Exhibit 99.3
Exception Grades
Run Date - 6/2/2025 9:58:40 AM
| SitusAMC Loan ID | Customer Loan ID | Seller Loan ID | Investor Loan Number | Loan Exception ID | Exception ID | Exception Date | Exception Type | Exception Category | Exception Subcategory | 15E Category | Exception | Exception Detail | Exception Information | Compensating Factors | Compensating Factor Information | Applying Party | Follow-up Comments | Cleared Date | Cured Date | Waived Date | Exception Level Grade | DBRS Initial Exception Rating | DBRS Final Exception Rating | Fitch Initial Exception Rating | Fitch Final Exception Rating | Kroll Initial Exception Rating | Kroll Final Exception Rating | Moody's Initial Exception Rating | Moody's Final Exception Rating | S&P Initial Exception Rating | S&P Final Exception Rating | Note Date | Property State | Occupancy | Purpose | Exception Remediation | Overall Initial Loan Grade |
Overall Final Loan Grade |
Credit Initial Loan Grade |
Credit Final Loan Grade |
Compliance Initial Loan Grade |
Compliance Final Loan Grade |
Property Initial Loan Grade |
Property Final Loan Grade |
Originator QM ATR Status | TPR QM ATR Status | Is Curable |
| 223007340 | 3158548376 | 33038488 | Compliance | Compliance | Federal Compliance | TRID | ECOA Appraisal Disclosure - ECOA Timing | ECOA - File does not evidence the consumer was provided with the right to receive a copy of the Appraisal Disclosure within 3 days of the loan application date. | Waterfall condition for Initial Loan Estimate was issued on [Redacted], which was more than three (3) business days after the application date of [Redacted]. | Reviewer Comment (2025-03-17): proof of application date received Buyer Comment (2025-03-17): Please review confirmation Appraisal delivery attached |
03/17/2025 | 1 | B | A | B | A | B | A | B | A | B | A | TX | Primary | Purchase | C | B | C | B | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 223007340 | 3158548376 | 33038489 | Compliance | Compliance | Federal Compliance | RESPA | RESPA Disclosure - List of Homeownership Counseling Organizations Not Provided Within 3 Business Days of Application | RESPA Disclosure Rule (Dodd-Frank 2014): List of Homeownership Counseling Organizations not provided to applicant within three (3) business days of application. | Waterfall condition for Initial Loan Estimate was issued on [Redacted], which was more than three (3) business days after the application date of [Redacted]. | Reviewer Comment (2025-03-17): proof of application date received Buyer Comment (2025-03-17): Please review Funding Request form **Application Date [Redacted]** , Homeownership form attached |
03/17/2025 | 1 | B | A | B | A | B | A | B | A | B | A | TX | Primary | Purchase | C | B | C | B | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 223007340 | 3158548376 | 33038490 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Loan Estimate Timing Electronically Provided | TILA-RESPA Integrated Disclosure: Loan Estimate not delivered or placed in the mail to Borrower(s) within three (3) business days of application. | Initial Loan Estimate was issued on [Redacted], which was more than three (3) business days after the application date of [Redacted]. The property was not identified on [Redacted]; however, no documentation was provided to evidence the date of receipt of the required data to trigger the creation of the LE. | Reviewer Comment (2025-03-17): proof of application date received Buyer Comment (2025-03-17): Loan Estimates attached Buyer Comment (2025-03-17): Funding Form application date [Redacted] |
03/17/2025 | 1 | C | A | C | A | C | A | C | A | C | A | TX | Primary | Purchase | C | B | C | B | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 223007340 | 3158548376 | 33038573 | Credit | Hazard Insurance | Insufficient Coverage | Hazard Insurance | The Hazard Insurance Policy Effective Date is after closing. | Hazard Insurance Policy Effective Date ___, Disbursement Date: ___ | The homeowner's insurance declarations page in the file verified an effective date of [Redacted] which is after the disbursement date of [Redacted]. | Borrower has been employed in the same industry for more than [redacted] years. Borrower has verified disposable income of at least $[redacted]. Borrower has worked in the same position for more than [redacted] years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. Borrowers made a down payment from their own funds on this purchase transaction of at least [redacted]% and $[redacted]. The Combined Loan to Value (CLTV) on the loan is less than the guideline maximum by at least [redacted]%. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least [redacted]%. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
SitusAMC SitusAMC SitusAMC SitusAMC SitusAMC SitusAMC SitusAMC SitusAMC |
Reviewer Comment (2025-04-08): client has provided mitigating circumstances to downgrade this finding. Buyer Comment (2025-04-08): Please review HOI- insurance policy changed however both agents confirmed no claims filed. |
04/08/2025 | 2 | C | B | C | B | C | B | C | B | C | B | TX | Primary | Purchase | C | B | C | B | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||
