CSMC 2022-NQM1 Trust ABS-15G

Exhibit 99.12

Exception Grades

Run Date - 1/13/2022 11:21:31 AM

AMC Loan ID

Customer Loan ID

Seller Loan ID

Investor Loan Number

Loan Exception ID

Exception ID

Exception Date

Exception Type

Exception Category

Exception Subcategory

15E Category

Exception

Exception Detail

Exception Information

Compensating Factors

Compensating Factor Information

Applying Party

Follow-up Comments

Cleared Date

Cured Date

Waived Date

Exception Level Grade

Exception Level Rating

Note Date

Property State

Occupancy

Purpose

Exception Remediation

Overall Initial Loan Grade

Overall Final Loan Grade

Credit Initial Loan Grade

Credit Final Loan Grade

Compliance Initial Loan Grade

Compliance Final Loan Grade

Property Initial Loan Grade

Property Final Loan Grade

Originator QM ATR Status

TPR QM ATR Status

Is Curable

215129173

[redacted]

[redacted]

21417170

Credit

Credit

Credit Documentation

Missing Document

Missing Document: Credit Report not provided

There is no evidence of origination credit report.  Credit report in file is dated [redacted] after closing date.

Reviewer Comment (2018-06-01): Seller provided the credit report at origination dated[redacted].

04/06/2018

1

A

NY

Primary

Purchase

D

B

D

B

C

A

A

A

Non QM

Non QM

No

215129173

[redacted]

[redacted]

21417171

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail.

There is no evidence of origination credit report.  Credit report in file is dated [redacted] after closing date.

Reviewer Comment (2018-06-01): Seller provided the Credit report dated[redacted].

04/06/2018

1

A

NY

Primary

Purchase

Lender to provide updated ATR/QM status

D

B

D

B

C

A

A

A

Non QM

Non QM

Yes

215129173

[redacted]

[redacted]

21417172

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Credit History

Ability to Repay (Dodd-Frank 2014): Unable to verify debt obligations using reasonably reliable third-party records.

There is no evidence of origination credit report.  Credit report in file is dated [redacted] after closing date.

Reviewer Comment (2018-06-01): Seller provided the Credit report dated[redacted].

04/06/2018

1

A

NY

Primary

Purchase

D

B

D

B

C

A

A

A

Non QM

Non QM

No

215129173

[redacted]

[redacted]

21417173

Compliance

Compliance

Federal Compliance

ATR/QM

NonQM ATR

Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied.

There is no evidence of origination credit report.  Credit report in file is dated [redacted] after closing date.

Reviewer Comment (2018-06-01): Seller provided the Credit report dated[redacted].

04/06/2018

1

A

NY

Primary

Purchase

D

B

D

B

C

A

A

A

Non QM

Non QM

No

215129173

[redacted]

[redacted]

21417174

Credit

Credit

Credit Calculation / Analysis

Guideline

Guideline Requirement: Representative FICO score discrepancy.

Lender approved exception for Credit score [redacted] vs program requirement of [redacted].

Nice property with pier and boat slip Self-employed for 3 years, sole owner of [redacted] & [redacted] Reserves are [redacted] months ($[redacted]),[redacted] months > program requirement of 6 months DTI is [redacted]%, [redacted]% < program maximum of 50%

reserves of [redacted] months [redacted]% DTI

Owner Owner,Originator Owner,Originator

Reviewer Comment (2018-06-01): [redacted] has elected to waive this exception based on compensating factors of reserves, disposable income, and DTI

04/05/2018

2

B

NY

Primary

Purchase

D

B

D

B

C

A

A

A

Non QM

Non QM

No

215129173

[redacted]

[redacted]

21417175

Credit

Credit

Credit Documentation

Credit

Credit Report Error: Missing source document for credit/housing history.

Lender approved exception for Borrower lives rent free with family. Exception is for no mortgage or rental rating.

Nice property with pier and boat slip Self-employed for 3 years, sole owner of [redacted] & [redacted] Reserves are [redacted] months ($[redacted]),[redacted] months > program requirement of 6 months DTI is [redacted]%, [redacted]% < program maximum of 50%

reserves of [redacted] months [redacted]% DTI

Owner Owner,Originator Owner,Originator

Reviewer Comment (2018-06-01): [redacted] has elected to waive this exception based on compensating factors of reserves, DTI, disposable income

04/05/2018

2

B

NY

Primary

Purchase

D

B

D

B

C

A

A

A

Non QM

Non QM

No

216127635

[redacted]

[redacted]

23236805

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted]% or Final Disclosure APR of [redacted]% is in excess of allowable threshold of APOR [redacted]% + [redacted]%, or [redacted]%.  Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2019-05-31): [redacted] mortgage purchases HPML compliant loans.

03/05/2019

1

A

NY

Primary

Purchase

C

B

C

B

B

B

A

A

Non QM

Non QM

No

216127635

[redacted]

[redacted]

23236806

Compliance

Compliance

State Compliance

State HPML

[redacted] Subprime Home Loan Threshold Greater than 3 Year ARM Compliant

[redacted] Subprime Loan: APR on subject loan of [redacted]% is in excess of allowable threshold of Prime Mortgage Market Rate [redacted]% + [redacted]%, or [redacted]%.  Compliant SubPrime Loan.

Buyer Comment (2019-05-31): [redacted] has elected to waive

03/05/2019

2

B

NY

Primary

Purchase

While considered narrow in its defense, the cure provisions under the NY Subprime law allows lenders, when acting in good faith, to make appropriate restitution to the borrower to satisfy the subprime home loan requirements and remove the loan from subprime status.  Cure may be made through refund if (1) there is bona fide evidence of good faith (i.e, lender has controls and policies in place to avoid making subprime loans); and (2) the borrower has not yet brought any action against lender.  There is no time limit for which such restitution must be made.

C

B

C

B

B

B

A

A

Non QM

Non QM

No

216127635

[redacted]

[redacted]

23236807

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Counseling Disclosure Not Provided at Application but within Three Days)

[redacted] Subprime Loan: Counseling Disclosure not provided to borrower at the time of application, but within three days of application.

The Counseling Disclosure was provided to the Borrower the day after the loan application was taken.

Buyer Comment (2019-05-31): [redacted] has elected to waive

03/05/2019

2

B

NY

Primary

Purchase

No obvious cure

C

B

C

B

B

B

A

A

Non QM

Non QM

No

216127635

[redacted]

[redacted]

23236808

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

All active trade lines including the rent history reflect a rating of less than 12 months vs program requirement of 2 active trade lines with a 12 month rating. Lender approved.

Borrower has been self-employed for the past [redacted] years as [redacted] Borrower has 9 accounts total in which 6 accounts are active and paid as agreed with 5 accounts rated less than 12 months. No public records. [redacted] representative FICO score > 640 guideline minimum - 40 points above guideline minimum [redacted]% DTI on this Alt documentation loan < 50% guideline max - [redacted]% below program guideline maximum LTV is [redacted]%, 5% < program maximum of 80%

Originator Pre-Close Originator Pre-Close Originator Pre-Close Originator Pre-Close Originator Pre-Close

Reviewer Comment (2019-05-31): [redacted] has elected to waive this exception based on compensating factors.

03/05/2019

2

B

NY

Primary

Purchase

C

B

C

B

B

B

A

A

Non QM

Non QM

No

216127759

[redacted]

[redacted]

23237968

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within three (3) business days of application. Initial Loan Estimate dated [redacted] was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

Reviewer Comment (2019-07-03): Borrower did not eConsent until [redacted] at which time the initial LE was electronically signed on [redacted].

06/27/2019

1

A

NY

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216127759

[redacted]

[redacted]

23237969

Compliance

Compliance

Federal Compliance

TRID

TRID Final Closing Disclosure With Seller - Total Closing Costs Exceeds Limits

TILA-RESPA Integrated Disclosure - Calculating Cash to Close: Final Closing Disclosure provided on [redacted] disclosed an inaccurate value of the dollar amount by which the Total Closing Costs exceeded the legal limit.

Fees are HPML

Buyer Comment (2019-07-03): [redacted] has elected to waive

06/27/2019

2

B

NY

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216127759

[redacted]

[redacted]

23237971

Compliance

Compliance

State Compliance

State HPML

[redacted] Subprime Home Loan Threshold Fixed Compliant

[redacted] Subprime Loan: APR on subject loan of [redacted]% or Final Disclosure APR of [redacted]% is in excess of allowable threshold of Prime Mortgage Market Rate [redacted] + [redacted]%, or [redacted]%.  Compliant SubPrime Loan.

Buyer Comment (2019-07-03): [redacted] has elected to waive

06/27/2019

2

B

NY

Primary

Purchase

While considered narrow in its defense, the cure provisions under the NY Subprime law allows lenders, when acting in good faith, to make appropriate restitution to the borrower to satisfy the subprime home loan requirements and remove the loan from subprime status.  Cure may be made through refund if (1) there is bona fide evidence of good faith (i.e, lender has controls and policies in place to avoid making subprime loans); and (2) the borrower has not yet brought any action against lender.  There is no time limit for which such restitution must be made.

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216127759

[redacted]

[redacted]

23237972

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $2,067.88 exceeds tolerance of $[redacted] plus 10% or $[redacted]  Insufficient or no cure was provided to the borrower.

Increase in fees exceeded the 10% tolerance.

Reviewer Comment (2019-07-03): Fee names not consistent from LE to CD. Buyer Comment (2019-07-03): Please see uploaded LE and SSPL

06/27/2019

1

A

NY

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216127759

[redacted]

[redacted]

23237973

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Amendment Fee.  Fee Amount of $[redacted] exceeds tolerance of $0.00.  Insufficient or no cure was provided to the borrower.

Initial LE did not reflect a Title - Amendment/Certificate of Occupancy fee yet the final CD shows a fee of $[redacted]

Reviewer Comment (2019-07-03): Fee names were correctly disclosed and company not on SSLP and borrower did not chose or shop. Reviewer Comment (2019-07-03): [redacted] received LE and SSPL, however the documentation provided does not satisfy the reason for the fee addition or increase.  The fee added to the CD was Title - Certificate of Occupancy which was not disclosed on the CD.  Please provide a valid COC or a refund is due. Buyer Comment (2019-07-03): Please see uploaded LE and SSPL

06/28/2019

1

A

NY

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216127759

[redacted]

[redacted]

23237974

Compliance

Compliance

Federal Compliance

TRID

TRID Final Closing Disclosure Fee Terminology

TILA-RESPA Integrated Disclosure: Final Closing Disclosure provided on [redacted] did not use the same fee terminology as the Loan Estimate.

Fee names not consistent from LE to CD.

Reviewer Comment (2019-07-03): Fee names were correctly disclosed.

06/28/2019

1

A

NY

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216127803

[redacted]

[redacted]

23238287

Credit

Insurance

Insurance Analysis

Insurance

Hazard Insurance policy does not list "Lender its successors and assigns", per guideline requirements.

Reviewer Comment (2019-05-31): Corrected HOI provided. Buyer Comment (2019-05-31): Uploaded For Review: Corrected HOI

02/21/2019

1

A

AZ

Investment

Refinance - Cash-out - Other

B

A

B

A

A

A

No

216127814

[redacted]

[redacted]

23238337

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Articles of Organization/Formation not provided

Reviewer Comment (2019-04-12): Documents provided. Seller Comment (2019-04-12): Articles Reviewer Comment (2019-04-10): Business entity searches are not the same as the Articles of Formation and Organization for the business.  The exception remain open. Reviewer Comment (2019-04-09): Comment does not appear to be in conjunction with exception.  The Articles of Formation/Organization are required on the borrowing business entity. Seller Comment (2019-04-09): score is a [redacted]  on Fannie

04/12/2019

1

A

IL

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

No

216127814

[redacted]

[redacted]

23238338

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

No evidence of fraud report for guarantor on loan.

Reviewer Comment (2019-04-10): Acceptable fraud report provided.

04/10/2019

1

A

IL

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

No

216127814

[redacted]

[redacted]

23238340

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is to go in a securitization and reflects only one valuation product when two are required.

Reviewer Comment (2019-04-11): UCDP score of [redacted]  provided in lieu of CDA.

04/11/2019

1

A

IL

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

No

216127819

[redacted]

[redacted]

23238360

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Title Preliminary not provided

Reviewer Comment (2019-06-21): [redacted] received the title commitment dated [redacted]. Buyer Comment (2019-06-21): Title for review

06/06/2019

1

A

NY

Investment

Purchase

C

B

C

B

A

A

No

216127819

[redacted]

[redacted]

23238362

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

DSC ratio of [redacted]% < 100% minimum required for SPI5 loan program with addition of the monthly Village tax  of $[redacted] an School tax $[redacted] per Tax cert provided.

Borrower has 1 open and 4 mortgages reporting paid as agreed since inception. Borrower's Experience/Track Record. The borrower has:5 Years of Experience as owner of his company [redacted] months reserves > 3 months guideline minimum - borrowers have verified reserves of [redacted] months over program requirement. [redacted] representative FICO score > 680 guideline minimum - [redacted] points above guideline minimum

Originator Originator Originator Originator

Reviewer Comment (2019-06-21): The client has elected to waive this exception with compensating factors. Buyer Comment (2019-06-21): Exception Approval for review

06/19/2019

2

B

NY

Investment

Purchase

C

B

C

B

A

A

No

216127824

[redacted]

[redacted]

23238372

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Closing Protection Letter not provided

Missing the E&O Policy with minimum coverage of $[redacted] per claim and $[redacted] in aggregate with a deductible of no more than $[redacted]. The title insurer must have an "A" or better rating from [redacted] rating service.

Reviewer Comment (2019-07-03): Closing Protection Letter provided

06/26/2019

1

A

NY

Investment

Refinance - Cash-out - Other

D

B

D

B

C

A

No

216127824

[redacted]

[redacted]

23238373

Credit

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Missing Document: Appraisal not provided

Reviewer Comment (2019-07-03): Appraisal provided. Buyer Comment (2019-07-03): Appraisal and 1004D uploaded for review.

