CSMC 2021-NQM7 Trust ABS-15G

Exhibit 99.40

Customer Loan ID

Loan Exception ID

Exception ID

Exception Category

Exception Sub Category

Exception Description

Exception Comments

Seller Response

Reviewer Response

Compensating Factors

Exception Status

Initial Exception Grade

Final Exception Grade

Initial DBRS Exception Grade

Final DBRS Exception Grade

Initial Moodys Exception Grade

Final Moodys Exception Grade

Initial Fitch Exception Grade

Final Fitch Exception Grade

Initial Kroll Exception Grade

Final Kroll Exception Grade

Initial S&P Exception Grade

Final S&P Exception Grade

Subject to Predatory Lending

HUD Category

431181118

101_152_12007

12007

Credit

Missing signed settlement statement

Summary: Settlement Statement is Not Executed by Borrower or certified by title company.

The exception 'Missing signed settlement statement' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 680 FICO. Guidelines require 4 months reserves and the borrower has 57.45 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181135

101_197_10345

10345

Credit

Appraisal is missing interior Inspection - Property 1

Guidelines require an interior appraisal unless exception approved by client. File only contains a Other for property address XXXX. Client exception not found in file.

Change status of 'Appraisal is missing interior Inspection - Property 1' from Active to Acknowledged by Client. Although the appraisal reviewed within the loan file was not completed on the requisite GSE form, the required physical interior inspection of the property was performed along with a secondary valuation confirming value within 10%.

Guidelines require a minimum FICO of 600 and the borrower has a 746 FICO. Guidelines require 4 months reserves and the borrower has 308.87 months reserves.

Acknowledged

3

2

D

B

D

B

D

B

D

B

D

B

No

431181135

101_197_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX.

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 746 FICO. Guidelines require 4 months reserves and the borrower has 308.87 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181136

101_119_12149

12149

Credit

Missing Lease Agreement - Property 1

Missing Lease Agreement for property address XXXX.

The exception 'Missing Lease Agreement - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 692 FICO. Guidelines require 4 months reserves and the borrower has 64.57 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181136

101_119_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX.

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 692 FICO. Guidelines require 4 months reserves and the borrower has 64.57 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181139

101_188_11146

11146

Credit

Hazard Insurance  Coverage  Insufficient

Summary: The hazard insurance policy in file reflected dwelling coverage of $ XXXX.  The loan amount is $ XXXX which leaves a shortage of hazard insurance coverage for $ XXXX. The estimated cost new is $ XXXX.

The exception 'Hazard Insurance  Coverage  Insufficient ' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 704 FICO. Guidelines require 4 months reserves and the borrower has 107.97 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181139

101_188_11990

11990

Credit

Missing Business Purpose Affidavit

Summary: The loan file is missing the Business Purpose Affidavit as required by Lender guidelines.

The exception 'Missing Business Purpose Affidavit' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 704 FICO. Guidelines require 4 months reserves and the borrower has 107.97 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181139

101_188_12747

12747

Credit

Missing Rent Loss Coverage - Property 1

Summary: Hazard Insurance Policy does not reflect rent loss coverage XXXX

The exception 'Missing Rent Loss Coverage - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 704 FICO. Guidelines require 4 months reserves and the borrower has 107.97 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181174

101_177_12863

12863

Credit

Guarantor has total judgment/liens greater than $250,000

Guarantor has total judgment/liens greater than $250,000.

The exception 'Guarantor has total judgment/liens greater than $250,000' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 759 FICO. Guidelines require 4 months reserves and the borrower has 9.93 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181174

101_177_12149

12149

Credit

Missing Lease Agreement - Property 1

Missing Lease Agreement for property address XXXX.

The exception 'Missing Lease Agreement - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 759 FICO. Guidelines require 4 months reserves and the borrower has 9.93 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181174

101_177_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 759 FICO. Guidelines require 4 months reserves and the borrower has 9.93 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181174

101_177_12007

12007

Credit

Missing signed settlement statement

Settlement Statement is Not Executed by Borrower or certified by title company.

The exception 'Missing signed settlement statement' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 759 FICO. Guidelines require 4 months reserves and the borrower has 9.93 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181178

101_11_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 629 FICO. Guidelines require 4 months reserves and the borrower has 205.85 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181227

101_191_10345

10345

Credit

Appraisal is missing interior Inspection - Property 1

Guidelines require an interior appraisal unless exception approved by client. File only contains a Other for property address XXXX. Client exception not found in file.

Change status of 'Appraisal is missing interior Inspection - Property 1' from Active to Acknowledged by Client. Although the appraisal reviewed within the loan file was not completed on the requisite GSE form, the required physical interior inspection of the property was performed along with a secondary valuation confirming value within 10%.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 4.78 months reserves.

Acknowledged

3

2

D

B

D

B

D

B

D

B

D

B

No

431181227

101_191_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 4.78 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181227

101_191_11771

11771

Credit

Reserves Insufficient

Summary: Verified assets of $XXXX minus the cash to close of XXXX, unverified earnest money deposit of $XXXX, total judgments over $XXXX of XXXX, and unfinanced budget of $XXXX equates to 3.78 months of reserves totaling $XXXX which is less than the required 4.00 months reserves, totaling $XXXX.

The exception 'Reserves Insufficient' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 4.78 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181256

101_273_12036

12036

Credit

Missing Hazard Insurance Declaration - Property 3

A hazard insurance declaration for the subject property was not provided for property address XXXX.

The exception 'Missing Hazard Insurance Declaration - Property 3' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.84 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181256

101_273_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX.

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.84 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181256

101_273_13303

13303

Credit

Pending Valuation Review - Missing Desk Review - Property 2

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 2' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.84 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181256

101_273_13306

13306

Credit

Pending Valuation Review - Missing Desk Review - Property 3

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 3' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.84 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181256

101_273_13307

13307

Credit

Pending Valuation Review - Missing Desk Review - Property 4

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 4' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.84 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181258

101_253_12009

12009

Credit

Borrower credit report dated greater than 90 days from Note Date

Lender Guidelines require for (i) each borrower (if natural person), (ii) each guarantor and managing member, and (iii) owners of the borrower with an interest of 51% or greater, the originator must obtain a credit history from at least two bureaus within 90 days of loan origination.  The credit report for guarantor XXXX  is dated XX/XX/XXXX, which is greater than 90 days prior to the loan origination date of XX/XX/XXXX.

Change status of 'Borrower credit report dated greater than 90 days from Note Date' from Open Rebuttal to Acknowledged by Seller. redit report was 99 days old.  The following exception was granted to allow credit report > 90 days old:  Credit/FICO.  Compensating factors:  1. Borrower REO Experience; 2. Performing Repeat Borrower.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.53 months reserves.

Acknowledged

3

2

C

B

C

B

C

B

C

B

C

B

No

431181258

101_253_10326

10326

Credit

Ineligible Transaction

Summary: Transaction is ineligible due to:

Change status of 'Ineligible Transaction' from Open Rebuttal to Acknowledged by Client. Buyer has approved DSCR of 1.06 and downgrade to Grade B. Comp factors include portfolio borrower with six loans, reserves of $623k.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.53 months reserves.

Acknowledged

3

2

C

B

C

B

C

B

C

B

C

B

No

431181258

101_253_10217

10217

Credit

Missing Borrowing Entity of Evidence of Good Standing

Missing Evidence of Good Standing for XXXX

The exception 'Missing Borrowing Entity of Evidence of Good Standing' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.53 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181258

101_253_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.53 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181258

101_253_13303

13303

Credit

Pending Valuation Review - Missing Desk Review - Property 2

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 2' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.53 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181258

101_253_13306

13306

Credit

Pending Valuation Review - Missing Desk Review - Property 3

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 3' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.53 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181258

101_253_13307

13307

Credit

Pending Valuation Review - Missing Desk Review - Property 4

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 4' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 743 FICO. Guidelines require 4 months reserves and the borrower has 243.53 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181276

101_174_10345

10345

Credit

Appraisal is missing interior Inspection - Property 1

Guidelines require an interior appraisal unless exception approved by client. File only contains a Other for property address XXXX. Client exception not found in file.

The exception 'Appraisal is missing interior Inspection - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 717 FICO. Guidelines require 4 months reserves and the borrower has 20.17 months reserves.

Acknowledged

3

2

D

B

D

B

D

B

D

B

D

B

No

431181292

101_3_12020

12020

Credit

Appraisal is dated after loan closing - Property 1

The Appraisal provided is dated XX/XX/XXXX after the closing date XX/XX/XXXX.

Change status of 'Appraisal is dated after loan closing - Property 1' from Open Rebuttal to Acknowledged by Seller.  Valuations - BPO > 90 days old at funding.  New BPO to be obtained post-closing.  Compensating Factors:  1. Collateral Location; 2. Reserves.

Guidelines require a minimum FICO of 600 and the borrower has a 700 FICO. Guidelines require 4 months reserves and the borrower has 19.84 months reserves.

Acknowledged

3

2

C

B

C

B

C

B

C

B

C

B

No

431181292

101_3_10345

10345

Credit

Appraisal is missing interior Inspection - Property 1

Guidelines require an interior appraisal unless exception approved by client. File only contains a Other for property address XXXX. Client exception not found in file.

The exception 'Appraisal is missing interior Inspection - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 700 FICO. Guidelines require 4 months reserves and the borrower has 19.84 months reserves.

Acknowledged

3

2

D

B

D

B

D

B

D

B

D

B

No

431181292

101_3_12012

12012

Credit

Borrower 2 credit report dated greater than 90 days from Note Date

Lender Guidelines require for (i) each borrower (if natural person), (ii) each guarantor and managing member, and (iii) owners of the borrower with an interest of 51% or greater, the originator must obtain a credit history from at least two bureaus within 90 days of loan origination.  The credit report for guarantor XXXX  is dated XX/XX/XXXX, which is greater than 90 days prior to the loan origination date of XX/XX/XXXX.

The exception 'Borrower 2 credit report dated greater than 90 days from Note Date' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 700 FICO. Guidelines require 4 months reserves and the borrower has 19.84 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181292

101_3_12068

12068

Credit

Credit Report is dated after loan closing - Borrower 1

Credit report for XXXX is dated XX/XX/XXXX after the closing date XX/XX/XXXX.

The exception 'Credit Report is dated after loan closing - Borrower 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 700 FICO. Guidelines require 4 months reserves and the borrower has 19.84 months reserves.

Acknowledged

3

2

C

B

C

B

C

B

C

B

C

B

No

431181292

101_3_12070

12070

Credit

Credit Report is dated after loan closing - Borrower 2

Credit report for XXXX is dated XX/XX/XXXX after the closing date XX/XX/XXXX.

The exception 'Credit Report is dated after loan closing - Borrower 2' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 700 FICO. Guidelines require 4 months reserves and the borrower has 19.84 months reserves.

Acknowledged

3

2

C

B

C

B

C

B

C

B

C

B

No

431181292

101_3_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 700 FICO. Guidelines require 4 months reserves and the borrower has 19.84 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181292

101_3_11771

11771

Credit

Reserves Insufficient

Verified assets of $XXXX minus the cash to close of $XXXX, unverified earnest money deposit of $XXXX, total judgments over $XXXX of $XXXX, and unfinanced budget of $XXXX equates to 3.15 months of reserves totaling $8188.10 which is less than the required 4.00 months reserves, totaling $XXXX.

The exception 'Reserves Insufficient' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 700 FICO. Guidelines require 4 months reserves and the borrower has 19.84 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181311

101_207_10345

10345

Credit

Appraisal is missing interior Inspection - Property 1

Guidelines require an interior appraisal unless exception approved by client. File only contains a Other for property address XXXX. Client exception not found in file.

The exception 'Appraisal is missing interior Inspection - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 731 FICO. Guidelines require 4 months reserves and the borrower has 163.03 months reserves.

Acknowledged

3

2

D

B

D

B

D

B

D

B

D

B

No

431181311

101_207_10213

10213

Credit

Missing Operating Agreement

The loan file is missing an operating agreement or other documentation for XXXX to verify ownership.  As a result, there is no evidence that the full recourse guarantee was provided by at least 51% of the legal entity.

The exception 'Missing Operating Agreement' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 731 FICO. Guidelines require 4 months reserves and the borrower has 163.03 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

431181311

101_207_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 731 FICO. Guidelines require 4 months reserves and the borrower has 163.03 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181345

101_228_10345

10345

Credit

Appraisal is missing interior Inspection - Property 1

Guidelines require an interior appraisal unless exception approved by client. File only contains a Other for property address XXXX. Client exception not found in file.

The exception 'Appraisal is missing interior Inspection - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 739 FICO. Guidelines require 4 months reserves and the borrower has 150.62 months reserves.

Acknowledged

3

2

D

B

D

B

D

B

D

B

D

B

No

431181345

101_228_10326

10326

Credit

Ineligible Transaction

Transaction is ineligible due to: DSCR is less than 1.0

The exception 'Ineligible Transaction' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 739 FICO. Guidelines require 4 months reserves and the borrower has 150.62 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181345

101_228_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX.

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 739 FICO. Guidelines require 4 months reserves and the borrower has 150.62 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181347

101_283_10345

10345

Credit

Appraisal is missing interior Inspection - Property 1

Guidelines require an interior appraisal unless exception approved by client. File only contains a Other for property address XXXX. Client exception not found in file.

The exception 'Appraisal is missing interior Inspection - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 786 FICO. Guidelines require 4 months reserves and the borrower has 138.11 months reserves.

Acknowledged

3

2

D

B

D

B

D

B

D

B

D

B

No

431181347

101_283_13302

13302

Credit

Pending Valuation Review - Missing Desk Review - Property 1

Summary: Missing Desk Review for property address XXXX.

The exception 'Pending Valuation Review - Missing Desk Review - Property 1' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 786 FICO. Guidelines require 4 months reserves and the borrower has 138.11 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431181347

101_283_13303

13303

Credit

Pending Valuation Review - Missing Desk Review - Property 2

Summary: Missing Desk Review for property address XXXX.

The exception 'Pending Valuation Review - Missing Desk Review - Property 2' is cleared.

Guidelines require a minimum FICO of 600 and the borrower has a 786 FICO. Guidelines require 4 months reserves and the borrower has 138.11 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

No

431366519

165_44_1101

1101

Credit

Condo Questionnaire has not been entered

Summary: The Condo Questionnaire is missing from the loan file.  Additional conditions may apply.

The exception 'Condo Questionnaire has not been entered' is cleared.

UW Guides require 48.00 months reserves, loan qualified with 114.41 months reserves.

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

Yes

431366519

165_44_16939

16939

Compliance

E-Consent documentation on TRID loan is missing for borrower(s)

Summary: E-Consent documentation on TRID loan is missing for borrower(s)

Received required E-Consent documentation for borrower(s)

UW Guides require 48.00 months reserves, loan qualified with 114.41 months reserves.

Cleared

3

1

C

A

C

A

C

A

C

A

C

A

Yes

430592883

dc8586dc-3ff0-e911-94d7-f4e9d4a75ba2

1615

Credit

Failure to Investigate Credit History

An OFAC search is required to be run on all guarantors. The origination file does not contain OFAC information.

We do not run OFAC searches. Please advise if the Background check x the Credit are sufficient. Provided 11.5.2019

02/07/2020: Client Agrees. Exception remains.  11/10/19 - Finding remains. OFAC not located in upload10/24/19 - Finding remains. Guidelines state that borrowers must be run through OFAC.

No Mortgage Lates No mortgage lates FICO is higher than guideline minimum 665 > 640

Active

3

3

C

C

C

C

C

C

C

C

C

C

No

430592883

1ea1282f-47f0-e911-94d7-f4e9d4a75ba2

6

Credit

Insufficient Reserves

Lender requires 6 months reserves totaling $XXXX. The file contains 1 account statement in the name the XXXX dated XX/XX/XXXX.  This statement had ending balances totaling $XXXX.  However, this statement is over 60 days from the loan origination date of XX/XX/XXXX.  Please provide account statements dated within 60 days of the loan origination date of XX/XX/XXXX.

Uploaded 11.21.2019

12/5/19 - Finding remains. Statements provided are dated after closing.

No Mortgage Lates No mortgage lates FICO is higher than guideline minimum 665 > 640

Active

3

3

C

C

C

C

C

C

C

C

C

C

No

430592883

11ac8d22-40f0-e911-94d7-f4e9d4a75ba2

2

Credit

LTV exceeds guidelines

Lender guidelines requires a maximum LTV of 65.00% however the current LTV of the subject is 70.00%.  The max LTV for a cash-out refinance is 65% with a 665 credit score and a DSCR >1.15 with a loan amount less than or equal to $XXXX.

Agreed

02/07/2020: Client Agrees. Exception remains.

No Mortgage Lates No mortgage lates FICO is higher than guideline minimum 665 > 640

Active

3

3

C

C

C

C

C

C

C

C

C

C

No

430592883

e4cfc83b-31f0-e911-94d7-f4e9d4a75ba2

915

Credit

Missing asset documentation

The loan file is missing the Use of Proceeds / Use of Cash-out Disclosure as required by Lender guidelines.

10/17/19 - Finding rescinded as BPA supports cash out to be used for business purposes only.

No Mortgage Lates No mortgage lates FICO is higher than guideline minimum 665 > 640

Rescind

1

1

A

A

A

A

A

A

A

A

A

A

No

430592883

a95b5525-48f0-e911-94d7-f4e9d4a75ba2

912

Credit

Missing credit report

Lender Guidelines requires the originator to obtain a credit history from at least two bureaus within 90 days of loan origination for the sole guarantor. The credit report dated XX/XX/XXXX for the sole guarantor reflects a credit score from only one bureau.

