Exhibit 99.4
EXECUTIVE
SUMMARY
Third Party Due Diligence Review
Overview
Consolidated Analytics, Inc (“Consolidated
Analytics”), a third-party due diligence provider, performed the review described below on newly originated mortgage loans acquired
by Loan Funding Structure V LLC through a bulk purchase. The review included a total of 174 newly originated residential mortgage loans,
in connection with the securitization identified as BRAVO 2025-NQM7 (the “Securitization”. The Review was conducted from September
2024 through July 2025 on mortgage loans originated between September 2024 and April 2025.
Scope of Review
Credit Review
Consolidated Analytics performed a “Credit
Review” to verify compliance with guidelines in effect at the time of loan origination, or other guidelines provided by Client prior
to review, and ensure the characteristics used by the underwriter are supported by the file documentation; and determine whether any loans
outside of those guidelines contain legitimate and approved exceptions with compensating factors.
The Credit Review attempted to confirm the
following:
| a. | QM
or ATR Validation / Review of 8 Key Underwriting Factors |
| ● | Validate borrower(s) monthly gross income |
| ● | Validate funds required to close, required reserves |
| ● | Review file documentation for required level of income and asset verifications |
| ● | Review file documentation for required level of employment |
| iii. | Monthly Mortgage Payment |
| ● | Confirm program, qualifying rate, terms |
| ● | Validate all concurrent loans are included in the DTI to properly assess
the ability to repay |
| v. | Mortgage Related Obligations: PITI, HOA, PMI, etc. |
| ● | Validate subject loan monthly payment (PITI) and associated obligations |
| ● | Validate monthly recurring liabilities |
| vii. | DTI and/or Residual Income |
| ● | Validate debt-to-income ratio (DTI) based upon income and debt documentation
provided in the file |
| ● | Documentation meets Appendix Q requirements for QM Loans |
| ● | Review credit report for credit history and required credit depth including
any / all inquiries |
| ● | Determine representative credit score from credit report |
| b. | Validate
loan-to-value (LTV) and combined loan-to-value |
| c. | Review
borrower's occupancy |
| d. | Validation
through third party resource of the subject properties most recent twelve (12) month sales history |
| e. | Confirm
sufficient evidence in loan file, by reviewing the underwriter’s decision to approve the loan based upon the borrows income, debt,
and credit history, to support borrower's willingness and ability to repay the debt |
| f. | Confirm
that Final 1003 is sufficiently completed |
| g. | Provide
Audit 1008 with accurate data based on file documentation |
| h. | Confirm
Loan Approval conditions were met |
| i. | Review
condominium questionnaire to verify all information is complete, prepared by an authorized representative, and address any red flags
that may deem condominium project ineligible |
| j. | General
QM for any loans originated under the GQM Rule |
| a. | Pricing
for First Lien Loans: |
| i. | | 2.25% for a first-lien covered transaction with a loan amount greater than or equal to the applicable
dollar amount threshold; and |
| ii. | | 3.5%
for a first-lien covered transaction with a loan amount greater than or equal to the applicable
dollar amount threshold; and |
| iii. | | 6.5% for a first-lien covered transaction with a loan amount less than the applicable dollar amount
threshold. |
| b. | Pricing
for Subordinate Lien Loans: |
| i. | | 3.5% for a subordinate-lien covered transaction with a loan amount greater than or equal to the applicable
dollar amount threshold; and |
| ii. | | 6.5%
for a subordinate-lien covered transaction with a loan amount less than the applicable dollar
amount threshold. |
| c. | Pricing
for Manufactured Homes: |
| i. | | 2.25% for a first-lien covered transaction secured by a manufactured home with a loan amount equal to
or greater than the applicable dollar amount threshold; and |
| ii. | | 6.5%
for a covered transaction secured by a manufactured home with a loan amount less than applicable
dollar amount threshold. |
| ii. | Consider Income and Assets: |
| o | Consumer’s current or reasonably expected income or assets (other than the value of the dwelling
that secures the loan; |
| o | The consumer’s debt obligations, alimony, child support; and |
| o | The monthly DTI or residual income. |
| iii. | Verification of Income and Assets: |
| a. | Verification in compliance with one of the “safe harbor” guidelines will meet the QM verification
requirement. A creditor is allowed to “mix and match” provisions of the different guidelines rather than only apply one guideline
per loan. |
The specific guidelines that the CFPB is designating for the safe
harbor are: The GQM Rule provides that if the creditor verifies the consumer’s income or assets, debt obligations, alimony, child
support, and monthly DTI or residual income by meeting the standards of certain specified third-party underwriting manuals, then a creditor
is presumed to have complied with the verification requirement. These specified manuals are:
| i. | | Chapters
B3-3 through B3-6 of the Fannie Mae Single Family Selling Guide, published June 3, 2020;
|
| ii. | | Sections
5102 through 5500 of the Freddie Mac Single-Family Seller/Servicer Guide, published June
10, 2020; |
| iii. | | Sections
II.A.1 and II.A.4-5 of the Federal Housing Administration’s Single Family Housing Policy
Handbook, issued October 24, 2019; |
| iv. | | Chapter
4 of the U.S. Department of Veterans Affairs’ Lenders Handbook, revised February 22,
2019; |
| v. | | Chapter
4 of the U.S. Department of Agriculture’s Field Office Handbook for the Direct Single
Family Housing Program, revised March 15, 2019; and |
| vi. | | Chapters 9 through 11 of the U.S. Department of Agriculture’s Handbook for the Single Family Guaranteed
Loan Program, revised March 19, 2020. |
Compliance Review
Consolidated Analytics performed a “Compliance
Review” to determine, as applicable, to the extent possible and subject to the caveats below, whether the loan complies with applicable
regulatory requirements as noted below, each as amended, restated and/or replaced from time to time. In relation to cash out refinances