06/26/2019

1

A

NY

Investment

Refinance - Cash-out - Other

D

B

D

B

C

A

No

216127824

[redacted]

[redacted]

23238374

Property

Missing Document

Appraisal Documentation

Missing Document

Loan is to go into a securitization, and full appraisal was not provided.

Reviewer Comment (2019-07-03): Appraisal provided. Buyer Comment (2019-07-03): Appraisal uploaded for review.

06/26/2019

1

A

NY

Investment

Refinance - Cash-out - Other

D

B

D

B

C

A

No

216127824

[redacted]

[redacted]

23238375

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: Property is located in a FEMA Disaster area and has not been inspected.

Appraisal missing

Reviewer Comment (2019-07-03): Appraisal provided. Buyer Comment (2019-07-03): Appraisal uploaded for review.

06/26/2019

1

A

NY

Investment

Refinance - Cash-out - Other

D

B

D

B

C

A

No

216127824

[redacted]

[redacted]

23238376

Credit

System

General

System

Flood Certificate Subject Address does not match Note address.

Name of City on Note states [redacted] and Flood cert reflects [redacted]

Reviewer Comment (2019-07-03): [redacted] received letter from settlement agent as [redacted]. Per USPS both deliverable to property.

06/28/2019

1

A

NY

Investment

Refinance - Cash-out - Other

D

B

D

B

C

A

No

216127824

[redacted]

[redacted]

23238377

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Lender approved exception. Borrower obtained title on [redacted] vs program requirement that at least one of the borrower's must have been an owner of the subject property throughout the three-month period preceding the date of the loan.

Two open mortgages reporting paid as agreed over the past 39 months. Experienced investor. Subject property is owned free and clear. No public records.. DSC of [redacted]% > program requirement of 100% [redacted] months reserves > 5 months guideline minimum

Originator Pre-Close Originator Pre-Close Originator Pre-Close

Reviewer Comment (2019-07-03): Client has elected to waive this exception based on compensating factors.

06/25/2019

2

B

NY

Investment

Refinance - Cash-out - Other

D

B

D

B

C

A

No

216127827

[redacted]

[redacted]

23238383

Credit

Title

General

Title

Title Policy Coverage is less than Original Loan Amount.

Reviewer Comment (2019-07-03): Corrected Title provided. Buyer Comment (2019-07-03): Corrected Title for  review

06/25/2019

1

A

NJ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

No

216127836

[redacted]

[redacted]

23238405

Credit

Asset

Asset Calculation / Analysis

Asset

Available for Closing is insufficient to cover Cash From Borrower.

Reviewer Comment (2020-02-11): Trailing HUD from cash out of a separate property confirms sufficient liquid assets Buyer Comment (2020-02-11): Please see attached the correct HUD1's with cashout to the borrower used in place of assets. Please clear this exception. Thank you! Reviewer Comment (2019-01-08): Borrower is bringing funds to close per Final HUD-1. Borrower is not receiving cash back. Buyer Comment (2019-01-08): Borrower using cashout proceeds from refinance. HUD-1 attached.

02/11/2020

1

A

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238408

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

1003 Error: Citizenship  was not provided

Borrower: [redacted]

Application (birth date, ssn, citizenship), credit report, ID for [redacted] are all missing.

Buyer Comment (2019-01-03): [redacted] is not a co-borrower/guarantor on the loan. Not required.

01/03/2019

2

B

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238409

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

1003 Error: Birth Date  was not provided

Borrower: [redacted]

Application (birth date, ssn, citizenship), credit report, ID for [redacted] are all missing.

Buyer Comment (2019-01-03): [redacted] is not a co-borrower/guarantor on the loan. Not required.

01/03/2019

2

B

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238410

Credit

Asset

Asset Documentation

Asset

Guideline Issue:Insufficient asset documentation.

Financial Institution: Arvest Bank / End Date: [redacted] // Account Type: Checking / Account Number: [redacted], Financial Institution: [redacted] / End Date: [redacted] // Account Type: Checking / Account Number: [redacted]

Although borrowers provided 2 or more bank statements for each account, statements are not consecutive month's statements.

Reviewer Comment (2020-02-11): Trailing HUD from cash out of a separate property confirms sufficient liquid assets Buyer Comment (2020-02-11): Please see attached the correct HUD1's with cashout to the borrower used in place of assets. Please clear this exception. Thank you! Reviewer Comment (2019-01-08): Nothing additional provided for this exception. Bank statements provided are not consecutive. Buyer Comment (2019-01-08): Borrower using cash out proceeds from refinance. HUD-1 attached.

02/11/2020

1

A

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238411

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

FICO score above minimum by 20 points or greater.  Per client loan amount exception approved. Strong FICO [redacted], DSCR [redacted] and rate and term loan.

Originator

Reviewer Comment (2019-01-21): FICO score above minimum by 20 points or greater.  Per client loan amount exception approved. Strong FICO [redacted], DSCR [redacted] and rate and term loan. Buyer Comment (2019-01-18): Loan amount exception approved. Strong FICO [redacted], DSCR [redacted] and Rate and term loan.

01/21/2019

2

B

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238413

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Certificate of Good Standing not provided

Per Deal Notes, Certificate of Good Standing is not dated within 30 days of closing (COGS dated [redacted], closing date is [redacted]).

Reviewer Comment (2019-01-08): Received valid COG in trailing documents. Buyer Comment (2019-01-08): Updated Certificate of Good Standing

01/08/2019

1

A

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238414

Credit

Fix and Flip

General

Fix and Flip

Insufficient funds for Reserves.

3 months reserves required.

Reviewer Comment (2020-02-11): Trailing HUD from cash out of a separate property confirms sufficient liquid assets Buyer Comment (2020-02-11): Please see attached the correct HUD1's with cashout to the borrower used in place of assets. Please clear this exception. Thank you! Reviewer Comment (2019-01-08): Borrower is bringing funds to close per Final HUD-1. Borrower is not receiving cash back. Buyer Comment (2019-01-08): Using cash proceeds from refinance for reserves. HUD-1 attached.

02/11/2020

1

A

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238415

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Security Instrument Error: Security instrument maturity date and note maturity date do not concur.

[redacted] versus [redacted]

Reviewer Comment (2021-03-17): Updated maturity date provided. Reviewer Comment (2019-01-09): Received Note provided on [redacted]. Maturity date is still incorrect reflecting [redacted]. Security Instrument reflects [redacted]. Buyer Comment (2019-01-08): Updated note with correct maturity date.

03/17/2021

1

A

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238416

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Term discrepancy.

Note term of ___ does not match Guideline term of ___.

first payment on the note is [redacted] and maturity date is [redacted]. This is [redacted] months.

The representative FICO score exceeds the guideline minimum by at least 40 points. FICO score above minimum by 20 points or greater.  Per client loan amount exception approved. Strong FICO [redacted], DSCR [redacted] and rate and term loan.

Owner Originator

Reviewer Comment (2021-09-20): [redacted] requests to waive.

09/20/2021

2

B

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238417

Credit

Asset

Asset Documentation

Asset

Insufficient funds for Reserves. Guidelines require

Missing assets for reserves and some of the funds to close.

The representative FICO score exceeds the guideline minimum by at least 40 points. FICO score above minimum by 20 points or greater.  Per client loan amount exception approved. Strong FICO [redacted], DSCR [redacted] and rate and term loan.

Owner Originator

Reviewer Comment (2021-09-20): [redacted] requests to waive.

09/20/2021

2

B

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238419

Credit

Asset

Asset Calculation / Analysis

Asset

Available for Closing is insufficient to cover Cash From Borrower.

Documented qualifying Assets for Closing of  ___ is less than Cash From Borrower ___.

The representative FICO score exceeds the guideline minimum by at least 40 points. FICO score above minimum by 20 points or greater.  Per client loan amount exception approved. Strong FICO [redacted], DSCR [redacted] and rate and term loan.

Owner Originator

Reviewer Comment (2021-09-20): [redacted] requests to waive.

09/20/2021

2

B

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127836

[redacted]

[redacted]

23238420

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Amortization Term is less that the Original Term

First payment is [redacted] and maturity date is [redacted], which makes it [redacted] months.

The representative FICO score exceeds the guideline minimum by at least 40 points. FICO score above minimum by 20 points or greater.  Per client loan amount exception approved. Strong FICO [redacted], DSCR [redacted] and rate and term loan.

Owner Originator

Reviewer Comment (2021-09-20): [redacted] requests to waive.

09/20/2021

2

B

AR

Investment

Refinance - Rate/Term

C

B

C

B

A

A

No

216127847

[redacted]

[redacted]

23238503

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Reviewer Comment (2021-05-28): Received Proteck Valuation Intelligence with value $[redacted] and report date is [redacted] hence Exception is cleared. Seller Comment (2021-05-20): uploaded

05/28/2021

1

A

MI

Investment

Refinance - Cash-out - Other

D

B

D

B

D

A

No

216127847

[redacted]

[redacted]

23238506

Credit

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Missing Document: Appraisal not provided

The owner of public record does not match the borrower or sponsor.

The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months.

40+

Originator,Owner Owner

Reviewer Comment (2021-09-20): [redacted] requests to waive. Per [redacted], all other docs reflect borrower as owner of record. Reviewer Comment (2021-08-31): Client to review and approve Seller Comment (2021-08-31): Not required for L1C. We always get the As is value. Loan is based on As is value. We do not require the Purchase HUD if loan is a Refinance and title is vested in borrower's name. Title commitment has vested in [redacted] (borrower) and we have provided the Final Title policy, quit claim deed, and purchase deed. Please have [redacted] review and waive. Reviewer Comment (2021-07-14): Received Closing statement showing borrower purchased property[redacted] - prior to subject loan please provide the same closing statement signed as Final and this will be cleared Seller Comment (2021-07-13): Borrower purchased the property on[redacted]. Purchase HUD and Deed uploaded. Title policy and Quit Claim deed uploaded as well. Reviewer Comment (2021-06-09): Missing previous Deed putting borrower on Title from Seller Marks - Seller Comment (2021-06-04): The finding of this is not an exception to [redacted]'s UW guidelines. Reviewer Comment (2021-05-06): Missing addendum from appraiser addressing name of record on the appraisal Seller Comment (2021-05-05): Title is vested in the borrower's name.

09/20/2021

2

B

MI

Investment

Refinance - Cash-out - Other

D

B

D

B

D

A

No

216127854

[redacted]

[redacted]

23238560

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Reviewer Comment (2021-05-21): Not provided on ProTeck AVM

05/21/2021

1

A

GA

Investment

Refinance - Rate/Term

D

A

A

A

D

A

No

216127854

[redacted]

[redacted]

23238562

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  AVM provided is invalid.  The FSD is greater than 0.2.; Sec ID: 12

Not provided on ProTeck AVM

Reviewer Comment (2021-05-29): Valuation provided from Pro Teck is a Desk Review; not an AVM.

05/29/2021

1

A

GA

Investment

Refinance - Rate/Term

D

A

A

A

D

A

No

216127858

[redacted]

[redacted]

23238586

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Missing CDA.

Reviewer Comment (2021-05-21): Received

05/21/2021

1

A

GA

Investment

Refinance - Cash-out - Other

D

A

D

A

D

A

No

216127858

[redacted]

[redacted]

23238587

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Other not provided

The Property Management Questionnaire is required to be completed by the Property Manager and returned with the accompanying Schedule of Properties under Management.

Reviewer Comment (2021-05-06): Received Seller Comment (2021-05-06): Uploaded

05/06/2021

1

A

GA

Investment

Refinance - Cash-out - Other

D

A

D

A

D

A

No

216127858

[redacted]

[redacted]

23238590

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  AVM provided is invalid.  The FSD is greater than 0.2.; Sec ID: 12

Not provided on ProTeck AVM

Reviewer Comment (2021-05-29): Valuation provided from Pro Teck is a Desk Review; not an AVM.

05/29/2021

1

A

GA

Investment

Refinance - Cash-out - Other

D

A

D

A

D

A

No

216571918

[redacted]

[redacted]

24098842

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Initial CD provided [redacted]

Reviewer Comment (2021-09-24): Cleared Buyer Comment (2021-09-24): Appraisal email for review

09/24/2021

1

A

VA

Primary

Refinance - Rate/Term

C

B

C

B

B

A

A

A

Non QM

Non QM

No

216571918

[redacted]

[redacted]

24098843

Credit

Credit

Credit Documentation

Guideline

Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided

Current mortgage only has 8 mo history on the credit report and there is no Verification of prior Rent/Mortgage in file.  The LOX provided states lived rent free but no dates listed, and no lender exception provided.

The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

DTI is [redacted]% under program max of [redacted]%

Owner Owner Owner,Originator

Reviewer Comment (2021-09-24): Lender approved exception with comp factors Buyer Comment (2021-09-21): Exception for review Buyer Comment (2021-09-16): Pay history and Rent free LOE for review

09/24/2021

2

B

VA

Primary

Refinance - Rate/Term

C

B

C

B

B

A

A

A

Non QM

Non QM

No

216571919

[redacted]

[redacted]

24098845

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Reviewer Comment (2021-10-07): Property Inspection Report received. Exception clear.

10/07/2021

1

A

NY

Primary

Refinance - Rate/Term

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216571920

[redacted]

[redacted]

24098848

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Reviewer Comment (2021-09-16): Sufficient Cure Provided At Closing

09/16/2021

1

A

NY

Primary

Purchase

Final CD evidences Cure

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216571920

[redacted]

[redacted]

24098850

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Reviewer Comment (2021-09-27): Document received. Exception clear.

09/27/2021

1

A

NY

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216571921

[redacted]

[redacted]

24098852

Credit

Credit

Credit Documentation

Credit

Missing Document: Compliance Report (Mavent, ComplianceEase, etc.) not provided

Compliance report not provided

Reviewer Comment (2021-09-20): Received Compliance report , Exception cleared.

09/20/2021

1

A

FL

Primary

Refinance - Rate/Term

C

B

C

B

C

A

C

A

Non QM

Non QM

No

216571921

[redacted]

[redacted]

24098854

Credit

Note

General

Note

Loans with an application date after 10/01/2020 using a LIBOR Index are not Agency Salable.

