Exhibit 99.39
| TPR Firm: |
Report Date: | 5/7/2025 | ||
| Client Name: | Ellington Management Group | Report: | Exception Report | |
| Deal Name: | EFMT 2025-NQM2 | Loans in report: | 1 | |
| Incenter Loan ID | Client Loan ID | Seller Loan ID | Investor Loan ID | Overall Initial Loan Grade | Overall Final Loan Grade | Credit Initial Loan Grade | Credit Current/Final Loan Grade | Compliance Initial Loan Grade | Compliance Current/Final Loan Grade | Property Initial Loan Grade | Property Current/Final Loan Grade | Queue | Finding Code | Date Created | Date Modified | Finding Status | Event Level | Initial Finding Grade | Current/Final Finding Grade | Finding Category | Finding Sub Category | Finding Name | Finding Comments | Seller Comments | Resolution Comments | Reviewer Comp Factor | Originator Comp Factors | Finding Documents | Originator QM Status | Final Reviewed QM Status | Loan Amount | Property State | Occupancy | Loan Purpose | Refinance Purpose | Acknowledged / WaivedBy | Waiver in File? |
| XXX | 1975366 | XXX | D | B | C | B | D | A | A | A | Closed | FCRE1193 | 2025-01-17 12:58 | 2025-02-21 15:57 | Acknowledged | 2 - Non-Material | C | B | Credit | Eligibility | Audited DTI Exceeds Guideline DTI | Acknowledged-Upon additional review, Client elects to waive with Comp Factors. - Due Diligence Vendor-02/21/2025 Ready for Review-Document Uploaded. exception - Seller-02/21/2025 Open-Recalculated total obligations $XXX / recalculated earnings of $XXX = XXX% DTI. Recalculated total obligations: $XXX (subject PI) + XXX (tax) + $XXX (hazard) + XXX (HOA); Departing residence loss $XXX; Consumer $XXX. Total obligations $XXX. - Due Diligence Vendor-01/17/2025 Open-Audited DTI of XXX% exceeds Guideline DTI of 45% - Due Diligence Vendor-01/17/2025 |
Ready for Review-Document Uploaded. exception - Seller-02/21/2025 |
Acknowledged-Upon additional review, Client elects to waive with Comp Factors. - Due Diligence Vendor-02/21/2025 |
Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 720 | 1) FICO of XXX is greater than 720 minimum | Exception Approval - Cutler.pdf | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | XXX | Primary Residence | Purchase | NA | Originator Post-Close | Yes | |
| XXX | 1975366 | XXX | D | B | C | B | D | A | A | A | Closed | FCOM1266 | 2025-01-15 14:04 | 2025-02-03 08:37 | Resolved | 1 - Information | D | A | Compliance | Missing Doc | Homeownership Counseling Disclosure Is Missing | Resolved-Received Homeownership Counseling Notice dated XXX. - Due Diligence Vendor-02/03/2025 Ready for Review-Document Uploaded. Homeownership Counseling Disclosure - Seller-02/01/2025 Open-Homeownership Counseling Disclosure Is Missing - Due Diligence Vendor-01/15/2025 |
Ready for Review-Document Uploaded. Homeownership Counseling Disclosure - Seller-02/01/2025 |
Resolved-Received Homeownership Counseling Notice dated XXX. - Due Diligence Vendor-02/03/2025 |
Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 720 | HOME COUNSELLING LIST.pdf | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | XXX | Primary Residence | Purchase | NA | N/A | N/A | ||
| XXX | 1975366 | XXX | D | B | C | B | D | A | A | A | Closed | FCRE1148 | 2025-01-15 16:44 | 2025-01-29 10:18 | Resolved | 1 - Information | C | A | Credit | Title | Title Coverage is Less than Subject Lien(s) Total | Resolved-Received title policy reflecting correct title coverage and mortgagee. - Due Diligence Vendor-01/29/2025 Ready for Review-Document Uploaded. Title Policy for $XXX coverage - Seller-01/28/2025 Open-Title Coverage Amount of $XXX is Less than Total Amount of Subject Lien(s) of $XXX Missing title supplement to show lender's title insurance coverage. - Due Diligence Vendor-01/16/2025 |
Ready for Review-Document Uploaded. Title Policy for $XXX coverage - Seller-01/28/2025 |
Resolved-Received title policy reflecting correct title coverage and mortgagee. - Due Diligence Vendor-01/29/2025 |
Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 720 | Title Policy.pdf | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | XXX | Primary Residence | Purchase | NA | N/A | N/A | ||
| XXX | 1975366 | XXX | D | B | C | B | D | A | A | A | Closed | FCRE1198 | 2025-01-16 18:30 | 2025-01-17 13:00 | Resolved | 1 - Information | C | A | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Resolved-Guideline clarification/matrix received. Reserves meet 6 month requirement. - Due Diligence Vendor-01/17/2025 Resolved-Audited Reserves of XXX month(s) are greater than or equal to Guideline Required Reserves of 6 month(s) - Due Diligence Vendor-01/17/2025 Open-Audited Reserves of XXX month(s) are less than Guideline Required Reserves of 851500000 month(s) - Due Diligence Vendor-01/16/2025 |
Resolved-Guideline clarification/matrix received. Reserves meet 6 month requirement. - Due Diligence Vendor-01/17/2025 Resolved-Audited Reserves of XXX month(s) are greater than or equal to Guideline Required Reserves of 6 month(s) - Due Diligence Vendor-01/17/2025 |
Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 720 | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | XXX | Primary Residence | Purchase | NA | N/A | N/A | ||||
| XXX | 1975366 | XXX | D | B | C | B | D | A | A | A | Closed | FCRE1194 | 2025-01-16 18:30 | 2025-01-17 12:59 | Resolved | 1 - Information | C | A | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Resolved-Guideline clarification/matrix received. LTV within guideline maximum. - Due Diligence Vendor-01/17/2025 Resolved-Audited LTV of XXX% is less than or equal to Guideline LTV of 90% - Due Diligence Vendor-01/17/2025 Open-Audited LTV of XXX% exceeds Guideline LTV of 85% Calculated LTV of XXX% based on purchase rice of $XXX versus Note of $XXX and exceeds Expanded Prime guideline maximum of 85.00% - Due Diligence Vendor-01/17/2025 |
Resolved-Guideline clarification/matrix received. LTV within guideline maximum. - Due Diligence Vendor-01/17/2025 Resolved-Audited LTV of XXX% is less than or equal to Guideline LTV of 90% - Due Diligence Vendor-01/17/2025 |
Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 720 | Non-QM: Lender documented all ATR UW factors | Non-QM: Lender documented all ATR UW factors | XXX | XXX | Primary Residence | Purchase | NA | N/A | N/A |