX X:XXPM)
We pulled a background search and no results were available. There is documentation of that in the file. We don’t always get results when it’s a new entity and that is acceptable. If it’s new or there aren’t any results, then the assumption is there aren’t any judgments or liens.

Rebuttal 4 (XX/XX/XXXX X:XXAM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXPM)
UCC no hit search not provided. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Unable to locate in file. Please provide. (Upheld)

Response 3 (XX/XX/XXXX X:XXAM)
No Hit search is not in the file. Please provide in rebuttals. (Upheld)

Response 4 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1939642

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing two months bank statements for XXXX IRA #XXXX and XXXX #XXXX. Per XXXX guidelines assets must be verified with the most recent two (2) monthly account statements, or a VOD. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1939642

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930423

1 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1930423

2 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow financing for the borrower without XXX management history without owning and managing a minimum of 1 vacation rental over the last 12 months. Determined non-material based on compensating factors (waived).

Waived

Compensating Factor: Fico score XXX, DSCR XX%, excess reserves $XXXX, years at present address XX years.

XXXX

1930423

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow financing to proceed for a unit within the project converted from hotel to condotel in XXXX. Condo project conversions require management review. Determined non-material based on compensating factors (waived).

Waived

Compensating Factor: Fico score XXX, DSCR XX%, excess reserves $XXXX, years at present address X years.

XXXX

1930423

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow use of the 1007 for Marketable Rent without 75% of annual gross. Determined non-material based on compensating factors (waived).

Waived

Compensating Factor: Fico score XXX, DSCR XX%, excess reserves $XXXX, years at present address XX years.

XXXX

1930423

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944954

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944954

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944954

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944953

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944953

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Missing background check per guidelines. The guidelines require a background report including a search for liens and judgments for all entities. The loan file is missing the background report for the entity.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached background report

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see the attached confirming no hits

Response 1 (XX/XX/XXXX X:XXAM)
Please provide the No Hit results. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944953

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939646

1 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1939646

2 of 5

XXXX

XX/XX/XXXX

Credit

Assets - Source

XXXX

The funds required to close were not properly sourced and/or seasoned. The guidelines require 60 days of seasoned assets however the loan file only contained a 30 day asset statement.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1939646

3 of 5

XXXX

XX/XX/XXXX

Credit

Borrower - Residency Alien Documentation

XXXX

The final loan application indicates the borrower residency status is permanent resident alien, however, the file contains no evidence documenting status as legally. The loan file is missing acceptable evidence of permanent residency which includes: Registration receipt card i-151 (referred to as a green card).Registration receipt card i-551 (permanent resident card) that does not have an expiration date on the back (also known as a green card). Registration receipt card i-551 (conditional permanent resident card) that has an expiration date on the back and is accompanied by a copy of the filed ins form i-751 (petition to remove conditions).Non-expired foreign passport that contains a non-expired stamp (valid for a minimum of three years) reading “processed for i-551 temporary evidence of lawful admission for permanent residence. Valid until [mm-dd-yy]. Employment authorized."

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1939646

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Lender Exception provided to proceed to allow stacking with stacking ineligible with DSCR below 1 with XXX credit score. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Experienced Investor, X years monthly payments

XXXX

1939646

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944955

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944955

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944955

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939647

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1939647

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939647

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939648

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939648

2 of 3

XXXX

XX/XX/XXXX

Credit

FEMA

XXXX

FEMA Declaration declared XX/XX/XXXX for XXXX Tropical Storm XXXX (XX-XXXX-XX) with an incident period of XX/XX/XXXX – XX/XX/XXXX which is after the original appraisal date XX/XX/XXXX. Please provide Property Inspection to confirm no damage.

Void

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Escalated.

Response 1 (XX/XX/XXXX X:XXAM)
Hurricane XXXX last date of activity was XX/XX/XXXX. The appraisal was "as is" on XX/XX/XXXX. No issues. (Void)

XXXX

1939648

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated, XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939644

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939644

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939644

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value used to qualify.

Cleared

XXXX

1939649

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939649

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow rural property. XXXX guidelines state properties classifed as rural are ineligible. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Fico score XXXX, LTV is X% less than maximum LTV, assets exceed required reserves by X months.

XXXX

1939649

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944956

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944956

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944956

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944960

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944960

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944960

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1930443

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1930443

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930443

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930439

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1930439

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930439

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952337

1 of 3

XXXX

XX/XX/XXXX

Compliance

No Compliance Findings

XXXX

The loan is in compliance with all applicable laws and regulations.

