EX-99.7 8 tm2513962d1_ex99-7.htm EXHIBIT 99.7

 

Exhibit 99.7

 

 

 

Executive Summary

SAN 2025-NQM2

 

(1)Type of Assets.

 

Covius Real Estate Services, LLC ("CRES") performed the due diligence services described below on behalf of SG Capital Partners LLC (the “Client”). The loans were originated by multiple Correspondent Sellers and acquired directly (or indirectly) by Santander Bank, N.A through Reliance Letters. The loan reviews were conducted from May 2024 through December 2024 by CRES.

 

(2)Number of Assets.

 

There were 47 assets in the loan population.

 

(3)Review Process.

 

The post-closing loan reviews were graded in accordance with the following NRSRO(s) Third Party Due- Diligence Criteria, in addition to the review grading of “Meets Guidelines” or “Does Not Meet Guidelines”:

 

NRSRO Title and Date of Criteria
S&P Global, Inc. ·     Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And Later, February 22, 2018
Kroll Bond Rating Agency, LLC ·      US RMBS Rating Methodology, dated December 7, 2023

 

The post-closing reviews included a re-underwrite of each borrowers’ credit, an analysis of the property valuation, and regulatory compliance testing. Post-closing reviews are underwritten to the applicable lender’s or client’s underwriting guidelines and credit matrices. The review scope and methodology of these different review areas is discussed in subsequent sections of this document.

 

(4)Sample size of the assets reviewed.

 

The due diligence review was conducted on 100% of the loan population and consisted of 47 mortgage loans with an aggregate original principal balance of approximately $20,788,959. The mortgage loans originated from May 2024 through December 2024.

  

(5)Asset Review

 

In connection with the credit re-underwrite, CRES reviewed all origination documentation to determine conformity to the applicable underwriting guidelines and other regulatory requirements described below, including (if applicable) the Ability to Repay and Qualified Mortgage requirements. Review areas included, but are not limited to:

 

Page 1 of 11

 

  

Credit Review and Methodology

 

Credit Report: Analyzed the Borrower’s credit report/credit history, confirming that credit scores, liabilities and public records met guideline requirements. Liabilities gathered from the credit report were included in the re-calculation of the debt-to-income ratio as appropriate. In addition the following data was also captured and reviewed to confirm compliance with guideline and ASF reporting requirements: (i) credit report date, (ii) bankruptcy date, (iii) bankruptcy discharge date, (iv) bankruptcy chapter, (v) foreclosure date, (vi) short sell date, (vii) longest trade line (active), (viii) longest trade line balance (active), (ix) months reviewed, (x) number of trade lines, (xi) credit scores, (xii) revolving debts and (xiii) installments debts.

 

Loan Application (1003): Reviewed the Borrower’s Loan Application including comparison of initial loan application against the final loan application, or other loan applications found in the file, to identify potential discrepancies. In addition the following data was also captured and reviewed to confirm compliance with guideline and ASF reporting requirements: (i) purpose, (ii) years in primary residence, (iii) number of mortgaged properties (as compared with the credit reports disclosed mortgages), (iv) application date, (v) borrower information (name, date of birth, social security number and number of family members), (vi) borrower’s address, (vii) borrower(s)’ employment information (including address, years at job, years in field), (vii) monthly income and (ix) citizenship.

 

Loan Approval/Exception Form (if applicable): Reviewed the Lender’s approval and Client’s exception approval documentation to confirm appropriate risk mitigating factors were present when granting exceptions.

 

Sales Contract (if applicable): Reviewed the sales contract to confirm buyer(s) and seller(s), sales price and property address matches other documents.

 

Title: Reviewed the title policy or commitment to identify possible judgments or other liens that may have existed at origination. In addition, proper vesting and parties (as disclosed on sales contract, note, and deed) were reflected accurately.

 

Hazard and Flood Insurance: Reviewed hazard and flood (if applicable) insurance to ensure policy met the minimum required amount of replacement coverage.

 

Employment and Income (DTI Loans): Reviewed borrower(s)’ employment and income documentation used for qualification purposes and as applicable, Appendix Q or Ability to Repay, including recalculation of debt-to-income ratio (DTI) to confirm compliance with underwriting guidelines. Items reviewed included: (i) verbal or written verifications of employment, (ii) pay stubs, (iii) W-2’s, (iv) federal tax returns, (v) bank statements, (vi) profit and loss statements, and (vii) IRS tax transcripts (when provided).

 

Leases and Market Rents (DSCR Loans): Reviewed lease agreements and third-party market rent documents to confirm compliance with Debt-Service-Coverage-Ratio requirements. Note, the documentation that can be used to establish market rents can vary from lender to lender. CRES reviews the market rent source, to ensure compliance with applicable guidelines. In some cases, lenders may not require proof of market rents, if a sourced payment history can be provided along with the lease agreement.

 

Assets: Reviewed (i) bank statements, (ii) verification-of-deposit (VOD) and (iii) stock or security account statements to ensure adequate assets were provided verifying down payment, closing costs and reserves required by the guidelines and as applicable Appendix Q or Ability to Repay.

 

Guidelines: Confirmed compliance with applicable underwriting guidelines and determined the qualification of credit and income, assets, property type and usage, LTV/CLTV, and documentation requirements to applicable underwriting guidelines and loan program matrices. Items included, but not limited to: FICO, housing history, bankruptcy and foreclosure seasoning, occupancy, credit grade, loan amounts (minimum and maximum), maximum cash out amount, reserves, residual income, minimum trade lines and debt to income ratio requirements.

 

Page 2 of 11

 

 

Unless otherwise stated in the Lender’s or Client’s guidelines, Fannie Mae guidelines prevail.

 

Property Valuation Review and Methodology

 

CRES reviewed the Appraisal for completeness and conformance to industry standards, including requirements set forth in Title XI of FIRREA. The review included both data and description information provided by the appraiser. Review items included: (i) property address and borrower information matches the mortgage note and other critical origination documents, (ii) neighborhood characteristics and housing trends were acceptable and met applicable underwriting guidelines, (iii) site information for zoning compliance and possible adverse site notations reviewed for adverse conditions, FEMA Flood Zone designation matched the Flood Certification, (iv) property type and property description information met applicable underwriting guidelines, (v) comparable sales (sale dates, distance, gross and net adjustments, square footage, and value) met industry standards and were properly bracketed, (vi) comparable size, style, and location were similar to the subject address, (vii) condition of the property was average or better and notable repairs were addressed, (viii) appraisal was made on an “as is” basis or proper evidence of completion was obtained and clearly documented and addressed all “subject to” conditions noted, (ix) subject and comparable photos reviewed to ensure appraisal description information coincides with property pictures and that no visible adverse issues are present that the appraiser did not address, (x) appraisal was completed by a licensed appraiser and (xi) appraisal was completed within the required timing requirements, as disclosed in the applicable underwriting guidelines.

 

A Fannie Mae UCDP Submission Summary Report with a Collateral Underwriter Risk Score of 2.5 or less or a secondary enhanced desk review product, (such as an ARR from ProTeck or CDA from Clear Capital), from an approved AMC was required on all first lien transactions. In lieu of an enhanced desk review product, a field review or second appraisal from an approved AMC is acceptable. If the Appraisal Review Product value is more than 10% below the appraised value, a second field review or appraisal was required. In certain cases, sellers may include an enhanced desk review product from an approved AMC. All desk review documentation provided by an approved AMC vendor was recorded by CRES, as an acceptable valuation support option as long as valuations were obtained in accordance with guidelines and through notable AMC vendors. Any first lien loans that did not maintain an enhanced desk review or did not meet the Client’s vendor requirements were conditioned and communicated with the Client.

 

This pool contains closed end second liens. Secondary valuations were not required by the guidelines on second liens; however, if an AVM or other secondary valuation was in file, that valuation product was documented and reported.

 

If material origination valuation discrepancies could not be resolved an exception was created and the applicable NRSROs valuation grade was recorded.

 

Compliance Review Methodology

 

CRES reviews on consumer loans included comprehensive audit of fees and disclosed federal, state, municipal requirements along with timing of delivery requirements for TRID related Loan Estimates (LE’s) and the Initial Closing Disclosure (CD’s). The reviews track delivery and receipt requirements for all LE’s and CD’s, tracks fee changes and changed circumstances affecting fees, provides a fee tolerance comparison across all LE’s and CD’s.

 

Page 3 of 11

 

 

In addition to the TRID specific items, the loans were also subject to the following Pre-TRID and Post- TRID compliance testing. Note that certain loans may be classified as “business purpose”. In such cases certain compliance TILA and Regulation Z requirements were not tested, as the law’s provisions do not apply to an extension of credit if primarily for business or a commercial purpose (12 C.F.R. §1026.3(a); 15 U.S.C. § 1603).

 

Therefore, the list of laws that apply to a loan secured by non-owner-occupied property for a business purpose is limited. Regulatory Compliance testing of Business Purpose Loans consists of the following:

 

State and Federal High Cost and Higher Priced:

 

·Cook County High-Cost Ordinance
·Chicago High-Cost Ordinance

 

CRES currently tests the Chicago and Cook County ordinances due to vague language around loans for a business purpose not related to the property.  While the state of Illinois has similar language, CRES’s audit law firm determined that only principal residences should be tested for IL high cost.

 

CRES utilizes a third-party compliance company’s software for certain compliance tests. The following Pre-TRID, TRID, Qualified Mortgage (QM), and High Costs related test were completed within the third-party compliance software for Consumer Loans:

 

Qualified Mortgage (12 CFR § 1026.43)

 

(I)Negative Amortization Loan test.
(II)Interest Only Loan test.
(III)Balloon Payment Loan test.
(IV)Loan Term test.
(V)Points and Fees test.
(VI)The Qualified Mortgage DTI Threshold test.

 

Federal High-Cost Mortgage (HOEPA - Amended) (12 CFR §1026.32)

 

(I)APR threshold test.
(II)Points and fees threshold test.
(III)Prepayment penalty threshold test.
(IV)Is Not a High-Costs Mortgage.

 

Federal Higher-Priced Mortgage Loan (2013 Provisions) (12 CFR §1026.35)

 

(I)Higher-Priced Mortgage Loan test.
(II)Higher-priced mortgage loan required escrow account test.

 

Federal TILA (12 CFR §1026.15, 18, 22, 23 and 36)

 

(I)TILA finance charge test.
(II)TILA APR test.
(III)Dual Broker Compensation test.
(IV)Loan originator credits test.
(V)TILA Financing of Single Premium Credit Insurance test.
(VI)TILA Right of Rescission Test:

 

Initial Loan Estimate Timing Requirements (12 CFR §1026.19)

 

(I)Initial loan estimate delivery date test (from application).
(II)Initial loan estimate delivery date test (prior to consummation).
(III)Written list of service provider’s disclosure date test.

 

Page 4 of 11

 

 

Revised Loan Estimate Timing Requirements (12 CFR §1026.19)

 

(I)Revised loan estimate delivery date test (prior to consummation).

 

Revised Loan Estimate Timing & Changed Circumstances Requirements (12 CFR §1026.19)

 

(I)Valid or invalid changed circumstances test.
(II)Revised loan estimate delivery date and changed circumstances date test.
(III)Revised loan estimate lender credits test.

 

Initial Closing Disclosure Timing Requirements

 

(I)Initial closing disclosure delivery date test. (12 CFR §1026.19).

 

Initial Closing Disclosure Timing & Changed Circumstances Requirements

 

(I)Valid or invalid changed circumstances test.
(II)Initial closing disclosure delivery date and changed circumstances date test.
(III)Initial closing disclosure lender credits test.

 

Revised Closing Disclosure Timing Requirements (12 CFR §1026.19 and 22)

 

(I)APR Tolerance Test.
(II)Revised Closing Disclosure Waiting Period Required test.
(III)Revised closing disclosure delivery date test.

 

Revised Closing Disclosure Timing & Changed Circumstances Requirements

 

(I)Valid or invalid changed circumstances test.
(II)Revised closing disclosure delivery date and changed circumstances date test.
(III)Revised closing disclosure delivery date and date the rate was set test.
(IV)Revised closing disclosure lender credits test.

 

Integrated Disclosures Tolerance & Reimbursement Provisions (12 CFR §1026.19)

 

(I)Charges that cannot increase test.
(II)Lender credits that cannot decrease test.
(III)Charges that in total cannot increase more than 10% test.
(IV)Charges that can have an unlimited increase test.

 

Federal RESPA (12 CFR §§1024.8, 1024.20, 1026.33)

 

(I)Homeownership counseling organizations disclosure date test.
(II)Good Faith Estimate disclosure date test.
(III)RESPA "Your Credit or Charge" (802) Disallowed Credit and Charge test.

 

In addition to the checks disclosed above, various state license-based consumer lending and licensing laws and regulations tests were also completed using the third-party compliance software.

 

On applicable loans (“Covered Loans’ with an Application Dates => 10/3/2015), SFIG RMBS 4.0 TRID Compliance Review Scope was used to test compliance with TILA/RESPA Integrated Disclosure rules.

 

General Ability to Repay

 

CRES reviews all loan transactions that are covered by the Ability to Repay rule as set forth in Regulation Z- Truth in Lending Act (TILA) to determine whether the lender considered and evaluated the eight underwriting factors. The eight factors reviewed are: (i) Current or reasonably expected income or assets (other than the value of the property that secures the loan) that the consumer will rely on to repay the loan, (ii) Current employment status (if you rely on employment income when assessing the consumer’s ability to repay), (iii) Projected monthly mortgage payment for this loan (calculated using the introductory or fully- indexed rate, whichever is higher, and monthly, fully-amortizing payments that are substantially equal), (iv) Projected monthly payment on any simultaneous loans secured by the same property, (v) Monthly payments for property taxes and insurance that you require the consumer to buy, and certain other costs related to the property such as homeowners association fees or ground rent, (vi) Debts, alimony, and child- support obligations, (vii) Monthly debt-to-income ratio or residual income, calculated using the total of all of the mortgage and non-mortgage obligations listed above, as a ratio of gross monthly income, and (viii) Credit history.

 

Page 5 of 11

 

  

Qualified Mortgage

 

When applicable, CRES assessed the borrower(s)’ QM classification and re-assigns a due diligence reviewed QM or Non-QM type for each loan. Loans are classified into one of the following categories:

 

(i) QM: Safe Harbor: Loans that meet the rule's definition of a QM and are eligible for safe harbor protection under the original QM definition, (ii) QM: Safe Harbor (APOR): Loans that meet the rule's definition of a QM and are eligible for safe harbor protection under the new General QM definition (iii) QM: GSE Temporary (safe harbor) – Loans that are eligible for purchase by Fannie Mae or Freddie Mac and therefore is exempt from the Appendix Q/43% DTI provision, but otherwise meets the QM safe harbor definition, (iv) QM: Rebuttable Presumption: Loans that meet the rule's definition of a QM and are eligible for rebuttable presumption protection under the original QM definition, (v) QM: Rebuttable Presumption (APOR): Loans that meet the rule's definition of a QM and are eligible for rebuttable presumption protection under the new General QM definition, (vi) QM: GSE Temporary (rebuttable presumption) - Loans that are eligible for purchase by Fannie Mae or Freddie Mac and therefore is exempt from the Appendix Q/43% DTI provision, but otherwise meets the QM rebuttable presumption definition (vii) Non-QM: Compliant with ATR: Loans that do not meet the QM definition but fully comply with the ATR rule, (viii) Non-QM: Non-Compliant: Loans that do not meet the QM definition and do not comply with the ATR rule, and (ix) Not Covered/Exempt: Loans that are not covered by the rule.

 

Note that CRES determines the mortgage loan’s status under the ATR or QM rule requirements and assigns a proper due diligence mortgage loan designation that is solely based on the documentation available at the time of the review.

  

The table below contains the TRID eligible breakdown for the loan population:

  

  Count Percentage of Population
Investment/Business Purpose Loans 19 40.43%
Initial Application Date prior to October 3, 2015 0 0.00%
CRES Level II TRID Review 28 59.57%

  

Document Review

 

CRES reviewed each mortgage loan file and verified if the following documents, if applicable, were included in the file and if the data on these documents was consistent (where applicable):

 

·Appraisal.
·Asset documentation.
·Business Purpose Certification (if applicable)
·Changed circumstance documentation.
·Credit report.
·FACTA disclosures.
·Final 1003.

 

Page 6 of 11

 

 

·Final HUD-1/Closing Disclosure(s).
·Hazard and/or flood insurance policies.
·HUD from sale of previous residence.
·Homeownership counseling organizations disclosure.
·Income and employment documentation.
·Initial and final GFE’s.
·Initial application (1003).
·Initial escrow disclosure.
·Initial TIL.
·Leases
·Loan Estimate(s).
·Market Rent supporting documentation
·Mortgage Insurance.
·Mortgage/Deed of Trust.
·Note.
·Notice of Special Flood Hazards.
·Sales contract.
·Tangible Net Benefit Disclosure.
·Title/Preliminary Title.
·Written List of Service Providers.

 

(6)Tape Data Compare

 

CRES compared data fields on the data tape provided by the Client to the data points disclosed on the actual mortgage loan file documents, as captured by CRES. When data was available, the following data elements were compared:

 

Appraised Value First Payment Date Note Type Property Zip
CLTV Interest Rate Occupancy Purpose
Doc Level Lien Position Original Balance QM Type
DSCR Loan Term P&I Payment  
DTI LTV Property City  
FICO Note Date Property State  

 

Page 7 of 11

 

 

The seller provided CRES with loan level data regarding the mortgage loans for the data integrity check. CRES received the data directly from the seller through a loan registrations system or via a data tape.

 

Of the 47 mortgage loans reviewed, twenty-two unique mortgage loans had at least one tape discrepancy across 21 data fields (one mortgage loan had more than one data discrepancy). The following table discloses the number of data discrepancies noted by field name. Note, tape data was not provided on certain field compare values. The fields in which tape data was not available is noted below; however, a data discrepancy was not counted if the seller failed to provide a compare value.

 

Field Compare Discrepancy: No Discrepancy: Yes   Total
Appraised Value 38 9 47
CLTV 44 3 47
Doc Level 47 0 47
DSCR* 47 0 47
DTI 40 7 47
FICO 44 3 47
First Payment Date 47 0 47
Interest Rate 45 2 47
Lien Position 47 0 47
Loan Term 47 0 47
LTV 44 3 47
Note Date* 47 0 47
Note Type 46 1 47
Occupancy 47 0 47
Original Balance 46 1 47
P&I Payment 47 0 47
Property City 44 3 47
Property State 47 0 47
Property Zip 46 1 47
Purpose 47 0 47
QM Type* 47 0 47
       
* Tape data was not available.
DTI Variance Threshold Applied: 3%

 

DTI variances are the difference on the percentage of income dedicated toward making debt payments. These variances occur frequently due to differences in calculating incomes. Total Debt Ratio variances that were less than or equal to 3% of the tape value are not included in the data discrepancies reflected.

 

(7)  Credit, Compliance and Property Valuation Results Credit Results Summary

 

Approximately 100.00% of the mortgage loans by number have a Credit grade of “B” or higher and 80.85% of the mortgage loans by number have a Credit grade of “A”.

  

NRSRO Grade Loan Count Percentage
A 38 80.85%
B 9 19.15%
C 0 0.00%
Total 47 100.00%

 

Compliance Results Summary

 

Approximately 100.00% of the mortgage loans in the securitization have a Compliance grade of “B” or higher and 97.87% of the mortgage loans by number have a Credit grade of “A”.

 

NRSRO Grade Loan Count Percentage
A 46 97.87%
B 1 2.13%
C 0 0.00%
Total 47 100.00%

 

Page 8 of 11

 

 

Property Valuation Results Summary

 

Approximately 100.00% of the mortgage loans by number have a Valuation grade of “B” or higher and 95.74% of the mortgage loans by number have a Valuation grade of “A”.

 

NRSRO Grade Loan Count Percentage
A 45 95.74%
B 2 4.26%
C 0 0.00%
Total 47                   100.00%

 

Overall Results Summary

 

Approximately 100.00% of all loans by number received an “A” or “B” overall grade and 74.46% of all loans by number received an overall grade of “A”.

 

NRSRO Grade Loan Count Percentage
A 35 74.46%
B 12 25.53%
C 0 0.00%
Total 47 100.00%

 

(8)Pool Stratification Summary

 

Lien Position Count Percentage
First 40 85.11%
Second 7 14.89%
Total 47 100.00%

 

Note Type Count Percentage
Arm 0 0.00%
Fixed 47 100.00%
Total 47 100.00%

 

Occupancy Count Percentage
Owner Occupied 15 31.91%
Non-Owner Occupied 28 59.57%
Second Home 4 8.51%
Total 47 100.00%

 

Purpose Count Percentage
Purchase 25 53.19%
Refi - Cash Out 20 42.55%
Rate Term Refi 2 4.26%
Total 47 100.00%

 

Page 9 of 11

 

 

Property Type Count Percentage
Single Family 16 34.04%
2-4 Family 7 14.89%
PUD 18 38.30%
Condo 5 10.64%
Co-op 1 2.13%
Commercial 0 0.00%
Townhome 0 0.00%
Total 47 100.00%
     
Debt to Income Count Percentage
0-9.99%* 0 0.00%
10%-19.99% 3 12.00%
20%-29.99% 3 12.00%
30%-39.99% 4 16.00%
40%-49.99% 15 60.00%
50%-60.00% 0 0.00%
Total 25 100.00%
Twenty-two loans in the pool were underwritten to a Debt Service Coverage Ratio (“DSCR”) program.

 

DSCR Loans Count Percentage
  <0 or 0 0.00%
  0-0.1999 0 0.00%
  0.2-0.3999 0 0.00%
  0.4-0.5999 0 0.00%
  0.6-0.7999 0 0.00%
  0.8-.9999 0 0.00%
  1-1.1999 10 45.45%
  1.2-1.3999 7 31.82%
  1.4-1.5999 3 13.64%
  1.6-1.7999 0 0.00%
  1.8-1.9999 1 4.55%
  =>2 1 4.55%
Total 22 100.00%
 

 

Loan to Value Count Percentage
10%-19.99% 2 4.26%
20%-29.99% 3 6.38%
30%-39.99% 2 4.26%
40%-49.99% 1 2.13%
50%-59.99% 3 6.38%
60%-69.99% 6 12.77%
70%-79.99% 16 34.04%
80%-89.99% 14 29.79%
90%-100% 0 0.00%
Total 47 100.00%

 

Page 10 of 11

 

 

State Count Percentage
AL 1 2.13%
AR 2 4.26%
AZ 1 2.13%
CA 8 17.02%
CO 1 2.13%
CT 1 2.13%
FL 7 14.89%
GA 7 14.89%
ME 3 6.38%
MI 1 2.13%
MO 3 6.38%
NJ 1 2.13%
NV 1 2.13%
NY 2 4.26%
OR 1 2.13%
PA 1 2.13%
SD 1 2.13%
TN 1 2.13%
TX 2 4.26%
WI 2 4.26%
Total 47 100.00%

 

Page 11 of 11

 

 

 

Loan Number Doc Type Property ID Rent On Lease if applicable  Rent On Appraisal if applicable  Source Lease or Appraisal Used for DSCR DSCR PITI Short Term Rental Flag Property Address Property City Property State Property Zip Year Built Square Footage Units Unit 1 of Baths Unit 1 of Beds Unit 2 of Baths Unit 2 of Beds Lease Term
1052774675 DSCR 1 XXXX XXXX Appraisal XXXXX 1.3562 XXXXX No XXXXXXXX XXXXXXXX OR XXXXX XXXX XXXX 1 2 2      
1052809464 DSCR 1 XXXX XXXX Appraisal XXXXX 1.5195 XXXXX No XXXXXXXX XXXXXXXX MO XXXXX XXXX XXXX 1 1 2      
1052810489 DSCR 1 XXXX XXXX Appraisal XXXXX 1.1439 XXXXX No XXXXXXXX XXXXXXXX TN XXXXX XXXX XXXX 1 1 2      
1052818207 DSCR 1 XXXX XXXX Lease XXXXX 1.2813 XXXXX No XXXXXXXX XXXXXXXX FL XXXXX XXXX XXXX 2 1 2 1 2 XXXXXXXX
1052818207 DSCR 2 XXXX XXXX Appraisal XXXXX     No XXXXXXXX XXXXXXXX FL XXXXX XXXX XXXX 2 1 2 1 2 XXXXXXXX
1052829991 DSCR 1 XXXX XXXX Appraisal XXXXX 1.1088 XXXXX No XXXXXXXX XXXXXXXX FL XXXXX XXXX XXXX 1 2 2      
1052830257 DSCR 1 XXXX XXXX Lease XXXXX 1.0437 XXXXX No XXXXXXXX XXXXXXXX TX XXXXX XXXX XXXX 1 2 4     XXXXXXXX
1052838483 DSCR 1 XXXX XXXX Appraisal XXXXX 1.1013 XXXXX No XXXXXXXX XXXXXXXX AZ XXXXX XXXX XXXX 1 2 3      
1052840155 DSCR 1 XXXX XXXX Appraisal XXXXX 2.6975 XXXXX No XXXXXXXX XXXXXXXX WI XXXXX XXXX XXXX 1 1 2      
1052847343 DSCR 1 XXXX XXXX Appraisal XXXXX 1.2509 XXXXX No XXXXXXXX XXXXXXXX CT XXXXX XXXX XXXX 1 4 8     XXXXXXXX
1052849999 DSCR 1 XXXX XXXX Appraisal XXXXX 1.0019 XXXXX No XXXXXXXX XXXXXXXX AR XXXXX XXXX XXXX 1 2 4      
1052850000 DSCR 1 XXXX XXXX Appraisal XXXXX 1.0011 XXXXX No XXXXXXXX XXXXXXXX AR XXXXX XXXX XXXX 1 2 3      
1052851251 DSCR 1 XXXX XXXX Appraisal XXXXX 1.9538 XXXXX No XXXXXXXX XXXXXXXX GA XXXXX XXXX XXXX 2 2 2 1 1  
1052851251 DSCR 2 XXXX XXXX Appraisal XXXXX     No XXXXXXXX XXXXXXXX GA XXXXX XXXX XXXX 2 2 2 1 1  
1052851309 DSCR 1 XXXX XXXX Lease XXXXX 1.5226 XXXXX No XXXXXXXX XXXXXXXX SD XXXXX XXXX XXXX 2 1 2 1 2 XXXXXXXX
1052851309 DSCR 2 XXXX XXXX Lease XXXXX     No XXXXXXXX XXXXXXXX SD XXXXX XXXX XXXX 2 1 2 1 2 XXXXXXXX
1052851375 DSCR 1 XXXX XXXX Appraisal XXXXX 1.0008 XXXXX No XXXXXXXX XXXXXXXX GA XXXXX XXXX XXXX 1 3 5      
1052852386 DSCR 1 XXXX XXXX Lease XXXXX 1.3135 XXXXX Yes XXXXXXXX XXXXXXXX FL XXXXX XXXX XXXX 1 1 2     XXXXXXXX
1052853189 DSCR 1 XXXX XXXX Appraisal XXXXX 1.0007 XXXXX No XXXXXXXX XXXXXXXX GA XXXXX XXXX XXXX 1 2 5      
1052853594 DSCR 1 XXXX XXXX Appraisal XXXXX 1.1698 XXXXX No XXXXXXXX XXXXXXXX GA XXXXX XXXX XXXX 1 2 3     XXXXXXXX
1052853883 DSCR 1 XXXX XXXX Lease XXXXX 1.3102 XXXXX Yes XXXXXXXX XXXXXXXX GA XXXXX XXXX XXXX 1 2 3     XXXXXXXX
1052865825 DSCR 1 XXXX XXXX Appraisal XXXXX 1.2196 XXXXX No XXXXXXXX XXXXXXXX MO XXXXX XXXX XXXX 1 2 3      
1052865828 DSCR 1 XXXX XXXX Appraisal XXXXX 1.2196 XXXXX No XXXXXXXX XXXXXXXX MO XXXXX XXXX XXXX 1 2 3      
1052866068 DSCR 1 XXXX XXXX Appraisal XXXXX 1.0039 XXXXX No XXXXXXXX XXXXXXXX TX XXXXX XXXX XXXX 1 2 4      
1052866450 DSCR 1 XXXX XXXX Appraisal XXXXX 1.5594 XXXXX No XXXXXXXX XXXXXXXX PA XXXXX XXXX XXXX 2 1 2 1 2  
1052866450 DSCR 2 XXXX XXXX Appraisal XXXXX     No XXXXXXXX XXXXXXXX PA XXXXX XXXX XXXX 2 1 2 1 2  

 

 

 

Rating Agency Grades: 4/4/2025

 

Loan Information Initial Credit Grades Initial Compliance Grades Initial Property Grades Initial Overall Grades Final Credit Grades Final Compliance Grades Final Property Grades Final Overall Grades
Loan Number Alternate Loan ID Note Original Balance DBRS KBRA Fitch Moody's S&P DBRS KBRA Fitch Moody's S&P DBRS KBRA Fitch Moody's S&P DBRS KBRA Fitch Moody's S&P DBRS KBRA Fitch Moody's S&P DBRS KBRA Fitch Moody's S&P DBRS KBRA Fitch Moody's S&P DBRS KBRA Fitch Moody's S&P
1052659044 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C B B B B B A A A A A A A A A A B B B B B
1052678067 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052694790 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052694800 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052706195 XXXXXXXX XXXXXXXX C C C C C C C C C C C C C C C C C C C C A A A A A B B B B B A A A A A B B B B B
1052759734 XXXXXXXX XXXXXXXX C C C C C A A A A A C C C C C C C C C C A A A A A A A A A A A A A A A A A A A A
1052774675 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052791031 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052807707 XXXXXXXX XXXXXXXX C C C C C A A A A A C C C C C C C C C C B B B B B A A A A A A A A A A B B B B B
1052808515 XXXXXXXX XXXXXXXX C C C C C C C C C C A A A A A C C C C C B B B B B A A A A A A A A A A B B B B B
1052809464 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052810489 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C B B B B B A A A A A A A A A A B B B B B
1052818207 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052829991 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052830257 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052830269 XXXXXXXX XXXXXXXX C C C C C D D D D D A A A A A D D D D D A A A A A A A A A A A A A A A A A A A A
1052832220 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052833062 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052833204 XXXXXXXX XXXXXXXX D D D D D A A A A A C C C C C D D D D D A A A A A A A A A A A A A A A A A A A A
1052838483 XXXXXXXX XXXXXXXX C C C C C A A A A A D D D D D D D D D D B B B B B A A A A A A A A A A B B B B B
1052839445 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052840060 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052840145 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052840155 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C B B B B B A A A A A A A A A A B B B B B
1052847208 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C B B B B B A A A A A A A A A A B B B B B
1052847247 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052847343 XXXXXXXX XXXXXXXX C C C C C A A A A A D D D D D D D D D D A A A A A A A A A A B B B B B B B B B B
1052848844 XXXXXXXX XXXXXXXX C C C C C D D D D D C C C C C D D D D D A A A A A A A A A A A A A A A A A A A A
1052849999 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052850000 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052851143 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052851251 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A B B B B B B B B B B
1052851278 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052851309 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052851375 XXXXXXXX XXXXXXXX D D D D D A A A A A A A A A A D D D D D A A A A A A A A A A A A A A A A A A A A
1052852386 XXXXXXXX XXXXXXXX C C C C C C C C C C C C C C C C C C C C A A A A A A A A A A A A A A A A A A A A
1052852432 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052853189 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052853594 XXXXXXXX XXXXXXXX A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
1052853767 XXXXXXXX XXXXXXXX D D D D D A A A A A C C C C C D D D D D A A A A A A A A A A A A A A A A A A A A
1052853883 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C B B B B B A A A A A A A A A A B B B B B
1052864063 XXXXXXXX XXXXXXXX A A A A A C C C C C A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052865825 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052865828 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052866041 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A
1052866068 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C B B B B B A A A A A A A A A A B B B B B
1052866450 XXXXXXXX XXXXXXXX C C C C C A A A A A A A A A A C C C C C A A A A A A A A A A A A A A A A A A A A

 

 

 

ValuationReport

 

  Origination Values AVM Values BPO Review Values Desk Review Values Field Review Values Collateral Underwriter Risk Score
Loan Number Seller Loan Number Origination Date Original Loan Amount LTV Value Used For LTV Sale Price Appraised Value Appraisal Date Second Appraisal Value Second Appraisal Type Appraisal Date Value Variance Amount Variance (%) Appraisal Date Value Variance Amount Variance (%) Company Appraisal Date Value Variance Amount Variance (%) Company Appraisal Date Value Variance Amount Variance (%) Company Appraisal Date CU Score Company CU Date
1052659044 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 30.82% Appraised Value   XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052678067 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 15.51% Appraised Value   XXXXXXXXX XX/XX/XXXX XXXXXXXXX Full Appraisal XX/XX/XXXX                                         Fannie Mae XX/XX/XXXX
1052694790 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 18.68% Appraised Value   XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052694800 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 32.16% Appraised Value   XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052706195 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 22.29% Appraised Value   XXXXXXXXX XX/XX/XXXX                                               Fannie Mae XX/XX/XXXX
1052759734 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 23.48% Appraised Value   XXXXXXXXX XX/XX/XXXX                                               Fannie Mae XX/XX/XXXX
1052774675 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 70.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           2.5 Fannie Mae XX/XX/XXXX
1052791031 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 21.37% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           2.6 Fannie Mae XX/XX/XXXX
1052807707 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           2.6 Fannie Mae XX/XX/XXXX
1052808515 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           2.9 Fannie Mae XX/XX/XXXX
1052809464 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Appraised Value XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1.6 Fannie Mae XX/XX/XXXX
1052810489 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 70.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           4.2 Fannie Mae XX/XX/XXXX
1052818207 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 75.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX                
1052829991 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 70.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052830257 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 54.32% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           2.8 Fannie Mae XX/XX/XXXX
1052830269 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 60.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                                             1.8 Fannie Mae XX/XX/XXXX
1052832220 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 72.60% Appraised Value XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1.6 Fannie Mae XX/XX/XXXX
1052833062 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 75.00% Appraised Value XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           3.5 Fannie Mae XX/XX/XXXX
1052833204 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Appraised Value XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052838483 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 70.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           5 Fannie Mae XX/XX/XXXX
1052839445 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 71.25% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX                
1052840060 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1.1 Fannie Mae XX/XX/XXXX
1052840145 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052840155 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Appraised Value XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX XXXXXXXXX XXXXXXXXX XXXXXXXXX XX/XX/XXXX           3.4 Fannie Mae XX/XX/XXXX
1052847208 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052847247 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Appraised Value XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           5 Fannie Mae XX/XX/XXXX
1052847343 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 43.84% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX                
1052848844 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 69.69% Appraised Value XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           2.1 Fannie Mae XX/XX/XXXX
1052849999 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 52.32% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1.3 Fannie Mae XX/XX/XXXX
1052850000 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 57.24% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1 Fannie Mae XX/XX/XXXX
1052851143 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1.4 Fannie Mae XX/XX/XXXX
1052851251 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 75.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX                
1052851278 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 75.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1 Fannie Mae XX/XX/XXXX
1052851309 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 75.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX             Fannie Mae XX/XX/XXXX
1052851375 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 66.71% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1.5 Fannie Mae XX/XX/XXXX
1052852386 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 60.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052852432 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 64.57% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1 Fannie Mae XX/XX/XXXX
1052853189 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 75.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1.1 Fannie Mae XX/XX/XXXX
1052853594 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 70.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052853767 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 75.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052853883 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 70.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1 Fannie Mae XX/XX/XXXX
1052864063 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 65.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052865825 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052865828 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                                             1 Fannie Mae XX/XX/XXXX
1052866041 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 75.00% Appraised Value   XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1.6 Fannie Mae XX/XX/XXXX
1052866068 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX           1 Fannie Mae XX/XX/XXXX
1052866450 XXXXXXXXX XX/XX/XXXX XXXXXXXXX 80.00% Sale Price XXXXXXXXX XXXXXXXXX XX/XX/XXXX                         XXXXXXXXX 0.00 0.00% XXXXXXXXX XX/XX/XXXX                

 

 

 

Rating Agency Exceptions Report: 4/4/2025

 

Loan Information  Exception Information Initial Overall Grades Final Overall Grades Event Level
Loan Number Loan Number 2 Property State Purpose Occupancy Property Type DTI DSCR FICO LTV Note Original Balance Exception ID Exception Type Exception Description Exception Note Exception General Comment Compensating Factors Exception Status DBRS Fitch Moody's S&P DBRS Fitch Moody's S&P Grade
1052659044 XXXXXXXX CA Refi - Cash Out Owner Occupied Single Family Detached 43.46   732 30.82 % XXXXXXXX 286189 Credit Income According to underwriting XXXX, LTV > 85% requires full income documentation, In this case, the LTV is 87.84%, the loan was qualified as a business bank statement program and not a full income program. 08/08/24: An exception approval was provided for the guideline deviation. Prior Mortgage History - No Delinquencies in Mortgage History detailed housing history e.i XXXX
 Client Accepted C C C C B B B B 2
1052694790 XXXXXXXX NV Refi - Cash Out Non-Owner Occupied PUD 48.16   709 18.68 % XXXXXXXX 284194 Credit Borrower Eligibilty According to the underwriting guidelines, all loans must be submitted to an automated fraud and data check tool (i.e. Frauguard, DataVerify, etc.). In this case, the documentation is not included in the loan file. 06/28/24: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052694800 XXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 35.32   770 32.16 % XXXXXXXX 283171 Credit Income The CPA Letter does not meet the criteria for use of XXXX% expense factor. The CPA did not attest that they prepared the borrower's most recent tax returns, that he is not related to the borrower or affiliated with the business or that the Expense Ratio represents an accurate summary of the applicable cash expenses of the business.. 06/13/24: The name of the business is misspelled in the CPA letter.  06/17/24: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052706195 XXXXXXXX CA Refi - Cash Out Owner Occupied Two-Unit Property 41.27   773 22.29 % XXXXXXXX 285848 Credit Credit - Eligiblity According to the underwriting guidelines, all loans must be submitted to an automated fraud and data check tool (i.e. Frauguard, DataVerify, etc.). In this case, the documentation is not included in the loan file. 8/8/2024: Document provided to cure.    Cleared Exception C C C C B B B B 1
1052706195 XXXXXXXX CA Refi - Cash Out Owner Occupied Two-Unit Property 41.27   773 22.29 % XXXXXXXX 285850 Compliance Right of Rescission This loan failed the TILA right of rescission test. The rescission period ended on XXXX which is after the disbursement date of XXXX from the final CD. 8/8/2024: PCCD document provided to cure.    Cleared Exception C C C C B B B B 2
1052759734 XXXXXXXX CA Refi - Cash Out Non-Owner Occupied Two-Unit Property 25.59   751 23.48 % XXXXXXXX 285994 Credit Borrower ID Provide an automated fraud and tool check in the loan file.According to the underwriting guidelines, all loans must be submitted to an automated fraud and data check tool (i.e. Frauguard, DataVerify, etc.). In this case, the documentation is not included in the loan file. 08/12/24: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052807707 XXXXXXXX AL Refi - Cash Out Owner Occupied PUD 48.36   688 80.00 % XXXXXXXX 288747 Credit Income Per guidelines tax transcripts are required for full doc wage earner loans. The tax transcripts are missing from the loan file. 10/14: Provide the executed tax transcripts verifying the W2 income.
10/16/2024: XXXX approved the missing tax transcripts from this file. 		 Months Of Reserves - XXXX months Client Accepted C C C C B B B B 2
1052808515 XXXXXXXX CO Purchase Owner Occupied PUD 23.32   802 80.00 % XXXXXXXX 289023 Credit Income According to the underwriting guidelines, P&L with expenses representing less than XXXX% of the total revenue are ineligible. In this case, the expenses listed on the P&L represent less than XXXX% of the total revenue and therefore the P&L is ineligible.   10/14: Provide a revised P&L reflecting expenses of at least XXXX% of the total revenue.
10/15/2024: XXXX accepts the P&L income using XXXX% expenses of the total income. 		 Credit Score - 802 Fico is 122 points more than the minimum required.  Client Accepted C C C C B B B B 2
1052808515 XXXXXXXX CO Purchase Owner Occupied PUD 23.32   802 80.00 % XXXXXXXX 289024 Compliance Rate Lock The XXXX Rate Lock date is not in the loan file. 10/14/24: Documentation provided to cure.   Cleared Exception C C C C B B B B 1
1052810489 XXXXXXXX TN Rate Term Refi Non-Owner Occupied Single Family Attached 0 1.1439 756 70.00 % XXXXXXXX 291465 Credit Title The property tax certificate for the subject property is missing from the loan file. 10/23/24: Documentation provided to cure.   Cleared Exception C C C C B B B B 1
1052810489 XXXXXXXX TN Rate Term Refi Non-Owner Occupied Single Family Attached 0 1.1439 756 70.00 % XXXXXXXX 291555 Credit Program Eligibilty Closing documents were signed using a power of attorney; per guidelines a POA may not be used if the loan is closing in an entity, loan closed under a corporation,XXXX which makes the POA ineligible. 10/23: Per Deed of Trust, loan closed in name of entity, XXXX.
10/28/24: An exception was approved for the guideline deviation.		 Credit Score - 756, LTV - 70% Client Accepted C C C C B B B B 2
1052830257 XXXXXXXX TX Refi - Cash Out Non-Owner Occupied PUD 0 1.0437 749 54.32 % XXXXXXXX 291936 Credit Debt Service Coverage Ratio The Business Purpose and Occupancy Affidavit is missing from the loan file. 11/04/24: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052830269 XXXXXXXX FL Refi - Cash Out Owner Occupied Condo High-Rise 49.98   655 60.00 % XXXXXXXX 293797 Credit Initial 1003 The initial 1003 is not signed by the borrower. 11/19/24: Documentation provided to cure.   Cleared Exception D D D D A A A A 1
1052830269 XXXXXXXX FL Refi - Cash Out Owner Occupied Condo High-Rise 49.98   655 60.00 % XXXXXXXX 293826 Compliance Loan Estimate The initial Loan Estimate and all subsequent LE's are missing from the loan file. Document provided to cure.    Cleared Exception D D D D A A A A 1
1052830269 XXXXXXXX FL Refi - Cash Out Owner Occupied Condo High-Rise 49.98   655 60.00 % XXXXXXXX 293827 Compliance Other The Written List of Service Provider document is not included in the loan file. Document provided to cure.    Cleared Exception D D D D A A A A 1
1052830269 XXXXXXXX FL Refi - Cash Out Owner Occupied Condo High-Rise 49.98   655 60.00 % XXXXXXXX 293828 Compliance Other The Homeownership and Housing Counseling disclosure is not in file. Document provided to cure.    Cleared Exception D D D D A A A A 1
1052830269 XXXXXXXX FL Refi - Cash Out Owner Occupied Condo High-Rise 49.98   655 60.00 % XXXXXXXX 293829 Credit Condo/PUD Delinquent HOA dues at application will require preapproval. Preapproval for delinquent HOA dues approved by XXXX and in file.   Cleared Exception D D D D A A A A 1
1052830269 XXXXXXXX FL Refi - Cash Out Owner Occupied Condo High-Rise 49.98   655 60.00 % XXXXXXXX 294178 Compliance Closing Disclosure This loan failed the charges that cannot increase test. The Discount Points Fee on the initial CD was $XXXX however the fee on the final CD was $XXXX, an increase of $XXXX. Additionally, the Disaster Certification fee was not initially disclosed on the initial LE but reported on the final CD for $XXXX. A change of circumstance for neither fee was included in the loan file.  11/27/2024: Document provided to cure.    Cleared Exception D D D D A A A A 1
1052832220 XXXXXXXX ME Purchase Second Home PUD 47.52   717 72.60 % XXXXXXXX 293441 Credit Warranty Deed / Quit Claim Deed The Warranty/ Grant Deed is missing from the loan file. 11/12/24: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052832220 XXXXXXXX ME Purchase Second Home PUD 47.52   717 72.60 % XXXXXXXX 293450 Credit VOM Provide verification of HOA/ other dues for borrowers primary residence at XXXX in the amount of $XXXX/ mo. 11/27/2024: Document provided to cure.    Cleared Exception C C C C A A A A 1
1052833204 XXXXXXXX CA Purchase Owner Occupied Single Family Detached 42.74   749 80.00 % XXXXXXXX 291425 Credit Warranty Deed / Quit Claim Deed The Warranty/ Grant Deed is missing from the loan file. 10/24/2024: Document provided to cure.    Cleared Exception D D D D A A A A 1
1052833204 XXXXXXXX CA Purchase Owner Occupied Single Family Detached 42.74   749 80.00 % XXXXXXXX 291493 Credit Income The P&L Statements are not signed by the borrower. 10/24/2024: The XXXX guidelines dated XXXX states on page 27 that the P&L must be signed by both the borrower and CPA.
11/1/2024: Updated guidelines do not require the borrowers signature. 		   Cleared Exception D D D D A A A A 1
1052833204 XXXXXXXX CA Purchase Owner Occupied Single Family Detached 42.74   749 80.00 % XXXXXXXX 291494 Credit Income CPA letter attesting to the borrowers business does not state that they have filed the the borrower's most recent business tax returns or that they are not related to the borrower or associated with the borrower or borrower's business 10/24/2024: The XXXX guidelines dated XXXX states on page 27 that the CPA preparing the P&L must attest that they prepared the borrower's business tax returns and that they are not related to the borrower.
11/1/2024: Updated XXXX guidelines do not require attestation that they are not related to the borrower. 		   Cleared Exception D D D D A A A A 1
