Seller Loan ID

Customer Loan ID

Loan Exception ID

Exception ID

Exception Category

Exception Sub Category

Exception Description

Exception Comments

Seller Response

Reviewer Response

Compensating Factors

Exception Status

Initial Exception Grade

Final Exception Grade

Initial DBRS Exception Grade

Final DBRS Exception Grade

Initial Moodys Exception Grade

Final Moodys Exception Grade

Initial Fitch Exception Grade

Final Fitch Exception Grade

Initial Kroll Exception Grade

Final Kroll Exception Grade

Initial S&P Exception Grade

Final S&P Exception Grade

Subject to Predatory Lending

HUD Category

Reviewer Loan ID

192456931

34235840

1fb1d61b-c258-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal not provided in file.

03/10/2020: Proteck report reflecting a value $XXX,XXX.XX which is a X.XX% variance, was provided. Variance within acceptable tolerance. Condition Cleared.

DTI is lower than guideline maximum UW Guides reflect maximum DTI of 43%, loan qualified with DTI of 35.51%. FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 739. Years on Job Borrower has 25 years on job.

Cleared

192522975

34235846

404c11fd-789d-4113-8d09-f2a14d5b1707

2880

Compliance

Missing HUD Homeownership Organization Counseling Disclosure

Missing HUD Homeownership Counseling Disclosure.

03/05/2020: For this loan there is a suspense for the homeownership counseling disclosures however this is a refi and not a counseling loan. Will you please re-review and advise where you are seeing that this is required?03/05/2020: Audit reviewed Lenders response, however; HUD Homeownership Counseling Disclosure is required for Purchases and Refinances. Note: The Home Loan Tool Kit is required for purchases. Finding deemed non-material, loan will be graded a B for all agencies. Condition remains downgraded. 02/29/2020: Finding deemed non-material, loan will be graded a B for all agencies

LTV is lower than guideline maximum UW Guides reflect maximum 80% LTV, loan qualified with 36.69% LTV. FICO is higher than guideline minimum UW Guides reflect minimum FICO of 700, loan qualified with FICO of 794. Years Self Employed Borrower has 38 years Self Employment

Acknowledged

192522975

34235846

a36c8b82-0159-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Missing ARR property report.

3/10/2020: report provided supporting original appraised value.

Cleared

192587927

34235839

8591f20b-b658-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing. Loan approved with PIW.

03/19/2020: Report received supporting original appraised value.

Cleared

192587927

34235839

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

192593578

34235841

642959b0-7a59-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing executed personal and business returns.

03/12/2020: Lender provided signed business returns. Condition cleared.

Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $X,XXX.XX in disposable income Years in Field Borrower has 6 years in Field Reserves are higher than guideline minimum UW Guides require 0.00 months reserves, loan qualified with 22.60 months reserves

Cleared

192593578

34235841

818115a0-f058-ea11-bfd5-f4e9d4a75ba2

2789

Credit

Missing Executed Business Returns

Self-employed consumers must provide the following information: signed, dated individual tax returns, with all applicable tax schedules for the most recent two years; for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules. Signed business returns not provided.

03/12/2020: Lender provided signed business returns. Condition cleared.

Cleared

192593578

34235841

ec5438d4-f058-ea11-bfd5-f4e9d4a75ba2

2788

Credit

Missing Executed Personal Tax Returns

Guidelines require 2 years signed and dated personal tax returns with all schedules. Signed returns not provided.

03/04/2020: Audit re-analyzed the loan file, and has determined that XXXX/XXXX Tax Transcripts were located on page 364 of the original loan file. Tax transcripts obtained directly from the IRS (prior to Note date) were used in lieu of signed tax return and are deemed acceptable. Condition rescinded.

Rescind

192593578

34235841

a084f184-7a59-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/19/2020: Report received supporting original appraised value.

Cleared

192593578

34235841

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

192622597

34235811

9e00663e-4bef-4fa2-b952-c7e46c84f3c8

3254

Compliance

Information required for CD 'Contact Information' section not completed, or completed in error

The final Closing Disclosure Contact Information section is incomplete. The State license ID of the Settlement Agent is missing. Provide re-disclosed CD and letter of explanation.

03/02/2020: Title agent license not required in MA. Condition Rescinded.

Rescind

192622597

34235811

58f42dda-b758-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

Cleared

192676816

34235801

28aefbd4-ae58-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $X,XXX,XXX.XX which is a 0% variance. Variance within acceptable tolerance. Condition Cleared.

Cleared

192699171

34235837

10fbd6c7-bce5-4ff5-9f61-e76683fbf914

3186

Compliance

Incorrect disclosure of DID SHOP Fee (Section C) & Recording Fee (Section E)

The final Closing Disclosure did not reflect any recording fees. Provide corrected CD and LOE to the Borrower.

03/04/2020: Lender provided LOE Title company does not charge a recording fee. Condition cleared.

CLTV is lower than guideline maximum UW guides maximum CLTV is 95%, loan qualified with CLTV of 56.79%. Reserves are higher than guideline minimum UW guides require 0 months reserves, loan qualified with 16.90 months reserves. Years in Field Borrower has been in the same field 10 years.

Cleared

192699171

34235837

f16ed325-a759-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to insufficient hazard insurance coverage.

03/11/2020: Updated binder provided. condition cleared.03/06/2020: Audit reviewed Lenders response, however; Please refer to Binder on page 884, coverage is $XXX.XX (Possibly a typo). Please provide updated coverage documentation with sufficient coverage to cover the rebuilt estimate of $XXX,XXX.XX. Condition remains.03/04/2020: Audit reviewed Lenders response, however; dwelling coverage on Binder is $XXX.XX. Please provide updated coverage documentation with sufficient coverage to cover the rebuilt estimate of $XXX,XXX.XX. Condition remains.

Cleared

192699171

34235837

3acf7ce7-6e59-ea11-bfd5-f4e9d4a75ba2

Credit

Hazard Insurance Shortfall

The hazard insurance policy in file reflected dwelling coverage of $XXX.XX. The loan amount is $XXX,XXX.XX which leaves a shortage of hazard insurance coverage for $XXX,XXX.XX . A cost estimator from the insurer was provided with rebuild cost of $XXX,XXX.XX. Additional conditions may apply.

03/05/2020: Sorry to be a pest but we cant get these file closed out with out your help ?? We asked for your insurance guidelines, per our insurance department the coverage for t his property is sufficient according to Freddie Mac. We XXXXXX guide or at least the feedback explaining why the reviewer is not considering the replacement cost? 03/11/2020: Updated binder provided. condition cleared.03/06/2020: Audit reviewed Lenders response, however; Please refer to Binder on page 884, coverage is $XXX.XX (Possibly a typo). Please provide updated coverage documentation with sufficient coverage to cover the rebuilt estimate of $XXX,XXX.XX. Condition remains.03/04/2020: Audit reviewed Lenders response, however; dwelling coverage on Binder is $XXX.XX. Please provide updated coverage documentation with sufficient coverage to cover the rebuilt estimate of $XXX,XXX.XXX. Condition remains.

Cleared

192699171

34235837

8f08ee36-6e59-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/12/2020: Report received supporting original appraised value.

Cleared

192712378

34235818

3394d07e-675a-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

No Mortgage Lates credit report (whichever is applicable) verifies 6 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 730 Disposable Income is higher than guideline minimum UW Guides require $X.XX In disposable income, loan qualified with $XXXXX.XX in disposable income

Cleared

192735746

34235810

09b074da-d758-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 21.22% FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 6 months reserves

Cleared

192761537

34235843

d73cc830-e458-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report in file verifies over 99 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 768 Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 9.70 months reserves

Cleared

192763264

34235819

ac67f6f6-a15c-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria of Temporary Qualified Mortgage due to incomplete VVOE.

03/06/2020: Lender provided VVOE. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 10.60 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 21.54% FICO is higher than guideline minimum UW Guides require FICO of 640, loan qualified with FICO of 801

Cleared

192763264

34235819

6c807bcd-a15c-ea11-bfd5-f4e9d4a75ba2

701

Credit

Failure to obtain Employment Verification

The lender must obtain a verbal verification to confirm borrowers employment within 10 calendar days prior to the note date • The lender must document conversation with the following; Name and title of the person who confirmed the employment for the lender, name and title of person who completed the verification for the employer, the date of the call, and the source of the phone number. The item required in the second bullet point was not provided. Missing the title of the lender's employee who documented verbal verification of employment for the borrower.

03/06/2020: Lender provided VVOE. Condition cleared.

Cleared

192763264

34235819

cf14a34f-d058-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

The ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

Cleared

192764987

34235774

421af0a9-a85c-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria of Temporary Qualified Mortgage due to incomplete VVOE.

03/06/2020: Lender provided VVOE. Condition cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 21.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 706, Years in Field Borrower has 7 years in Field

Cleared

192764987

34235774

f5e976bd-a85c-ea11-bfd5-f4e9d4a75ba2

701

Credit

Failure to obtain Employment Verification

The lender must obtain a verbal verification to confirm borrowers employment within 10 calendar days prior to the note date • The lender must document conversation with the following; Name and title of the person who confirmed the employment for the lender, name and title of person who completed the verification for the employer, the date of the call, and the source of the phone number. The item required in the second bullet point was not provided for the borrower. Missing the title of the lender's employee who documented verbal verification of employment for the Co-borrower.

03/06/2020: Lender provided VVOE. Condition cleared.

Cleared

192764987

34235774

3e9c60fe-8559-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

The ARR report was not provided.

03/12/2020: Report received supporting original appraised value.

Cleared

192765664

34235783

03db088a-fb58-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report in file verifies over 99 months payment history with no late payments reported FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 768 Years in Primary Residence Borrower has resided in subject for 13.58 years

Cleared

192766615

34235785

ad5cf4a8-e758-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

The ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 45.20 months reserves DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 30.49% FICO is higher than guideline minimum UW Guides require FICO of 620, loan qualified with FICO of 776

Cleared

192768909

33767896

c752b365-da5b-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to incomplete asset documentation.

03/04/2020: Lender provided additional bank statement. Condition cleared.

No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report verifies 40 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $XX,XXX.XX in disposable income Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 7.40 months reserves

Cleared

192768909

33767896

60499d56-f258-ea11-bfd5-f4e9d4a75ba2

Credit

Failure to obtain Asset Documentation

The AUS required depository assets to be documented with a verification of deposit or bank statements covering a two-month period. The loan file contains one month bank statement, required second month missing.

03/04/2020: Lender provided additional bank statement. Condition cleared.

Cleared

192768909

33767896

b071554f-f258-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing. Loan approved with PIW.

03/19/2020: Report received supporting original appraised value.