Index: ___; Note Date: ___

Loans with an application date after [redacted] using LIBOR index are not Agency Salable

Buyer Comment (2021-09-20): [redacted] elects to waive this exception

09/20/2021

2

B

FL

Primary

Refinance - Rate/Term

C

B

C

B

C

A

C

A

Non QM

Non QM

No

216571921

[redacted]

[redacted]

24098856

Compliance

Compliance

Federal Compliance

TILA

CHARM Booklet Disclosure Status

TIL variable rate disclosure: Consumer Handbook on Adjustable Rate Mortgages, CHARM Booklet, not provided to the borrower.

CHARM booklet not provided to the borrower

Reviewer Comment (2021-09-24): Document received. Exception clear.

09/24/2021

1

A

FL

Primary

Refinance - Rate/Term

No Defined Cure

C

B

C

B

C

A

C

A

Non QM

Non QM

No

216571921

[redacted]

[redacted]

24098857

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is missing secondary valuation product required for securitization.

File is missing the CDA or ARR.  Per guidelines for Loan Amounts > $1,500,000    2 Full Appraisals + CDA or ARR is required.

Reviewer Comment (2021-09-29): CDA no longer required per guidelines. Two appraisals in the file Buyer Comment (2021-09-29): Per credit memo effective[redacted], CDA not required. Reviewer Comment (2021-09-29): Guidelines reference [redacted] which was prior to closing [redacted]/ shows Loan Amounts > $[redacted] 2 Full Appraisals + CDA or ARR is required , Exception remains. Buyer Comment (2021-09-28): This loan closed on [redacted] [redacted]s September guidelines were not in affect yet. Reviewer Comment (2021-09-28): Provided document is incomplete or the older one. As per latest [redacted]s guideline the Appraisal Requirements are below: Loan Amounts < $[redacted] - 1 Full Appraisal + CDA or ARR Loan Amounts > $[redacted] - 2 Full Appraisals + CDA or ARR Exception remains. Reviewer Comment (2021-09-24): Provided document is incorrect. Please find below requirement. Appraisal Requirements Loan Amounts < $[redacted] - 1 Full Appraisal + CDA or ARR Loan Amounts > $[redacted] - 2 Full Appraisals + CDA or ARR Exception remains. Reviewer Comment (2021-09-20): 2 appraisals already provided , we need secondary valuation i.e., CDA or ARR , Exception remains.

09/29/2021

1

A

FL

Primary

Refinance - Rate/Term

C

B

C

B

C

A

C

A

Non QM

Non QM

No

216571921

[redacted]

[redacted]

24098858

Compliance

Compliance

Federal Compliance

TILA

CHARM Booklet Disclosure Status

Unable to determine if loan file contains CHARM Booklet due to missing information.

Reviewer Comment (2021-09-24): Document received. Exception clear.

09/24/2021

1

A

FL

Primary

Refinance - Rate/Term

No Defined Cure

C

B

C

B

C

A

C

A

Non QM

Non QM

No

216571925

[redacted]

[redacted]

24098890

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: PITIA reserves months discrepancy.

Reviewer Comment (2021-09-29): cleared Reviewer Comment (2021-09-23): Provide additional assets to cover the Reserves requirement. Exception remains.

09/29/2021

1

A

HI

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216571926

[redacted]

[redacted]

24098877

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

Missing Award Letter / Continuance Letter, verification minimum 3 years continuance to support Borrower's $[redacted] [redacted] monthly income amount used to qualify and tax transcripts as required by guidelines.

Reviewer Comment (2021-09-23): Cleared Buyer Comment (2021-09-21): 4506 C is not required -income used is pension and insurance payment Buyer Comment (2021-09-21): I have attached the documentation that reflects maximum lifetime benefit as unlimited

09/23/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216571926

[redacted]

[redacted]

24098878

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

Missing 4506-C (signed and dated) for Borrower and Co-borrower

Reviewer Comment (2021-09-23): Cleared Buyer Comment (2021-09-21): 4506 C is not required -income used is pension and insurance payment

09/23/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216571926

[redacted]

[redacted]

24098879

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered or placed in the mail to Borrower(s) within three (3) business days of application.

The application date is[redacted] and the earliest dated LE is[redacted] which is more than 3 business days after the application date.

Reviewer Comment (2021-09-23): [redacted] received [redacted] LE

09/23/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216571926

[redacted]

[redacted]

24098880

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

DTI difference appears to be because of a difference in the amt being used from CNA -- review used $[redacted] monthly as reflected on bank statements.

Reviewer Comment (2021-09-29): Cleared Buyer Comment (2021-09-27): The income is broken down as follows: SS - $[redacted] SS - $[redacted] CNA- $[redacted] [redacted] reflets the deposits of both SS income and the [redacted] direct deposits.

09/29/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216571926

[redacted]

[redacted]

24098882

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of [redacted]% moderately exceeds the guideline maximum of 50.00%. (DTI Exception is eligible to be regraded with compensating factors.)

[redacted]% > 50% J10 Select Jumbo Full Doc

Reviewer Comment (2021-09-29): Cleared Buyer Comment (2021-09-27): The income is broken down as follows: SS - $[redacted] SS - $[redacted] CNA- $[redacted] [redacted] reflets the deposits of both SS income and the [redacted] direct deposits. Reviewer Comment (2021-09-27): Missing evidence of Monthly distribution of $[redacted] as reflected on Final 1003. Bank statements provided do not evidence amount as reflected. Please provide award Letter or statements evidencing Lender amount used. Buyer Comment (2021-09-21): I have attached the documentation that reflects maximum lifetime benefit as unlimited

09/29/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216571926

[redacted]

[redacted]

24098883

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

[redacted]% DTI > 50%

Reviewer Comment (2021-09-29): Cleared

09/29/2021

1

A

FL

Primary

Refinance - Cash-out - Other

Lender to provide updated ATR/QM Loan Designation

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216571926

[redacted]

[redacted]

24098884

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

[redacted]% DTI > 50%

Reviewer Comment (2021-09-29): Cleared

09/29/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216571926

[redacted]

[redacted]

24098885

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

[redacted] received Initial LE.  Fee increased on subsequent disclosures. Changed circumstance does not give a valid reason that Transfer Taxes were increased.  Provide additional information or cure is required.

Reviewer Comment (2021-09-27): [redacted] received Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected PCCD.

09/27/2021

2

B

FL

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098908

Credit

Asset

Asset Documentation

Asset

Guideline Issue:Insufficient asset documentation.

-

Only 1 month statement was provided.  2 months statement is required.

Reviewer Comment (2021-09-29): cleared Buyer Comment (2021-09-29): please see uploaded 1003 and 1008.. accounts were not used to qualify Reviewer Comment (2021-09-27): As per Final 1003 Following assets were used :- A/c # [redacted],[redacted],[redacted],[redacted],[redacted],. We are still missing 1 additional consecutive asset for A/c # [redacted]. Also Final CD signed & dated is missing for amount of Net proceeds used from Property sold. Note :- There is additional 1003 uploaded which shows the use of A/c # [redacted] & Sale proceeds however it is not signed & dated. Also Final signed & dated CD of Sold property is missing. Exception Remains. Reviewer Comment (2021-09-16): Bank Statement for Account Number: [redacted] is still missing. Exception remains.

09/29/2021

1

A

NY

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098909

Credit

Guideline

Guideline Issue

Guideline

Aged document: Asset Account date is more than 90 days prior to Closing.

-

Reviewer Comment (2021-09-29): Cleared Buyer Comment (2021-09-29): Please see uploaded 1008 and 1003 Reviewer Comment (2021-09-27): As per Final 1003 Following assets were used :- A/c # [redacted],[redacted],[redacted],[redacted],[redacted],. We are still missing 1 additional consecutive asset for A/c # [redacted]. Also Final CD signed & dated is missing for amount of Net proceeds used from Property sold. Note :- There is additional 1003 uploaded which shows the use of A/c # [redacted] & Sale proceeds however it is not signed & dated. Also Final signed & dated CD of Sold property is missing. Exception Remains. Buyer Comment (2021-09-22): The only account used was the one ending in [redacted] and the proceeds Reviewer Comment (2021-09-16): Bank Statement for Account Number: [redacted] is still missing. Exception remains.

09/29/2021

1

A

NY

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098910

Credit

Credit

Credit Eligibility

Guideline

There are red flags on the fraud report that have not been addressed

-

Reviewer Comment (2021-08-18): Documents provided to address red flags. Buyer Comment (2021-08-10): LDP GSA - Fraud

08/18/2021

1

A

NY

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098911

Compliance

Compliance

State Compliance

State HPML

(State HPML Provision) New York Subprime Loan (Ability to Repay not Verified)

New York Subprime Loan:  Borrower's ability to repay not verified with reliable documentation.

Reviewer Comment (2021-09-30): Cleared Reviewer Comment (2021-09-29): re  opened Buyer Comment (2021-09-21): waived Reviewer Comment (2021-09-16): Did not received any new documentation. Exception remains

09/30/2021

1

A

NY

Primary

Purchase

No obvious cure

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098912

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Counseling Disclosure Not Provided)

New York Subprime Loan: Counseling Disclosure not provided to borrower.

Reviewer Comment (2021-09-30): Cleared Reviewer Comment (2021-09-29): re opened Buyer Comment (2021-09-21): waived Reviewer Comment (2021-09-16): Did not received any new documentation. Exception remains

09/30/2021

1

A

NY

Primary

Purchase

No obvious cure

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098913

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Subprime Legend Not on Mortgage)

New York Subprime Loan:  Mortgage does not contain a legend stating that the subprime loan is subject to Section 6-m of the Banking Law.

Reviewer Comment (2021-09-30): Cleared Reviewer Comment (2021-09-29): re opened Buyer Comment (2021-09-21): waived Reviewer Comment (2021-09-16): Did not received any new documentation. Exception remains

09/30/2021

1

A

NY

Primary

Purchase

Provide the following:  Letter of Explanation,  corrected Mortgage (with required Legend), and proof of mailing.  Best Practice would be to have signed and re-recorded Mortgage. (This will overwrite the existing Exception Remediation which reads: Provide the following: Corrected Mortgage (with required Legend), Letter of Explanation, and Proof of Delivery.  Best Practice would be to have signed and re-recorded Mortgage.).

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098914

Compliance

Compliance

State Compliance

State HPML

New York Subprime Home Loan Threshold Fixed Non-Compliant

New York Subprime Loan: APR on subject loan of [redacted]% or Final Disclosure APR of [redacted]% is in excess of allowable threshold of Prime Mortgage Market Rate [redacted] + [redacted]%, or [redacted]%.  Non-Compliant SubPrime Loan.

Reviewer Comment (2021-09-30): Cleared Reviewer Comment (2021-09-29): re opened Buyer Comment (2021-09-21): waived Buyer Comment (2021-09-20): Please see mavent. did not fail Reviewer Comment (2021-09-16): This is [redacted] exception. Exception remains.

09/30/2021

1

A

NY

Primary

Purchase

While considered narrow in its defense, the cure provisions under the NY Subprime law allows lenders, when acting in good faith, to make appropriate restitution to the borrower to satisfy the subprime home loan requirements and remove the loan from subprime status.  Cure may be made through refund if (1) there is bona fide evidence of good faith (i.e, lender has controls and policies in place to avoid making subprime loans); and (2) the borrower has not yet brought any action against lender.  There is no time limit for which such restitution must be made.

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098915

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Notice of Taxes and Insurance Not Provided)

New York Subprime Loan: Borrower not provided with Notice of Taxes and Insurance on 1st lien, subprime loan.

Reviewer Comment (2021-09-30): Cleared Reviewer Comment (2021-09-29): re opened Buyer Comment (2021-09-21): waived Buyer Comment (2021-09-20): Please see mavent. did not fail Reviewer Comment (2021-09-16): This is [redacted] exception. Exception remains.

09/30/2021

1

A

NY

Primary

Purchase

No obvious cure

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098916

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Interim Closing Disclosure Timing Test

TILA-RESPA Integrated Disclosure - Corrected Closing Disclosure provided on or after [redacted] contains a change in APR and was not received by borrower at least three (3) business days prior to consummation

Reviewer Comment (2021-09-30): [redacted] received lender attestation that [redacted] CD with 4.823% APR was not disclosed to borrower. Buyer Comment (2021-09-30): Uploaded attestation on[redacted] from the lender that the CD dated[redacted] with the APR of [redacted]% was not presented to the borrower. Reviewer Comment (2021-09-21): Missing proof of receipt of earlier sequence of 7[redacted] CD with change in APR exceeding .125% not received by borrower for 3 day review period. Reviewer Comment (2021-08-19): Documents 113, 116, 222, 267 in the provided loan file show a drop in APR to [redacted], and a signature as received by the borrower on [redacted].  Document 232, also dated [redacted] shows an APR of [redacted].  No VCC in loan file indicates an increase of APR from the initial CD or [redacted]. Buyer Comment (2021-08-10): Please advise, as i am not seeing a CD in this file dated after [redacted] or any addition CD from [redacted].

09/30/2021

1

A

NY

Primary

Purchase

TRID timing exception, no remediation available.

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098917

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Attorney's Fee (Closing Agent And Other).  Fee Amount of $[redacted] exceeds tolerance of $0.00.  Insufficient or no cure was provided to the borrower.

Zero Percent Tolerance exceeded

Reviewer Comment (2021-09-23): [redacted] upon further review received PCCD & LOE moving Attorney Fee to Sec H no further action required. Reviewer Comment (2021-09-10): Yes. Please provide PCCD & LOE with fees moved to section H in case if it is borrower selected service. Buyer Comment (2021-09-10): This is a borrower selected service and does not require a cure.  Should it be moved to section H?

09/23/2021

1

A

NY

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098920

Compliance

Compliance

Federal Compliance

TRID

TRID Seller Closing Disclosure Contains Fees not reflected on Consumer's Final Closing Disclosure

TILA-RESPA Integrated Disclosure: the Seller's final CD contained fees not reflected on the consumer's CD.

