Exhibit 99.12 Schedule 1
Rating Agency Exceptions Report: 4/22/2025
| 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 |
| XXXXXXXX | 1024805 | NY | Purchase | Owner Occupied | Co Op | 5.12 | 787 | 75.00 % | XXXXXXXX | 281371 | Credit | Title Commitment | Provide the title policy for the property in the loan file. |
04/18/24: Documentation provided to cure. | Cleared Exception | C | C | C | C | A | A | A | A | 1 | ||
| XXXXXXXX | 1024805 | NY | Purchase | Owner Occupied | Co Op | 5.12 | 787 | 75.00 % | XXXXXXXX | 281372 | Credit | Warranty Deed / Quit Claim Deed | Provide the Warranty/ Grant Deed for the loan file. | 04/18/24: Documentation provided to cure. | Cleared Exception | C | C | C | C | A | A | A | A | 1 | ||
| XXXXXXXX | 1024805 | NY | Purchase | Owner Occupied | Co Op | 5.12 | 787 | 75.00 % | XXXXXXXX | 281400 | Compliance | Other | Missing the Initial LE. | 4/19/2024: Verify the application date as the loan officer signed the application on XXXX 4/25/2024: Document provided to cure |
Cleared Exception | C | C | C | C | A | A | A | A | 1 | ||
| XXXXXXXX | 1024805 | NY | Purchase | Owner Occupied | Co Op | 5.12 | 787 | 75.00 % | XXXXXXXX | 281401 | Credit | Title | Provide evidence of the property taxes, per agreement borrower is responsible for XXXX of the annual tax amount for the project. | 04/18/24: Documentation provided to cure. | Cleared Exception | C | C | C | C | A | A | A | A | 1 | ||
| XXXXXXXX | 1024805 | NY | Purchase | Owner Occupied | Co Op | 5.12 | 787 | 75.00 % | XXXXXXXX | 281402 | Credit | AUS/Loan Approval | Per lock the loan was underwritten to the XXXX program; the AUS findings are missing from the loan file. | 04/18/24: Documentation provided to cure. | Cleared Exception | C | C | C | C | A | A | A | A | 1 | ||
| 1 | ||||||||||||||||||||||||||
| XXXXXXXX | 1024839 | IL | Refi - Cash Out | Non-Owner Occupied | Three-Unit Property | 0 | 1.1947 | 729 | 75.00 % | XXXXXXXX | A | A | A | A | ||||||||||||
| XXXXXXXX | 1024804 | VA | Refi - Cash Out | Non-Owner Occupied | Two-Unit Property | 0 | 1.4306 | 720 | 70.00 % | XXXXXXXX | A | A | A | A | ||||||||||||
| 2 | ||||||||||||||||||||||||||