EX-99.30 31 ex99-30.htm COVIUS RATING AGENCY EXCEPTIONS REPORT

 

CSMC 2022-NQM3 Trust ABS-15G

 

Exhibit 99.30

 

Rating Agency Exceptions Report: 4/12/2022                                  
Loan Information  Exception Information Initial Overall Grades Final Overall Grades Event Level
Loan Number Loan Number 2 Property State Purpose Occupancy Property Type DTI DSCR FICO LTV Note Original Balance Exception ID Exception Type Exception Description Exception Note Exception General Comment Compensating Factors Exception Status DBRS Fitch Moody's S&P DBRS Fitch Moody's S&P Grade
XXXXXXXXXX 431148812 CA Refi - Cash Out Owner Occupied Single Family Detached 39.5   587 62.19 % XXXXXXXXXX XXXXXXXXXX 158091 Credit Hazard Insurance According to the underwriting guidelines, evidence of hazard insurance verifying sufficient coverage of the subject property is required, and missing from the loan file.             Seller provided document to clear condition on 05/05/2020.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148632 FL Purchase Non-Owner Occupied PUD 0 0.5586 0 69.99 % XXXXXXXXXX XXXXXXXXXX 158205 Credit Rental Income According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
DSCR calculated using the market rent. Months Of Reserves - 4 months of reserves.
 Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148584 FL Purchase Non-Owner Occupied PUD 0 0.6395 0 69.99 % XXXXXXXXXX XXXXXXXXXX 158378 Credit Credit According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
DSCR was calculated using FMR.  Months Of Reserves - The borrower has approximately 71 months reserves.  Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148615 FL Purchase Non-Owner Occupied PUD 0 0.8105 0 70.00 % XXXXXXXXXX XXXXXXXXXX 158141 Credit Credit According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
DSCR calculated using the market rent.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148615 FL Purchase Non-Owner Occupied PUD 0 0.8105 0 70.00 % XXXXXXXXXX XXXXXXXXXX 158142 Credit Credit - Eligiblity According to the guidelines, all Florida properties must close in a business name as the personal guarantee. In this case, the loan closed in the borrower's personal name, and therefore, does not meet the guideline requirement. Updated matrix dated XX/XX/XXXX allows FN to close in individually. Seller was aware of release and matrix change, release issued prior to close date.  
   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148615 FL Purchase Non-Owner Occupied PUD 0 0.8105 0 70.00 % XXXXXXXXXX XXXXXXXXXX 158376 Credit Funds to Close According to the underwriting guidelines, lender must provide certified 3rd party translation for all foreign bank statements and currency converter to match all transfer deposits made into the XXXXX account ending XXXX.  Also, all large deposits must be explained and source in the XXXX XXXXX Bank account. Documentation provided to cure.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148619 FL Purchase Non-Owner Occupied Condo Attached 0 1.1898 0 70.00 % XXXXXXXXXX XXXXXXXXXX 158374 Credit Leasehold Agreement According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
DSCR calculated using FMR.  Purchase transaction and appraisal shows the subject as vacant.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148619 FL Purchase Non-Owner Occupied Condo Attached 0 1.1898 0 70.00 % XXXXXXXXXX XXXXXXXXXX 158375 Credit Credit All Business Purpose loans in FL must be made to a U.S. entity and not an individual.. Updated matrix dated XX/XX/XXXX allows FN to close in individually.
  Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148682 FL Purchase Non-Owner Occupied Condo Attached 0 0.7785 0 70.00 % XXXXXXXXXX XXXXXXXXXX 158396 Credit Income According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.  DSCR was calculated using FMR.  Reserves - Borrower has 3.15 months PITI reserves remaining after closing  Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148695 FL Rate Term Refi Non-Owner Occupied Condo High-Rise 0 0.2489 714 75.00 % XXXXXXXXXX XXXXXXXXXX 158359 Credit Debt Service Coverage Ratio According to the guidelines, on loans with an LTV below 75%, a DSCR of .70 is preferred and exceptions by management can be made below this figure. The subject loan has a DSCR of -0.358. No proof of an exception was located in the loan file.
 XXXXX provided an exception dated 02/20/2020 allowing the DSCR.  Credit Score - The borrowers Fico of 714 is 14 points greater than the minimum required Fico of 700.
 Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148695 FL Rate Term Refi Non-Owner Occupied Condo High-Rise 0 0.2489 714 75.00 % XXXXXXXXXX XXXXXXXXXX 159005 Credit AUS/Loan Approval An updated Executive Summary should be provided with the correct property street address of XXXXX XXXXX XX #XXXX X. XXXXX provided document to clear condition on 05/05/2020   Cleared Exception C C C C B B B B 1
XXXXXXXXXX 431148581 FL Purchase Non-Owner Occupied PUD 0 0.7565 0 70.00 % XXXXXXXXXX XXXXXXXXXX 157831 Credit Rental Income According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
DSCR calculated using the market rent.  Months Of Reserves - The borrower has 65 months in reserves when no reserves were required. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148526 FL Purchase Non-Owner Occupied PUD 0 0.2996 0 64.99 % XXXXXXXXXX XXXXXXXXXX 158298 Credit Funds to Close Source of funds to close in the amount of XXXXXX.XX are not in the file. XXXXX provided document to clear condition on 05/05/2020   Cleared Exception C C C C B B B B 1
XXXXXXXXXX 431148526 FL Purchase Non-Owner Occupied PUD 0 0.2996 0 64.99 % XXXXXXXXXX XXXXXXXXXX 158299 Credit Leasehold Agreement According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
DSCR calculated using the FMR    Cleared Exception C C C C B B B B 1
XXXXXXXXXX 431148526 FL Purchase Non-Owner Occupied PUD 0 0.2996 0 64.99 % XXXXXXXXXX XXXXXXXXXX 159101 Credit Debt Service Coverage Ratio According to the guidelines, on loans with an LTV below 75%, a DSCR of .70 is preferred and exceptions by management can be made below this figure. The subject loan has a DSCR of -0.136. No proof of an exception was located in the loan file.
 XXXXX provided an exception dated 02/14/2020 allowing the DSCR.  LTV - LTV of 65% is 5% lower than the maximum allowed LTV of 70%. , Months Of Reserves - 57 months of reserves. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148527 FL Purchase Non-Owner Occupied PUD 0 0.252 0 64.99 % XXXXXXXXXX XXXXXXXXXX 157871 Credit Income According to the underwriting guidelines, loans involving residential properties must contain a copy of the lease. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.  DSCR based off the Market Rent   Cleared Exception C C C C B B B B 1
XXXXXXXXXX 431148527 FL Purchase Non-Owner Occupied PUD 0 0.252 0 64.99 % XXXXXXXXXX XXXXXXXXXX 157886 Credit Debt Service Coverage Ratio According to the guidelines, on loans with an LTV below 80%, a DSCR of .70 is preferred and exceptions by management can be made below this figure. The subject loan has a DSCR of -0.21. No proof of an exception was located in the loan file. XXXXX provided an exception dated 02/11/2020 allowing the DSCR.  Reserves - Borrower 58.14 months PITI reserves remaining after closing, whereas no reserves required per guidelines for 75% LTV or lower, LTV - LTV of 65% is 5% lower than 70% LTV maximum allowed for foreign nationals. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148545 TX Purchase Non-Owner Occupied Single Family Detached 0 1.0393 0 70.00 % XXXXXXXXXX XXXXXXXXXX 158689 Credit Credit According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement document is not located in the loan file and therefore does not meet the guideline requirement.
DSCR was calculated using FMR. Reserves - The borrower has approximately 23 months reserves.  Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148657 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.9866 0 64.98 % XXXXXXXXXX XXXXXXXXXX 158193 Credit Credit The Debt Service Calculation Worksheet is missing from the loan file.
XXXXX provided document to clear condition on 05/05/2020   Cleared Exception C C C C B B B B 1
XXXXXXXXXX 431148657 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.9866 0 64.98 % XXXXXXXXXX XXXXXXXXXX 158194 Credit Credit - Eligiblity The Executive Summary is missing from the loan file.
XXXXX provided document to clear condition on 05/05/2020   Cleared Exception C C C C B B B B 1
XXXXXXXXXX 431148657 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.9866 0 64.98 % XXXXXXXXXX XXXXXXXXXX 158195 Credit Credit - Eligiblity According to the underwriting guidelines, vacant properties are allowed on refinance transactions on a “case-by-case” basis. In this case, the subject property is vacant and no exception was located in the loan file.
XXXXX provided an exception dated 02/25/2020 allowing the vacant property.  Years In Residence - Borrower has owned the subject property for 4 years. , Months Of Reserves - 98 months of reserves using the proceeds from the current transaction.  Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148657 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.9866 0 64.98 % XXXXXXXXXX XXXXXXXXXX 161765 Credit Credit According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
XXXXX provided an exception allowing the property vacancy. DSCR calculated using the market rent.  Years In Residence - Borrower has owned the subject property for 4 years. , Months Of Reserves - 98 months of reserves using the proceeds from the current transaction.  Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148661 FL Purchase Non-Owner Occupied Single Family Detached 0 1.5959 0 70.00 % XXXXXXXXXX XXXXXXXXXX 158411 Credit Income According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, a lease is not located in the loan file and therefore does not meet the guideline requirement DSCR was calculated using FMR. Purchase transaction.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148672 FL Purchase Non-Owner Occupied PUD 0 0.8428 0 69.99 % XXXXXXXXXX XXXXXXXXXX 157649 Credit Rental Income According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
DSCR calculated using the market rent.  LTV - 69.99 Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148676 FL Purchase Non-Owner Occupied PUD 0 0.8739 0 70.00 % XXXXXXXXXX XXXXXXXXXX 157864 Credit Leasehold Agreement According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement and Zillow are not located in the loan file and therefore does not meet the guideline requirement.
