Rating Agency Grades: 7/11/2025
| Loan Information | Initial Credit Grades | Initial Compliance Grades | Initial Property Grades | Initial Overall Grades | Final Credit Grades | Final Compliance Grades | Final Property Grades | Final Overall Grades | ||||||||||||||||||||||||||||||||||
| Loan Number | Alternate Loan ID | Note Original Balance | DBRS | KBRA | Fitch | Moody's | S&P | DBRS | KBRA | Fitch | Moody's | S&P | DBRS | KBRA | Fitch | Moody's | S&P | DBRS | KBRA | Fitch | Moody's | S&P | DBRS | KBRA | Fitch | Moody's | S&P | DBRS | KBRA | Fitch | Moody's | S&P | DBRS | KBRA | Fitch | Moody's | S&P | DBRS | KBRA | Fitch | Moody's | S&P |
| XXXXXXXXXX | 257NQM0884 | XXXXXXXXXX | D | D | D | D | D | A | A | A | A | A | C | C | C | C | C | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0878 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0883 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | D | D | D | D | D | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0877 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0882 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0868 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0903 | XXXXXXXXXX | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0881 | XXXXXXXXXX | C | C | C | C | C | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0990 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0991 | XXXXXXXXXX | C | C | C | C | C | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| XXXXXXXXXX | 257NQM0874 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0879 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0885 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0993 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| XXXXXXXXXX | 257NQM0915 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0904 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| XXXXXXXXXX | 257NQM0898 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0902 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0916 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0994 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0896 | XXXXXXXXXX | C | C | C | C | C | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0995 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0946 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0870 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0996 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0947 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | D | D | D | D | D | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0899 | XXXXXXXXXX | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0901 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0880 | XXXXXXXXXX | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0998 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0999 | XXXXXXXXXX | C | C | C | C | C | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM1000 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM1001 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0897 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM1003 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0906 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0913 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0886 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM1004 | XXXXXXXXXX | C | C | C | C | C | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM1005 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| XXXXXXXXXX | 257NQM1006 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| XXXXXXXXXX | 257NQM1007 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0905 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0887 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM1008 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0914 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM1009 | XXXXXXXXXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| XXXXXXXXXX | 257NQM0900 | XXXXXXXXXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |