EX-99.18 19 ex99-18.htm COVIUS RATING AGENCY EXCEPTIONS REPORT
 

CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. ABS-15G

 

Exhibit 99.18

 

                                                       
Rating Agency Exceptions Report:   7/15/21                                              
                                                       
Loan Information  Exception Information Initial Overall Grades Final Overall Grades Event Level
Loan Number Alt Loan ID Loan Number 2 Property State Purpose Occupancy Property Type DTI DSCR FICO LTV Note Orig Balance Exception ID Exception Type Exception Description Exception Note Exception General Comment Compensating Factors Exception Status DBRS Fitch KBRA S&P DBRS Fitch KBRA S&P Grade
XXXXXXXXXX 432571889 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Residential 0 1.0604 772 70.00 % XXXXXXXXXX 190543 Credit HUD-1 A copy of the Final HUD-1 was not documented in file. 4/22/2021: Settlement statement provided to cure. Credit Score - The borrowers Fico of 772 is 92 points greater than the minimum required Fico of 680. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431995548 XXXXXXXXXX FL Refi - Cash Out Non-Owner Occupied PUD 0 1.1522 743 70.00 % XXXXXXXXXX 188730 Credit Flood Insurance Flood insurance documentation is not included in the loan file. Only a quote was provided not the final fold insurance policy.  3/1/2021: Flood insurance provided to cure.  Credit Score - The borrowers Fico of 743 is 63 points greater than the minimum required Fico of 680., Credit History - Borrower has a clean credit history with no late payments reported in the past 13 years. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571892 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.102 664 29.70 % XXXXXXXXXX 190389 Credit HUD-1 The HUD-1 located in the file has not been fully executed. Provide the a copy of the final fully executed hud-1 for the subject transaction. 4/27/2021:  Final HUD1 provided to cure.  Prior Mortgage History - No mortgage lates in the previous 33 months. (combined mortgages), Years In Residence - The borrower has lived in their primary residence for 17 years. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571892 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.102 664 29.70 % XXXXXXXXXX 190393 Compliance Other The current Pay off for XXXXXXXXX XXXXXX, CA XXXXX is not in fie (XXXXXXXXXXX)
 4/27/2021:  Payoff provided.  Borrower close two cash out transactions with lender to payoff subject. Final HUD's for both transactions provided to confirm payoff and clear. Prior Mortgage History - No mortgage lates in the previous 33 months. (combined mortgages), Years In Residence - The borrower has lived in their primary residence for 17 years. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571893 XXXXXXXXXX CA Rate Term Refi Non-Owner Occupied 2-4 Family 0 1.8196 690 65.00 % XXXXXXXXXX 190454 Credit Asset Verification According to the XXX guidelines on business purpose loans the funds will always need to be sourced and seasoned for 60 days. In this case 1 months of assets was provided for verification. Two months bank statements and access letter provided to cure.  Credit Score - The borrower has a grade A credit score  Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432261493 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Two-Unit Property 0 1.033 683 62.96 % XXXXXXXXXX 187499 Credit Credit According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreements are expired and therefore does not meet the guideline requirement.

 4/19/21: Documentation provided to cure.

 LTV - LTV of 62.96% is 12.04% below guideline maximum LTV of 75%. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142914 XXXXXXXXXX CA Rate Term Refi Non-Owner Occupied PUD 0 0.7796 769 67.92 % XXXXXXXXXX 199434 Credit LTV According to the underwriting guidelines, maximum LTV is 65% for rate and term refinance for a Foreign National with US credit. In this case the loan was approve with an LTV of 67.92% Client exception in file for a 3% LTV exception with compensating factors; No cash out, 763 score, clean mortgage history, good seasoning and 5 yr prepayment penalty. Credit Score - The borrowers Fico of 767.

, Years In Residence - The borrower has resided in their subject property for 10 years.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

, Reserves - 8.53 months of reserves.

 Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 433142914 XXXXXXXXXX CA Rate Term Refi Non-Owner Occupied PUD 0 0.7796 769 67.92 % XXXXXXXXXX 199435 Credit HUD-1 The Final HUD-1 is missing from the loan file. 5/21/2021:settlement statement provided to clear. Credit Score - The borrowers Fico of 767.

, Years In Residence - The borrower has resided in their subject property for 10 years.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

, Reserves - 8.53 months of reserves.

 Cleared Exception C C C C B B B B 1
XXXXXXXXXX 432571897 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.1152 808 70.00 % XXXXXXXXXX 190730 Credit Other According to the underwriting guidelines, Any loan scenarios where the cash out amount exceeds $250,000 must be approved by senior management. No exceptions. The cash out for this transaction is XXXXXXX therefore approval is needed in the file.  4/28/2021: management exception provided to clear. Credit Score - The borrowers Fico of 802 is 202 points greater than the minimum required Fico of 600.

, Years In Residence - The borrower has resided in their subject property for 14 years.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

 Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 432571900 XXXXXXXXXX NJ Purchase Non-Owner Occupied Condo Attached 0 1.2933 742 75.00 % XXXXXXXXXX 190759 Credit Hazard Insurance According to the underwriting guidelines, condos require master insurance policy. The Master policy is missing from the loan file. 4/22/2021: Master policy provided to cure. Months Of Reserves - Borrower has 9.93 months of Reserves, Credit Score - Borrower score of 740 is 60 points higher than the guideline minimum requirement of 680.  Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571900 XXXXXXXXXX NJ Purchase Non-Owner Occupied Condo Attached 0 1.2933 742 75.00 % XXXXXXXXXX 193920 Credit Flood Certificate The Flood Certificate or Insurance is missing from the loan file. 4/22/2021: Flood cert provided to cure.  Months Of Reserves - Borrower has 9.93 months of Reserves, Credit Score - Borrower score of 740 is 60 points higher than the guideline minimum requirement of 680.  Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571906 XXXXXXXXXX DC Refi - Cash Out Non-Owner Occupied 2-4 Family 0 1.3245 733 70.00 % XXXXXXXXXX 191063 Property Appraisal URAR/Appraisal document is not included in the loan file.Please provide the URAR/Appraisal for our review. 4/29/21 - unable to locate document. Please re-upload.  5/6/2021: Appraisal provided to cure.  Credit Score - The borrowers Fico of 733 is 33 points greater than the minimum required Fico of 700.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

 Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433142929 XXXXXXXXXX NC Purchase Non-Owner Occupied Condo Attached 0 1.3739 800 74.97 % XXXXXXXXXX 199684 Credit Debt Service Coverage Ratio The Debt Service Calculation Worksheet is missing from the loan file.  DSCR worksheet provided to cure.  Credit Score - The borrowers Fico of 800 is 40 points greater than the minimum required Fico of 760.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 22 years.

, Years On Job - Borrower has been self employed for 12 years. 		 Cleared Exception C C C C B B B B 1
XXXXXXXXXX 433142929 XXXXXXXXXX NC Purchase Non-Owner Occupied Condo Attached 0 1.3739 800 74.97 % XXXXXXXXXX 199685 Credit Asset Verification According to the underwriting guidelines, business accounts may be considered on a case by case basis. Client exception approved for the use of business assets with compensating factors; 22 years perfect credit with minimal debt use, 4 mortgages (3 closed an paid AA) 75% LTV and 12 years in business. Credit Score - The borrowers Fico of 800 is 40 points greater than the minimum required Fico of 760.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 22 years.

, Years On Job - Borrower has been self employed for 12 years. 		 Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 433142938 XXXXXXXXXX FL Purchase Non-Owner Occupied PUD 0 1.0132 724 74.98 % XXXXXXXXXX 199799 Credit Eligibilty The Executive Summary reflects the borrowers FICO as XXX and credit grade as "A+". However, the actual FICO is XXX which would render a credit grade of "A". An updated Executive Summary should be provided with the correct grade. 6/10/2021: Documentation provided to cure. Months Of Reserves - The borrower has 11.70 months of Reserves Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142941 XXXXXXXXXX TX Purchase Non-Owner Occupied PUD 0 1.1971 698 70.00 % XXXXXXXXXX 198881 Credit Credit - Eligiblity The Executive Summary is missing from the loan file.  6/10/2021:  Documentation provided to cure. Months Of Reserves - 10.87 months reserves., Prior Housing History - 0x30 23 months. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142945 XXXXXXXXXX GA Purchase Non-Owner Occupied Single Family Detached 0 1.7383 701 49.18 % XXXXXXXXXX 198673 Credit Debt Service Coverage Ratio The Debt Service Calculation Worksheet is missing from the loan file.

6/10/2021:  Documentation provided to cure. Credit Score - The borrowers Fico score of 701 is 21 points higher than the minimum required Fico of 680, LTV - LTV of 49.18% is 30.82 points lower than the guideline maximum LTV of 80%., Credit History - The borrower has a clean credit history with no late payments reported in the past 10 years. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142951 XXXXXXXXXX FL Purchase Non-Owner Occupied Condo Attached 0 1.1727 780 74.98 % XXXXXXXXXX 199245 Compliance Flood Determination - Gov A copy of the Standard Food Hazard Determination Form  is not documented in file.Please provide a copy of the Standard Food Hazard Determination. 6/10/2021:  Flood cert provided to cure. Credit Score - The borrowers Fico of 780 is 20 points greater than the minimum required Fico of 760.

, Reserves - 68.11 months of reserves.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

 Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142953 XXXXXXXXXX FL Purchase Non-Owner Occupied Condo Attached 0 1.2539 780 74.98 % XXXXXXXXXX 199410 Compliance Flood Determination - Gov A copy of the Standard Food Hazard Determination Form (FEMA Form 81-93) is not documented in file. 6/10/2021:  Flood cert provided to cure. Credit Score - The borrowers Fico of 780 is 180 points greater than the minimum required Fico of 600.

, Reserves - 70.38 months of reserves.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

 Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142953 XXXXXXXXXX FL Purchase Non-Owner Occupied Condo Attached 0 1.2539 780 74.98 % XXXXXXXXXX 200016 Credit Debt Service Coverage Ratio The Debt Service Calculation Worksheet is missing from the loan file.  6/10/2021:  DSCR worksheet provided to cure. Credit Score - The borrowers Fico of 780 is 180 points greater than the minimum required Fico of 600.

, Reserves - 70.38 months of reserves.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

 Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142954 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0.7163 735 48.95 % XXXXXXXXXX 199166 Credit Credit According to the guidelines, on loans with an LTV below 75%, a DSCR of .70 is preferred and exceptions by management can be made below this figure. The subject loan has a DSCR of .716. No proof of an exception was located in the loan file. On the 2/1/2021 rate sheet/matrices the margin states minimum DSCR .75 Residential, however, the seller does allow the borrower to qualify with No DSCR with a hit to the rate per the matrices.  In this case the loan did not DSCR at .75 and the seller applied the rate hit when qualifying the borrower.  Months Of Reserves - 9.48 months reserves., LTV - 48.95% is 31.05 points lower than the guideline maximum LTV of 80%. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142954 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0.7163 735 48.95 % XXXXXXXXXX 200018 Credit Eligibilty According to the underwriting guidelines, cash out on a rate & term refinance is not to exceed $5,000. In this case the borrower received cash out in the amount of XXXXXX. An exception is required to consider this loan a rate & term. Client management exception approval was granted to push cash out as a rate & term to  XXXXXX, however, and exception for the cash out of  XXXXXX was not provided.  Loan to be considered cash out.  Months Of Reserves - 9.48 months reserves., LTV - 48.95% is 31.05 points lower than the guideline maximum LTV of 80%. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142956 XXXXXXXXXX CA Purchase Non-Owner Occupied Condominium 0 0.7478 808 55.94 % XXXXXXXXXX 199226 Property Appraisal URAR/Appraisal document is not included in the loan file. 6/10/2021:  Appraisal provided to cure. Credit Score - Borrowers credit score of 808 is 48 points higher than the minimum required Fico of 760., Credit History - The borrower has a clean credit history with no late payments reported , Months Of Reserves - The borrower has 12.97 months of Reserves. Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433142956 XXXXXXXXXX CA Purchase Non-Owner Occupied Condominium 0 0.7478 808 55.94 % XXXXXXXXXX 199227 Property Appraisal URAR/Appraisal - Photos of Subject and/or Comparables are not included in the loan file. 6/10/2021:  Documentation provided to cure. Credit Score - Borrowers credit score of 808 is 48 points higher than the minimum required Fico of 760., Credit History - The borrower has a clean credit history with no late payments reported , Months Of Reserves - The borrower has 12.97 months of Reserves. Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433142956 XXXXXXXXXX CA Purchase Non-Owner Occupied Condominium (Category I Project) 0 0.7478 808 55.94 % XXXXXXXXXX 199228 Credit Flood Certificate Materially incorrect and/or Inadequate Flood Certificate or Insurance. Flood Certification is not included in the loan file. 6/10/2021:  Flood cert provided to cure. Credit Score - Borrowers credit score of 808 is 48 points higher than the minimum required Fico of 760., Credit History - The borrower has a clean credit history with no late payments reported , Months Of Reserves - The borrower has 12.97 months of Reserves. Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433142960 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Condo Attached 0 0.8115 660 65.00 % XXXXXXXXXX 199309 Credit Credit - Eligiblity According to the underwriting guidelines, any loan scenario where the cash amount exceeds $250,000 must be approved by Senior Management. In this case, the borrower received XXXXXX at closing and the approval is missing from the loan file.   Seller granted an exception allowing the cash out.  Months Of Reserves - 159.30 months reserves., Prior Housing History - 0x30 for 127 months. Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 432618230 XXXXXXXXXX PA Rate Term Refi Non-Owner Occupied Single Family Detached 0 0.9943 726 70.00 % XXXXXXXXXX 197789 Credit Funds to Close The final Closing Disclosure reflects the borrower was required to bring XXXXXX to close. The file did not include any asset documentation  5/6/21: bank statements provided to clear. Years In Residence - The borrower has resided in their subject property for 8 years.

, Credit Score - The borrowers Fico of 26 is 126 points greater than the minimum required Fico of 700.

 Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142962 XXXXXXXXXX CT Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0 752 52.63 % XXXXXXXXXX 200250 Credit Eligibilty According to the underwriting Guidelines, lending in XXXXXX is on a case by case basis only. In this case the property is located in XXXXXX, CT Client exception granted for property located in  XXXXXX, CT with compensating factors; 53.63% LTV, 752 credit score and property recently renovated. LTV - LTV of 52.63% is 22.37 point lower than guideline maximum LTV of 75%. Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 432571917 XXXXXXXXXX NM Purchase Non-Owner Occupied Single Family Detached 0 0.855 753 74.62 % XXXXXXXXXX 191400 Credit Other According to the underwriting guidelines, on Business purpose first time home buyers( borrower's that rent or buying up in size) are not eligible. The document in the file states the borrower is a first time homeowner and hasn't had ownership in a property within in the 3yrs . Please provide documentation to support the eligibility for this borrower.  4/12/2021: Business Purpose No DSCR matrix is silent on FTHB's. Sellers rebuttal states FTHB's are allowed under this program. Older dated underwriting guidelines provided for review state FTHBs are not allowed. Seller waived requirement based on new product matrix. Months Of Reserves - 49.47 months reserves. Cleared Waiver C C C C B B(w) B B 2
XXXXXXXXXX 432394219 XXXXXXXXXX GA Purchase Non-Owner Occupied Single Family Detached 0 0.3544 721 66.35 % XXXXXXXXXX 191486 Credit Other According to the underwriting guidelines, on Business purpose first time home buyers( borrower's that rent or buying up in size) are not eligible. The document in the file states the borrower is a first time homeowner and hasn't had ownership in a property within in the 3yrs . Please provide documentation to support the eligibility for this borrower.  4/10/2021: Business Purpose No DSCR matrix is silent on FTHB's. Sellers rebuttal states FTHB's are allowed under this program. Older dated underwriting guidelines provided for review state FTHBs are not allowed. Seller waived requirement based on new product matrix. Credit Score - The borrowers Fico of 721 is 21 points greater than the minimum required Fico of 700.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

, Reserves - 127 months of reserves.

 Cleared Waiver C C C C B B(w) B B 2
XXXXXXXXXX 433142963 XXXXXXXXXX TX Purchase Non-Owner Occupied 2-4 Family 0 0 709 44.87 % XXXXXXXXXX 199437 Property Appraisal URAR/Appraisal document is not included in the loan file. 6/10/2021:  Documentation provided to cure. Months Of Reserves - 35.20 months reserves., LTV - LTV of 44.87% is 30.13 points lower than the guideline maximum LTV of 75%. Cleared Exception D D D D A A A A 1
XXXXXXXXXX 432394226 XXXXXXXXXX CT Purchase Non-Owner Occupied Single Family Residential 0 0.2312 0 75.00 % XXXXXXXXXX 190355 Credit Other According to the underwriting guidelines, on Business purpose first time home buyers( borrower's that rent or buying up in size) are not eligible. The document in the file states the borrower is a first time homeowner and hasn't had ownership in a property within in the 3yrs . Please provide documentation to support the eligibility for this borrower. 3/30/2021:  The No DSCR matrix only requires source and seasoning of 30 days.  The underwriting guidelines are dated earlier than the matrix provided and stated 60 days is required.  Client waived based on revised matrix allowing the 30 days source and seasoning requirement.   Credit Score - The borrowers Fico of 785 is 35 points greater than the minimum required Fico of 750.

, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years.

 Cleared Waiver C C C C B B(w) B B 2
XXXXXXXXXX 432618238 XXXXXXXXXX NJ Refi - Cash Out Non-Owner Occupied Single Family Residential 0 0.9755 705 45.00 % XXXXXXXXXX 194757 Credit Other Any loan scenarios where the cash out amount exceeds $250,000 must be approved by senior management. No exceptions. Please Provide exception for this transaction as the cash out amount is XXXXXX.
 An exception dated 02/15/2021 was provided allowing the cash out amount.  LTV - Low LTV of 45% is significantly less than the maximum allowed LTV of 70%.

, Credit Score - The borrowers Fico of 705 is 105 points greater than the minimum required Fico of 600.

, Years On Job - The borrower was verified to have been employed with the same employer for 19 years.

Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 433142968 XXXXXXXXXX FL Purchase Non-Owner Occupied PUD 0 0.9165 760 72.06 % XXXXXXXXXX 199477 Credit Sales Contract The sales contract is not materially correct. The purchase price was changed from XXXXXX to XXXXXX. The purchase contract addendum was not located in the loan to show the purchase price has changed. 6/9/2021:  Executed addendum was provided to cure. Years On Job - The borrower has been on the same job for 10 years, Months Of Reserves - Borrower has 43.72 months of reserves. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571931 XXXXXXXXXX AZ Purchase Non-Owner Occupied Single Family Detached 0 0.9813 788 74.99 % XXXXXXXXXX 192067 Credit Credit According to the underwriting guidelines, first time home buyers are not allowed on Business Purpose loans. In this case, the borrower is a FTHB and therefore does not qualify for the program. 3/30/2021: Business Purpose No DSCR matrix is silent on FTHB's. Sellers rebuttal states FTHB's are allowed under this program. Older dated underwriting guidelines provided for review state FTHBs are not allowed. Seller waived requirement based on new product matrix.  Months Of Reserves - Borrower has 41.09 months reserves. Cleared Waiver C C C C B B(w) B B 2
XXXXXXXXXX 433142971 XXXXXXXXXX OR Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0 730 60.00 % XXXXXXXXXX 199703 Credit Underwriting Condition Not Met According to the underwriting guidelines, any loan scenario where the cash amount exceeds $300,000 must be approved by Senior Management. In this case, the borrower received XXXXXX at closing. Client exception in file for cash out exceeding $300,000, compensating factors; 60% LTV, free & clear property and recently renovated kitchen and bathrooms. No Compensating Factors Reflected Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 433142975 XXXXXXXXXX CA Rate Term Refi Non-Owner Occupied Single Family Detached 0 1.5612 609 42.68 % XXXXXXXXXX 200410 Credit Funds to Close The final Closing Disclosure reflects the borrower was required to bring XXXXXX to close. The file includes a bank statement with XXXXXX funds, leaving the borrower short funds to close in the amount of XXXXXX. 6/9/2021:  Final settlement statement shows the borrowers received  XXXXXX at closing and he/she was not required to deposit any funds.   LTV - LTV of 42.68% is 27.32 points lower than the guideline maximum LTV of 70%. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142977 XXXXXXXXXX GA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0.9104 783 69.40 % XXXXXXXXXX 200466 Credit Eligibilty According to the underwriting guidelines, any loan scenario where the cash amount exceeds $300,000 must be approved by Senior Management. In this case, the borrower received XXXXXX at closing and the approval is missing from the loan file.   Seller granted an exception to the guidelines allowing the cash out amount.  Years In Residence - Borrower has resided in the same residency for 22 years, Credit History - Borrower has a clean credit history with no late payments reported in the past 10 years, Credit Score - The borrowers Fico score of 783 is 33 points higher than the minimum required Fico of 750. Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 433142978 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0 761 20.98 % XXXXXXXXXX 199668 Credit Hazard Insurance The property insurance policy or certificate is not included in the loan file. Hazard Insurance is not included in the loan file. 6/10/2021: HOI provided to cure. Credit Score - Borrowers Fico of 761 is 61 points higher than the minimum required Fico of 700, Credit History - The borrower has a clean credit history with no late payments reported in the past 10 years Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148538 XXXXXXXXXX FL Refi - Cash Out Non-Owner Occupied Condo Attached 0 0.9423 690 70.00 % XXXXXXXXXX 159342 Credit Credit Report The complete original credit report is not included in the loan file for the co-borrower.  Seller provided documentation to clear condition on 04/09/2020. Prior Mortgage History - No mortgage lates on credit report

 Cleared Exception D D D D A A A A 1
XXXXXXXXXX 431148538 XXXXXXXXXX FL Refi - Cash Out Non-Owner Occupied Condo Attached 0 0.9423 690 70.00 % XXXXXXXXXX 159343 Credit Final 1003 Discrepancies The Final 1003 is incomplete as the Employment, Declarations, and Information for XXXXXX is missing for the Co-Borrower. Seller provided documentation to clear condition on 04/09/2020. Prior Mortgage History - No mortgage lates on credit report

 Cleared Exception D D D D A A A A 1
XXXXXXXXXX 431148614 XXXXXXXXXX NJ Purchase Non-Owner Occupied Two-Unit Property 0 0.9673 785 74.98 % XXXXXXXXXX 155997 Credit Debt Service Coverage Ratio The Debt Service Calculation Worksheet is missing from the loan file.

 XXXXXX provided document to clear condition on 04/09/2020 Prior Mortgage History - 25 mortgage payments with no lates. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571936 XXXXXXXXXX CA Refi - Cash Out Owner Occupied Single Family Detached 32.03   788 50.00 % XXXXXXXXXX 193688 Credit Credit According to the underwriting guidelines, any loan scenario where the cash amount exceeds $250,000 must be approved by Senior Management. In this case, the borrower received XXXXXX at closing and the approval is missing from the loan file.   