Cleared

192768909

33767896

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

192771969

34235825

cf6ecfb1-a358-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

Cleared

192773585

34153231

cbb91276-ba58-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided. Loan was approved Property Inspection Waiver.

03/19/2020: Report received supporting original appraised value.

Cleared

192773585

34153231

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

192774688

34235804

bd65c0d3-af42-4463-bbf7-641f1a3f4fe5

3217

Compliance

CD Document does not match actual calculated values for Estimated Escrow

The final Closing Disclosure does not match actual calculated values for Estimated Escrow in the Projected Payments section. The borrower is escrowing for taxes and insurance and the calculated escrow payment should be $XXX.XX. The lender used the incorrect amount of $XX.XX for the hazard insurance vs. the actual amount of $XX.XX. Provide corrected CD, letter of explanation, proof of delivery and re-open rescission, if applicable.

03/09/2020: Lender provided LOE, proof of delivery and PCCD with Estimated Taxes, Insurance and Assessments updated. Non-material per SFIG guidance, loan will be graded a B for all agencies. Condition downgraded.

Acknowledged

192774688

34235804

3c68acf1-4701-4c04-88fc-13a528cc1980

3218

Compliance

CD Document does not match actual calculated values for Estimated Total Monthly Payment

The final Closing Disclosure does not match actual calculated values for Estimated Total Monthly Payment. The CD shows the payment amount as:Years 1-30 $X,XXX.XX, the calculated payment amount is Years: 1 - 30 Years: $X,XXX.XX. The lender used the incorrect amount of $XX.XX for the hazard insurance vs. the actual amount of $XX.XX. Provide corrected CD, letter of explanation, proof of delivery and re-open rescission, if applicable.

Acknowledged

192774688

34235804

1fd64d6e-3d38-422a-80c9-f0ea165b2b9e

3295

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $XXX.XX a month vs. the calculated value of $XXX.XX a month. The lender used the incorrect amount of $XX.XX for the hazard insurance vs. the actual amount of $XX.XX. (IN ESCROW) Provide corrected CD, letter of explanation, proof of delivery and re-open rescission, if applicable.

Acknowledged

192774688

34235804

3969e99e-1a1d-4729-8997-efa20d448624

3250

Compliance

Information required for CD 'Loan Disclosures' section not completed, or completed in error

The final Closing Disclosure was completed in error for) required data under the Loan Disclosures section for the field titled Escrow Account. The CD reflects Monthly Escrow Payment of $XXX.XX and Escrowed Property Costs over Year of $X,XXX.XX vs. actual amounts of $XXX.XX and $XXX.XX, respectively. The lender used the incorrect amount of $XX.XX for the hazard insurance vs. the actual amount of $XX.XX. Provide re-disclosed CD and letter of explanation.

Acknowledged

192774688

34235804

c8aab2ce-6559-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

Cleared

192775710

34235805

49a7365f-6c59-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 5.70 months reserves FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 744. Current Mortgage Payment is lower than previous payment Refinance reduces payment by $XXX.XX.

Cleared

192776429

34153299

e2229b58-715b-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing evidence of taxes and HOA for other property owned.

03/06/2020: Audit reviewed Lenders response. Condition rescinded.03/04/2020: Lender provided verification of taxes and business bank statement; however, unable to determine HOA fees for REO #1 from bank statement. Condition remains.

Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 16.40 months reserves FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 764. Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $XX,XXX.XX in disposable income

Rescind

192776429

34153299

19336026-2c5a-ea11-bfd5-f4e9d4a75ba2

1689

Credit

Missing Evidence of HOA Fees

Missing evidence of HOA dues for REO property #1 on the final loan application.

03/06/2020: Audit reviewed Lenders response. Condition rescinded.03/04/2020: Lender provided a bank statement for borrower's business; however, the HOA fee for property #1 could not be determined using the bank statements. Condition remains.

Rescind

192776429

34153299

2f12c13f-2d5a-ea11-bfd5-f4e9d4a75ba2

1688

Credit

Missing Evidence of Taxes and Insurance

Evidence of Taxes for REO property #X on the final application not provided. Mortgage statement did not provide a breakdown of escrowed amounts and a copy of the tax billing was not provided.

03/06/2020: Audit reviewed Lenders response. Condition rescinded.03/04/2020: Lender provided verification of insurance and audit confirmed taxes on mortgage statement which reflects taxes disbursed amount that verifies annual taxes and that escrows on mortgage statement are for taxes only. Condition cleared.

Rescind

192776429

34153299

cbb24446-c259-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing. Loan approved with PIW.

03/19/2020: Report received supporting original appraised value.

Cleared

192776429

34153299

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

192778172

34235813

cca4a6dc-b659-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR Report not provided in file.

03/19/2020: Report received supporting original appraised value.

LTV is lower than guideline maximum UW Guides reflect maximum 80% LTV, loan qualified with 73.54% LTV. DTI is lower than guideline maximum UW Guides reflect maximum DTI of 43%, loan qualified with DTI of 39.76%. FICO is higher than guideline minimum UW Guides reflect minimum FICO of 680, loan qualified with FICO of 793.

Cleared

192781029

34153406

b28532ab-3c93-48df-8f3c-4615e8446418

3169

Compliance

Borrower did not receive initial C.D. 3 days prior to consummation or did not acknowledge receipt of initial C.D. 3 days prior to consummation (Mailbox Rule)

Missing evidence of borrower receipt of Initial Closing Disclosure 3 business days prior to consummation. The initial Closing Disclosure is missing. No Cure.

03/04/2020: Lender provided Initial CD. Conditioned cleared.

Cleared

192781029

34153406

4feadd3d-803c-4b95-8025-9d76746b81e6

1665

Compliance

Missing Special Information Booklet / Home Loan Toolkit

Missing Home Loan Toolkit.

03/04/2020: Lender provided Home Loan Toolkit dated within 3 days of application date. Conditioned cleared.2/26/2020 : Finding deemed non-material, loan will be graded a B for all agencies.

Cleared

192781029

34153406

8e59c547-e558-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal Missing. Loan approved with PIW.

03/19/2020: Report received supporting original appraised value.

Cleared

192781029

34153406

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

192783072

34153451

3b2f34ac-b95c-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing income documentation

03/06/2020: Lender provided WVOE for co-borrower. Condition cleared.

Years on Job Co-Borrower has 18 years on job per VVOE Years in Field Borrower has 6 years in job field per VVOE/WVOI Current Mortgage Payment is lower than previous payment Refinance reduces payment by 348/mo

Cleared

192783072

34153451

9097254a-8859-ea11-bfd5-f4e9d4a75ba2

914

Credit

Missing income documentation

The Co-Borrower's income is required to be documented with paystubs and W2 or WVOE. The loan file contains only a employment letter. Copies of the Co-Borrower's paystub, W2 or WVOE are required to fulfill guidelines

03/06/2020: Lender provided WVOE for co-borrower. Condition cleared.

Cleared

192783072

34153451

5e0c06c4-7759-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided. Loan approved with PIW.

03/19/2020: Report received supporting original appraised value.

Cleared

192783072

34153451

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

202788986

34235828

930548a6-8159-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $X,XXX,XXX.XX which is a 0% variance. Variance within acceptable tolerance. Condition Cleared.

Cleared

202790659

34235789

3e11e527-8f59-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing. Loan approved with PIW.

03/19/2020: Report received supporting original appraised value.

Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $X,XXX.XX in disposable income Years on Job Borrower has 25 years on job No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months; credit report in file verifies over 99 months payment history with no late payments reported

Cleared

202790659

34235789

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

202790722

34235797

c63ec69c-ae58-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

A ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a 0% variance. Variance within acceptable tolerance. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 24.99% FICO is higher than guideline minimum UW Guides require FICO of 680 loan qualified with FICO of 790 Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $XX,XXX.XX in disposable income

Cleared

202791745

34235792

f227d7ce-c25c-ea11-bfd5-f4e9d4a75ba2

3296

Compliance

Closing Disclosure document error

The final Closing Disclosure reflects borrower paid Title fees in section H. Title Fees paid by the borrower are required to be disclosed in Section B or C. Provide a letter of explanation and re-disclosure of the correct information.

03/06/2020: Lender provided LOE proof of delivery and PCCD with title fees moved from section H to section C. Non-material per SFIG guidance, loan will be graded a B for all agencies. Condition downgraded.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 31.57% Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 24.70 months reserves FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 792

Acknowledged

202791745

34235792

81d8424d-b75c-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria of Temporary Qualified Mortgage due to incomplete VOE.

03/06/2020: Lender provided employees name and title that obtained the VOE information. Condition cleared.

Cleared

202791745

34235792

f7096d5e-b75c-ea11-bfd5-f4e9d4a75ba2

701

Credit

Failure to obtain Employment Verification

The lender must obtain a verification to confirm borrowers employment within 10 calendar days prior to the note date • The lender must document conversation with the following; Name and title of the person who confirmed the employment for the lender, name and title of person who completed the verification for the employer, the date of the call, and the source of the phone number. The item required in the second bullet point was not provided. Missing the title of the lender's employee who documented verification of employment for the borrower.

03/06/2020: Lender provided employees name and title that obtained the VOE information. Condition cleared.

Cleared

202791745

34235792

b335baae-8259-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided. Loan approved with PIW.

03/19/2020: Report received supporting original appraised value.

Cleared

202791745

34235792

Property

Appraisal Not Provided

An Appraisal for the subject property was not provided.

5/12/20: File contains an Approved/Eligible AUS that allows a PIW to be used in lieu of an appraisal. Property will be graded a B.

Acknowledged

202792680

34235790

afc24381-0b59-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Missing Appraisal Review.

03/12/2020: Report received supporting original appraised value.

Cleared

202801963

34235772

d956b151-625a-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Review Appraisal missing.

03/10/2020: An ARR was provided reflecting a value of $X,XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

Cleared

202802620

34235768

66f029ba-9659-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

A ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a X% variance. Variance within acceptable tolerance. Condition Cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 24.31% FICO is higher than guideline minimum UW Guides require FICO of 720, loan qualified with FICO of 804 Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $XX,XXX.XX in disposable income

Cleared

202811789

34235771

72d28a1a-695b-ea11-bfd5-f4e9d4a75ba2

2854

Compliance

Loan does not meet criteria for Temporary Qualified Mortgage

Loan does not meet criteria for Temporary Qualified Mortgage due to missing co-borrower income documentation.

03/06/2020: Lender provided income documentation for the co-borrower. Condition cleared.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 808 Reserves are higher than guideline minimum UW guides require 0 months reserves, loan qualified with 90.20 months reserves. Disposable Income is higher than guideline minimum UW guides require $X.XX in disposable income, loan qualified with $X,XXX.XX in disposable income.

Cleared

202811789

34235771

9ac47fba-7f59-ea11-bfd5-f4e9d4a75ba2

701

Credit

Failure to obtain Employment Verification

The Co-Borrower's income is required to be documented with the most recent 30 day YTD paystub and current year W2. The loan file does not contain any income documentation. File is missing all required income and employment documentation for the co-borrower.

03/06/2020: Lender provided income documentation for the co-borrower. Condition cleared.

Cleared

202811789

34235771

4a7eacb9-5f5b-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/10/2020: An ARR was provided reflecting a value of $XXX,XXX.XX which is a 0% variance. Variance within acceptable tolerance. Condition Cleared.

Cleared

1219364459

33607373

da78cf68-cd33-ea11-8f12-f4e9d4a75a52

Property

570 - Review Appraisal Missing

An AAR report was not provided.

01/27/2020: Report provided supporting original appraised value.

Cleared

1219459530

33607498

41a07452-34a7-4c5a-92f9-8dadf5fab3ff

3295

Compliance

Estimated Taxes, Insurance & Assessments on Closing Disclosure not reflected accurately

The final Closing Disclosure indicates the Estimated Taxes, Insurance and Assessments as $X,XXX.XX a month vs. the calculated value of $X,XXX.XX a month. The lender used the incorrect amount of $X,XXX.XX for the taxes vs. the actual amount of $X,XXX.XX. (NOT IN ESCROW) Provide re-disclosed CD and letter of explanation.

01/17/2020: Uploading revised CD, Lox & proof of delivery 01/22/2020: Lender provided LOE, Mailing Label and PCCD with Taxes, Insurance & Assessments updated. Non-material per SFIG guidance, loan will be graded a B for all agencies. Condition remains downgraded.1/10/2020: Non-material per SFIG guidance, loan will be graded a B for all agencies

Acknowledged

1219459530

33607498

b0850a01-fa33-ea11-8f12-f4e9d4a75a52

3284

Compliance

Missing corresponding C.O.C for most Recent L.E/C.D. in File

Missing corresponding COC for LE dated XX/XX/XXXX as the Interest Rate has increased from 3.00% to 3.569%. The file is missing evidence of a valid change of circumstance. No Cure - Missing Doc Not Provided.

A COC is not required to increase the note rate. Please escalate, thank you! 01/22/2020: Audit reviewed Lenders response. Condition rescinded.

Rescind

1219459530

33607498

40f3d8e1-6587-44af-8245-d8a3985b2b71

2852

Compliance

Points and Fees exceed Qualified Mortgage threshold

QM Points and Fees exceed threshold. $XX,XXX.XX > $XX,XXX.XX, the maximum Points and Fees permitted under QM, by $XXX.XX.

02/10/2020: We respectfully disagree. As shown on the attached QM worksheet, the par rate of 3.747% is within 1% of the APOR of 3.720% so therefore all of the discount points are considered bona fide as they are less than 2% and can be excluded from the QM Points & Fees test. Please see attachment.See pg 634 QM worksheet. You can exclude 2 bona fide discount points ($X,XXX.XX), therefore the total fee precentage is under 3%. This was included within the loan stack 04/06/2020: Copy of LOE to borrower with check and PCCD provided. Proof of delivery included. Condition cleared.
02/21/2020: Please provide your calculations used to determine the fees are not bonafide 02/19 The difference between the Par Rate 3.747% - the APOR 3.720% = 0.027% which allows to excluded up 2 bond fide discount points. 02/10/2020: We respectfully disagree. As shown on the attached QM worksheet, the par rate of 3.747% is within 1% of the APOR of 3.720% so therefore all of the discount points are considered bona fide as they are less than 2% and can be excluded from the QM Points & Fees test. Please see attachment.See pg 634 QM worksheet. You can exclude 2 bona fide discount points ($X,XXX.XX), therefore the total fee precentage is under 3%. This was included within the loan stack 02/28/2020: Audit reviewed lender response and the following is the audit calculation for Bona Fide Discount Points - Par Rate 3.747, APOR 3.720 for a variance of 0.027, Final Rate 3.569%, reduction in rate 0.18, Loan balance $XXX,XXX.XX and Discount Fee of $X,XXX.XX which is X.XX discount points. Reduction in Rate Per Discount Point Charged is 0.13303438 which is less than the 0.15 required to be a benefit to the borrower. Condition remains.02/24/2020: Audit reviewed lender response and the following is the audit calculation for Bona Fide Discount Points - Par Rate 3.747, APOR 3.720 for a variance of 0.027, Final Rate 3.569%, reduction in rate 0.18, Loan balance $XXX,XXX.XX and Discount Fee of $X,XXX.XX which is 1.34 discount points. Reduction in Rate Per Discount Point Charged is 0.13303438 which is less than the 0.15 required to be a benefit to the borrower. Condition remains.02/20/2020: Audit reviewed lender response and has determined the points are fees do not pass the test for benefit to the borrower; therefore, can not be considered bona fide. Condition remains.02/11/2020: Audit reviewed Lenders response, however; the discount points do not pass bona fide discount points test. Condition remains 01/22/2020: Audit reviewed Lenders response, however; the discount points amount of $X,XXX.XX does not pass bona fide discount points test. Condition remains.

Acknowledged

1219459530

33607498

24d84fec-f833-ea11-8f12-f4e9d4a75a52

Property

570 - Review Appraisal Missing

A ARR report was not provided.

01/27/2020: Report provided supporting original appraised value.