XXXXX provided document to clear condition on 05/05/2020   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148676 FL Purchase Non-Owner Occupied PUD 0 0.8739 0 70.00 % XXXXXXXXXX XXXXXXXXXX 157866 Credit Eligibilty All Business Purpose loans in FL must be made to U.S. entity and not an individual. Updated matrix dated XX/XX/XXXX allows FN to close in individually.
  Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148504 FL Refi - Cash Out Non-Owner Occupied Condo Attached 0 1.0618 706 70.00 % XXXXXXXXXX XXXXXXXXXX 163525 Credit Credit The Debt Service Calculation Worksheet is missing from the loan file.
6/22/2020: Seller provided DSCR worksheet to cure.   Cleared Exception C C C C B B B B 1
XXXXXXXXXX 431148504 FL Refi - Cash Out Non-Owner Occupied Condo Attached 0 1.0618 706 70.00 % XXXXXXXXXX XXXXXXXXXX 163528 Credit Credit - Inquiries According to the underwriting guidelines, a minimum square feet of 500 is required for condos. In this case, the subject is a condo with a square footage of XXX which does not meet the guideline requirement.
6/22/2020: On 3/10/2020 the seller granted an exception for the square footage.  Reserves - 7.86 months of reserves., Years On Job - Both borrowers 4+ years on job Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148504 FL Refi - Cash Out Non-Owner Occupied Condo Attached 0 1.0618 706 70.00 % XXXXXXXXXX XXXXXXXXXX 163538 Credit AUS/Loan Approval According to the underwriting matrix, the minimum rate for a loan amount between $50k - $99K is 6.99%. In this case, the loan has a rate of 6.625% which does not meet the minimum required rate.  6/22/2020: On 3/10/2020 the seller granted an exception for the rate.  Reserves - 7.86 months of reserves., Years On Job - Both borrowers 4+ years on job Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 432571894 FL Purchase Non-Owner Occupied PUD 0 1.0114 0 69.99 % XXXXXXXXXX XXXXXXXXXX 190485 Credit Asset Verification At least two months of a translated (USD) bank statement for the XXXX XX XXXXX (XXX-X) is needed  5/28/21: bank statements provided to clear   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571894 FL Purchase Non-Owner Occupied PUD 0 1.0114 0 69.99 % XXXXXXXXXX XXXXXXXXXX 193743 Credit Asset Verification According the XXXXX guidelines all foreign national loans must have ACH set up and proof of XXX account from which ACH will draw from. In this case the loan files does not contain a copy of the executed ACH agreement and a copy of the voided check.   4/22/2021:  ACH provided to cure.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571895 FL Purchase Non-Owner Occupied PUD 0 1.2199 0 64.93 % XXXXXXXXXX XXXXXXXXXX 190414 Credit Flood Certificate Missing a current Flood Determination and/or Flood Certificate. 4/22/2021: Documentation provided to cure.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432302060 FL Purchase Non-Owner Occupied PUD 0 1.0749 0 64.98 % XXXXXXXXXX XXXXXXXXXX 188731 Credit VOD Explanation for large deposit on bank statement or large increase in balance on VOD is not in file XX/X large deposit of XXXXXX, and XXX/XX XXXXX for account #XXXX. Also for account #XXXX XX/XX XXXXXX, and XX/XX XXXXX.

 6/14/21: Per guidelines, an explanation is required for large deposits but the guidelines do not define what qualifies as a large deposit.  Documentation provided sources the XX/XX deposit, but still need statement source depositor on the XX/XX deposit for XXXXX.
9/16/21:  Seller provided documentation, but it is the sourcing for the XX/XX deposit only.  Two XXXXXX deposits were made and there is no sourcing for the XX/XX deposit of XXXXX.