Cleared

XXXX

1952337

2 of 3

XXXX

XX/XX/XXXX

Credit

Hazard Insurance - Missing/Insufficient

XXXX

The loan was missing current hazard insurance policy on the subject property with sufficient rent loss coverage. The hazard insurance policy in file reflected rent loss coverage in the amount of $XXXX, which did not meet the lender guideline requirement of $XXXX which was 6 months of the qualifying rent of $XXXX, or $XXXX which was 6 months of the lease rent of $XXXX.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Email from insurance agent regarding rent loss

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1952337

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supported the appraised value.

Cleared

XXXX

1944962

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature.

Acknowledged

XXXX

1944962

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for the use of the TPP rental report with a variance slightly over XX%. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXXX FICO, XX months reserves

XXXX

1944962

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA provided and supports original appraised value.

Cleared

XXXX

1939650

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939650

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

Missing background check per guidelines. The loan file did not contain a background check to the borrowing entity, XXXX LLC, to include a judgment & lien search as required.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
no hit

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1939650

3 of 4

XXXX

XX/XX/XXXX

Credit

Program Parameters - LTV

XXXX

Lender's Exception - Lender allowed the LTV to exceed the max of XX% for credit score of XXX for a rate and term refinance. Compensating factors deems non-material. (waived)

Waived

Compensating factors - XXX months reserves, DSCR of XX, Experienced Investor

XXXX

1939650

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939652

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939652

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The guidelines indicate a background report including a search for liens and judgments on the entity must be completed. The loan file is missing a background check for the Borrowing Entity.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
no hits

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1939652

3 of 4

XXXX

XX/XX/XXXX

Credit

Program Parameters - LTV

XXXX

The guidelines indicate a XX% max LTV for a XXX Fico. The loan closed with a XX% LTV. Lender Exception provided for "XX% LTV with a fico < XXX". Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: XXX PITI Reserves, Experienced Investor

XXXX

1939652

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1930429

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1930429

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1930429

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1930421

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1930421

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing Entity Documentation

XXXX

Missing required business documentation per guidelines. The EIN letter reflects that the secondary member is the sole member; however, the operating agreement reflects that the second member is one of 2 members and that their ownership is XXX%, while the borrower is the first member and the borrower's ownership is reflected as XX%. It should be noted that an exception was approved for this particular issue. (Waived)

Waived

Comp Factors - XX months reserves, LTV XX% and XXX FICO

XXXX

1930421

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939653

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1939653

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939653

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939651

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1939651

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939651

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944957

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944957

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944957

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939654

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1939654

2 of 3

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

Lender Exception provided for "Appraisal was not ordered through an XXXX approved XXX." ? Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: XXXX Fico, Experienced Investor, XX months PITI Reserves

XXXX

1939654

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1944961

1 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944961

2 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The guidelines indicate a background report including a search for liens and judgments on the entity must be completed. The loan file is missing a background check for the Borrowing Entity.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the response below and attached document: We pulled a background search and no results were available. There is documentation of that in the file. We don’t always get results when it’s a new entity and that is acceptable. If it’s new or there aren’t any results, then the assumption is there aren’t any judgments or liens.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944961

3 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Guideline requirement has not been met. The origination appraiser indicated the subject property was a condo conversion and the loan file did not contain a management exception to allow a condo conversion as required by lender guidelines.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
The UW cleared the appraisal without requiring an exception.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXAM)
Exception is required. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

Compensating Factors: XXX PITI Reserves, Experienced Investor (3 other properties), XXX Fico

XXXX

1944961

4 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The guidelines indicate Borrowers purchasing a rental property in close proximity to their primary residence when they do not own their primary residence must have a long-term lease agreement with current landlord and provide 12 months verification of rental payments AND must have a history of owning at least one (1) rental property in the last 36 months within 25 miles of the primary residence. Lender Exception provided for "No evidence of primary housing payment/history and purchasing a property within 25 miles of primary residence." Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: XXX PITI Reserves, Experienced Investor (3 other properties), XXX Fico

XXXX

1944961

5 of 6

XXXX

XX/XX/XXXX

Credit

Program Parameters - Property Type

XXXX

The guidelines indicate the minimum unit square footage for condo units is 500 square feet. The subject property is an attached condo and < 500 square feet (XXXX sqft.).