Cleared

20361910680755

33149949

2530e989-2033-ea11-8f12-f4e9d4a75a52

2813

Compliance

Missing Changed Circumstance form

Missing corresponding COC for CD dated XX/XX/XXXX as the Loan Amount has changed from $XXXXXX to $XXXXXX. The file is missing evidence of a valid change of circumstance. No Cure - Missing Doc Not Provided.

01/22/2020: Audit reviewed Lenders response and documentation, however; Loan amount decreased on CD dated XX/XX/XXXX, rate increased and discount points increased. No valid COC. Please provide all Rate locks and documents for valid COC for points increasing. Additional conditions may apply. Condition remains.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 769 Years Self Employed Borrower has 15 years self employed DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 30.95%

Acknowledged

20361910680755

33149949

f8bf2ae0-c133-ea11-8f12-f4e9d4a75a52

992

Credit

Invalid AUS

Invalid AUS due to DU Recommendation is Approve/Ineligible.

2/20/2020: Loan reviewed to Jumbo G/L's. AUS ineligible due to loan amount only. Finding Rescinded.

Rescind

20361910680755

33149949

0010bf7b-1f33-ea11-8f12-f4e9d4a75a52

915

Credit

Missing asset documentation

Missing assets as listed on the application and required per AUS Item #26.

02/19/2020: Audit reviewed Lender's response, Lender provided the missing asset documents. Condition cleared.

Cleared

20361910680755

33149949

79d3ed2b-1f33-ea11-8f12-f4e9d4a75a52

914

Credit

Missing income documentation

Missing personal tax returns; required by AUS Item #13. Missing business tax returns; required by AUS Item #13.

02/19/2020: Audit reviewed Lender's response, Lender provided the personal business tax returns. Condition cleared.

Cleared

20361910680755

33149949

125dd9ef-2033-ea11-8f12-f4e9d4a75a52

Property

570 - Review Appraisal Missing

Missing a CDA report

1/15/2020: report provided supporting original appraised value.

Cleared

25111906604994

33901597

f1878989-4f46-49c1-b68e-2c048dc13a25

3257

Compliance

Acknowledgement by all parties with a vested interest not documented

For rescindable transactions, each issuance of the Closing Disclosure should be provided separately to each consumer who has the right to rescind. Missing evidence that all Closing Disclosures prior to consummation were provided to the non-borrowing spouse.

02/12/2020: Audit reviewed lender response and has determined acknowledgment by all vested parties is not applicable for SFIG. Condition rescinded.

FICO is higher than guideline minimum UW Guides require FICO of 680, loan qualified with FICO of 765 Reserves are higher than guideline minimum UW Guides require 12 months reserves, loan qualified with 236.40 months reserves General Comp Factor 1 Rental income for investment property not used for qualification

Rescind

25111906604994

33901597

41ad9cc3-fb48-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

02/18/2020: report provided supporting original appraised value.

Cleared

37301909666208

33437080

1bc78fc3-660c-4ddd-b189-4f99aeaecd4b

3175

Compliance

Origination Charges - Section A on C.D. exceeds L.E. Fee (0% Variance) - not supported by C.O.C

The Origination Charges in Section A are subject to 0% variance. LE dated XX/XX/XXXX did not reflect a Verification with no resulting COC for any subsequent disclosures. Final CD reflects a Verification Fee of $XX.XX for a variance/refund required of $XX.XX. Provide corrected CD, evidence of Refund to the Borrower, letter of explanation and proof of delivery to the Borrower.

02/19/2020: Audit reviewed Lender's response, Lender provided the Post Closing CD, Letter of explanation, refund to cure and the proof of delivery to the borrower. Condition downgraded.

Disposable Income is higher than guideline minimum UW Guides require $X in disposable income, loan qualified with $X,XXX.XX in disposable income Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 777.70 months reserves. Full Documentation Loan is a Full Documentation loan.

Acknowledged

37301909666208

33437080

e31b2458-3649-ea11-bfd5-f4e9d4a75ba2

701

Credit

Failure to obtain Employment Verification

Verification of the borrower’s business must be obtained within 120 calendar days prior to the note date via the following a third party verification, such as a CPA letter, VOE with the CPA or regulatory agency/applicable licensing bureau. Missing verification of the borrower's business.

02/20/2020: Document provided. Condition cleared.02/20/2020: Audit reviewed Lender's response, Lender provided the Business license verifying the borrower's business, However additional information is required need to verify the Lender's employee name and title that completed the verification of the business. Condition remains.02/19/2020: Audit reviewed Lender's response, Lender advised borrower's income is from retirement and dividend income, however Schedule X income was used so a VOB is required. Condition remains.

Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $X,XXX.XX in disposable income Reserves are higher than guideline minimum UW Guides require 6 months reserves, loan qualified with 777.70 months reserves. Full Documentation Loan is a Full Documentation loan.

Cleared

37301909666208

33437080

b2bade1c-3549-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

02/18/2020: report provided supporting original appraised value.

Cleared

37331905568280

34251914

1c6353d9-4e61-45f5-b497-a524dc5cfcd0

1665

Compliance

Missing Special Information Booklet / Home Loan Toolkit

Missing Home Loan Toolkit.

03/11/2020: Lender provided evidence borrower received the Home Loan Toolkit within 3 days of application date. Condition cleared.03/09/2020: Audit reviewed Lenders response, however; document received does not disclose borrower information. Please provide tracking details with verification when the Home Loan Toolkit was sent. Condition remains.