10/8/2021:  Sourcing documentation provided for both deposits, cleared.		   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432302060 FL Purchase Non-Owner Occupied PUD 0 1.0749 0 64.98 % XXXXXXXXXX XXXXXXXXXX 188737 Compliance Other Address on XXXXX statement account #XXXX is XXXXX XXXXXX XXX XXXXXX, FL XXXXX 6/14/21: No documents provided to clear. An explanation from the borrower is required to clear.  Seller provided property profile report and states another property they own.  This property was not disclosed by the borrower on the 1003 as required and is considered as undisclosed.  REO schedule should reflect properties owned, regardless of program. 9/16/2021: Seller disagrees and considers this property non-material on a business purpose loan.  TPR disagrees, the impact of the undisclosed address is unknown as the red flag was not investigated.  The property history report provided shows little detail around the property and Zillow shows a new construction on the undisclosed address in 2020 and the assets are also dated late 2020.  11/3/2021:  XXX county records show the borrower acquired the address as a second home on XXX.  Assets are dated from December 2020 so we can confirm that the address has no overall impact on the qualification of the subject loan.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432302060 FL Purchase Non-Owner Occupied PUD 0 1.0749 0 64.98 % XXXXXXXXXX XXXXXXXXXX 188767 Credit Asset Verification per the guides " ACH" automated clearing house form needs to be fully executed with all wiring information including name, address, account, and routing number for U.S bank account  4/19/21: Unable to locate.  4/22/2021: ACH form upload still could not be located.  Please confirm this was uploaded to CLEAR. 5/5/21: ACH form provided to clear.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433142933 FL Purchase Non-Owner Occupied Condo High-Rise 0 0.4733 0 65.00 % XXXXXXXXXX XXXXXXXXXX 199741 Credit Debt Service Coverage Ratio According to the guidelines, minimum DSCR of .75 residential. The subject loan has a DSCR of 0.473. No proof of an exception was located in the loan file. On the rate sheet provided the margin states minimum DSCR .75 Residential, however, the seller does allow the borrower to qualify with No DSCR with a hit to the rate per the matrices.  In this case the loan did not DSCR at .75 and the seller applied the rate hit when qualifying the borrower.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621391 FL Purchase Non-Owner Occupied PUD 0 0.9781 0 69.99 % XXXXXXXXXX XXXXXXXXXX 209561 Credit Debt Service Coverage Ratio According to the guidelines, a DSCR of 1.0 is required. Business Purpose Matrix dated 02/01/2021 requires a minimum DSCR of .75   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621391 FL Purchase Non-Owner Occupied PUD 0 0.9781 0 69.99 % XXXXXXXXXX XXXXXXXXXX 209562 Credit Debt Service Coverage Ratio The Debt Service Calculation Worksheet is missing from the loan file.  Documentation provided to cure.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621398 FL Purchase Non-Owner Occupied PUD 0 1.028 0 73.68 % XXXXXXXXXX XXXXXXXXXX 209464 Credit LTV According to the underwriting matrix, the maximum allowed LTV for a Foreign National without US Credit is 70% for a purchase. The subject loan was approved with a LTV of 73.68% which is outside of guidelines.  Updated matrix dated 4/1 provided showing max LTV for borrower goes to 70%.   Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433621407 FL Purchase Non-Owner Occupied Condo Attached 0 1.15 0 75.00 % XXXXXXXXXX XXXXXXXXXX 207273 Credit Condo/PUD Condo/PUD does not meet guidelines.
Condo did not meet square footage guidelines/// exception and eligibly review from senior management was not located in folder. 		 Seller provided evidence of management exception.   Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433621407 FL Purchase Non-Owner Occupied Condo Attached 0 1.15 0 75.00 % XXXXXXXXXX XXXXXXXXXX 209348 Credit LTV According to the underwriting matrix, the maximum allowed LTV for a Foreign National without US Credit is 70% for a purchase. The subject loan was approved with a LTV of 75% which is outside of guidelines. 4/1/2021 matrix provided showing program allowance up to 75% LTV.   Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433621409 FL Purchase Non-Owner Occupied Condo Attached 0 1.0845 0 75.00 % XXXXXXXXXX XXXXXXXXXX 206702 Credit Debt Service Coverage Ratio The Debt Service Calculation Worksheet is missing from the loan file.