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the response from our team below: The UW cleared the appraisal without requiring an exception.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXAM)
Exception is required. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

Compensating Factors: XXX PITI Reserves, Experienced Investor (3 other properties), XXX Fico

XXXX

1944961

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1944963

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944963

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944963

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939656

1 of 5

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: Missing the following Business purpose documentation: The loan does not qualify as a business purpose loan. The cash out letter dated XX/XX/XXXX which states proceeds are to settle estate lawyers fees and other related debts, is not an acceptable business purpose reason. The loan is not TRID exempt.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs provided.

Response 1 (XX/XX/XXXX X:XXPM)
Docs provided to validate reason for cash out and Business Purpose loan. (Resolved)

XXXX

1939656

2 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement is not sighed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1939656

3 of 5

XXXX

XX/XX/XXXX

Credit

Appraisal - Other

XXXX

The Appraisal Transfer Letter in file reflects the Borrower as "XXXX, L.L.C." The loan file is missing an Appraisal Transfer Letter from the originating Broker, reflecting the Borrower as "XXXX.", as reflected on the Note.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
The appraisal letter was cleared PTD. Please advise if an additional transfer letter is required as the loan closed in a LLC

Rebuttal 2 (XX/XX/XXXX X:XXAM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXAM)
The loan closed as an individual. Transfer Letter required. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1939656

4 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The guidelines indicate the cash-out loan proceeds must be used for a business purpose. The Final Hud-1 reflects payoffs to XXX for $XXXX, XXX for $XXXX and XXXX (XXXX) for $XXXX. The loan file is missing documentation to support the payoffs made were business related and not for personal use/debt.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the response below: This was a loan where the borrower was buying business partners out of LLC. The payoffs were to his previous business partners. This was settled PTD with management.

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Docs provided.

Response 1 (XX/XX/XXXX X:XXAM)
Please provide Operating Agreement and Resolution of Transfer from LLC members to individual. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Succession notice for deceased validating borrower and the three parties being paid off were all owners of property. Borrower is paying off the other three parties and securing property in his own name. This is an investment property and purpose meets requirements for Business Purpose for funds. (Resolved)

XXXX

1939656

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraised value.

Cleared

XXXX

1944959

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944959

2 of 4

XXXX

XX/XX/XXXX

Compliance

Security Instrument - Name Discrepancy

XXXX

The Vested Interest on the Security Instrument cannot be verified as accurate due to Title Commitment missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
title

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944959

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944959

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944968

1 of 4

XXXX

XX/XX/XXXX

Compliance

HUD1 - Missing (All)

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the executed settlement statement.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944968

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944968

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Per guidelines, the second owner (XXXX) must also be a guarantor in order to represent a majority ownership interest. The second owner signed the Guaranty Agreement, however the 2nd guarantor must also provide a limited application, credit report, background check, identification, and authorization for a credit report and background report to be completed.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached guarantor docs.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944968

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939655

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939655

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for the HOA having XX% co-insurance. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: X mos reserves, XXX FICO

XXXX

1939655

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1939658

1 of 4

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: Documentation that the cash proceeds will only be used for Business Purposes

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached business purpose cert.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939658

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to clear the finding. (Resolved)

XXXX

1939658

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939658

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944964

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing Exhibit B.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Loan Agreement.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944964

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944964

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944964

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944965

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Exhibit B of the loan agreement is missing the borrower's printed names below the signatures.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
exhibit b, corrected and esigned.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944965

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944965

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the required SSR's per XXXX Guidelines. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
SSR's

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944965

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944967

1 of 5

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement is not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944967

2 of 5

XXXX

XX/XX/XXXX

Credit

Appraisal - Borrower Info

XXXX

The borrower name on the appraisal should be XXXX LLC.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached and the below per our Appraisal Desk: He won’t change it. I went back and forth with them and the appraiser refused to update. I asked XXXX about it and he said it would be fine.

Response 1 (XX/XX/XXXX X:XXAM)
Explanation and documentation received is sufficient. (Resolved)

XXXX

1944967

3 of 5

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The background check is missing for the entity as required per guidelines.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944967

4 of 5

XXXX

XX/XX/XXXX

Credit

Income - Missing or Incomplete Lease Agreement

XXXX

The lease agreement in file is not signed by the borrower or the tenant.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached. The document is e-signed

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944967

5 of 5

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952339

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1952339

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1952339

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944966

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement is not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944966

2 of 4

XXXX

XX/XX/XXXX

Credit

Appraisal - Borrower Info

XXXX

The borrower name on the appraisal should be XXXX LLC

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Per our Appraisal Desk, "The appraiser won’t change it on this one. they made comments on page 15 of the report. "

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944966

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the background search for entity.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
This was a new entity. No background found

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944966

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944969

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944969

2 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Cash to Close

XXXX

The file did not contain evidence the borrower had the proper amount of funds required to close. The loan file is showing a bank statement for entity: XXXX, LLC which is XX% ownership. The XXXX guidelines state available funds will be determined by applying the borrower's ownership percentage of the entity to the most recent bank statement which is XX% ownership that can be used for qualifying. Assets showing shortage of $XXXX. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached as well as the correspondence below: "This loan has no asset conditions as we did not have a shortage. The borrower was given “full access” for XXXX and all the documentation is in the file."