 4/16/21 - Management exception provided to clear. LTV - LTV of 50% is 30% Less than the maximum allowed LTV of 80%. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432618256 XXXXXXXXXX MD Rate Term Refi Owner Occupied Single Family Detached 43.19   658 75.00 % XXXXXXXXXX 193798 Property Appraisal URAR/Appraisal document is not included in the loan file. 6/9/2021:  Appraisal provided to cure. DTI - The borrowers Fico of 658 is 18 points greater than the minimum required Fico of 640 Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433142994 XXXXXXXXXX CA Rate Term Refi Owner Occupied PUD 35.15   775 66.20 % XXXXXXXXXX 198408 Credit Loan Amount According to the underwriting guidelines, loan amounts over $1,000,000 need management approval. In this case, the loan was approved with a loan amount of  XXXXXX with no approval in file.  Seller granted an exception allowing the loan amount in excess of guidelines loan limits.  Months Of Reserves - 58.35 months of reserves, Disposable Income - Monthly disposable income of $21,304.53. Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 433142999 XXXXXXXXXX CA Refi - Cash Out Owner Occupied PUD 53.5   636 48.33 % XXXXXXXXXX 200674 Credit Employment According to the underwriting guidelines, a verbal VOE within 10 calendar days of closing is required on all full documentation loans. In this case, the VOE is missing from the loan file. 6/10/2021:  Verbal VOE provided.  The VOE is dated after closing, but still confirms the borrower employed as of closing.  LTV - LTV of 48.33% is 26.67 points lower than the guideline maximum LTV of 75%. Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432618258 XXXXXXXXXX CA Refi - Cash Out Owner Occupied PUD 49.18   660 32.58 % XXXXXXXXXX 194586 Credit Credit According to the underwriting guidelines, any loan scenario where the cash amount exceeds $250,000 must be approved by Senior Management. In this case, the borrower received XXXXXX at closing and the approval is missing from the loan file.   Seller granted an exception for the cash out amount.  Months Of Reserves - 134 months of reserves, Disposable Income - Monthly disposable income of $15,112.29., LTV - 32.58% Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 433143001 XXXXXXXXXX NJ Refi - Cash Out Owner Occupied Single Family Detached 53.71   625 57.24 % XXXXXXXXXX 200711 Credit Eligibilty According to the underwriting guidelines, inherited properties must have been inherited over 12 months. In this case, the borrower's parents passed XX/XX and XX/XX and the borrower was assigned as co-administrator on XX/XX/XXXX. Client exception in file approving the R/T refinance of a reverse mortgage made by the deceased parents. Compensating factors; 625 score, 58% LTV, pride in ownership and 3 months LCRs.  Credit Score - 625 Credit Score is 25 points higher than the guideline minimum 600., LTV - 58% LTV Client Accepted C C C C B B(e) B B 2
XXXXXXXXXX 432394235 XXXXXXXXXX NV Purchase Owner Occupied PUD 31.15   717 75.00 % XXXXXXXXXX 193794 Compliance Loan Estimate Loan file is missing the Loan Estimates, Service Providers List and Homeownership Counseling Disclosure. 4/16/2021: LE provided to cure. DTI - DTI of 31.15% is 18.85% below guideline maximum DTI of 50%., Disposable Income - Disposable Income $6,405.91  Cleared Exception D D D D B B B B 1
XXXXXXXXXX 432394235 XXXXXXXXXX NV Purchase Owner Occupied PUD 31.15   717 75.00 % XXXXXXXXXX 205473 Compliance Closing Disclosure This loan failed the charges that in total cannot increase more than 10% test. The final CD reflects an Alta Extended Policy Fee of XXXXXX which is XXXXXX over the fee listed on the initial LE. A change of circumstance for the fee is not included in the loan file.  07/14/2021: Post consummation CD provided to clear condition.  DTI - DTI of 31.15% is 18.85% below guideline maximum DTI of 50%., Disposable Income - Disposable Income $6,405.91  Cleared Exception D D D D B B B B 2