Documentation provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621409 FL Purchase Non-Owner Occupied Condo Attached 0 1.0845 0 75.00 % XXXXXXXXXX XXXXXXXXXX 209260 Credit LTV According to the underwriting matrix, the maximum allowed LTV for a Foreign National without US Credit is 70% for a purchase. The subject loan was approved with a LTV of 75% which is outside of guidelines.  4/1/2021 matrix provided showing LTV allowance of 75% on program.     Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621411 CO Purchase Non-Owner Occupied PUD 0 1.3631 769 75.00 % XXXXXXXXXX XXXXXXXXXX 209225 Credit Eligibilty According to the underwriting guidelines, Business Purpose DSCR loans are for Investment properties only, In this case, the Final signed loan applications indicate the purpose of the loan is for the purchase of a primary residence, therefore, the loan is ineligible for the Business Purpose DSCR loan program. Seller confirms this was typo in error.  Borrower executed a business purpose certification and certification of non-owner occupancy to support the subject as an investment.  There are no additional red flags in the file to support a possible occupancy issue.     Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621414 FL Purchase Non-Owner Occupied PUD 0 1.1535 0 70.00 % XXXXXXXXXX XXXXXXXXXX 206381 Property Appraisal URAR/Appraisal document is not included in the loan file. Appraisal provided to cure.   Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433621414 FL Purchase Non-Owner Occupied PUD 0 1.1535 0 70.00 % XXXXXXXXXX XXXXXXXXXX 209200 Credit Credit According to the underwriting guidelines, all loans will require a current lease and market rent survey provided by the appraiser. In this case, the market rent survey and lease agreement is missing from the loan file.  Market rent provided within the appraisal uploaded.  Purchase, no leases.     Cleared Exception D D D D A A A A 1
XXXXXXXXXX 431995570 FL Purchase Non-Owner Occupied Single Family Detached 0 0.888 690 75.00 % XXXXXXXXXX XXXXXXXXXX 186455 Credit LTV According to the guidelines ,the maximum LTV  for FICO score 690 should be less than or equals to 70%.The LTV for the loan is 75% exceeding the limit and making it ineligible.   Management exception approval has been provided  for a 5% LTV exception to 75% LTV from 70% LTV. Credit History - Borrower has a clean credit history with no late payments reported, Reserves - Borrower has12.19 months reserves. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431995576 WA Purchase Non-Owner Occupied Single Family Detached 0 0.6249 732 74.99 % XXXXXXXXXX XXXXXXXXXX 188926 Credit HUD-1 The final complete Executed Sttlement statement is missing from the loan file. Only fully executed seller side and an unexecuted complete settlement statement was found in the loa nfile. 3/8/2021: Unable to locate uploaded final settlement statement.  Please re-send.   3/25/2021:  Settlement statement provided is marked final, but we still don't have a borrower executed closing statement.
03/31/2021: Final settlement statement provided as a True and Exact Copy of the original document sighed by closing agency. 		   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432302069 LA Purchase Non-Owner Occupied Two-Unit Property 0 1.4509 712 70.00 % XXXXXXXXXX XXXXXXXXXX 190353 Credit Borrower Eligibilty According to the underwriting guidelines, first time home buyers are not allowed on Business Purpose loans. In this case, the borrower is a FTHB and therefore does not qualify for the program. 3/24/2021: Business Purpose No DSCR matrix is silent on FTHB's. Sellers rebuttal states FTHB's are allowed under this program. Older dated underwriting guidelines provided for review state FTHBs are not allowed. Seller waived requirement based on new product matrix.  Months Of Reserves - The borrower  has 47.21 months of reserves, Credit History - Borrower has a clean credit history with no foreclosures or bankruptcy, Credit Score - The borrowers credit score of 712 is 32 points greater than the minimum guidelines score of 680. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 432302069 LA Purchase Non-Owner Occupied Two-Unit Property 0 1.4509 712 70.00 % XXXXXXXXXX XXXXXXXXXX 192410 Credit Asset Verification The final Closing Disclosure reflects the borrower was required to bring XXXXXXX to close. The file includes assets of XXXXXXX, leaving the borrower short funds to close in the amount of XXXXXXX.  4/27/2021:  Assets cited and attached are already accounted for.  XXXX XXXXXXX and XXXXXXX XXXXXXX equals XXXXXXX.  Borrower needed XXXXXXX to close per the settlement statement.  Finding remains outstanding. 6/14/21: no documents have been provided to clear as of today.