| 223152913 | 3158548370 | 33145409 | Compliance | Compliance | Federal Compliance | RESPA | RESPA Disclosure - Missing Signature on Affiliated Business Arrangement Disclosure | RESPA Disclosure Rule: Creditor did not obtain signature on Affiliated Business Arrangement Disclosure. | Document is not signed by the borrowers. | Reviewer Comment (2025-04-02): proof of delivery and signature received Buyer Comment (2025-04-02): Do not concur - Please review IEADS that was in file at time of review with signature page |
04/02/2025 | 1 | B | A | B | A | B | A | B | A | B | A | NY | Primary | Purchase | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 223152913 | 3158548370 | 33145412 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax. Fee Amount of $[Redacted] exceeds tolerance of $[Redacted]. Insufficient or no cure was provided to the borrower. | The Transfer Tax fee changed multiple times throughout the processing of the loan and ultimately $[Redacted] was the amount on the on the final CD dated [Redacted]. A valid change of circumstance was not provided for fee change. The cure provided on the Post-Close CD of [Redacted] is insufficient to resolve all tolerance violations. | Reviewer Comment (2025-04-24): [redacted] received LOX for the transfer tax increase. Buyer Comment (2025-04-23): Please review LOE for increase in Transfer taxes Buyer Comment (2025-04-23): Please review LOE for transfer tax increase |
04/24/2025 | 1 | C | A | C | A | C | A | C | A | C | A | NY | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 223152913 | 3158548370 | 33146615 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of $[Redacted] exceeds tolerance of $[Redacted]. Insufficient or no cure was provided to the borrower. | The Loan Discount Point fee changed multiple times throughout the processing of the loan and ultimately $[Redacted] was the amount on the on the final CD dated [Redacted]. A valid change of circumstance was not provided for fee change. The cure provided on the Post-Close CD of [Redacted] is insufficient to resolve all tolerance violations. | Reviewer Comment (2025-04-17): [Redacted] received valid changed circumstance, rate not yet locked, borrower requested change, rate locked on subsequent at same points Buyer Comment (2025-04-16): Please see the CIC and lender LOE for reason issued on 1[Redacted] for the points Fee increase from $[Redacted] on LE [Redacted] to $[Redacted] on LE [Redacted]. |
04/17/2025 | 1 | C | A | C | A | C | A | C | A | C | A | NY | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 223152913 | 3158548370 | 33347518 | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure - 1026.19(f)(2) Cure | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax. Fee Amount of $[redacted] exceeds tolerance of $[redacted]. Sufficient or excess cure was provided to the borrower. | Reviewer Comment (2025-04-24): Sufficient Cure Provided within 60 Days of Closing |
04/24/2025 | 1 | A | A | A | A | A | NY | Primary | Purchase | Provide the following: Letter of Explanation notifying borrower or error, Copy of Refund Check/Evidence of Principal Reduction, Corrected CD, and Proof of Delivery (if refund is over $35) | C | A | A | A | C | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||||||||
| 223152926 | 3158548373 | 33146514 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $[Redacted] exceeds tolerance of $[Redacted] plus [Redacted]% or $[Redacted]. Insufficient or no cure was provided to the borrower. | The recording service fee was previously disclosed to the borrower on the Loan estimate as $[Redacted] but it increased on the closing disclosure as $[Redacted] with no valid change of circumstance found in file. The cure provided at closing ($[Redacted]) is insufficient to resolve all tolerance violations. | Reviewer Comment (2025-04-04): Sufficient cure provided. Full cure amount for tolerance violation was provided at or before closing (on final CD) resulting in a cleared exception. Buyer Comment (2025-04-02): Both tolerances do not need to be satisfied to apply the cure. please apply the [Redacted] of the [Redacted] cure to the recording fee. The $[Redacted] ids for the trust fee we are just missing the CIC for the increase of the trust fee to [Redacted] on CIC [Redacted] once applied the difference will be $[Redacted] therefore leaving the [Redacted] for the recording fee |
04/04/2025 | 2 | C | B | C | B | C | B | C | B | C | B | SC | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | A | A | C | B | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 223152926 | 3158548373 | 33149863 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Trust Review Fee. Fee Amount of $[Redacted] exceeds tolerance of $[Redacted]. Insufficient or no cure was provided to the borrower. | The Trust Review fee was added on the [Redacted] CD in the amount of $[Redacted] and then changed to $[Redacted] on the CD dated [Redacted]. A valid change of circumstance was not provided for fee being added and then increased. The cure provided at closing ($[Redacted]) is insufficient to resolve all tolerance violations. | Reviewer Comment (2025-04-24): [redacted]received valid COC and supporting documentation of Trust review fee added and Sufficient cure provided at closing (on final CD) the fee further increased. Buyer Comment (2025-04-22): Please see email indicating the title commitment was received to lender on [redacted] Reviewer Comment (2025-04-14): [Redacted] received rebuttal comment that title commitment was received to lender on [Redacted]. Please provide sufficient document to verify the receipt of commitment on [Redacted] this can include LOS snip, email or conversation log to validate the timing. Buyer Comment (2025-04-11): The title commitment was completed on [Redacted] but the lender did not receive until [Redacted]. CIC is acceptable. Reviewer Comment (2025-04-11): [Redacted] received COC dated [Redacted]. However, Title commitment provided in the loan file completed on [Redacted]. but the Trust review fee was not added until [Redacted]. This is outside of the required three-day timeline for notification of borrower. Cure is required. Buyer Comment (2025-04-09): Please see attached COC. Reviewer Comment (2025-04-04): [Redacted] received commentary for exception. However, the COC for adding the trust review fee on CD dated [Redacted] is not provided in file. Please provide COC document for remediations. |