Cleared

37331905568280

34251914

b32ef178-6c59-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/11/2020: Proteck report reflecting a value $XXX,XXX.XX which is a X.XX% variance, was provided. Variance within acceptable tolerance. Condition Cleared.

Cleared

40161911714649

33816661

cd4d3f13-a80b-4491-b14c-23fbd49d3e1a

2853

Compliance

Loan does not meet criteria for Qualified Mortgage

Loan does not meet criteria for Qualified Mortgage due to missing executed XXXX business tax returns.

02/19/2020: Audit reviewed Lender's response, Lender provided the missing signed XXXX business returns. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 47.50% Disposable Income is higher than guideline minimum UW Guides require $X in disposable income, loan qualified with $XX,XXX.XX in disposable income. Reserves are higher than guideline minimum UW Guides require 12 months reserves, loan qualified with 83.1 months reserves.

Cleared

40161911714649

33816661

aa10e966-0849-ea11-bfd5-f4e9d4a75ba2

Credit

Failure to obtain Title

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

02/19/2020: Audit reviewed Lender's response, Lender provided the Title report for the subject property. Condition cleared.

Cleared

40161911714649

33816661

b36d11e8-0949-ea11-bfd5-f4e9d4a75ba2

2789

Credit

Missing Executed Business Returns

Per Appendix Q, Self-employed consumers must provide the following information: signed, dated individual tax returns, with all applicable tax schedules for the most recent two years; for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet. File is missing a signed copy of the XXXX business tax returns. A copy of the borrower's signed XXXX business tax returns is required in order for the loan to be classified as a Qualified Mortgage.

02/19/2020: Audit reviewed Lender's response, Lender provided the missing signed XXXX business returns. Condition cleared.

CLTV is lower than guideline maximum UW Guides maximum CLTV of 80%, loan qualified with CLTV of 47.50% Disposable Income is higher than guideline minimum UW Guides require $X in disposable income, loan qualified with $XX,XXX.XXin disposable income. Reserves are higher than guideline minimum UW Guides require 12 months reserves, loan qualified with 83.1 months reserves.

Cleared

40161911714649

33816661

e02bbf1f-0749-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

02/18/2020: report provided supporting original appraised value.

Cleared

40561906602487

33603698

071e7600-974a-ea11-bfd5-f4e9d4a75ba2

2853

Compliance

Loan does not meet criteria for Qualified Mortgage

Loan does not meet criteria for Qualified Mortgage due to missing 2 years of signed tax returns with all schedules.

02/19/2020: Audit reviewed Lender's response, AUS did not require signed tax returns. Condition cleared.

DTI is lower than guideline maximum UW Guides maximum DTI of 43%, loan qualified with DTI of 41.54% FICO is higher than guideline minimum UW Guides require FICO of 740, loan qualified with FICO of 746 Reserves are higher than guideline minimum UW Guides require 12 months reserves, loan qualified with 25.90 months reserves

Cleared

40561906602487

33603698

c0c0fc7b-964a-ea11-bfd5-f4e9d4a75ba2

914

Credit

Missing income documentation

Per Appendix Q, Self-employed consumers must provide the following information: signed, dated individual tax returns, with all applicable tax schedules for the most recent two years; for a corporation, “S” corporation, or partnership, signed copies of Federal business income tax returns for the last two years, with all applicable tax schedules and year to date profit and loss (P&L) statement and balance sheet. File is missing signed copies of income tax returns for the last two years.

02/19/2020: Audit reviewed Lender's response, AUS did not required signed tax returns. Condition cleared.

Cleared

40561906602487

33603698

ef58a6c3-8a4a-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

ARR was not provided.

02/18/2020: report provided supporting original appraised value.

Cleared

40782001760109

34314492

2c63cc89-cd58-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

An ARR report was not provided.

03/11/2020: Report provided supporting original appraised value.

Cleared

43061909675739

34251916

70d401ce-8259-ea11-bfd5-f4e9d4a75ba2

3296

Compliance

Closing Disclosure document error

The Lender credit disclosed in Section L of the Post Closing Disclosure should be reflected in the Paid by Others column in Section G, or Section J of the Borrower’s final Closing Disclosure. Provide a letter of explanation and re-disclosure of the correct information.

03/12/2020: Proof of delivery received. Condition acknowledged. 03/11/2020: Audit reviewed Lenders response, however; Proof of delivery was not received. Condition remains.

DTI is lower than guideline maximum uw guides require a max DTI of 43% loan qualified with a DTI of 41.94% FICO is higher than guideline minimum uw guide require a min Fico of 680 loan qualified with a FICO of 798 LTV is lower than guideline maximum uw guides require a max LTV of 80% loan qualified with a LTV of 75%

Acknowledged

43061909675739

34251916

15503948-d011-4d98-a5c1-0c7eb48ecce1

1608

Compliance

Loan Late Charge Parameters Exceeds State Thresholds

03/12/2020: Explanation of AL state limitations on late charges provide to borrower. Condition cleared. 03/11/2020: Audit reviewed the finding, and has determined that it appears the issue is the grace period on the loan and AL has late charge parameters that allow for 5% of the amount prepaid up to a maximum late charge of $XXX.XX. For consumer credit transactions subject to the Mini-Code,[1] when a payment is past due 10 days or more, the lender can collect a late charge up to 5% of the amount unpaid, or $XX on each late payment, whichever is greater, up to a maximum late charge of $XXX.XX Only one late charge is allowed for any late payment. [Ala. Code § 5-19-4(a).] The loan in question contains a late charge of 5% with no indication or language in the note capping at $XXX.XX or reference to the requirements of Ala. Code 5-19-4(a). Based on the payment amount of $X,XXX.XX x 5% = $XXX.XX which exceeds the maximum allowable late charge of $XXX.XX. A unilateral letter to the borrower (i.e., the letter does not need to be signed by the borrower) stating that it will not charge in excess of the Alabama limitations and with evidence of refund of any past overages is required. Note: Proof of delivery is required. Condition remains