XXXXXXXXXX 433143008 XXXXXXXXXX CA Rate Term Refi Owner Occupied PUD 42.87   744 57.20 % XXXXXXXXXX 199514 Credit Loan Amount According to the underwriting guidelines, loan amounts over $1,000,000 need management approval. In this case, the loan was approved with a loan amount of XXXXXX with no approval in file Seller provided an exception allowing the higher loan amount. Disposable Income - Monthly Disposable Income of $10,760.62, Credit Score - The borrowers Fico of 744 is 44 points greater than the minimum required Fico of 700., LTV - LTV of 57.20% is 32.80 points lower than the guideline maximum LTV of 90% Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433143008 XXXXXXXXXX CA Rate Term Refi Owner Occupied PUD 42.87   744 57.20 % XXXXXXXXXX 200768 Credit Rental Income According to the underwriting guidelines, the maximum allowed DTI for the applicable loan program is 50%. In this case, the borrower has a DTI of 57.41% which exceeds the maximum allowed per the guidelines. The lender excluded the lease agreement for XXXXXX XXXXXX the amount of XXXXXX from the loan file. File does not contains the lease supporting the  XXXXXX rental offset for  XXXXXX  XXXXXX.   7/14/2021:  Leases provided clear.  DTI updated based on provision of leases to 42.87%. Disposable Income - Monthly Disposable Income of $10,760.62, Credit Score - The borrowers Fico of 744 is 44 points greater than the minimum required Fico of 700., LTV - LTV of 57.20% is 32.80 points lower than the guideline maximum LTV of 90% Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433143011 XXXXXXXXXX CA Purchase Owner Occupied Single Family Detached 40.31   753 80.00 % XXXXXXXXXX 199596 Credit Hazard Insurance The Property Insurance was not located in the loan file  6/9/2021:  HOI provided to cure. Reserves - 23.14 months in reserves., DTI - 40.31% DTI is 14.69 points lower than the guideline maximum 55%. Cleared Exception A A A A A A A A 1
XXXXXXXXXX 431148793 XXXXXXXXXX TX Purchase Owner Occupied PUD 52.85   570 79.97 % XXXXXXXXXX 156373 Credit Flood Certificate Flood Determination and/or Flood Certificate is missing.  4/3/2020:  The Seller provided the Flood Determination  Credit Score - Required credit score 550 Borrower score 20 points higher at 570., DTI - The max required DTI is 55% Borrower DTI 52.50% Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148793 XXXXXXXXXX TX Purchase Owner Occupied PUD 52.85   570 79.97 % XXXXXXXXXX 156374 Credit Hazard Insurance According to the underwriting guidelines, hazard insurance is required on all loans. Dwelling coverage covering the loan amount or replacement cost on appraisal, whichever is lower, In this case, proof of sufficient hazard insurance is missing from the file. Replacement cost is XXXXXX  and loan amount is XXXXXX. Coverage provided is XXXXXX.
4/3/2020:  The HOI has replacement cost coverage  Credit Score - Required credit score 550 Borrower score 20 points higher at 570., DTI - The max required DTI is 55% Borrower DTI 52.50% Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432394236 XXXXXXXXXX WA Purchase Owner Occupied Single Family Detached 46.48   796 80.00 % XXXXXXXXXX 199826 Compliance Loan Estimate The initial Loan Estimate document is not included in the loan file. Document provided to clear condition.    Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433143013 XXXXXXXXXX CA Refi - Cash Out Owner Occupied PUD 3.63   725 63.16 % XXXXXXXXXX 201647 Compliance Loan Estimate The initial Loan Estimate is not in file. LE documentation provided to cure.  DTI - 3.63%, Credit Score - 725 Cleared Exception D D D D B B B B 1
XXXXXXXXXX 433143013 XXXXXXXXXX CA Refi - Cash Out Owner Occupied PUD 3.63   725 63.16 % XXXXXXXXXX 203706 Credit Loan Amount According to the underwriting guidelines, a 2nd signature is needed on loans greater than 5 million. In this case, an exception was in file allowing the loan amount.   An exception was in file allowing the loan amount.  DTI - 3.63%, Credit Score - 725 Client Accepted D D D D B B(e) B B 2
XXXXXXXXXX 433143013 XXXXXXXXXX CA Refi - Cash Out Owner Occupied PUD 3.63   725 63.16 % XXXXXXXXXX 203719 Credit Credit According to the underwriting guidelines, any loan scenario where the cash amount exceeds $250,000 must be approved by Senior Management. In this case, the borrower received XXXXXX at closing and the approval is missing from the loan file.   