09/28/2021; XXXXX elected to waive the exception with compensating factors. 		 Months Of Reserves - The borrower  has 47.21 months of reserves, Credit History - Borrower has a clean credit history with no foreclosures or bankruptcy, Credit Score - The borrowers credit score of 712 is 32 points greater than the minimum guidelines score of 680. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 432394211 FL Purchase Non-Owner Occupied Two-Unit Property 0 1.3063 666 69.97 % XXXXXXXXXX XXXXXXXXXX 192595 Credit Hazard Insurance The property insurance policy or certificate is not included in the loan file. The value replacement cost valuation and premium invoice are provided in the loan file. 03/31/2021: The Client provided the Homeowners Insurance policy.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432571916 FL Purchase Non-Owner Occupied Condo Attached 0 0.3252 706 70.00 % XXXXXXXXXX XXXXXXXXXX 194159 Property Appraisal Post closing valuation returned not withiin an acceptable tolerance.  The secondary valuation from XXXXXXX returned a XXXXXX reconciliation value, which is a variance of -10.4%. An additional valuation review product is needed to confirm the original appraised value.  4/28/2021: an opinion response from the appraiser was provided but this isn't sufficient to clear. Additional secondary valuation needed to clear. 9/20/2021:  Field review returned supporting the original opinion of value on the appraisal.     Cleared Exception C C C C B B B B 2
XXXXXXXXXX 432394214 FL Purchase Non-Owner Occupied Condo High-Rise 0 0.6742 0 70.00 % XXXXXXXXXX XXXXXXXXXX 189972 Credit Flood Insurance Flood insurance documentation in the file is expired  3/31/2021:  Policy provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432394214 FL Purchase Non-Owner Occupied Condo High-Rise 0 0.6742 0 70.00 % XXXXXXXXXX XXXXXXXXXX 189973 Credit HUD-1 The final HUD-1 is missing from the loan file. 3/31/2021:  HUD provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432394214 FL Purchase Non-Owner Occupied Condo High-Rise 0 0.6742 0 70.00 % XXXXXXXXXX XXXXXXXXXX 189975 Compliance Other According to the underwriting guidelines, an ACH is required for Foreign Nationals. In this case the ACG's ACH for is loan is missing from the file  3/31/2021: ACH provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432394216 FL Purchase Non-Owner Occupied PUD 0 0.86 0 69.97 % XXXXXXXXXX XXXXXXXXXX 192999 Credit Eligibilty According to the underwriting guidelines, first time homebuyers are not eligible on business purpose loans. In this case, the borrowers are foreign nationals who state that they currently own a property on the 1003 however there is no proof of this in the loan file 3/30/2021: Business Purpose No DSCR matrix is silent on FTHB's. Sellers rebuttal states FTHB's are allowed under this program. Older dated underwriting guidelines provided for review state FTHBs are not allowed. Seller waived requirement based on new product matrix.  Reserves - 13.17 months of reserves.
 Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 432571918 FL Purchase Non-Owner Occupied Condo Attached 0 1.1047 0 69.97 % XXXXXXXXXX XXXXXXXXXX 194553 Credit Eligibilty According to the underwriting guidelines, first time homebuyers are not eligible on business purpose loans. In this case, the borrowers are foreign nationals who state that they currently own a property on the 1003 however there is no proof of this in the loan file. 4/10/2021: Business Purpose No DSCR matrix is silent on FTHB's. Sellers rebuttal states FTHB's are allowed under this program. Older dated underwriting guidelines provided for review state FTHBs are not allowed. Seller waived requirement based on new product matrix. Months Of Reserves - 7.99 months reserves. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 432571921 FL Purchase Non-Owner Occupied Condo Attached 0 0.9863 0 69.98 % XXXXXXXXXX XXXXXXXXXX 194618 Credit Eligibilty According to the underwriting guidelines, first time homebuyers are not eligible on business purpose loans. In this case, the borrowers are foreign nationals who state that they currently own a property on the 1003 however there is no proof of this in the loan file. 4/7/2021: Business Purpose No DSCR matrix is silent on FTHB's. Sellers rebuttal states FTHB's are allowed under this program. Older dated underwriting guidelines provided for review state FTHBs are not allowed. Seller waived requirement based on new product matrix. LTV - 69.98, Reserves 6+ months Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 433142967 TX Purchase Non-Owner Occupied Condo High-Rise 0 0.5715 694 70.00 % XXXXXXXXXX XXXXXXXXXX 200288 Credit Eligibilty The Executive Summary reflects the borrowers FICO as 711 and credit grade as "A". However, the actual FICO is 694 which would render a credit grade of "A-". An updated Executive Summary should be provided with the correct score and grade.   6/9/2021:  Corrected documentation provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621443 FL Purchase Non-Owner Occupied PUD 0 1.0368 0 60.00 % XXXXXXXXXX XXXXXXXXXX 205703 Credit Hazard Insurance The Property Insurance is not materially correct. HOI policy starts XX/XX/XXXX; closing is dated XX/XX/XXXX policy starts after consummation on the loan.  HOI policy period is XX/XX/XXXX to XX/XX/XXXX, the Note/settlement date is XX/XX/XXXX.  The funding date on XX/XX/XXXX.  Cleared.    Cleared Exception D D D D A A A A 1