Cleared

43061909675739

34251916

94349afa-e079-47e9-a4e1-934ee0194bf2

1672

Compliance

Missing Initial Escrow Account Disclosure

03/12/2020: Finding deemed non-material, loan will be graded a B for all agencies. 03/11/2020: Audit reviewed Lenders response, however; Initial Escrow Account Disclosure is not signed and dated. Condition remains.

Acknowledged

43061909675739

34251916

76aabdc5-8259-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Missing Review Appraisal Missing

3/11/2020: Report provided supporting original appraised value.

Cleared

46071911719598

34251913

90531655-f7bf-49b7-b611-0e46a325ff0f

3278

Compliance

Funding occurred before RTC Expiration Date

Right to Cancel provided in the loan file reflects a transaction date of XX/XX/XXXX with an expiration date of XX/XX/XXXX. The loan disbursed on XX/XX/XXXX not giving the Borrower a full 3 days rescission. TILA 130(b) - within 60 days of discovery. Provide corrected CD, letter of explanation, proof of delivery and re-open rescission, if applicable.

03/09/2020: Lender provided Funding CD with disbursement date updated. Condition cleared.

Years on Job Borrower has 7 years on job Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 4.4 months reserves Disposable Income is higher than guideline minimum UW Guides require $X.XX In disposable income, loan qualified with $XX,XXX.XX in disposable income

Cleared

46071911719598

34251913

80c21155-8a59-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Third party valuation is missing.

03/11/2020: Report provided supporting original appraised value.

Years on Job Borrower has 7 years on job Reserves are higher than guideline minimum UW Guides require 0 months reserves, loan qualified with 4.4 months reserves Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $XX,XXX.XX in disposable income

Cleared

48101908649921

34251911

e9b30084-9659-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Third party valuation not provided.

03/11/2020: Report provided supporting original appraised value.

Cleared

50041910685722

34314491

793c6548-2b5a-ea11-bfd5-f4e9d4a75ba2

3228

Compliance

Missing Loan Estimate / LE Not in File

The LE's dated XX/XX/XXXX and XX/XX/XXXX are missing from the loan file, and required to determine pricing change from rate lock extensions. No Cure

3/12/2020: Documents provided. Condition cleared

FICO is higher than guideline minimum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.73% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months;credit report verifies 59 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $X in disposable income, loan qualified with $X,XXX.XX in disposable income

Cleared

50041910685722

34314491

89e3e700-d859-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

Missing the Appraisal Risk Review.

03/11/2020: Report provided supporting original appraised value.

FICO is higher than guideline minimum UW Guides maximum DTI of 43%, loan qualified with DTI of 35.73% No Mortgage Lates UW Guides require 0 x 30 days late in the most recent 12 months;credit report verifies 59 months payment history with no late payments reported Disposable Income is higher than guideline minimum UW Guides require $X.XX in disposable income, loan qualified with $X,XXX.XX in disposable income

Cleared

56061910695267

33876782

827c9820-ed48-ea11-bfd5-f4e9d4a75ba2

3326

Compliance

Missing E Consent Disclosure

Missing the Borrower's Consent to Receive Communications Electronically. Provide E Consent disclosure for the borrower. No Cure.

02/19/2020: Lender provided eConsent. Condition cleared.02/06/2020: This finding is deemed non-material and will be rated a B.

FICO is higher than guideline minimum UW Guides require FICO of 660, loan qualified with FICO of 778. Reserves are higher than guideline minimum UW Guides require 3 months reserves, loan qualified with 27.50 months reserves Years Self Employed Borrower has 13 years self employment.

Cleared

56061910695267

33876782

bff8c0a4-fc48-ea11-bfd5-f4e9d4a75ba2

Credit

Failure to obtain 3rd party verification of employment

Verification of the borrower’s business #2 listed on final 1003 must be obtained within 30 calendar days prior to the note date via the following a third party verification, such as a CPA letter, VOE with the CPA or regulatory agency/applicable licensing bureau.

02/20/2020: Accepted by investor. XXXX income is a passthrough. There is no verification required. 02/20/2020: Audit reviewed lenders response, however; Please refer to item 5C on AUS and please provide third party verification, such as a CPA letter, VOE with the CPA or regulatory agency/applicable licensing bureau. Condition remains.

Acknowledged

56061910695267

33876782

4ee61790-8c48-ea11-bfd5-f4e9d4a75ba2

1684

Credit

Missing Third Party Fraud Tool (Report)

The file is missing a third party fraud report. Please provide an industry standard fraud tool along with any supporting document based on fraud report findings. Please provide Fraud Report with OFAC search. Additional conditions may apply.

2/20/2020: document provided

Cleared

56061910695267

33876782

f406fab1-8c48-ea11-bfd5-f4e9d4a75ba2

Property

570 - Review Appraisal Missing

ARR report was not provided.

02/18/2020: report provided supporting original appraised value.

Cleared