Seller's CD inconsistent with Final CD

Reviewer Comment (2021-09-21): [redacted] received [redacted] Final CD

09/21/2021

1

A

NY

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098921

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Principal and Interest

TILA-RESPA Integrated Disclosure - Loan Terms: Final Closing Disclosure provided on [redacted] disclosed a Principal and Interest Payment that does not match the actual payment for the loan.

Principal and Interest Payment that does not match the actual payment

Reviewer Comment (2021-09-21): [redacted] received [redacted] Final CD Buyer Comment (2021-09-21): PI on final CD, note and amortization schedule match. Amount is $[redacted]. Please clear Buyer Comment (2021-09-10): Need more information on what doesn't match.

09/21/2021

1

A

NY

Primary

Purchase

TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571930

[redacted]

[redacted]

24098922

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Projected P&I Payment Min Payment Fixed Rate Initial Payment

TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on [redacted] disclosed a periodic principal and interest payment for payment stream 1 that does not match the actual payment for the loan.

Principal and Interest Payment that does not match the actual payment

Reviewer Comment (2021-09-21): [redacted] received [redacted] Final CD Buyer Comment (2021-09-21): There is no payment stream on CD. This is a fixed loan. Please review CD attached

09/21/2021

1

A

NY

Primary

Purchase

TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission if Applicable

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571935

[redacted]

[redacted]

24098957

Credit

Note

General

Note

Loans with an application date after 10/01/2020 using a LIBOR Index are not Agency Salable.

Index: ___; Note Date: ___

Buyer Comment (2021-09-28): waived

09/28/2021

2

B

CA

Primary

Purchase

B

B

B

B

A

A

A

A

Non QM

Non QM

No

216571936

[redacted]

[redacted]

24098959

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Zero Percent Fee Tolerance exceeded by $10, for Appraisal Fee. No Changed Circumstance or Cure located in file.

Reviewer Comment (2021-10-08): [redacted] [redacted] received corrected PCCD, LOE, Copy of refund check and Proof of mailing. Buyer Comment (2021-10-07): Uploaded, please see a refund check for $[redacted] to cure the difference between the under-disclose Appraisal Fee of $[redacted] and the initially disclosed Appraisal Fee of $[redacted]  In addition, please find the LOE, PCCD and proof of delivery.  Thank you.

10/08/2021

2

B

AZ

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216571940

[redacted]

[redacted]

24098970

Credit

Title

Document Error

Title

There is no dollar amount noted on the title policy.

The preliminary title report did not include a title policy amount.

Reviewer Comment (2021-10-18): Cleared Buyer Comment (2021-10-12): New Financing amendment from the title co. reflects the loan amount.

10/18/2021

1

A

CA

Primary

Refinance - Rate/Term

B

A

B

A

A

A

A

A

Non QM

Non QM

No

216571941

[redacted]

[redacted]

24098971

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Not provided

Reviewer Comment (2021-10-19): Received Approval document. Exception Cleared Buyer Comment (2021-10-18): Approval uploaded for your approval.

10/19/2021

1

A

CA

Investment

Purchase

C

B

C

B

A

A

No

216571941

[redacted]

[redacted]

24098973

Credit

Guideline

Guideline Issue

Guideline

Borrower is a first time home buyer and ineligible per guidelines.

-

Letter of explanation shows borrowers reside rent free and are first time homebuyers.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points.

Comp factors used to waive exception.

Owner Owner,Originator

Reviewer Comment (2021-10-14): Lender granted exception approval in file.

10/14/2021

2

B

CA

Investment

Purchase

C

B

C

B

A

A

No

216571942

[redacted]

[redacted]

24098975

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Disaster end date is after most recent valuation date.  Provide a post-close disaster inspection to verify no damage to the property.

Reviewer Comment (2021-10-20): Received Property Inspection report [redacted] after the disaster end date [redacted] , Exception cleared. Buyer Comment (2021-10-18): Uploaded, please find the CDAIR with an inspection date of [redacted] and reflecting no damage to the subject property.  Thank you.

10/20/2021

1

A

PA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

No

216571942

[redacted]

[redacted]

24098976

Credit

Guideline

Guideline Issue

Guideline

Verification of housing pay history is required.

Housing history was not provided, application indicates primary residence is Owned however no indication or evidence it is owned free and clear.

The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months.

Reserves are [redacted] months, [redacted] months > program requirement of 6 months. No public recorsd and no late payments on credit report since [redacted] (authorized user). Borrower has one open mortgage and six closed mortgages on credit report, all rate 0x30 since inception. Credit score is [redacted],  [redacted] points > program requirement of 680.

Owner Owner,Originator

Reviewer Comment (2021-10-15): Lender approved exception with comp factors

10/15/2021

2

B

PA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

No

216571942

[redacted]

[redacted]

24098977

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Minimum Loan Amount discrepancy.

Note loan amount of ___ is less than Guideline minimum loan amount of ___.

Lender exception provided for Loan amount $[redacted] vs. program minimum of $[redacted]

The Debt Service Coverage Ratio (DSCR) is greater than the guideline requirement by .50. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months.

Reserves are [redacted] months, [redacted] months > program requirement of 6 months. No public recorsd and no late payments on credit report since [redacted] (authorized user). Borrower has one open mortgage and six closed mortgages on credit report, all rate 0x30 since inception. Credit score is [redacted],  [redacted] points > program requirement of 680.

Owner Owner,Originator

Reviewer Comment (2021-10-15): Lender approved exception with comp factors

10/15/2021

2

B

PA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

No

216571943

[redacted]

[redacted]

24098979

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is missing secondary valuation product required for securitization.

Reviewer Comment (2021-10-18): Cleared Buyer Comment (2021-10-15): The CDA Report has been uploaded for your review. Buyer Comment (2021-10-12): Per [redacted] Credit Policy Memo 2021-57, a CDA or ARR is not required if the risk score is less than 2.5.

10/18/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

A

A

C

A

Non QM

Non QM

No

216571945

[redacted]

[redacted]

24098985

Credit

Note

General

Note

Loans with an application date after 10/01/2020 using a LIBOR Index are not Agency Salable.

Index: ___; Note Date: ___

Index is Libor, Note date is [redacted], after [redacted]Libor Index are not Agency Salable.

Buyer Comment (2021-10-12): replacement verbiage is in documents - Waived - approved by [redacted],

10/12/2021

2

B

NJ

Primary

Refinance - Rate/Term

C

B

B

B

C

A

A

A

Non QM

Non QM

No

216571945

[redacted]

[redacted]

24098986

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure AP Table Subsequent Changes

TILA-RESPA Integrated Disclosure - Adjustable Payment Table: Final Closing Disclosure provided on [redacted] disclosed a Subsequent Changes period that does not match the actual terms for the loan.

Letter of Explanation & Corrected Closing Disclosure

Reviewer Comment (2021-10-13): Received PCCD, exception is cleared. Buyer Comment (2021-10-12): see corrected CD and LOE provided to the borrower.

10/13/2021

1

A

NJ

Primary

Refinance - Rate/Term

Letter of Explanation & Corrected Closing Disclosure

C

B

B

B

C

A

A

A

Non QM

Non QM

No

216571945

[redacted]

[redacted]

24098987

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Zero Percent Fee Tolerance exceeded by $[redacted], for Appraisal Fee. Lender Credit $[redacted] for increase in closing cost shows on Final CD, page 2,

Reviewer Comment (2021-10-07): Sufficient Cure Provided At Closing

10/07/2021

1

A

NJ

Primary

Refinance - Rate/Term

Final CD evidences Cure

C

B

B

B

C

A

A

A

Non QM

Non QM

No

216571946

[redacted]

[redacted]

24098994

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Allow no housing history due to borrower living rent free vs program requirement that borrowers without a housing history are not eligible but will be considered on an exception basis

The representative FICO score exceeds the guideline minimum by at least 40 points.

Owner

Reviewer Comment (2021-10-18): Lender granted exception approval in file.

10/18/2021

2

B

FL

Primary

Purchase

B

B

B

B

A

A

A

A

Non QM

Non QM

No

216571952

[redacted]

[redacted]

24099073

Credit

Guideline

Guideline Issue

Guideline

Verification of housing pay history is required.

missing 2 months of the required housing history

Reviewer Comment (2021-10-25): Cleared Buyer Comment (2021-10-18): Payment history uploaded

10/25/2021

1

A

OH

Investment

Purchase

C

A

C

A

A

A

No

216571953

[redacted]

[redacted]

24099074

Credit

Missing Document

General

Missing Document

Missing Document: Cash-Out Utilization not provided

Reviewer Comment (2021-10-25): Cleared Buyer Comment (2021-10-18): loan is a no cash out refi, LOE for Cash Out Utilization isn't required. Lock form added for your review.

10/25/2021

1

A

NM

Investment

Refinance - Rate/Term

C

A

C

A

A

A

No

216571954

[redacted]

[redacted]

24099076

Credit

Missing Document

General

Missing Document

Missing Document: Source of Funds/Deposit not provided

Not provided

Reviewer Comment (2021-10-26): Received Bank Statement, Wire Confirmation and Sales Contract Addendum and associated the same. Exception clear. Buyer Comment (2021-10-22): see bank statement reflecting EMD withdrawal Reviewer Comment (2021-10-18): per [redacted] guidelines the source must be provided Buyer Comment (2021-10-12): see title receipt corresponding receipt and $10k wire from [redacted] acct, FNMA guidelines state deposit on sales contract for EMD is acceptable source of funds for both down payment and closing costs

10/26/2021

1

A

CA

Investment

Purchase

C

A

C

A

A

A

No

216571955

[redacted]

[redacted]

24099080

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Not provided

Reviewer Comment (2021-10-15): Received Approval Document. Exception Cleared. Buyer Comment (2021-10-13): Uploaded, please find the Approval document.  Thank you.

10/15/2021

1

A

CA

Investment

Refinance - Rate/Term

C

A

C

A

A

A

No

216571955

[redacted]

[redacted]

24099081

Credit

Credit

Credit Documentation

Credit

There is no lease in place for the subject property and the absence of this document casts doubt on business purpose of loan.

Lease agreement not provided

Reviewer Comment (2021-10-22): Occupancy Certificate and Rent Comparison Schedule received to clear this exception. Buyer Comment (2021-10-13): Please be advised the [redacted] Sales Guideline does not require a Lease Agreement for the I15 No Ratio loan program.  No income, included gross rental income, is required to be documented. Uploaded, please see the Affidavit of Occupancy attesting the subject property is to be an Investment Property.  Thank you.

10/22/2021

1

A

CA

Investment

Refinance - Rate/Term

C

A

C

A

A

A

No

216571955

[redacted]

[redacted]

24099082

Credit

Guideline

Guideline Issue

Guideline

Verification of housing pay history is required.

The private mortgage payment history was only since[redacted].  Provide previous payment history to complete the required housing history.

Reviewer Comment (2021-10-22): VOR and VOM received with housing history details. Exception clear. Buyer Comment (2021-10-13): Please be advised the subject property was purchased, as noted in the Exception, on [redacted].  There cannot be a prior payment history for the subject property. Uploaded, please see the VOM for the subject property reflecting the one required payment was made.  In addition, please see the uploaded VOR for the borrower's primary residence reflecting a housing history from [redacted] to present.  Thank you.

10/22/2021

1

A

CA

Investment

Refinance - Rate/Term

C

A

C

A

A

A

No

216571956

[redacted]

[redacted]

24099083

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Spousal Consent Form not provided

Not provided

Reviewer Comment (2021-10-22): Cleared Reviewer Comment (2021-10-22): Agreed but we will still need Spousal Consent Form to clear this exception. Exception remains. Buyer Comment (2021-10-20): Title did not require the form, because it was vested as a married man, as his sole and separate property. Reviewer Comment (2021-10-20): Spousal consent is required unless title company tell us it is not. Exception remains. Buyer Comment (2021-10-14): This is a business purpose loan.

10/22/2021

1

A

CA

Investment

Refinance - Cash-out - Other

D

A

C

A

D

A

No

216571956

[redacted]

[redacted]

24099084

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Not provided

Reviewer Comment (2021-10-18): Received Approval document. Exception Cleared. Buyer Comment (2021-10-14): Approval uploaded for your review

10/18/2021

1

A

CA

Investment

Refinance - Cash-out - Other

D

A

C

A

D

A

No

216571956

[redacted]

[redacted]

24099086

Credit

Missing Document

General

Missing Document

Missing Document: Desk Review not provided

Not provided

Reviewer Comment (2021-10-19): Received CDA from ClearCapital dated :- [redacted] with a value of $[redacted] at 0% value variance. Exception Cleared. Buyer Comment (2021-10-18): CDA uploaded for your review.

10/19/2021

1

A

CA

Investment

Refinance - Cash-out - Other

D

A

C

A

D

A

No

216571956

[redacted]

[redacted]

24099087

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Exception set for missing secondary valuation

Reviewer Comment (2021-10-19): Received CDA from ClearCapital dated :- [redacted] with a value of $[redacted] at 0% value variance. Exception Cleared. Buyer Comment (2021-10-18): CDA uploaded for your review.

10/19/2021

1

A

CA

Investment

Refinance - Cash-out - Other

D

A

C

A

D

A

No

216571956

[redacted]

[redacted]

24099088

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: PITIA reserves months discrepancy.

Sufficient reserves not provided

Reviewer Comment (2021-10-18): As per guideline we require 6 months reserves. But for Cash out transaction we can use cash out proceeds for reserves if Borrower have his own funds to cover atleast 3 months reserves. In our case we have assets for $[redacted] which covers more than 3 months reserves & rest amount is utilized from cash out proceeds. Exception Cleared Buyer Comment (2021-10-14): [redacted] guide [redacted], page 85 states that cash out proceeds can be used for reserves as long as borrower has 3 months own PITI. Uploaded for your review.

10/18/2021

1

A

CA

Investment

Refinance - Cash-out - Other

D

A

C

A

D

A

No

216571957

[redacted]

[redacted]

24099089

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

The Hazard Insurance coverage Amount is insufficient, amount verified per Insurance document and Estimated Cost new was captured accurately.