 Seller granted an exception allowing the cash out amount in excess of guideline limits.  DTI - 3.63%, Credit Score - 725 Client Accepted D D D D B B(e) B B 2
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XXXXXXXXXX 432571887 XXXXXXXXXX AZ Refi - Cash Out Non-Owner Occupied Two-Unit Property 0 1.4427 763 70.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571888 XXXXXXXXXX OK Rate Term Refi Non-Owner Occupied Single Family Residential 0 1.4928 781 75.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571890 XXXXXXXXXX FL Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.0431 773 70.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142916 XXXXXXXXXX CO Refi - Cash Out Non-Owner Occupied PUD 0 1.0201 794 66.04 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571901 XXXXXXXXXX FL Purchase Non-Owner Occupied PUD 0 1.0943 0 69.99 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618221 XXXXXXXXXX FL Purchase Non-Owner Occupied Condo Attached 0 1.1342 0 64.63 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571902 XXXXXXXXXX NC Purchase Non-Owner Occupied Condo Attached 0 1.4166 797 74.96 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142921 XXXXXXXXXX FL Rate Term Refi Non-Owner Occupied PUD 0 1.038 724 71.48 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618224 XXXXXXXXXX GA Refi - Cash Out Non-Owner Occupied Single Family Attached 0 1.4684 786 64.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571905 XXXXXXXXXX GA Purchase Non-Owner Occupied Two-Unit Property 0 1.9912 742 75.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142923 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Four-Unit Property 0 1.4297 704 58.50 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142925 XXXXXXXXXX FL Refi - Cash Out Non-Owner Occupied Condo High-Rise 0 1.2357 664 60.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142927 XXXXXXXXXX CA Rate Term Refi Non-Owner Occupied Single Family Detached 0 0.995 751 70.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142928 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Two-Unit Property 0 1.0447 677 60.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618226 XXXXXXXXXX TX Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.1501 739 65.76 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142930 XXXXXXXXXX GA Refi - Cash Out Non-Owner Occupied Single Family Residential 0 1.8209 0 60.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142932 XXXXXXXXXX FL Purchase Non-Owner Occupied PUD 0 1.0941 0 70.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142935 XXXXXXXXXX AL Refi - Cash Out Non-Owner Occupied PUD 0 1.4558 0 60.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142937 XXXXXXXXXX PA Refi - Cash Out Non-Owner Occupied Two-Unit Property 0 1.4648 802 60.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142939 XXXXXXXXXX PA Purchase Non-Owner Occupied Single Family Attached 0 1.7572 802 50.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142942 XXXXXXXXXX NV Purchase Non-Owner Occupied Condo Attached 0 1.1441 801 74.97 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142944 XXXXXXXXXX AZ Purchase Non-Owner Occupied Single Family Detached 0 1.0264 779 75.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142948 XXXXXXXXXX GA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.8304 783 50.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142949 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.2326 772 74.99 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142950 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied Condo Attached 0 1.2756 797 71.43 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142959 XXXXXXXXXX FL Purchase Non-Owner Occupied PUD 0 0.9873 765 69.99 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618239 XXXXXXXXXX AZ Refi - Cash Out Non-Owner Occupied PUD 0 1.5444 772 48.84 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571925 XXXXXXXXXX AZ Rate Term Refi Non-Owner Occupied PUD 0 0 740 40.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571926 XXXXXXXXXX PA Refi - Cash Out Non-Owner Occupied Single Family Attached 0 1.4945 702 57.14 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571929 XXXXXXXXXX FL Purchase Non-Owner Occupied Condominium (Category I Project) 0 1.1142 783 74.99 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618241 XXXXXXXXXX KY Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.2195 630 60.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571930 XXXXXXXXXX CA Refi - Cash Out Non-Owner Occupied PUD 0 1.9611 786 42.55 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142970 XXXXXXXXXX FL Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0 796 60.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618249 XXXXXXXXXX FL Purchase Non-Owner Occupied Single Family Detached 0 1.0785 748 70.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618250 XXXXXXXXXX PA Purchase Non-Owner Occupied Single Family Detached 0 1.2461 713 64.98 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618253 XXXXXXXXXX GA Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0 733 53.85 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618255 XXXXXXXXXX CA Rate Term Refi Non-Owner Occupied Single Family Detached 0 0.8699 678 56.34 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142990 XXXXXXXXXX FL Purchase Non-Owner Occupied PUD 0 0.5703 733 74.99 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 431460643 XXXXXXXXXX FL Purchase Non-Owner Occupied PUD 0 1.2967 0 49.96 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571933 XXXXXXXXXX PA Refi - Cash Out Owner Occupied Single Family Detached 42.34   591 43.48 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571934 XXXXXXXXXX UT Refi - Cash Out Owner Occupied PUD 22.8   566 47.71 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571938 XXXXXXXXXX FL Refi - Cash Out Owner Occupied Condo Attached 28.32   697 60.61 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571939 XXXXXXXXXX OR Rate Term Refi Owner Occupied Single Family Detached 26.44   746 74.99 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618257 XXXXXXXXXX AZ Refi - Cash Out Owner Occupied PUD 33.55   585 53.06 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571941 XXXXXXXXXX UT Refi - Cash Out Owner Occupied Single Family Detached 50.84   563 57.35 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142997 XXXXXXXXXX NV Refi - Cash Out Owner Occupied Single Family Detached 24.28   774 65.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432571942 XXXXXXXXXX FL Purchase Owner Occupied PUD 51.2   651 69.98 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433142998 XXXXXXXXXX NJ Refi - Cash Out Owner Occupied PUD 19.84   757 76.73 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433143000 XXXXXXXXXX CA Refi - Cash Out Owner Occupied Single Family Residential 54.87   687 48.75 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618259 XXXXXXXXXX WA Purchase Owner Occupied Single Family Detached 44.57   592 64.99 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618260 XXXXXXXXXX CA Purchase Owner Occupied Single Family Detached 50.99   665 70.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 433143010 XXXXXXXXXX FL Purchase Owner Occupied Condo Attached 51.8   645 59.98 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 431148919 XXXXXXXXXX NJ Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0.6004 651 70.00 % XXXXXXXXXX               A A A A A A A A  
XXXXXXXXXX 432618262 XXXXXXXXXX CA Purchase Owner Occupied Single Family Detached 33.04   720 80.00 % XXXXXXXXXX               A A A A A A A A  
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