04/24/2025 | 1 | C | A | C | A | C | A | C | A | C | A | SC | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | B | A | A | C | B | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 223152926 | 3158548373 | 33339278 | Compliance | Compliance | Federal Compliance | TRID | TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $[redacted] exceeds tolerance of $[redacted] plus [redacted]% or $[redacted]. Sufficient or excess cure was provided to the borrower at Closing. | Reviewer Comment (2025-04-24): Sufficient Cure Provided At Closing |
04/24/2025 | 1 | A | A | A | A | A | SC | Primary | Purchase | Final CD evidences Cure | C | B | A | A | C | B | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||||||||
| 223152926 | 3158548373 | 33339279 | Compliance | Compliance | Federal Compliance | TRID | TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Trust Review Fee. Fee Amount of $[redacted] exceeds tolerance of $[redacted]. Sufficient or excess cure was provided to the borrower at Closing. | Reviewer Comment (2025-04-24): Sufficient Cure Provided At Closing |
04/24/2025 | 1 | A | A | A | A | A | SC | Primary | Purchase | Final CD evidences Cure | C | B | A | A | C | B | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||||||||
| 223152961 | 3158548387 | 33152030 | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided. | - | Appraisal was made "subject to" completion of exterior painting of the subject and installation of gutters. No 442/evidence of completion was provided in the file. | Reviewer Comment (2025-05-07): 442 received Buyer Comment (2025-05-07): See attached Final Inspection (1004D) |
05/07/2025 | 1 | C | A | C | A | C | A | C | A | C | A | OR | Second Home | Purchase | C | A | A | A | A | A | C | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 223153009 | 3158548476 | 33173824 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:Zero Percent Fee Tolerance exceeded for Lender Credits. Final Lender Credit of $[Redacted] exceeds tolerance of $-[Redacted]. Insufficient or no cure was provided to the borrower. | Lender Credit disclosed as -$[Redacted] on the Loan Estimate dated [Redacted] but disclosed as $[Redacted] on the Final Closing Disclosure. A valid change of circumstance not provided for credit decrease and no evidence of tolerance cure provided. | Reviewer Comment (2025-04-28): [redacted] received Corrected PCCD, Letter of Explanation, Proof of Delivery and Copy of Refund Check resulting in a cured the exception. Buyer Comment (2025-04-25): Please review PCCD with refund Reviewer Comment (2025-04-08): [Redacted] Lender Credit removed on CD dated [Redacted] without Valid COC. A valid Changed Circumstance or cure is required. Cure consists of Corrected CD, LOE to borrower, proof of mailing and copy of refund check. Buyer Comment (2025-04-08): Please disregard previous comment. Reviewed initial LE dated [Redacted] but now see LE dated [Redacted] shows the Lender Credit which was removed on the CD and we are seeking additional information for the removal. Buyer Comment (2025-04-08): Pease confirm Lender Credit is subject to fee tolerance. |
04/28/2025 | 2 | C | B | C | B | C | B | C | B | C | B | TX | Second Home | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD |
C | B | A | A | C | B | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | Yes | ||||||||||
| 223153009 | 3158548476 | 33173851 | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File) | ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing. | Appraisal sent on [Redacted]. A signed delivery timing waiver is provided, however, evidence of actual receipt date is not provided. The Default receipt date is [Redacted], which is after the Note date ([Redacted]). | Reviewer Comment (2025-04-03): appraisal ack form received Buyer Comment (2025-04-03): Do Not Concur - appraisal acknowledgement in file |
04/03/2025 | 1 | B | A | B | A | B | A | B | A | B | A | TX | Second Home | Purchase | C | B | A | A | C | B | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No | |||||||||||
| 223153012 | 3158548480 | 33175097 | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation | ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation. | Evidence of primary appraisal delivery to the borrower was not located in the file. | Reviewer Comment (2025-04-04): proof of delivery received Buyer Comment (2025-04-04): Do Not Concur - appraisal provided to borrower [Redacted] |
04/04/2025 | 1 | B | A | B | A | B | A | B | A | B | A | FL | Primary | Purchase | B | A | A | A | B | A | A | A | Safe Harbor QM (APOR) | Safe Harbor QM (APOR) | No |