1052833204 XXXXXXXX CA Purchase Owner Occupied Single Family Detached 42.74   749 80.00 % XXXXXXXX 291497 Credit Title Commitment The Title Policy Amount of $XXXX is less than the note amount of $XXXX based on the Commitment in file. 10/24/2024: Document provided to cure.    Cleared Exception D D D D A A A A 1
1052838483 XXXXXXXX AZ Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.1013 751 70.00 % XXXXXXXX 293273 Credit Eligibilty The final Amortization Schedule is missing from the loan file. 11/08/24: Documentation provided to cure.   Cleared Exception D D D D B B B B 1
1052838483 XXXXXXXX AZ Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.1013 751 70.00 % XXXXXXXX 293275 Credit Credit - Eligiblity XXXX are limited to XXXX per property; subject property has an XXXX as well as a XXXX. Exception for having an XXXX and a XXXX approved by XXXX and in file. Months Of Reserves -XXXX months reserves., Credit Score - 751 Client Accepted D D D D B B B B 2
1052838483 XXXXXXXX AZ Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.1013 751 70.00 % XXXXXXXX 293330 Property Appraisal Appraisal states subject property is owner occupied; lender to provide explanation or a corrected appraisal for an investment property loan. 11/08/24: Documentation provided to cure.   Cleared Exception D D D D B B B B 1
1052838483 XXXXXXXX AZ Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.1013 751 70.00 % XXXXXXXX 293499 Credit Credit According to the underwriting guidelines, on refinance transactions a copy of the lease is required and should be utilized to determine the rental income. In this case, the market rent was used to determine income.  XXXX allowed the use of the market rent on this loan.  Months Of Reserves - XXXXmonths reserves., Credit Score - 751 Client Accepted D D D D B B B B 2
1052840060 XXXXXXXX NY Purchase Owner Occupied Single Family Detached 41.54   709 80.00 % XXXXXXXX 292124 Credit 1008 Form 1008 document is not included in the loan file for a manually underwritten loan. 11/6/2024: Document provided to cure.    Cleared Exception C C C C A A A A 1
1052840060 XXXXXXXX NY Purchase Owner Occupied Single Family Detached 41.54   709 80.00 % XXXXXXXX 292153 Credit Warranty Deed / Quit Claim Deed The Warranty/ Grant Deed is missing from the loan file. 11/6/2024: Document provided to cure.    Cleared Exception C C C C A A A A 1
1052840145 XXXXXXXX CA Purchase Owner Occupied PUD 31.85   737 80.00 % XXXXXXXX 293852 Credit Income The CPA/EA/CTEC prepared P&L must be wet signed by both the borrower and CPA/EA/CTEC. 11/21: Per guidelines, The CPA/EA/CTEC prepared P&L must be wet signed by both the borrower and CPA/EA/CTEC.
12/7/2024: Per the guidelines, the P&L must be WET signed by the borrower and the CTEC. The document provided shows the CTEC wet signed the document, but the borrower did not. An exception from XXXX is required.
12/13: Per guidelines, the CPA/EA/CTEC prepared P&L must be wet signed by both the borrower and CPA/EA/CTEC.
12.26 document provided to cure		   Cleared Exception C C C C A A A A 1
1052840155 XXXXXXXX WI Purchase Non-Owner Occupied Single Family Residential 0 2.6975 757 80.00 % XXXXXXXX 296102 Credit Debt Service Coverage Ratio Per guidelines, no daily or weekly vacation rentals should be used in the market rent survey. Provide Form 1007 showing comps long term rentals or an AirDNA Revenue Calculator (max 75% LTV with 1 year experience operating a XXXX). DSCR is pending. 12/15: Form 1007 is based on short term rentals which is not allowed per guidelines.
1.7 Updated appraisal provided to clear, however not using the XXXX income results in a DSCR of .80.
1/15/2025: XXXX allowing the 80% LTV for loan with short term rental. 		 Credit Score - 757, Months Of Reserves - XXXX Client Accepted C C C C B B B B 2
1052840155 XXXXXXXX WI Purchase Non-Owner Occupied Single Family Residential 0 2.6975 757 80.00 % XXXXXXXX 297626 Credit LTV According to the underwriting guidelines, the maximum allowed LTV for a loan with a DSCR under 1 is 70%. In this case, the DSCR using the rental amount on the updated 1007 is .80 and the loan was approved with an 80% LTV. 1/15/2025: Per the XXXXguides, market rent survey with short term tenancy will be used when AirDNA does not meet the requirement. 80% of the market rent was used to determine the DSCR.    Cleared Exception C C C C B B B B 1
1052847208 XXXXXXXX ME Purchase Owner Occupied Single Family Detached 39.24   808 80.00 % XXXXXXXX 296298 Credit Income - Borrower Income for borrower was qualified based off future income- offer letter. Exception to use future income approved by XXXX and in file. DTI - 39.24% DTI, Months Of Reserves - XXXX months reserves, Credit Score - 808 score Client Accepted C C C C B B B B 2
1052847208 XXXXXXXX ME Purchase Owner Occupied Single Family Detached 39.24   808 80.00 % XXXXXXXX 296299 Credit Deed of Trust / Mortgage The MERS MIN # is missing from the DOT. 1/9/2025: Document provided to cure.    Cleared Exception C C C C B B B B 1
1052847343 XXXXXXXX CT Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.2509 647 43.84 % XXXXXXXX 293772 Property Appraisal Per guidelines the maximum bedroom count is XXXX for a SFR; subject property has XXXX bedrooms. An exception for exceeding the maximum bdrm count is missing from the loan file. 12.2 Exception requested - pending approval from XXXX.  12/13/24: An exception was approved for the guideline deviation. Reserves - XXXX reserves requirements for a cash out refinance at 43.84% is 6 months reserves and the borrower has XXXX months in reserves.  Client Accepted D D D D B B B B 2
1052847343 XXXXXXXX CT Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.2509 647 43.84 % XXXXXXXX 293773 Credit Credit - Eligiblity Per 1008 borrower had a loan modification; a copy of the modification agreement is missing from the loan file. 12.2 Loan modification agreement is still needed.  Documentation provided was the original loan documentation.
12/13: Still need the Loan Modification agreement.  12/18/24: Documentation provided to cure.		   Cleared Exception D D D D B B B B 1
1052847343 XXXXXXXX CT Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.2509 647 43.84 % XXXXXXXX 293774 Credit Note The PPP Addendum to the Note is missing from the loan file. 12.2 Addendum provided.   Cleared Exception D D D D B B B B 1
1052847343 XXXXXXXX CT Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.2509 647 43.84 % XXXXXXXX 293775 Credit Borrower Eligibilty According to the underwriting guidelines, all loans must be submitted to an automated fraud and data check tool (i.e. Frauguard, DataVerify, etc.). In this case, the documentation is not included in the loan file. 12.2 Fraud report provided.   Cleared Exception D D D D B B B B 1
1052848844 XXXXXXXX FL Purchase Second Home Condo Attached 25.48   739 69.69 % XXXXXXXX 294440 Credit Warranty Deed / Quit Claim Deed The Warranty/ Grant Deed is missing from the loan file. 12/7/2024: Document provided to cure.    Cleared Exception D D D D A A A A 1
1052848844 XXXXXXXX FL Purchase Second Home Condo Attached 25.48   739 69.69 % XXXXXXXX 294441 Property Appraisal Property is located in a FEMA declared disaster area, a post disaster property inspection is needed for the loan file. Additional exceptions may apply upon review.
 Subject not located in a FEMA approved individual assistance area   Cleared Exception D D D D A A A A 1
1052849999 XXXXXXXX AR Purchase Non-Owner Occupied PUD 0 1.0019 644 52.32 % XXXXXXXX 294289 Credit Eligibilty The final amortization schedule is missing from the loan file. 12/9/2024: Document provided to cure.    Cleared Exception C C C C A A A A 1
1052851143 XXXXXXXX WI Purchase Second Home PUD 11.62   804 80.00 % XXXXXXXX 297127 Credit Borrower ID The loan file does not contain borrower's ID.
 01/03/25: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052851143 XXXXXXXX WI Purchase Second Home PUD 11.62   804 80.00 % XXXXXXXX 297128 Credit Income The borrower qualified using Note Receivable Income. The note is dated XXXX and the loan file only contains XXXX months of receipt of income which is less than XXXX months required per guidelines. The guidelines state that notes with less than XXXX months may be considered but the 1008 does not contain any comments from the underwriter addressing less than XXXX months of income. 01/10/25: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052851143 XXXXXXXX WI Purchase Second Home PUD 11.62   804 80.00 % XXXXXXXX 297129 Credit Warranty Deed / Quit Claim Deed The Warranty Deed is not included in the loan file. 01/03/25: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052851251 XXXXXXXX GA Refi - Cash Out Non-Owner Occupied Two-Unit Property 0 1.9538 764 75.00 % XXXXXXXX 296041 Credit Property Type - Eligibility Per guidelines, minimum square footage per unit is XXXX sq ft. Unit XXXX of subject is XXXX sq ft. Provide an XXXX approved exception. 12/17/24: An exception was approved for the guideline deviation. Credit History - Borrower has a solid delinquent free credit history.  , Credit Score - Qualifying credit score of 764 higher than minimum requirement by more than 50 points.   Client Accepted C C C C B B B B 2
1052851278 XXXXXXXX FL Purchase Owner Occupied Condo Attached 47.99   745 75.00 % XXXXXXXX 297199 Credit Condo/PUD Missing document indicating if condo is Warrantable or Non-Warrantable.
 01/10/25: Documentation provided to cure. Warrantable condo per seller.   Cleared Exception C C C C A A A A 1
1052851309 XXXXXXXX SD Refi - Cash Out Non-Owner Occupied Two-Unit Property 0 1.5226 724 75.00 % XXXXXXXX 296025 Credit Rental Income Provide one month evidence of rent receipt at lease amount for unit XXXX of subject property due to lease being expired. 12.26 evidence of rent receipt provided   Cleared Exception C C C C A A A A 1