We provide both a hard and soft pull. The soft pull reflecting just one bureau will be the most recent. Please advise if this is sufficient.

10/24/19 - Finding remains. Guidelines require at least 2 bureaus.

No Mortgage Lates No mortgage lates FICO is higher than guideline minimum 665 > 640

Active

3

3

D

D

D

D

D

D

D

D

D

D

No

430592883

e42777fe-3ff0-e911-94d7-f4e9d4a75ba2

724

Credit

Missing Documentation

The loan file is missing evidence of the Guarantor's track record to qualify for the Experienced Customers loan product utilizing public records. Please provide supporting documentation reflecting the borrower/ guarantor’s experience with (2) or more properties. Additional findings may apply.

Uploaded again on 11.21.2019

12/5/19 - Finding remains. Guidelines require proof of rents received. XXXX is not sufficient.

No Mortgage Lates No mortgage lates FICO is higher than guideline minimum 665 > 640

Active

3

3

D

D

D

D

D

D

D

D

D

D

No

430592901

49d85c20-7df0-e911-94d7-f4e9d4a75ba2

741

Credit

Failure to obtain Documentation

Lender guidelines require personal identification of all guarantors (driver's license, passport or other government issued photo identification). The loan file is missing the personal identification for the guarantor. The driver's license provided is illegible.

10/18/2019 - There is a notarized Name Affidavit in the closing file - does this not meet the requirements? Please advise.

10/18/2019 - Finding cleared.  Notarized name affidavit received in place of illegible ID.

No Mortgage Lates No lates FICO is higher than guideline minimum 784 > 640

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

430592901

110cbec4-6cf0-e911-94d7-f4e9d4a75ba2

15

Credit

Failure to obtain Hazard Insurance Declaration

A hazard insurance declaration for the subject property was not provided. The insurance binder provided does not reflect the premium amount and is missing a minimum of 6 months rent loss coverage as required by lender guidelines.

Agreed

02/07/2020: Client Agrees. Exception remains.

No Mortgage Lates No lates FICO is higher than guideline minimum 784 > 640

Active

3

3

D

D

D

D

D

D

D

D

D

D

No

430592901

fda36bf3-7bf0-e911-94d7-f4e9d4a75ba2

2

Credit

LTV exceeds guidelines

70.35% is greater than 70% maximum LTV for the Experienced Investor Cash Out refinance program.

Agreed

02/07/2020: Client Agrees. Exception remains.

No Mortgage Lates No lates FICO is higher than guideline minimum 784 > 640

Active

3

3

C

C

C

C

C

C

C

C

C

C

No

430592901

bb36c9cf-7df0-e911-94d7-f4e9d4a75ba2

915

Credit

Missing asset documentation

The Final HUD / Settlement Statement is missing from the loan file. The Final HUD / Settlement Statement provided is illegible.

Uploaded

12/5/19 - Finding cleared. HUD provided

No Mortgage Lates No lates FICO is higher than guideline minimum 784 > 640

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

430592902

e905ed8a-f5f0-e911-94d7-f4e9d4a75ba2

2

Credit

LTV exceeds guidelines

Lender guidelines requires a maximum LTV of 70.00% however the current LTV of the subject is 75.00%. The max LTV for a cash-out refinance is 70% with a 700+ FICO, DSCR >1.15, and a loan amount between $XXXX and $XXXX.

Agreed

02/07/2020: Client Agrees. Exception remains.

Reserves are higher than guideline minimum 33 > 18 months required FICO is higher than guideline minimum 706 > 700 No Mortgage Lates No lates

Active

3

3

C

C

C

C

C

C

C

C

C

C

No

430592902

e6da8383-f5f0-e911-94d7-f4e9d4a75ba2

915

Credit

Missing asset documentation

The Final HUD / Settlement Statement is missing from the loan file.

12/5/19 - Finding cleared Settlement statement provided

Reserves are higher than guideline minimum 33 > 18 months required FICO is higher than guideline minimum 706 > 700 No Mortgage Lates No lates

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No

430592902

5c55b470-f5f0-e911-94d7-f4e9d4a75ba2

798

Credit

Missing copy of title

A Copy of Title for the subject property was not provided.

12/5/19 - Finding cleared. Title provided

Reserves are higher than guideline minimum 33 > 18 months required FICO is higher than guideline minimum 706 > 700 No Mortgage Lates No lates

Cleared

3

1

D

A

D

A

D

A

D

A

D

A

No