Reviewer Comment (2021-10-28): Received RCE. Exception Cleared. Buyer Comment (2021-10-26): Uploaded, please find the Replacement Cost Estimate from the Insurer reflecting the coverage amount is sufficient for the subject loan amount.  Thank you. Reviewer Comment (2021-10-13): Estimated cost new value $[redacted] which is higher than loan amount ($[redacted]). So we have considered [redacted]% of (Estimated cost new) $[redacted].  Now as per Hazard policy we have a coverage of $[redacted]. Coverage Shortfall $[redacted] ($[redacted] - $[redacted]). Please provide additional coverage or RCE. Exception remains. Buyer Comment (2021-10-12): Uploaded, please find the Hazard Declaration Page reflecting an increase to the Dwelling Replacement Coverage of an additional $[redacted], extending coverage up to $[redacted].  Thank you.

10/28/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

C

A

Non QM

Non QM

No

216571957

[redacted]

[redacted]

24099091

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Policy is verified as Commitment.

Reviewer Comment (2021-10-18): Cleared

10/18/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

C

A

Non QM

Non QM

No

216571957

[redacted]

[redacted]

24099092

Credit

Title

General

Title

Title Policy Coverage is less than Original Loan Amount.

Title Policy Coverage Amount is less than Original Loan Amount, data verified.

Reviewer Comment (2021-10-18): Cleared Buyer Comment (2021-10-12): Uploaded, please find the Final Title Policy matching the loan amount.  Thank you.

10/18/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

C

A

Non QM

Non QM

No

216571957

[redacted]

[redacted]

24099093

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

0% tolerance exceeded by $[redacted] due to Loan Discount Points Fee increase. No Valid Changed Circumstance provided, and the cure on the Final CD was not sufficient to cure all tolerance issues.

Reviewer Comment (2021-10-13): [redacted] received CD dated [redacted] and valid COC dated [redacted] and [redacted] with reason why the Loan Discount Point Fee was increased on the CD dated [redacted] and [redacted] hence after review the exception was cleared. Buyer Comment (2021-10-12): Uploaded, please find CD, dated [redacted], reflecting an increase in loan amount to $[redacted] and an increase of the Broker Fee to $[redacted].  Also, please see the COC, dated [redacted], reflecting the increase in the loan amount and the corresponding increase in the Broker Fee.  In addition, please see uploaded CD, dated [redacted], reflecting an increase of the Loan Discount Points to $[redacted]. The uploaded COC, dated [redacted], reflects the increase in Points is due to the rate lock being extended and a subsequent change in price. The Disclosure Tracking Summary has been included for proof of delivery.  Thank you.

10/13/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

C

A

Non QM

Non QM

Yes

216571957

[redacted]

[redacted]

24099094

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Mortgage Broker Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

0% tolerance exceeded by $[redacted] due to Mortgage Broker Fee increase. No Valid Changed Circumstance provided, and the cure on the Final CD was not sufficient to cure all tolerance issues.

Reviewer Comment (2021-10-13): [redacted] received CD dated [redacted] and valid COC dated [redacted] with reason why the Mortgage Broker Fee was increased on the CD dated [redacted] hence after review the exception was cleared. Buyer Comment (2021-10-12): Uploaded, please find CD, dated [redacted], reflecting an increase in loan amount to $[redacted] and an increase of the Broker Fee to $[redacted].  Also, please see the COC, dated [redacted], reflecting the increase in the loan amount and the corresponding increase in the Broker Fee.  In addition, please see uploaded CD, dated [redacted], reflecting an increase of the Loan Discount Points to $[redacted]. The uploaded COC, dated [redacted], reflects the increase in Points is due to the rate lock being extended and a subsequent change in price. The Disclosure Tracking Summary has been included for proof of delivery.  Thank you.

10/13/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

C

A

Non QM

Non QM

Yes

216571957

[redacted]

[redacted]

24099095

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

0% tolerance exceeded by $[redacted] due to Appraisal Fee increase. No Valid Changed Circumstance provided, and the cure on the Final CD was not sufficient to cure all tolerance issues.

Reviewer Comment (2021-10-13): [redacted] : Upon further review, sufficient cure was provided at closing. Buyer Comment (2021-10-12): Uploaded, please find the Final CD reflecting a Lender Credit of $[redacted] to cure the difference between the under-disclosed Appraisal Fee of $[redacted] and the initial Appraisal Fee disclosure of $[redacted]. No further cure required.  Thank you.

10/13/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

C

A

Non QM

Non QM

Yes

216571957

[redacted]

[redacted]

24099096

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail.

Missing a Third party verification of the business start date and a CPA letter verifying the borrowers business percentage.

Reviewer Comment (2021-10-18): Cleared Buyer Comment (2021-10-12): Uploaded, please find the CPA letter attesting to the borrower's business has been viable for at least 5 years, 3 years in excess of the required 2.  Also, please note on both 1040 and 1120 Tax Returns the borrower's Federal ID Number for the business reflects it has been applied for and is pending. The borrower had previously filed under Schedule C.  The K-1 form has also been uploaded, reflecting 100% ownership by the borrower.  Thank you.

10/18/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Lender to provide updated ATR/QM status

C

A

C

A

C

A

C

A

Non QM

Non QM

Yes

216571957

[redacted]

[redacted]

24099097

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Employment - S-Corp Test

Ability-to-Repay (Dodd-Frank 2014): Unable to verify current S-Corp status due to most recent Tax Return end date is older than 120 days before Closing Date, and one of these docs is required yet missing:  Audited/Third Party P&L, CPA Letter, or other Third Party Verification.

Missing a Third party verification of the business start date and a CPA letter verifying the borrowers business percentage.

Reviewer Comment (2021-10-18): Cleared Buyer Comment (2021-10-12): Uploaded, please find the CPA letter attesting to the borrower's business has been viable for at least 5 years, 3 years in excess of the required 2.  Also, please note on both 1040 and 1120 Tax Returns the borrower's Federal ID Number for the business reflects it has been applied for and is pending. The borrower had previously filed under Schedule C.  The K-1 form has also been uploaded, reflecting 100% ownership by the borrower.  Thank you.

10/18/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

C

A

Non QM

Non QM

No

216571957

[redacted]

[redacted]

24099098

Compliance

Compliance

Federal Compliance

ATR/QM

NonQM ATR

Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied.

Missing a Third party verification of the business start date and a CPA letter verifying the borrowers business percentage.

Reviewer Comment (2021-10-18): Cleared

10/18/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

C

A

Non QM

Non QM

No

216571957

[redacted]

[redacted]

24099099

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is missing secondary valuation product required for securitization.

Reviewer Comment (2021-10-18): Cleared Buyer Comment (2021-10-13): Uploaded, please see the [redacted] Sales Guideline for Secondary Valuation.   Policy states If the CU and LCA risk score is less than or equal to 2.5 the requirement for a Secondary Valuation has been satisfied. Both the CU and LCA risk score for the subject appraisal is under 2.5.  No further Secondary Valuation required.  Thank you for reviewing this. Reviewer Comment (2021-10-13): Program is SP J10 we would need secondary valuation product for securitization. Exception remains. Buyer Comment (2021-10-12): Uploaded, please find the FNMA and FHLMC  SSR's reflecting a Collateral Risk score of 1.00.  The [redacted] Sales Guide, Section 12.12, does no require additional valuation if the risk score is under 2.5. Thank you.

10/18/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

C

A

Non QM

Non QM

No

216571957

[redacted]

[redacted]

24099100

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Reviewer Comment (2021-10-13): Sufficient Cure Provided At Closing

10/13/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

C

A

C

A

C

A

Non QM

Non QM

Yes

216571958

[redacted]

[redacted]

24099101

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within three (3) business days of application. Initial Loan Estimate dated [redacted] was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

Initial Loan Estimate [redacted], not provided to borrowers within 3 business days of Application date of [redacted]. Page 3 shows received on [redacted].

Reviewer Comment (2021-10-13): [redacted] received proof of receipt.  Exception is cleared. Buyer Comment (2021-10-12): Please review attached Disclosure Tracking Details as it reflects the Initial LE dated[redacted] was delivered by Fulfillment and received by the Borrower on[redacted]. Application date is[redacted]

10/13/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

C

A

Non QM

Non QM

No

216571958

[redacted]

[redacted]

24099102

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Zero Percent Fee Tolerance exceeded by $[redacted], for Credit report fee. Lender Credit for $[redacted], for increase in closing cost, shows on Final CD, page 2.

Reviewer Comment (2021-10-07): Sufficient Cure Provided At Closing

10/07/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

A

A

C

A

C

A

Non QM

Non QM

Yes

216571958

[redacted]

[redacted]

24099104

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is missing secondary valuation product required for securitization.

CDA or ARR is missing from the loan file.

Reviewer Comment (2021-10-28): We are clearing this exception as per the credit memo received but the CU score is less than 2.5 and that will count as the secondary valuation. Exception clear. Buyer Comment (2021-10-25): Please escalate to management as this is incorrect. Please review previously attached [redacted] Sales Memo (pg. 1150 under Trailing Other in Acuity) that addresses CDA/ARR for Non-QM loan product. per Section 12.12 if [redacted] Sales Guidelines. Loan product is SP A10 Select Bank Statements or 1099 30 Yr Fixed. Secondary valuation is not required for this transaction. Reviewer Comment (2021-10-20): For securitization purpose we require secondary valuation (CDA/ARR) , Exception remains. Buyer Comment (2021-10-12): Please review attached snippet of [redacted] Sales Memo that addresses revisions to Non-QM - Section 12.12 regarding the requirement for a Clear Capital CDA or Pro Teck ARR.. Also, please review attached SSR's per FNMA and Freedie Mac

10/28/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

C

A

Non QM

Non QM

No

216571959

[redacted]

[redacted]

24099111

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $[redacted] exceeds tolerance of $0.00.  Sufficient or excess cure was provided to the borrower at Closing.

Sufficient cure provided at closing.

Reviewer Comment (2021-10-26): Sufficient Cure Provided At Closing

10/26/2021

1

A

FL

Primary

Purchase

Final CD evidences Cure

A

A

A

A

A

A

A

A

Non QM

Non QM

Yes

216571963

[redacted]

[redacted]

24099129

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Zero Percent Fee tolearnace exceeded by $[redacted]. Lender credit $[redacted], for increase in closing cost, shows on Final CD, page 2.

Reviewer Comment (2021-10-26): Clear. Sufficient cure provided at consummation. Buyer Comment (2021-10-20): please review consummation CD which includes the cure.

10/26/2021

1

A

IL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

216571963

[redacted]

[redacted]

24099130

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Compliance Audit / Quality Control Fee.  Fee Amount of $[redacted] exceeds tolerance of $0.00.  Insufficient or no cure was provided to the borrower.

Zero Percent Fee tolerance exceeded by $[redacted]. No Changed Circumstance or cure located in file.

Reviewer Comment (2021-10-26): Sufficient cure provided at consummation. Buyer Comment (2021-10-20): fee is in section C, borrower shopped. the location for [redacted] that is included on the SSPL is another location there is no tolerance limit due to borrower shopped.

10/26/2021

1

A

IL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

216571963

[redacted]

[redacted]

24099131

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Allow private landlord LOE, VOR and copy of lease to document rental payment history, borrower paying rent in cash, vs program requirement that housing history VOR from an institutional third party for 12 months including the month prior to the note date of the new transaction.

The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

LTV is [redacted]%, [redacted]% < program maximum of 85% Credit score is [redacted], [redacted] points > program requirement of 660 No public records

Owner Owner Owner,Originator

Reviewer Comment (2021-10-20): Lender granted exception approval in file.

10/20/2021

2

B

IL

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216571963

[redacted]

[redacted]

24099132

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Approval not provided

Reviewer Comment (2021-10-21): Approval Document received. Exception clear. Buyer Comment (2021-10-20): APPROVAL ADDED FOR YOUR REVIEW

10/21/2021

1

A

IL

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216571964

[redacted]

[redacted]

24099135

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

Reviewer Comment (2021-10-25): [redacted] Received PCCD, LOE, Copy of check and delivery report for the cure provided. Buyer Comment (2021-10-25): PCCD.LOX/Refund=d/Tracking uploaded for your review. Reviewer Comment (2021-10-25): [redacted] [redacted] has not received PCCD/LOE/Refund/Tracking . Please provide the Cure docs or provide valid COC Buyer Comment (2021-10-22): PCCD/LOE/Refund/Tracking uploaded for your review.

10/25/2021

2

B

CT

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

216571964

[redacted]

[redacted]

24099136

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Exception to policy:  Allow no primary housing history due to borrower living rent free with parents for 5 years vs program restriction that borrowers without mortgage or rental housing history including borrowers living rent free are not eligible but will be considered on an exception basis.    Lender granted exception in file.

The representative FICO score exceeds the guideline minimum by at least 40 points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. Borrower has worked in the same position for more than 3 years. Borrower has been employed in the same industry for more than 5 years. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

LTV is [redacted]% , [redacted]% < program maximum of [redacted]% Credit score is [redacted], [redacted] points > program requirement of 660 Reserves are [redacted] months, [redacted] months > program requirement of 7 months DTI is [redacted]%, [redacted]% < program maximum of 50.000%

Owner Owner Owner Owner Owner,Originator

Reviewer Comment (2021-10-20): Lender granted exception approval in file.

10/20/2021

2

B

CT

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

216572696

[redacted]

[redacted]

24099435

Credit

Missing Document

General

Missing Document

Missing Document: Desk Review not provided

Not provided

Reviewer Comment (2021-10-29): Received CDA from ClearCapital dated :- [redacted] with a value of $[redacted] at 0% value variance. Exception Cleared. Buyer Comment (2021-10-27): Please be advised it is a common and accepted appraisal practice to reflect a Unit Number associated with the legal description. The CDA has reliably identified the subject property by utilizing both the property address, verified by the United States Postal Service, and the Unit Number reflected within the legal description, verified by the Title Report. Uploaded, please find the US Postal Service verification of the subject address and the Title Report reflecting the identical property address as the US Postal Service and including a reference of 622 as a unit number solely as an identifier.  The correct property has been identified. Please clear the condition.  Thank you. Reviewer Comment (2021-10-20): It seems that CDA provided has different Subject Address as "[redacted]" and our address is "[redacted]". Exception remains. Buyer Comment (2021-10-12): Uploaded, please find the CDA report. Thank you.