1052851375 XXXXXXXX GA Purchase Non-Owner Occupied PUD 0 1.0008 774 66.71 % XXXXXXXX 296098 Credit Closing Disclosure The Final Closing Disclosure dated XXXX has the incorrect late payment terms as XXXX days and XXXX%, however, the Final Note states the late charges as XXXX days and XXXX%. Provide a corrected CD.  12/16: Need the final signed CD to reflect the correct late payment details.  12/19/24: Documentation provided to cure.   Cleared Exception D D D D A A A A 1
1052851375 XXXXXXXX GA Purchase Non-Owner Occupied PUD 0 1.0008 774 66.71 % XXXXXXXX 296103 Credit Warranty Deed / Quit Claim Deed The Warranty Deed or Quit Claim Deed is not included in the loan file. 12/16/24: Documentation provided to cure.   Cleared Exception D D D D A A A A 1
1052852386 XXXXXXXX FL Purchase Non-Owner Occupied Single Family Detached 0 1.3135 810 60.00 % XXXXXXXX 294678 Compliance Prepayment Notice - Gov Per guidelines the PPP structure for XXXX months should either be XXXX month's advanced interest or a flat XXXX% for years XXXX and XXXX. PPP Addendum to the Note shows a declining XXXX% for the fist year and XXXX% for the second year which is not an approved structure. 12/20/2024:  Executed PPP Addendum provided with a flat XXXX% for years XXXX and XXXX, which meets guidelines.     Cleared Exception C C C C A A A A 1
1052852386 XXXXXXXX FL Purchase Non-Owner Occupied Single Family Detached 0 1.3135 810 60.00 % XXXXXXXX 294683 Credit VOM According to the guidelines, no open and active mortgages reporting on credit or free and clear properties will require a pre-approval. Preapproval for incomplete housing history approved by XXXX and in file   Cleared Exception C C C C A A A A 1
1052852386 XXXXXXXX FL Purchase Non-Owner Occupied Single Family Detached 0 1.3135 810 60.00 % XXXXXXXX 294684 Credit Credit Per guidelines a motivation letter is required if property is purchased out of state from borrower’s/guarantor’s residence for first time investors. The borrower's primary residence is in Colorado and subject is in Florida. 12/11/24: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052852432 XXXXXXXX MI Refi - Cash Out Owner Occupied Single Family Detached 49.54   639 64.57 % XXXXXXXX 296465 Credit Credit A 12 month housing history is required. Rent free from spouse or title only ownership requires institutional VOM or bank records to satisfy primary housing history. 12/30/24: Documentation provided to cure.   Cleared Exception C C C C A A A A 1
1052853189 XXXXXXXX GA Purchase Non-Owner Occupied PUD 0 1.0007 748 75.00 % XXXXXXXX 294700 Credit Borrower ID The back of the borrower's Employment Authorization (XXXX) card is missing from the loan file. 12/7/2024: XXXX guidelines do not require a copy of the back of the XXXX card.    Cleared Exception C C C C A A A A 1
1052853189 XXXXXXXX GA Purchase Non-Owner Occupied PUD 0 1.0007 748 75.00 % XXXXXXXX 294703 Credit Warranty Deed / Quit Claim Deed The Warranty/ Grant Deed is missing from the loan file. 12/7/2024: Document provided to cure.    Cleared Exception C C C C A A A A 1
1052853767 XXXXXXXX FL Purchase Non-Owner Occupied Condo - Warrantable 15.99   794 75.00 % XXXXXXXX 296302 Credit Closing Disclosure The final CD dated XXXX is missing the signature page. 12/16/2024: Document provided to cure.    Cleared Exception D D D D A A A A 1
1052853767 XXXXXXXX FL Purchase Non-Owner Occupied Condo - Warrantable 15.99   794 75.00 % XXXXXXXX 296303 Credit Program Eligibilty Subject property is located in a XXXX market which requires a 5% LTV reduction making the maximum LTV 75%. Loan closed at 80% LTV; an exception for the guideline deviation is missing from the loan file. 12.27 Exception in error.  LTV is 75% which is the max.   Cleared Exception D D D D A A A A 1
1052853883 XXXXXXXX GA Refi - Cash Out Non-Owner Occupied PUD 0 1.3102 701 70.00 % XXXXXXXX 297331 Credit Credit The subject property was qualified using short term rental and per the guidelines, short term rental statements must clearly identify the subject property by address. In this case, the statement does not clearly identify the subject.  SG allowed the use of the short term rental as December deposit can be tied to the screenshot.  Credit Score - Investor Connect Mid fico Score for Cash Out Refinance at 70% LTV is 660 and the Borrowers Mid Fico Score is 742., Reserves - XXXX reserve requirement for Cash Out Refinance is 6 months reserves and the Borrowers have XXXX months of reserves.  Client Accepted C C C C B B B B 2
1052864063 XXXXXXXX NJ Refi - Cash Out Owner Occupied Single Family Detached 41.93   623 65.00 % XXXXXXXX 297337 Compliance Other The loan failed the Revised Closing Disclosure delivery date test (no waiting period is required). Revised CD dated XXXX does not have a Receipt date. 1/8/2025: Document provided to cure.
  Cleared Exception C C C C A A A A 1
1052865825 XXXXXXXX MO Purchase Non-Owner Occupied PUD 0 1.2196 736 80.00 % XXXXXXXX 297125 Credit VOM A 12 month housing history is required. No open and active mortgages reporting on initial credit or free and clear properties require pre-approval. Preapproval for primary residence owned free and clear approved by XXXX and in file.   Cleared Exception C C C C A A A A 1
1052865828 XXXXXXXX MO Purchase Non-Owner Occupied PUD 0 1.2196 736 80.00 % XXXXXXXX 297093 Credit Doc Type The final Amortization schedule is missing from the loan file. 1/16/25 - document provided to cure.   Cleared Exception C C C C A A A A 1
1052865828 XXXXXXXX MO Purchase Non-Owner Occupied PUD 0 1.2196 736 80.00 % XXXXXXXX 297159 Credit VOM A 12 month housing history is required. No open and active mortgages reporting on initial credit or free and clear properties require pre-approval. Preapproval for free and clear primary res approved by XXXX and in file.   Cleared Exception C C C C A A A A 1
1052866041 XXXXXXXX GA Refi - Cash Out Owner Occupied Single Family Detached 42.81   648 75.00 % XXXXXXXX 297755 Credit Flood Certificate The Flood Certificate is missing from the loan file. 1/15/2025 - document provided to cure.   Cleared Exception C C C C A A A A 1
1052866041 XXXXXXXX GA Refi - Cash Out Owner Occupied Single Family Detached 42.81   648 75.00 % XXXXXXXX 297756 Credit Credit - Eligiblity The subject loan was locked and underwritten to  XXXX guidelines. The loan file does not contain an AUS as required for XXXX and the 1008 indicates manual underwriting. The loan does not qualify under XXXX  due to credit score and LTV. 1/15/25 - document provided to cure.   Cleared Exception C C C C A A A A 1
1052866068 XXXXXXXX TX Purchase Non-Owner Occupied PUD 0 1.0039 678 80.00 % XXXXXXXX 297318 Credit Warranty Deed / Quit Claim Deed The Warranty/ Grant Deed is missing from the loan file. 1/19/2025: Document provided to cure.    Cleared Exception C C C C B B B B 1
1052866068 XXXXXXXX TX Purchase Non-Owner Occupied PUD 0 1.0039 678 80.00 % XXXXXXXX 297319 Credit Program Eligibilty Per guidelines the maximum LTV score requirement for an Investment Purchase with a minimum 660 Fico is 75%. Borrowers credit score is 678; an exception for being below the LTV requirement is missing from the loan file. An exception dated 12/19/2024 was provided allowing the LTV to proceed at 80%.  Prior Mortgage History - No mortgage lates reported in the most recent XXXX years.  Client Accepted C C C C B B B B 2
1052866068 XXXXXXXX TX Purchase Non-Owner Occupied PUD 0 1.0039 678 80.00 % XXXXXXXX 297320 Credit Program Eligibilty Per guidelines the minimum reserves for a XXXX is XXXX months. Borrower has XXXX months after closing. Exception for only having XXXX months reserves for a First Time Investor approved by XXXX and in file. Prior Mortgage History - No mortgage lates reported in the most recent XXXX years.  Client Accepted C C C C B B B B 2
1052866450 XXXXXXXX PA Purchase Non-Owner Occupied Two-Unit Property 0 1.5594 747 80.00 % XXXXXXXX 297291 Credit Warranty Deed / Quit Claim Deed The Warranty Deed is not included in the loan file. 1/17/2025: Document provided to cure.    Cleared Exception C C C C A A A A 1
36                                                    
1052678067 XXXXXXXX CA Refi - Cash Out Non-Owner Occupied Three-Unit Property 44.22   732 15.51 % XXXXXXXX                       A A A A  
1052774675 XXXXXXXX OR Purchase Non-Owner Occupied PUD 0 1.3562 800 70.00 % XXXXXXXX                       A A A A  
1052791031 XXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 42.58   800 21.37 % XXXXXXXX                       A A A A  
1052809464 XXXXXXXX MO Purchase Non-Owner Occupied Single Family Detached 0 1.5195 708 80.00 % XXXXXXXX                       A A A A  
1052818207 XXXXXXXX FL Rate Term Refi Non-Owner Occupied Two-Unit Property 0 1.2813 709 75.00 % XXXXXXXX                       A A A A  
1052829991 XXXXXXXX FL Purchase Non-Owner Occupied Condo - Non-Warrantable 0 1.1088 775 70.00 % XXXXXXXX                       A A A A  
1052833062 XXXXXXXX ME Purchase Owner Occupied PUD 34.84   811 75.00 % XXXXXXXX                       A A A A  
1052839445 XXXXXXXX NY Refi - Cash Out Second Home Co Op 43.22   696 71.25 % XXXXXXXX                       A A A A  
1052847247 XXXXXXXX GA Purchase Owner Occupied PUD 14.57   655 80.00 % XXXXXXXX                       A A A A  
1052850000 XXXXXXXX AR Purchase Non-Owner Occupied PUD 0 1.0011 644 57.24 % XXXXXXXX                       A A A A  
1052853594 XXXXXXXX GA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.1698 782 70.00 % XXXXXXXX                       A A A A  
11                                                    