XXXXXXXXXX 433621444 TX Purchase Non-Owner Occupied PUD 0 0.9977 715 74.87 % XXXXXXXXXX XXXXXXXXXX 205769 Property Appraisal Market rent survey not provided with the file. Provide market rent survey for this loan.  FMR provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621456 CT Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0.9375 632 70.00 % XXXXXXXXXX XXXXXXXXXX 208195 Credit Eligibilty Market rent survey not provided with the file. Provide market rent survey for this loan.  Documentation provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621459 FL Rate Term Refi Non-Owner Occupied Condo High-Rise 0 0.518 0 65.00 % XXXXXXXXXX XXXXXXXXXX 205183 Property Appraisal The appraisal didn't provide any evidence of rent controls, rental data, rental comparables, or leases and therefore unable to determine the DSCR percentage for this property. Please provide rental data so that the DSCR percentage can be supported.  Documentation provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 433621459 FL Rate Term Refi Non-Owner Occupied Condo High-Rise 0 0.518 0 65.00 % XXXXXXXXXX XXXXXXXXXX 205188 Credit Funds to Close The final Closing Disclosure reflects the borrower was required to bring XXXXXXX to close. The file includes borrower funds of XXXXXXX, leaving the borrower short funds to close in the amount of XXXXXXX.  Documentation provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148588 FL Purchase Non-Owner Occupied Single Family Detached 0 0.7934 0 70.00 % XXXXXXXXXX XXXXXXXXXX 156205 Credit Rental Income According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
The DSCR was calculated using the FMR  Months Of Reserves - The borrower has 4.15 months in reserves when there was not a reserve requirement. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148610 GA Purchase Non-Owner Occupied Condo Attached 0 1.0565 0 70.00 % XXXXXXXXXX XXXXXXXXXX 156002 Credit Rental Income According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
The DSCR was calculated using FMR. Years In Residence - The borrower has resided in the current residence for 30 years, Years On Job - The borrower has been self-employed for 10.95 years. Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148616 FL Purchase Non-Owner Occupied PUD 0 0.7429 0 70.00 % XXXXXXXXXX XXXXXXXXXX 157684 Credit Credit According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
DSCR calculated using FMR. Months Of Reserves - 43 months of reserves.
 Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431148667 FL Purchase Non-Owner Occupied Condo Detached 0 0.9312 0 70.00 % XXXXXXXXXX XXXXXXXXXX 163349 Credit AUS/Loan Approval The Executive Summary reflects the loan as a 3 year arm. The signed note in file reflects the loan as a fixed rate loan. An updated Executive Summary should be provided with the correct note type.
 Seller provided document to clear condition on 06/22/2020   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148674 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.7501 730 71.43 % XXXXXXXXXX XXXXXXXXXX 163688 Credit Leasehold Agreement According to the underwriting guidelines, on loans with LTV’s 75% and below, leases and a Zillow report is required to determine the market rent. In this case, the lease agreement is not located in the loan file and therefore does not meet the guideline requirement.
Property is a short term rental property. Lease not available. Seller provided documentation supporting the short term rental .    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148674 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.7501 730 71.43 % XXXXXXXXXX XXXXXXXXXX 163689 Credit 1008 The Executive Summary is missing from the loan file.
The seller provided document to clear condition on 06/19/2020   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148674 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.7501 730 71.43 % XXXXXXXXXX XXXXXXXXXX 163690 Credit Debt Service Coverage Ratio The Debt Service Calculation Worksheet is missing from the loan file.
The seller provided document to clear condition on 06/19/2020   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148674 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.7501 730 71.43 % XXXXXXXXXX XXXXXXXXXX 163725 Credit LTV According to the underwriting matrix dated XX/XX/XXXX, the maximum allowed LTV for a cash out refinance with an A grade is 70%. In this case, the loan was qualified with a LTV of 71.43% which is outside of the guidelines.  The lender may have used the XX/XX/XXXX guidelines to qualify however the application date was prior to the date of these guides.
Seller provided updated matrix to clear condition. 		   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148710 FL Purchase Non-Owner Occupied Condo Detached 0 0.791 0 69.84 % XXXXXXXXXX XXXXXXXXXX 163135 Credit Credit According to the final settlement statement, the borrower was required to bring XXXXXXX to close. The XXXXXXXXX statement in file reflects an ending balance of XXXXXXXX as of XX/XX/XXXX which after converting to US dollars would total XXXXXXX and does not cover the amount to close. The file verifies that the borrower received a gift on XX/XX/XXXX with enough cash to cover the funds to close however the borrower appears to have spent some of the funds by the end of the bank statement dated XX/XX/XXXX leaving them short funds to close. 6/25/2020: March bank statement provided showing sufficient funds to close.    Cleared Exception C C C C B B B B 1
XXXXXXXXXX 431148710 FL Purchase Non-Owner Occupied Condo Detached 0 0.791 0 69.84 % XXXXXXXXXX XXXXXXXXXX 163147 Credit Credit - Eligiblity According to the underwriting guidelines, escrow and title must be completely independent from all parties. In this case, there is a direct relationship between the builder, XXXXXXXXX and the title company, XXXXXXXXX. XXXXX provided an exception dated XX/XX/XXXX allowing the non arms length transaction.  XXXXX provided an exception dated 02/11/2020 allowing the non arms length transaction.  LTV - LTV of 69.84% is 5% less than the maximum allowed LTV of 75%.  Cleared Waiver C C C C B B B B 2