10/29/2021

1

A

MD

Investment

Purchase

C

B

C

B

A

A

No

216572696

[redacted]

[redacted]

24099437

Credit

Guideline

Guideline Issue

Guideline

Verification of housing pay history is required.

Not provided

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The qualifying DSCR on the loan is greater than the guideline minimum.

Lender comp factor

Owner Originator

Reviewer Comment (2021-11-08): Comp factor used to waive exception Reviewer Comment (2021-10-06): Lender granted an exception

10/06/2021

2

B

MD

Investment

Purchase

C

B

C

B

A

A

No

216572697

[redacted]

[redacted]

24099440

Credit

Guideline

Guideline Issue

Guideline

Verification of housing pay history is required.

Housing pay history only reflects 8 months. Missing verification of rent for Borrowers previous primary.

Reviewer Comment (2021-11-03): Cleared Buyer Comment (2021-10-27): Please be advised the previously uploaded Credit Supplement, dated [redacted]. reflects an open date of [redacted], a last payment date of [redacted] and an as agreed payment history of 8 months, satisfying housing history requirements.  I have uploaded the Credit Supplement with the aforementioned dates highlighted. Thank you. Reviewer Comment (2021-10-20): As per credit report current residence 8 months has been confirmed through credit report , however previous address #[redacted] which borrower stays on rent $[redacted] , Pay history for rent paid is given till [redacted] , [redacted] month rent pay missing to complete 12 months consecutive pay history including current address 8 months , Exception remains. Buyer Comment (2021-10-18): Uploaded, please see Credit Supplement, dated[redacted] reflecting a prior mortgage history tradeline from [redacted] thru [redacted].  The current primary residence tradeline reflects the first payment of [redacted], fulfilling the [redacted] Sales Guide payment history requirement.  Thank you.

11/03/2021

1

A

HI

Investment

Purchase

C

B

C

B

C

A

No

216572697

[redacted]

[redacted]

24099441

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is missing secondary valuation product required for securitization.

Reviewer Comment (2021-10-26): cleared Reviewer Comment (2021-10-22): Secondary valuation CDA/AVM is required for SP I10 irrespective of CU score. Exception Remains. Buyer Comment (2021-10-20): Please note the previous comment and uploads entered under the Title Policy Exception: "Please be advised the [redacted] Sales Guide, Section 12.12, Secondary Valuation, stipulates a Secondary Valuation is considered satisfied if both SSR scores are less than or equal to 2.5. Uploaded, please find the SSR's reflecting a score of 1, satisfying the Secondary Valuation requirement.  Section 12.12 of the [redacted] Sales Guide has been included to verify the SSR's satisfy Secondary Valuation requirements.  Thank you."  Secondary Valuation requirement is fulfilled. Reviewer Comment (2021-10-20): As per securitization purpose we required secondary valuation , exception remains. Buyer Comment (2021-10-18): Please see comment and uploaded files  under the Title Policy Exception.  Thank you.

10/26/2021

1

A

HI

Investment

Purchase

C

B

C

B

C

A

No

216572697

[redacted]

[redacted]

24099442

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Gross living area is under 500 sq. foot.  Lender exception provided.

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points.

Credit score is [redacted] points over program requirement of 660

Owner Owner Owner,Originator

Reviewer Comment (2021-10-14): Lender exception with comp factors

10/14/2021

2

B

HI

Investment

Purchase

C

B

C

B

C

A

No

216572697

[redacted]

[redacted]

24099443

Credit

Title

Document Error

Title

There is no dollar amount noted on the title policy.

Reviewer Comment (2021-10-20): Received Title commitment with Dollar amount mention on it , Exception cleared. Buyer Comment (2021-10-18): Uploaded, please see Title Commitment matching loan amount.  Thank you. Buyer Comment (2021-10-18): Please be advised the [redacted] Sales Guide, Section 12.12, Secondary Valuation, stipulates a Secondary Valuation is considered satisfied if both SSR scores are less than or equal to 2.5.  Uploaded, please find the SSR's reflecting a score of 1, satisfying the Secondary Valuation requirement.  Section 12.12 of the [redacted] Sales Guide has been included for verification.  Thank you.

10/20/2021

1

A

HI

Investment

Purchase

C

B

C

B

C

A

No

216572698

[redacted]

[redacted]

24099446

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Reviewer Comment (2021-10-19): Received required documentation. Cleared. Buyer Comment (2021-10-18): See Appraisal Uploaded again. For reference Updated 1004D is "after" SSRs. Reviewer Comment (2021-10-18): Unable to find 1004D updated appraisal and SSRs dated [redacted]. Exception remains. Buyer Comment (2021-10-14): Please review again - not an exception. Thank you.  Uploaded both Appraisals again as reference. Agree, valuation delivered to BWRs via email on [redacted] & Appraisal was completed/effective date and signed [redacted].  However, the Appraisal is 17 days before was sent to the BWR via email.   Additionally, the Appraisal dated [redacted] has an updated 1004D & SSRs dated [redacted]. Reviewer Comment (2021-10-14): The valuation sent date was [redacted] whereas, Report Date of valuation was [redacted] and Effective Date of appraisal was [redacted] which is after the valuation sent date. Another valuation has a report date as [redacted] and effective date as [redacted] which is older than the guideline permit. Exception remains. Buyer Comment (2021-10-12): Uploaded evidence of Appraisals 1 & 2 & Updated Appraisal, Review email/Approval, SSRs, Delivery Receipt to BWRS.

10/19/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216572698

[redacted]

[redacted]

24099447

Compliance

Compliance

Federal Compliance

TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form

TILA Rescission - Disbursement Date Less than 3 Business Days From Transaction Date

Truth in Lending Act:  Subject loan transaction disbursed on [redacted], prior to three (3) business days from transaction date of [redacted].

[redacted] disbursement date is before[redacted] earliest eligible disbursement date based on a[redacted] transaction date

Reviewer Comment (2021-11-03): Received required documentation. Cleared. Received the Post closing CD, LOE and Delivery verification. Buyer Comment (2021-10-27): Uploaded LOE, PCCD, Del Rec correcting Funding Date. Reviewer Comment (2021-10-19): The Final Closing disclosure indicates that the loan disbursed on the date of [redacted], which did not give the borrower the required rescission period, please provide an updated Closing Disclosure and new Right to Cancel with the corrected dates. Buyer Comment (2021-10-12): Uploaded Funding Worksheet.  Closed on [redacted]-SAT and days allowed - [redacted], [redacted], [redacted], and funded on [redacted].  No exception.  In this case was a Sat closing date.

11/03/2021

1

A

CA

Primary

Refinance - Cash-out - Other

TILA ROR - Provide the following: Letter of Explanation, Proof of Delivery, and Re-open Rescission using the correct model form

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216572698

[redacted]

[redacted]

24099448

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Missing valid Change of Circumstance for the change to the lender credit and the cure reflected on the final CD was not sufficient for all tolerance issues.

Reviewer Comment (2021-10-13): [redacted] received valid COC dated [redacted] and [redacted] for increased fee. Buyer Comment (2021-10-12): Uploaded COC's = Changes in Loan Amt, Credit Score, Loan Type, Loan Program, Fluctuation in  APR,

10/13/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216572698

[redacted]

[redacted]

24099449

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Second Appraisal Fee.  Fee Amount of $1,000.00 exceeds tolerance of $0.00.  Insufficient or no cure was provided to the borrower.

No valid COC for the added fee and the tolerance cure reflected on the final CD was not sufficient to cover all tolerance issues.

Reviewer Comment (2021-10-13): [redacted] upon further review sufficient cure is provided at closing. Buyer Comment (2021-10-12): See Executed CD & LC on page 2 for Apprasial Fee $[redacted].

10/13/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216572698

[redacted]

[redacted]

24099451

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Guidelines require any cashout transaction with an SSR score of 3.0 or higher (subject sore is 3.0) to have approval by Sprout appraisal department.  Said approval was not in the loan file.

Reviewer Comment (2021-10-14): Received and associated [redacted]s Approval received from Appraisal review department. Exception clear. Buyer Comment (2021-10-12): Uploaded Appraisal Review Email Approval

10/14/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216572698

[redacted]

[redacted]

24099452

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Second Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $0.00.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2021-10-13): Sufficient Cure Provided At Closing

10/13/2021

1

A

CA

Primary

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216572698

[redacted]

[redacted]

24099453

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Property type discrepancy.

Reviewer Comment (2021-10-18): Property type updated as PUD as per the Valuation report. Exception clear. Buyer Comment (2021-10-14): Please Clarify what the exception is?.  Subject is a Detached SFR in a PUD known as [redacted].

10/18/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216572698

[redacted]

[redacted]

24099454

Credit

Guideline

Guideline Issue

Guideline

Aged document: Primary Valuation is older than guidelines permit

-

Reviewer Comment (2021-11-03): Received required documentation. Cleared. Buyer Comment (2021-11-01): Please Review Again & Clear.  The USPAP Addendum is "updates" are also in the same appraisal update and dated [redacted] the Appraiser states he has "inspected the property" and noted no changes.  Please review the entire document/ appraisal/addendum and 1004D.  All the items needed are in the Appraisal uploaded and previously referenced by [redacted]. Reviewer Comment (2021-11-01): Provided 1004D/442 reads incorrect dates under Signature section. 1) Effective Date of the Appraisal Update :-  This date reflects the date the appraiser performed the analysis to determine if the market value of the subject property has declined.  2) Date of Inspection :-  This would reflect the date that the appraiser performed an exterior inspection of the subject property from at least the street.  This is not the inspection date of the original report. Exception Remains. Buyer Comment (2021-10-27): Uploaded 1004D - which is the last page of the [redacted] Appraisal already uploaded for this exception Reviewer Comment (2021-10-18): Unable to find 1004D updated Appraisal done on [redacted]. Exception remains. Buyer Comment (2021-10-14): Please See Appraisals already uploaded in Trailing docs today.  1004D updated Appraisal done on [redacted].

11/03/2021

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216572700

[redacted]

[redacted]

24099476

Credit

1003

Missing Document

1003

Missing Lender's Initial 1003/Application.

Missing Broker's and Lender's Initial 1003 for Borrower and Co-borrower (signed and dated)

Reviewer Comment (2021-11-02): Considered given 1003 , Exception cleared. Buyer Comment (2021-10-29): The Initial Application (or) Signed Initial Application is not  required for Bus Purpose OR Investment Loans. See 1.9 of GL's - The term ("Initial Application") shall mean the first application for a Loan submitted by the Borrowers to the Lender; for all Loans except business purpose / investment loans, the Initial Application must be made on Fannie Mae form 1003. Reviewer Comment (2021-10-28): We required signed and dated Broker's and Lender's Initial 1003 by Borrower, Co-borrower and LO , Exception remains. Buyer Comment (2021-10-26): Please Clear.  Subject is an Investment Property, Non TRID and doesn't require a signed 1003. Reviewer Comment (2021-10-26): Provided 1003 is not signed and dated. Exception remains. Buyer Comment (2021-10-25): Uploaded Initial 1003

11/02/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

C

A

D

B

A

A

Non QM

N/A

No

216572700

[redacted]

[redacted]

24099477

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Missing verification [redacted] is owned free and clear recent 12 months proceeding Note date

Reviewer Comment (2021-10-28): Received Property is free and clear as per HOI and property profile report , Exception cleared. Buyer Comment (2021-10-25): Uploaded T & I & Deed.

10/28/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

C

A

D

B

A

A

Non QM

N/A

No

216572700

[redacted]

[redacted]

24099479

Credit

Credit

Credit Documentation

Credit

Missing Document: Compliance Report (Mavent, ComplianceEase, etc.) not provided

Reviewer Comment (2021-11-02): Considered compliance report with status fail fro "High Cost " for investment properties also on compliance there are no test run , Exception cleared. Buyer Comment (2021-10-29): This is a non trid loan, MAVENT fails should not be an issue. Please clear/ Buyer Comment (2021-10-29): Uploaded MAVENT [redacted]. Per Compliance the FAIL is not a violation or exception. Reviewer Comment (2021-10-28): Given compliance report is dated [redacted] , please provide compliance report closer to note date [redacted] , Exception remains. Buyer Comment (2021-10-25): Uploaded MAVENT

11/02/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

C

A

D

B

A

A

Non QM

N/A

No

216572700

[redacted]

[redacted]

24099482

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Not Provided Timely

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide "Right to Receive a Copy" appraisal disclosure to applicant within three (3) business days of application or determination of first lien status.

Initial application missing in order to complete testing.

Buyer Comment (2021-10-29): [redacted] has elected to Waive this Exception. Reviewer Comment (2021-10-28): Ecoaa applies. condition remains Buyer Comment (2021-10-26): [redacted] to Clear/Waive as not an exception.

10/29/2021

2

B

FL

Investment

Refinance - Rate/Term

D

B

C

A

D

B

A

A

Non QM

N/A

No

216572700

[redacted]

[redacted]

24099483

Compliance

Compliance

Federal Compliance

ATR/QM

Investment Property submitted as Non-QM / Exempt from ATR

Ability to Repay (Dodd-Frank 2014): Improper Originator Loan Designation. Investment property not subject to Ability to Repay requirements.

Tested as non-QM per client request.

Reviewer Comment (2021-10-28): Waived Buyer Comment (2021-10-26): [redacted] to Clear/Waive as not an exception.