 

 

 

 

 

ATR QM Data Fields        
Loans in Report: 47        

 

Client Loan Number Alt Loan Number Loan Level ATR/QM Status Application Date Prior to 1/10/2014 TRID Indicator
1052659044 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052678067 XXXXXXXXXXXX Not covered/exempt No No
1052694790 XXXXXXXXXXXX Not covered/exempt No No
1052694800 XXXXXXXXXXXX Not covered/exempt No No
1052706195 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052759734 XXXXXXXXXXXX Not covered/exempt No No
1052774675 XXXXXXXXXXXX Not covered/exempt No No
1052791031 XXXXXXXXXXXX Not covered/exempt No No
1052807707 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052808515 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052809464 XXXXXXXXXXXX Not covered/exempt No No
1052810489 XXXXXXXXXXXX Not covered/exempt No No
1052818207 XXXXXXXXXXXX Not covered/exempt No No
1052829991 XXXXXXXXXXXX Not covered/exempt No No
1052830257 XXXXXXXXXXXX Not covered/exempt No No
1052830269 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052832220 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052833062 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052833204 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052838483 XXXXXXXXXXXX Not covered/exempt No No
1052839445 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052840060 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052840145 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052840155 XXXXXXXXXXXX Not covered/exempt No No
1052847208 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052847247 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052847343 XXXXXXXXXXXX Not covered/exempt No No
1052848844 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052849999 XXXXXXXXXXXX Not covered/exempt No No
1052850000 XXXXXXXXXXXX Not covered/exempt No No
1052851143 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052851251 XXXXXXXXXXXX Not covered/exempt No No
1052851278 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052851309 XXXXXXXXXXXX Not covered/exempt No No
1052851375 XXXXXXXXXXXX Not covered/exempt No No
1052852386 XXXXXXXXXXXX Not covered/exempt No No
1052852432 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052853189 XXXXXXXXXXXX Not covered/exempt No No
1052853594 XXXXXXXXXXXX Not covered/exempt No No
1052853767 XXXXXXXXXXXX Not covered/exempt No No
1052853883 XXXXXXXXXXXX Not covered/exempt No No
1052864063 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052865825 XXXXXXXXXXXX Not covered/exempt No No
1052865828 XXXXXXXXXXXX Not covered/exempt No No
1052866041 XXXXXXXXXXXX Non-QM: Compliant with ATR No Yes
1052866068 XXXXXXXXXXXX Not covered/exempt No No
1052866450 XXXXXXXXXXXX Not covered/exempt No No
47        

 

 

 

Loan Number TPR Loan Number Tape Audited Field Compare Variance Data Discrepancy Flag
1052759734 XXXXXXX 20.897 25.59 DTI 4.693 Yes
1052659044 XXXXXXX 34 43.46 DTI 9.46 Yes
1052694800 XXXXXXX 42.952 35.32 DTI -7.632 Yes
1052791031 XXXXXXX 38.518 42.58 DTI 4.062 Yes
1052808515 XXXXXXX 19.69 23.32 DTI 3.63 Yes
1052833204 XXXXXXX 30.207 42.74 DTI 12.533 Yes
1052851278 XXXXXXX 31.349 47.99 DTI 16.641 Yes
1052839445 XXXXXXX 75 71.25 LTV -3.75 Yes
1052851251 XXXXXXX 72.59 75 LTV 2.41 Yes
1052853767 XXXXXXX 80 75 LTV -5 Yes
1052839445 XXXXXXX 75 71.25 CLTV -3.75 Yes
1052851251 XXXXXXX 72.59 75 CLTV 2.41 Yes
1052853767 XXXXXXX 80 75 CLTV -5 Yes
1052853767 XXXXXXX XXXXXXX XXXXXXX Original Balance -18450 Yes
1052694800 XXXXXXX XXXXXXX XXXXXXX Appraised Value 5000 Yes
1052809464 XXXXXXX XXXXXXX XXXXXXX Appraised Value -5000 Yes
1052808515 XXXXXXX XXXXXXX XXXXXXX Appraised Value 3942 Yes
1052829991 XXXXXXX XXXXXXX XXXXXXX Appraised Value 5000 Yes
1052839445 XXXXXXX XXXXXXX XXXXXXX Appraised Value 10000 Yes
1052851251 XXXXXXX XXXXXXX XXXXXXX Appraised Value -8000 Yes
1052853767 XXXXXXX XXXXXXX XXXXXXX Appraised Value 1000 Yes
1052847208 XXXXXXX XXXXXXX XXXXXXX Appraised Value 12000 Yes
1052851143 XXXXXXX XXXXXXX XXXXXXX Appraised Value 10100 Yes
1052706195 XXXXXXX XXXXXXX XXXXXXX Interest Rate 0.25 Yes
1052851375 XXXXXXX XXXXXXX XXXXXXX Interest Rate -0.01 Yes
1052830269 XXXXXXX 658 655 FICO -3 Yes
1052853883 XXXXXXX 742 701 FICO -41 Yes
1052840155 XXXXXXX 755 757 FICO 2 Yes
1052830257 XXXXXXX 5 yr Hybrid Fixed IO Note Type Yes Yes
1052851143 XXXXXXX XXXXXXX XXXXXXX Property City Yes Yes
1052840145 XXXXXXX XXXXXXX XXXXXXX Property City Yes Yes
1052774675 XXXXXXX XXXXXXX XXXXXXX Property City Yes Yes
1052851143 XXXXXXX XXXXXXX XXXXXXX Property Zip Yes Yes