XXXXXXXXXX 431743415 FL Purchase Non-Owner Occupied Condo Detached 0 0.9312 0 64.97 % XXXXXXXXXX XXXXXXXXXX 187134 Credit Asset Verification According to the XXXXX guidelines all foreign national loans must have ACH set up and proof of XXX. In this case the ACH documentation was not located in a loan file.  02/25/21:  Documentation provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 432261515 FL Purchase Owner Occupied PUD 25.6   687 84.98 % XXXXXXXXXX XXXXXXXXXX 189956 Credit Income According to the underwriting guidelines, all pages of each statement must be submitted. In this case bank acct  XXXX is missing pages 10 and 11 for period XX/XXXX and XX/XXXX.  4/14/2021:  Statements contain all material deposit and balance information.  Additional statements support that missing pages are disclosure related pages.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431389495 FL Refi - Cash Out Non-Owner Occupied PUD 0 0.8405 0 60.00 % XXXXXXXXXX XXXXXXXXXX 173430 Credit Hazard Insurance Evidence of hazard insurance is missing from the loan file. 10/19/2020: HOI provided to cure.    Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431460670 CA Purchase Non-Owner Occupied Single Family Detached 0 0.8372 635 65.00 % XXXXXXXXXX XXXXXXXXXX 178748 Credit Credit The market rent documentation for the subject property is missing from the loan file.  12/1/2020: Market rent provided to cure.   Cleared Exception C C C C A A A A 1
XXXXXXXXXX 431148905 FL Refi - Cash Out Non-Owner Occupied Condo Attached 0 1.1175 658 65.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 431995547 MD Purchase Non-Owner Occupied PUD - Existing 0 1.3969 632 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432571903 FL Purchase Non-Owner Occupied PUD 0 0.9926 0 69.98 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432618225 FL Purchase Non-Owner Occupied PUD 0 0.9564 0 69.99 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433621406 FL Purchase Non-Owner Occupied Single Family Attached 0 1.2226 0 52.43 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433621430 NV Purchase Non-Owner Occupied PUD 0 1.5249 0 64.88 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432302071 FL Purchase Non-Owner Occupied Condo Attached 0 0 0 64.99 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432261503 FL Purchase Non-Owner Occupied Condo Attached 0 0.4927 639 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432571915 GA Refi - Cash Out Non-Owner Occupied Two-Unit Property 0 1.5182 613 63.06 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432394213 MA Rate Term Refi Non-Owner Occupied Single Family Detached 0 0 0 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432571922 TN Purchase Non-Owner Occupied PUD 0 0.6847 668 69.99 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432571924 DC Refi - Cash Out Non-Owner Occupied Single Family Detached 0 0.7115 662 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433142966 TX Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.3239 664 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432618243 FL Purchase Non-Owner Occupied Condo High-Rise 0 1.3044 740 75.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432618245 FL Purchase Non-Owner Occupied Condo Attached 0 0.9367 0 69.98 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432618247 FL Purchase Non-Owner Occupied Condo High-Rise 0 0 608 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 432618251 TX Purchase Non-Owner Occupied PUD 0 0 0 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433142973 FL Purchase Non-Owner Occupied PUD 0 0 712 69.97 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433142974 FL Purchase Non-Owner Occupied Condo Attached 0 0.9651 0 69.96 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433142976 FL Purchase Non-Owner Occupied PUD 0 0.9852 0 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433142979 FL Purchase Non-Owner Occupied Condo Attached 0 0.9336 0 69.97 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433142981 FL Purchase Non-Owner Occupied Condo Attached 0 0.8494 729 74.98 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433142982 FL Purchase Non-Owner Occupied Single Family Detached 0 0.8705 707 75.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433621436 FL Rate Term Refi Non-Owner Occupied PUD 0 0.6283 736 54.93 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433142991 TX Purchase Non-Owner Occupied PUD 0 0 730 74.99 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433621441 NJ Refi - Cash Out Non-Owner Occupied Three-Unit Property 0 0.973 624 64.73 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433621452 FL Purchase Non-Owner Occupied Single Family Detached 0 0.7851 666 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 431148687 FL Purchase Non-Owner Occupied PUD 0 0.7599 0 69.98 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 431148726 FL Purchase Non-Owner Occupied Condo Attached 0 0.7451 0 75.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433621479 FL Refi - Cash Out Owner Occupied Single Family Detached 32.7   740 75.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 431148745 SC Refi - Cash Out Owner Occupied Single Family Detached 50.9   535 64.97 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 431148927 NC Purchase Non-Owner Occupied Single Family Detached 0 0.3495 667 70.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
XXXXXXXXXX 433621408 TX Refi - Cash Out Non-Owner Occupied Four-Unit Property 0 1.4679 649 65.00 % XXXXXXXXXX XXXXXXXXXX                       A A A A  
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