10/28/2021

2

B

FL

Investment

Refinance - Rate/Term

D

B

C

A

D

B

A

A

Non QM

N/A

No

216572700

[redacted]

[redacted]

24099497

Compliance

Compliance

Federal Compliance

Missing, Incorrect, or Incomplete HUD-1

Missing Final HUD-1:  Title Co. Closing Statement Used For Fee Testing

Missing Final HUD-1: Title Company Closing Statement used for any applicable Federal, State or Local compliance testing.

Reviewer Comment (2021-10-29): Settlement statement used. Reviewer Comment (2021-10-28): Business purpose cert in file.  Exempt from TILA/RESPAHUD/CD requirement.  EV2 informational finding to indicate which document was used to source fees for testing. Buyer Comment (2021-10-25): Uploaded Final HUD

10/29/2021

2

B

FL

Investment

Refinance - Rate/Term

D

B

C

A

D

B

A

A

Non QM

N/A

No

216572701

[redacted]

[redacted]

24099499

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Loan Not Closed At Office of Lender, Attorney, or Title Company)

Texas Constitution Section 50(a)(6):  Loan did not close at office of lender, attorney or title company.

The confirmation was not provided.

Reviewer Comment (2021-10-26): Cleared Buyer Comment (2021-10-21): This was completed by a TX attorney, please see uploaded doc. This was a correction for a clerical error for which the property address was mistakenly put in for the location of the closing. This was a 30 year fixed loan, not an interest only. Reviewer Comment (2021-10-18): Document provided is not signed. Moreover, as per guidelines "If a Subject Property is in Texas, then all documents evidencing the loan secured by the Subject Property must be prepared by counsel admitted to the Texas bar. Interest only loans are not permitted on Texas refinance transactions. Exception remains. Buyer Comment (2021-10-13): Revised settlement statement uploaded for your review.

10/26/2021

1

A

TX

Primary

Refinance - Cash-out - Other

Refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.

D

A

C

A

D

A

A

A

Non QM

Non QM

Yes

216572701

[redacted]

[redacted]

24099500

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Itemization of Points and Fees Not Provided)

Texas Constitution Section 50(a)(6): Final Itemized disclosure of fees, points, costs and charges not provided to borrower at least one (1) business day prior to closing.

Reviewer Comment (2021-11-01): Cleared Buyer Comment (2021-10-28): [redacted] CD and tracking uploaded for your review.

11/01/2021

1

A

TX

Primary

Refinance - Cash-out - Other

Refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.

D

A

C

A

D

A

A

A

Non QM

Non QM

Yes

216572701

[redacted]

[redacted]

24099501

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan (Lien was created without consent of all owners and owner’s spouse(s))

Texas Constitution Section 50(a)(6): Lien was created without consent of all owners and owner's spouse(s).

Reviewer Comment (2021-11-01): Cleared Buyer Comment (2021-10-28): A separate spousal consent is not needed per TX Closing Attorney, as the spouse signed the Texas Home Equity Affidavit and Agreement uploaded for your review. Reviewer Comment (2021-10-26): Please provide evidence that spousal consent was not required. Buyer Comment (2021-10-21): This was not a document that was prepared by the TX attorneys because it is not necessary. Reviewer Comment (2021-10-18): As per guidelines Spousal Consent is required. Exception remains. If one or more Non-Borrower mortgagors owns an interest in the Subject Property, then each No[redacted]orrower mortgagor must conform with each of the following requirements: a. The Non-Borrower Mortgagor is the Spouse of a Borrower. b. The Non-Borrower Mortgagor executes the mortgage securing the Loan, thereby mortgaging his or her interest in the Subject Property in a manner that provides the Lender with an enforceable first lien on the Subject Property (Non-Borrower Mortgagors are not permitted if the title insurer that ensures the Lender's first lien security interest in the Subject Property makes any exception or change to its insurance coverage as a result of a Non-BorrowerMortgagor). c. The Non-Borrower Mortgagor is not an applicant for the Loan, does not file a loan application, and is not evaluated in determining whether the Loan will be granted. Buyer Comment (2021-10-13): Can you please advise which document in particular you are requesting.

11/01/2021

1

A

TX

Primary

Refinance - Cash-out - Other

With respect to the non-consent by owner, obtain their consent.  However, with respect to the unsigned note, this could be an issue with the loan generally outside of 50(a)(6).   (Note: Failure to obtain the consent will result in not having a lien against the property)

D

A

C

A

D

A

A

A

Non QM

Non QM

Yes

216572701

[redacted]

[redacted]

24099502

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

No valid COC in file for the increased fee and no evidence of a cure provided at closing.

Reviewer Comment (2021-10-13): [redacted] received valid COC for loan discount points. Buyer Comment (2021-10-12): Please see [redacted], [redacted], and [redacted] COC's uploaded for your review.

10/13/2021

1

A

TX

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

D

A

C

A

D

A

A

A

Non QM

Non QM

Yes

216572701

[redacted]

[redacted]

24099504

Credit

Credit

Credit Documentation

Credit

Missing Document: Compliance Report (Mavent, ComplianceEase, etc.) not provided

Reviewer Comment (2021-10-18): Mavent Document received. Exception clear. Buyer Comment (2021-10-12): Mavent uploaded for your review.

10/18/2021

1

A

TX

Primary

Refinance - Cash-out - Other

D

A

C

A

D

A

A

A

Non QM

Non QM

No

216572701

[redacted]

[redacted]

24099505

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Signed by the Lender)

Texas Constitution Section 50(a)(6): Acknowledgment of the Fair Market Value not properly executed by the Lender.

Fair market value acknowledgement not signed by Lender

Reviewer Comment (2021-11-01): Cleared Buyer Comment (2021-10-28): TX Cash-Out Fair Market Acknowledgment signed by Lender uploaded for your review. Reviewer Comment (2021-10-18): To clear this exception we will require "Fair market value acknowledgement signed by Lender". Exception remains. Buyer Comment (2021-10-12): Please disregard, for a different exception. Buyer Comment (2021-10-12): Mavent uploaded for your review

11/01/2021

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents, (AFMV signed by the lender), and obtain an executed copy; OR (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree. Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

D

A

C

A

D

A

A

A

Non QM

Non QM

Yes

216572701

[redacted]

[redacted]

24099506

Credit

Credit

Credit Documentation

Guideline

The Verification of Rent (VOR) / Verification of Mortgage (VOM) is required and was not found in file.

Subject property free and clear. Program requires recent 12 month mortgage history

Reviewer Comment (2021-10-26): Cleared Buyer Comment (2021-10-21): Please see credit memo 2021-35 which states that free and clear is not considered living rent free uploaded for your review. Reviewer Comment (2021-10-18): Lender's exception is needed in file to consider borrower is living rent free. Exception remains. Buyer Comment (2021-10-12): The borrower owns the property free and clear.  Tax bill showing current and HOI paid in full uploaded for your review.

10/26/2021

1

A

TX

Primary

Refinance - Cash-out - Other

D

A

C

A

D

A

A

A

Non QM

Non QM

No

216572705

[redacted]

[redacted]

24099624

Credit

Guideline

Guideline Issue

Guideline

Verification of housing pay history is required.

No recent housing history is reflected for Co-Borrower. Last history reflected was on [redacted]

Reviewer Comment (2021-11-10): Current and previous for primary residence is verified on credit report. Buyer Comment (2021-11-02): Please be advised the Primary Borrower and Co-Borrower are married spouses.   The Co-Borrower maintains a last name distinct from her spouse.  They have applied for married, joint credit, and, both the Fraud and Credit Reports reflect current and previous addresses for both borrowers as the same. A separate housing payment history is not required for a spouse.  Please clear the condition. Thank you. Reviewer Comment (2021-10-25): We would require total 12 months of housing history of current residence , as per credit report only 3 months has been verified , Exception remains. Buyer Comment (2021-10-19): Please be advised the Co-Borrower's primary residence was refinanced on [redacted] in the Primary Borrower's name only.  Uploaded, please find the Final CD and mortgage billing statement for the primary address in the Primary Borrower's name.  Thank you

11/10/2021

1

A

FL

Investment

Purchase

C

A

C

A

A

A

No

216572705

[redacted]

[redacted]

24099625

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

Guideline Requirement: Debt Service Coverage Ratio (Subject DSCR) discrepancy.

Reviewer Comment (2021-10-25): Considered corrected Tax amount from title as subject property is new construction $[redacted] , Exception cleared. Buyer Comment (2021-10-19): Please be advised the property expenses in the [redacted] DSCR calculation are $[redacted] in excess of actual cost.  The [redacted] calculated expenses are comprised of the following:  Real Estate Tax (from Title without Homestead) $[redacted], Hazard Premium (from HOI Invoice, including Hurricane coverage) $[redacted] and Common Charges (from Appraisal) $[redacted]/mo.  The [redacted] calculated DSCR of [redacted] meets guideline requirements.  Thank you.

10/25/2021

1

A

FL

Investment

Purchase

C

A

C

A

A

A

No

216572707

[redacted]

[redacted]

24099626

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Reviewer Comment (2021-10-27): As per Credit Policy Memo 2020-57 effective [redacted]. We do not require CDA/AVM if CU score is less than 2.5 Exception Cleared. Buyer Comment (2021-10-25): Please see attached the [redacted] Credit Policy Memo 2021-57 - Non-QM CDA ARR Requirements. Effective 8/23, we will no longer require a CDA or ARR as the primary secondary valuation for NonQM loans (this includes A11). [redacted] will now require the subject property appraisal to be ran through both Fannie Mae's Collateral Underwriter (CU) and Freddie Mac's Loan Collateral Adviser (LCA) and obtain a Submission Summary Report (SSR). If the risk score is greater than 2.5 the appraisal of the Subject Property will then be subject to be reviewed through either a collateral desktop review ("CDA") from Clear Capital, or an Appraisal Risk Review ("ARR") from Pro Teck. Reviewer Comment (2021-10-22): Loan is SP A11 Secondary valuation is required irrespective of CU score. CDA/AVM is required for securitization purpose. Exception remains.

10/27/2021

1

A

FL

Primary

Purchase

D

B

B

B

A

A

D

A

Non QM

Non QM

No

216572707

[redacted]

[redacted]

24099631

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Exception to policy:  Allow no rental history due to borrowers living rent free with family while house hunting since the sale of their previous primary residence [redacted] (over six months ago, closing [redacted]) vs program restriction that borrowers without mortgage or rental housing history including borrowers living rent free are not eligible but will be considered on an exception basis.  Lender exception in file.

The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%.

LTV [redacted] Max is [redacted]%

Owner Owner Owner,Originator

Reviewer Comment (2021-10-19): Lender granted exception approval in file.

10/19/2021

2

B

FL

Primary

Purchase

D

B

B

B

A

A

D

A

Non QM

Non QM

No

216572824

[redacted]

[redacted]

24100562

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Operating Agreement not provided

Reviewer Comment (2021-10-25): Cleared Buyer Comment (2021-10-19): Corporations (S corps and C corps) are not legally required by any state to have an operating agreement, but experts advise owners of these businesses to create and execute their version of an operating agreement, called bylaws. Uploaded Articles of Incorporation including By Laws. Please clear finding.

10/25/2021

1

A

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

No

216572824

[redacted]

[redacted]

24100564

Credit

Guideline

Guideline Issue

Guideline

Verification of housing pay history is required.

No primary housing history is provided which is not allowed per guides.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months. The representative FICO score exceeds the guideline minimum by at least 40 points.

FICO is [redacted] points over program minimum

Owner Owner,Originator

Reviewer Comment (2021-10-18): Lender approved exception with comp factors

10/18/2021

2

B

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

No

216572824

[redacted]

[redacted]

24100565

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Reviewer Comment (2021-10-22): Received Approval document. Exception Cleared Buyer Comment (2021-10-19): Uploaded approval.

10/22/2021

1

A

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

No

216572825

[redacted]

[redacted]

24100566

Credit

Credit

Credit Documentation

Credit

Missing Document: Compliance Report (Mavent, ComplianceEase, etc.) not provided

Reviewer Comment (2021-10-19): Received required documentation. Cleared. Buyer Comment (2021-10-12): Uploaded, please find the Mavent Report. Thank you.

10/19/2021

1

A

CT

Primary

Refinance - Rate/Term

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216572825

[redacted]

[redacted]

24100568

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Missing Bank Statements for the [redacted] account number ending in [redacted], for the months beginning [redacted], through the month of [redacted], to verify the borrowers income.

Reviewer Comment (2021-10-14): 24 months bank statements and VVOE received. Exception clear. Buyer Comment (2021-10-12): Uploaded, please find [redacted] Statements #[redacted] and Venmo deposits for income verification.  Thank you.

10/14/2021

1

A

CT

Primary

Refinance - Rate/Term

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216572825

[redacted]

[redacted]

24100569

Credit

Income / Employment

Income Documentation

Income / Employment

Verification(s) of employment is not within 10 business days of the Note.

-

Reviewer Comment (2021-10-21): Agreed to your point and we are good for SP A10 program. Exception clear. Buyer Comment (2021-10-20): Please be advised both FNMA and [redacted] allow for post close documentation of employment. No further cure required.  Thank you. Reviewer Comment (2021-10-19): This document was already in the file, the income was indicated as  verified on [redacted], which is not within 10 days of the Note date and therefore is not satisfying the exception. Buyer Comment (2021-10-12): Uploaded, please find the VVOE for the [redacted], reflecting a start date of 04.08.2014. Thank you.

10/21/2021

1

A

CT

Primary

Refinance - Rate/Term

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216572825

[redacted]

[redacted]

24100570

Credit

Missing Document

General

Missing Document

Missing Document: Bank Statements - Personal not provided

Missing Bank Statements for the [redacted] account number ending in [redacted], for the months beginning [redacted], through the month of [redacted], to verify the borrowers income.

Reviewer Comment (2021-10-14): 24 months bank statements received. Exception clear. Buyer Comment (2021-10-12): Uploaded, please find [redacted] Statements #[redacted] and Venmo deposits for income verification.  Thank you.

10/14/2021

1

A

CT

Primary

Refinance - Rate/Term

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216572825

[redacted]

[redacted]

24100571

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Document provided for verification of Appraisal Delivery indicates that the Appraisal was provided on [redacted], which indicates there was an Appraisal completed prior to the Appraisal provided for review. Please provide Prior Appraisal.