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXPM)
Using 100% of the funds in the referenced account still results in a $XXXX reserves shortage. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944969

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow borrower living rent free and subject proprety is within 25 miles of primary residence with parents. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Fico score XXX, excess reserves $XXXX, DSCR XX%, years at present address XX.

XXXX

1944969

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944970

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1944970

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The loan file is missing the background check for the entity required per guidelines.

Void

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Borrower is vested as an individual, XXXX, born XXXX, married, separate property.

Response 1 (XX/XX/XXXX X:XXPM)
Explanation received is sufficient. (Void)

XXXX

1944970

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1939657

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section(s) of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1939657

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1939657

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944974

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944974

2 of 3

XXXX

XX/XX/XXXX

Credit

Property - Previously Listed for Sale

XXXX

The loan file contains an exception for the property being listed for sale within 90 days for a cash out refinance. Compensating factors deem non-material. (waived)

Waived

Compensating Factors: XXXX FICO, XXX months reserves

XXXX

1944974

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

Cleared

XXXX

1944973

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944973

2 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The required background check for XXXX is missing from the loan file

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
background check

Rebuttal 2 (XX/XX/XXXX X:XXPM)
background

Response 1 (XX/XX/XXXX X:XXAM)
Please provide the No Hit results. (Upheld)

Response 2 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944973

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
guarantor docs

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944973

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944975

1 of 6

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944975

2 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The guidelines indicate a background report including a search for liens and judgments on the entity must be completed. The loan file is missing a background check for the Borrowing Entity (XXXX LLC).

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944975

3 of 6

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The guidelines indicate if the subject property was previously listed for sale, to be eligible for financing the listing must be canceled 90 days prior to the Note date for a Cash Out Refinance. The subject property was listed on XX/XX/XXXX and canceled on XX/XX/XXXX which is < 90 days (61 days) of the XX/XX/XXXX Note Date.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. X months of reserves.

XXXX

1944975

4 of 6

XXXX

XX/XX/XXXX

Credit

Mortgage History - Missing/Incomplete

XXXX

The guidelines indicate a minimum of 12 months payment history must be obtained on the primary residence and subject property. The loan file is missing a complete 12 month housing history on the borrowers primary residence.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Please see the attached

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Please see the attached Property Profile for the primary residence

Response 1 (XX/XX/XXXX X:XXAM)
Still missing primary residence mortgage history. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1944975

5 of 6

XXXX

XX/XX/XXXX

Credit

Program Parameters - LTV

XXXX

The guidelines indicate if the subject property is previously listed for sale, the lessor of the recent list price or appraised value will be used within 6 months of the listing. The subject was listed for $XXXX on XX/XX/XXXX (canceled on XX/XX/XXXX). The appraised value of $XXXX was used at origination to calculate the XX% LTV. The previous listing price of $XXXX was used at audit to calculate the LTV. The XX% LTV is > 75% program max allowed for a cash out refinance, XXX fico and DSCR > XX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see the attached

Response 1 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. X months of reserves.

XXXX

1944975

6 of 6

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX that supports the appraisal value.

Cleared

XXXX

1952333

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete:The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1952333

2 of 3

XXXX

XX/XX/XXXX

Credit

Program Parameters - Other

XXXX

Lender Exception provided for "Waived impounds for borrower with less than XXX FICO (XXX)." Determined non-material based on compensating factors (waived).

Waived

Compensating factors: DTI X% less than max, LTV XX% less than max, disposable income exceeds XXXX a month

XXXX

1952333

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944972

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944972

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944972

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944977

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944977

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for the expiration date of the credit report to be extended to 100 days. Considered to be non-material based on compensating factors (waived).