Reviewer Comment (2021-10-19): Received required documentation. Cleared. Buyer Comment (2021-10-12): Uploaded, please find the Appraisal, dated [redacted].  Thank you.

10/19/2021

1

A

CT

Primary

Refinance - Rate/Term

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216572825

[redacted]

[redacted]

24100572

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided.

-

Reviewer Comment (2021-10-28): Received updated valuation with updated details of "As Is" and Report date. Exception clear. Buyer Comment (2021-10-23): Uploaded, please find the revised Appraisal, dated [redacted] with an effective date of [redacted], correcting the Reconciliation box to "As Is."  Thank you.

10/28/2021

1

A

CT

Primary

Refinance - Rate/Term

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216572825

[redacted]

[redacted]

24100573

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Reviewer Comment (2021-11-03): Cleared Buyer Comment (2021-10-29): Uploaded, please find the initial appraisal, dated [redacted].  The Appraisal Notice is dated [redacted].  Thank you.

11/03/2021

1

A

CT

Primary

Refinance - Rate/Term

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216572825

[redacted]

[redacted]

24100574

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Reviewer Comment (2021-11-15): Cleared Buyer Comment (2021-11-11): Uploaded, please find the CDAIR.  Thank you.

11/15/2021

1

A

CT

Primary

Refinance - Rate/Term

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216572826

[redacted]

[redacted]

24100575

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Missing the Mortgage statement for the second lien, the Insurance Verification, and the Property Tax verification for property Address[redacted]

Reviewer Comment (2021-10-14): Received Mortgage NOTE, Hazard & Tax Verification for the above property. Exception Cleared. Buyer Comment (2021-10-12): Uploaded Note, Haz Taxes for [redacted]. Loan Closed Simultaneous w/Subject Loan.

10/14/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216572826

[redacted]

[redacted]

24100577

Credit

Credit

Credit Documentation

Credit

Missing Document: Compliance Report (Mavent, ComplianceEase, etc.) not provided

Reviewer Comment (2021-10-14): Received Mavent report. Exception cleared. Buyer Comment (2021-10-12): Uploaded MAVENT

10/14/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216572826

[redacted]

[redacted]

24100578

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Missing the institutional Verification of Mortgage, only cancelled checks provided.

Reviewer Comment (2021-11-22): Cleared Reviewer Comment (2021-11-18): Document required is still missing. Exception remains. Buyer Comment (2021-11-17): Please see [redacted] Credit Memo for VOM. Reviewer Comment (2021-10-25): Asked document is still missing as no new document provided. Exception remains. Reviewer Comment (2021-10-21): Missing the institutional Verification of Mortgage to support cancelled checks provided , only cancelled checks provided , Exception remains. Buyer Comment (2021-10-18): Uploaded [redacted] pay history Reviewer Comment (2021-10-18): [redacted] Statement is provided for "[redacted]" address and for the "[redacted]". Exception remains. Buyer Comment (2021-10-12): Uploaded CXLD Checks for Private MTG, & [redacted] Statement [redacted]

11/22/2021

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216572827

[redacted]

[redacted]

24100579

Credit

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Missing Document: Appraisal not provided

Reviewer Comment (2021-10-19): Received Appraisal report with report date [redacted] which seems to be expired appraisal however we have 442-Certificate of completion stating the same value of appraisal with report date [redacted]  , Exception cleared. Buyer Comment (2021-10-18): Uploaded Appraisal, SSRs, Re-Cert & CDA

10/19/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100580

Credit

Credit

Credit Documentation

Credit

Missing Document: Compliance Report (Mavent, ComplianceEase, etc.) not provided

Reviewer Comment (2021-10-28): Cleared Buyer Comment (2021-10-25): Please Clear -- Per Compliance Dept - This is a NON TRID loan, MAVENT fails should not be an issue.  As noted in original comments N/A.. Reviewer Comment (2021-10-19): Provided Compliance Report is in Fail status. Please provide it in Pass status or the other acceptable status are Alert & Warning. Exception remains. Buyer Comment (2021-10-18): Uploaded Mavent;  Hi Cost Fail - N/A - Exempt; is Investment Property for Buyer Comment (2021-10-18): Uploaded MAVENT

10/28/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100581

Compliance

Compliance

Federal Compliance

Missing, Incorrect, or Incomplete HUD-1

Missing Final HUD-1:  Title Co. Closing Statement Used For Fee Testing

Missing Final HUD-1: Title Company Closing Statement used for any applicable Federal, State or Local compliance testing.

Reviewer Comment (2021-10-29): Waived Reviewer Comment (2021-10-29): Business purpose cert in file.  Exempt from TILA/RESPAHUD/CD requirement.  EV2 informational finding to indicate which document was used to source fees for testing. Buyer Comment (2021-10-25): Uploaded Final HUD Reviewer Comment (2021-10-25): Missing final HUD signed at closing, only the Closing Statement was provided. Buyer Comment (2021-10-18): Uploaded Final HUD1/SS

10/29/2021

2

B

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100591

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: Property is located in a FEMA Disaster area and has not been inspected.

Reviewer Comment (2021-10-19): Appraisal report received with Report Date [redacted] and Effective Date as [redacted] which is after the [redacted] Disaster. Exception clear. Buyer Comment (2021-10-18): Not Required- Disaster Declaration cited is for [redacted] in [redacted] and not applicable in [redacted].

10/19/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100593

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Appraisal is missing.; Sec ID: 1

Reviewer Comment (2021-10-19): Received Appraisal report with report date [redacted] which seems to be expired appraisal however we have 442-Certificate of completion stating the same value of appraisal with report date [redacted]  , Exception cleared. Buyer Comment (2021-10-18): See appraisals uploaded in an earlier exception.

10/19/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100594

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - REO 25% Method

Ability to Repay (Dodd-Frank 2014): Unable to verify Real Estate Owned income (25% Method) using reasonably reliable third-party records.

No evidence of REO statement

Reviewer Comment (2021-10-25): Received required documentation. Cleared. Buyer Comment (2021-10-18): Uploaded Uploaded REO Evidence

10/25/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100595

Compliance

Compliance

Federal Compliance

ATR/QM

NonQM ATR

Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied.

Missing REO documents.

Reviewer Comment (2021-10-25): Received required documentation. Cleared.

10/25/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100596

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Reviewer Comment (2021-10-25): Received required documentation. Cleared. Buyer Comment (2021-10-20): Uploaded Property Taxes [redacted] Buyer Comment (2021-10-20): See LOE - there is no lease - Uploaded Air B[redacted] property rents-income Reviewer Comment (2021-10-19): Lease Agreement & Tax Verification are still missing from the provided documents. Exception remains. Buyer Comment (2021-10-18): Uploaded REO DOCS for [redacted]

10/25/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100597

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Approval not provided

Reviewer Comment (2021-10-19): Received Approval document. Exception Cleared Buyer Comment (2021-10-18): Uploaded CTC Approval

10/19/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100598

Compliance

Compliance

Federal Compliance

ATR/QM

Investment Property submitted as Non-QM / Exempt from ATR

Ability to Repay (Dodd-Frank 2014): Improper Originator Loan Designation. Investment property not subject to Ability to Repay requirements.

Tested as non-QM per client direction.

Reviewer Comment (2021-10-28): Waived Buyer Comment (2021-10-25): Per Compliance Dept - This is a NON TRID loan, MAVENT fails should not be an issue. Reviewer Comment (2021-10-25): Documentation not yet updated. Buyer Comment (2021-10-20): Requested MAVENT from closing. Buyer Comment (2021-10-18): Exempt Property for ATR.  MAVENT Uploaded in previous Exception.

10/28/2021

2

B

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100599

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of [redacted]% moderately exceeds the guideline maximum of 50.00%. (DTI Exception is eligible to be regraded with compensating factors.)

Reviewer Comment (2021-11-22): Cleared Reviewer Comment (2021-11-11): Document provided is page 1 of recorded mortgage back on [redacted]. Please provide complete copy of the satisfaction of mortgage for the primary residence. Exception remains. Buyer Comment (2021-11-08): See MTG & SATIS with Instru# as doc 2. The Instru# at top of Satisfaction -- is for the date the Satisfaction was Recorded not the MTG Insrtru# as found in the body of the document. Reviewer Comment (2021-11-04): The documents provided do not correspond with each other, the Satisfaction of Lien (SOL) is "Cut-Off" on the bottom and the mortgage provided has the information covered by the "Trailing Document" moniker, please provide copies which show the same instrument number visible on the document for comparison. The SOL does not contain the address, so unable to verify the SOL is for the same property. Buyer Comment (2021-11-03): Please See uploaded docs on [redacted] Buyer Comment (2021-10-29): Please see uploaded MTG & Satisfaction for PR with [redacted].  There is not MTG on PR. Reviewer Comment (2021-10-28): Release of mortgage does not reflect  primary residence address as property address additionally mortgage statement for primary residence reflects a due date of [redacted] while satisfaction reflects [redacted]. Buyer Comment (2021-10-25): Please Re-do Calculations.  Primary Res MTG paid off & Released.  No MTG on the Primary Res. Reviewer Comment (2021-10-25): Variance appears to be in reference to the borrower's primary residence not being included in the UW calculations. 1003 liabilities do not appear to correspond to the liabilities on the 1008. Liabilities on the final 1003 are $[redacted] and the 1008 only includes $5,810.47 which is not correct. Buyer Comment (2021-10-20): Please clarify variance & [redacted] DTI of [redacted]%; vs Approval / 1008 reflects 49.501% and is within GL's

11/22/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100600

Credit

Property - Appraisal

General Appraisal Requirements

Property - Appraisal

Subject is a refinance and property is listed for sale.

-

Reviewer Comment (2021-10-28): Cleared Buyer Comment (2021-10-25): Please Clear - The Answer to to the question is "if" is listed for sale  "OR" has subject property been list for Sale in past 12 months.  Property is not currently listed for sale.  At time of Appraisal Sale was within the 12 month period.  Property sold to BWRS in [redacted]. Reviewer Comment (2021-10-25): Per appraisal page 1 in the Subject section indicates subject listed. Buyer Comment (2021-10-20): Please clarify how [redacted] determined property for sale.  Per Appraiser comment vacant due to rental status & an AirB[redacted] rental property

10/28/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100601

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

.

Reviewer Comment (2021-11-22): cleared Reviewer Comment (2021-11-17): Verified with instrument number lien has been satisfied, however the Satisfaction of Mortgage is still cut off at the bottom. Please provide complete page. Exception remains. Buyer Comment (2021-11-12): Uploaded docs again as retrieved - from County website.  Please clear. The Satisfaction is a single page document. Reviewer Comment (2021-11-11): Document provided is page 1 of recorded mortgage back on [redacted]. Please provide complete copy of the satisfaction of mortgage for the primary residence. Exception remains. Buyer Comment (2021-11-08): See MTG & SATIS with Instru# as doc 2. The Instru# at top of Satisfaction -- is for the date the Satisfaction was Recorded not the MTG Insrtru# as found in the body of the document. Reviewer Comment (2021-11-04): The documents provided do not correspond with each other, the Satisfaction of Lien (SOL) is "Cut-Off" on the bottom and the mortgage provided has the information covered by the "Trailing Document" moniker, please provide copies which show the same instrument number visible on the document for comparison. The SOL does not contain the address, so unable to verify the SOL is for the same property. Buyer Comment (2021-11-03): Please See uploaded docs on [redacted] Buyer Comment (2021-10-29): See uploaded MTG & SAT for PR Instr#[redacted] Reviewer Comment (2021-10-28): Satisfaction of mortgage does not reflect primary residence address and reflect satisfaction occurred [redacted] however mortgage statement for primary residence reflects due date of [redacted]. Buyer Comment (2021-10-25): Please Re-do Calculations.  Primary Res MTG paid off & Released.  No MTG on the Primary Res. Reviewer Comment (2021-10-25): Variance appears to be in reference to the borrower's primary residence not being included in the UW calculations. 1003 liabilities do not appear to correspond to the liabilities on the 1008. Liabilities on the final 1003 are $[redacted] and the 1008 only includes $[redacted] which is not correct. Buyer Comment (2021-10-20): Please clarify variance & [redacted] DTI of [redacted]% vs Approval / 1008 reflects 49.501% and is within GL's.

11/22/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No

216572827

[redacted]

[redacted]

24100602

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

Failing due to DTI issue.

Reviewer Comment (2021-11-22): Cleared Reviewer Comment (2021-11-17): Verified with instrument number lien has been satisfied, however the Satisfaction of Mortgage is still cut off at the bottom. Please provide complete page. Exception remains. Buyer Comment (2021-11-12): Please clear - docs uploaded again. Reviewer Comment (2021-11-11): Document provided is page 1 of recorded mortgage back on [redacted]. Please provide complete copy of the satisfaction of mortgage for the primary residence. Exception remains. Buyer Comment (2021-11-08): See MTG & SATIS with Instru# as doc 2. The Instru# at top of Satisfaction -- is for the date the Satisfaction was Recorded not the MTG Insrtru# as found in the body of the document. Reviewer Comment (2021-11-04): The documents provided do not correspond with each other, the Satisfaction of Lien (SOL) is "Cut-Off" on the bottom and the mortgage provided has the information covered by the "Trailing Document" moniker, please provide copies which show the same instrument number visible on the document for comparison. The SOL does not contain the address, so unable to verify the SOL is for the same property. Buyer Comment (2021-10-29): See uploaded MTG & SAT for PR Instr#[redacted] Reviewer Comment (2021-10-28): due to DTI. Satisfaction of mortgage does not reflect primary residence address and reflect satisfaction occurred [redacted] however mortgage statement for primary residence reflects due date of [redacted]. Buyer Comment (2021-10-25): Please Re-do Calculations.  Primary Res MTG paid off & Released.  No MTG on the Primary Res.

11/22/2021

1

A

FL

Investment

Refinance - Rate/Term

D

B

D

A

D

B

D

A

Non QM

N/A

No