Waived

Compensating factors: XXXX FICO, XX months reserves

XXXX

1944977

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944971

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944971

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944971

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952340

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1952340

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1952340

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944976

1 of 4

XXXX

XX/XX/XXXX

Compliance

Compliance Finding - Missing Business Purpose Documentation

XXXX

There are additional Compliance Findings. Missing the following Business purpose documentation: Documentation that the cash proceeds will only be used for Business Purposes

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached Business Purpose cert.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944976

2 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944976

3 of 4

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944976

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944921

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Acknowledged

XXXX

1944921

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

A personal Guaranty is required from one or more owners representing a majority ownership interest and any individual whose assets were used to qualify for the loan. (XX% or more). The following are missing for XXXX 1) A limited application that includes their name, address, date of birth, social security number, and citizenship. 2) Provide authorization for a credit report and background report. 3) Identification documentation must be provided as in a driver's license, passport, or similar.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
guarantor docs

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944921

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944923

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944923

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The required background check for XXXX is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached lien and business search for XXXX LLC.

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1944923

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944920

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1944920

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944920

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1944978

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944978

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944978

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952341

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1952341

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the business status/proof of good standing for the entity, XXXX LLC.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
good standing

Response 1 (XX/XX/XXXX X:XXPM)
Documentation received is sufficient. (Resolved)

XXXX

1952341

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944919

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the Lender.

Acknowledged

XXXX

1944919

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944919

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944922

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944922

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1944922

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952342

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1952342

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1952342

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1944979

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Acknowledged

XXXX

1944979

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow a private verification of mortgage and a copy of the note without proof of monthly payments. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Fico score XXX, borrower has payment history on all mortgges of XXXX and fico score is XX points greater than the minimum fico score.

XXXX

1944979

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a second appraisal dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952343

1 of 4

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1952343

2 of 4

XXXX

XX/XX/XXXX

Credit

Assets - Cash to Close

XXXX

The file did not contain evidence the borrower had the proper amount of funds required to close. The borrower is short funds to close of $XXXX.

Waived

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Rebuttal 2 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXAM)
Exception granted must be modified. Total available funds are still $XXXX short. The statements XXXX statements provided are from XXXX. The latest statements used at review are from XXXXX and reflect significantly lower balances. (Upheld)

Response 2 (XX/XX/XXXX X:XXAM)
Waiver granted by Investor. (Waived)

XXXX score. Experienced Investor. XXXX DSCR.

XXXX

1952343

3 of 4

XXXX

XX/XX/XXXX

Credit

DSCR - Missing background check

XXXX

The required background check for XXXX LLC is missing from the loan file.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Attached

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1952343

4 of 4

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1952344

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1952344

2 of 3

XXXX

XX/XX/XXXX

Credit

No Credit Findings

XXXX

The loan meets all applicable credit guidelines.

Cleared

XXXX

1952344

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value.

Cleared

XXXX

1952346

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement was not signed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1952346

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The lender provided an exception to allow for a loan amount that exceeds the subjects purchase price plus improvements with less than 6 months seasoning. Considered non-material based on compensating factors (waived).

Waived

Compensating factors: XXX FICO, XX months reserves

XXXX

1952346

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. CDA provided and supports original appraised value.

Cleared

XXXX

1952345

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The Loan Agreement was not executed by the lender.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXPM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1952345

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file contains a lender exception to allow the loan amount to exceed original price plus improvements. Subject was purchased on XX/XX/XXXX with other property but will have only 6 months seasoning on XX/XX/XXXX. Determined non-material based on compensating factors (waived).

Waived

Compensating Factors: Fico score XXX, CDA supports value and marketable rent, DSCR XX%, LTV/CLTV XX%

XXXX

1952345

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contained a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

1952348

1 of 3

XXXX

XX/XX/XXXX

Compliance

Note - Incomplete

XXXX

The following section of the Note is incomplete: The loan agreement is missing the lenders signature.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXAM)
Docs uploaded.

Response 1 (XX/XX/XXXX X:XXAM)
The documentation provided is sufficient to cure the finding. (Resolved)

XXXX

1952348

2 of 3

XXXX

XX/XX/XXXX

Credit

DSCR - Program Parameters - Other

XXXX

The loan file is missing the required XXXX and XXXX SSR's per XXXX guidelines. Additional conditions may apply.

Resolved

Rebuttal 1 (XX/XX/XXXX X:XXPM)
Please see attached SSR's.

Response 1 (XX/XX/XXXX X:XXAM)
Documentation received is sufficient. (Resolved)

XXXX

1952348

3 of 3

XXXX

XX/XX/XXXX

Valuation

Appraisal - Value is supported within 10% of original appraisal amount

XXXX

The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX which supports the appraised value.

Cleared

XXXX

XX/XX/XXXX

XXXX