of investment property loans, documentation provided in the loan file will be reviewed only to validate the use of cash out proceeds for
business purposes at the origination/consummation of the loan. In the event use of proceeds cannot be validated, or are deemed to be utilized
for consumer purposes, the loan would then be subject to a “Compliance Review” of applicable regulatory requirements as noted
below, each as amended, restated and/or replaced from time to time.The Compliance Review included the following:
| a. | Test Loan Estimate(s) for accuracy and completeness as well as timing requirements as required by TRID
Regulations |
| b. | Test Closing Disclosure(s) for accuracy and completeness as well as timing requirements as required by
TRID Regulations |
| i. | Compare Loan Estimate and Closing Disclosures |
| ii. | Identify Tolerance Violations and applicable cost to cure |
| d. | Comprehensive review of Closing Disclosure to determine transaction accuracy |
| e. | Recalculation of APR and Finance Charge |
| i. | Federal High Cost Mortgage provisions |
| ii. | Federal Higher Priced Mortgage Loans provisions |
| iii. | Local and/or State Anti-predatory and High Cost provisions |
| g. | Determine whether specified federal disclosures were provided timely based upon comparison of the application
date to the dates on such disclosures |
| ii. | Home Ownership Counselling Disclosure |
| h. | Compliance with QM as it relates to: |
| iii. | Prepayment Penalty Test |
| iv. | Product Eligibility Testing |
| i. | Notice of Right to Cancel (Rescission)
Review |
| i. | Confirm transaction date, expiration date, and disbursement date |
| ii. | Confirm document is properly executed by all required
parties to the transaction |
| iii. | Confirm the correct Right of Rescission document was executed for the transaction
type |
| j. | Confirm through NMLS the loan originator and originating
firm's license status was active and properly disclosed on appropriate loan documents |
| k. | Check the Loan participants against the exclusionary list provided by Client or by the purchaser of the
Loan(s) |
| l. | Review closing documents to ensure that the Mortgage Loan information is complete, accurate, and consistent
with other documents; Confirm collateral documents have been recorded or sent for recording |
The Compliance Review did not include any federal,
state or local laws, constitutional provisions, regulations or ordinances that are not expressly enumerated above. Furthermore, the findings
reached by Consolidated Analytics are dependent upon its receiving complete and accurate data regarding the loans from loan originators
and other third parties upon which Consolidated Analytics is relying in reaching such findings.
Valuation Review
Consolidated Analytics performed a “Valuation
Review,” which included the following:
| a. | Review original appraisal, determination that property is in "average" condition or better,
or property requires cosmetic improvements (as defined by the appraiser) that do not affect habitability. Should an area of concern be
identified with the condition of the property, Consolidated Analytics will alert Client. |
| b. | Review appraisal, determination that property is completely constructed and appraisal is on an “as
is basis,” or property is identified as not completely constructed by originating appraiser. |
| c. | Review and determine if the appraisal report was performed on appropriate GSE forms and if the appraiser
indicated in the body of the subject appraisal that the appraisal conforms to USPAP standards. |
| d. | Review and determine the relevance of the comparable properties and ensure that a rational and reliable
value was provided and supported as of the effective date of the Origination Appraisal. |
| e. | Review adjustments (line item, net and gross adjustments) to ensure they are reasonable. |
| f. | Ensure that the appraisal conforms to the guidelines provided from the Client. |
| g. | Review appraisal to ensure all required documents were included. |
| h. | Review location map provided within the appraisal for external obsolescence. |
| i. | Ensure highest and best use and zoning complies with guidelines. |
| j. | Confirm there are no marketability issues that affect the subject property. |
| k. | Ensure subject property does not suffer any functional obsolescence. |
| l. | Where applicable, determine if the file did not contain the appraisal or other valuation method and a
review could not be performed. |
| m. | Additional valuation products were not required when the CU score provided was 2.5 or below or the appraisal
LCA risk score was eligible for Collateral Rep and Warranty relief. In the event the CU score was greater than 2.5 or the LCA score was
not eligible for R&W relief, an additional valuation product was obtained to confirm value was supported within 10% tolerance. In
some instances, based on guidance from the seller, CDA’s were ordered on loans that had an acceptable CU score or R&W eligibility. |
Consolidated Analytics applied a cascade methodology
to determine if the original appraised value was reasonably supported when compared to an independent third-party valuation product.
For loans reviewed in a post-close valuation review scenario (174
loans in total):
Eighty-seven (87) loans had CU scores of 2.5 or less or were eligible
for Collateral Rep and Warranty relief.
One (1) loan had an AVM, three (3) loans had a Secondary Appraisal,
and ninety-two (92) loans had a Desk Review. Consolidated Analytics has independent access to the Desk Reviews ordered by the Aggregator.
If a Secondary Appraisal or Desk Review fell outside of a -10% tolerance,
was inconclusive, or a PIW was present, then an additional valuation product was completed. There were zero (0) instances of this.
Product totals may not sum due to multiple products for each
loan
TAPE INTEGRITY REVIEW RESULTS SUMMARY
Of the one hundred seventy-four (174) mortgage loans
reviewed, eight (8) unique mortgage loans (4.60% by loan count) had a total of fifteen (15) discrepancies across eleven (11) data fields.
A blank or zero value on the data tape when an actual value was captured by Consolidated Analytics was not treated as a data variance.
| Fields
Reviewed |
Discrepancy
Count |
Percentage
|
| Qualifying
FICO |
4 |
26.67% |
| Number
of Units |
2 |
13.33% |
| T
& I Payment |
1 |
6.67% |
| Borrower
Appraisal Receipt Date |
1 |
6.67% |
| Property
Type |
1 |
6.67% |
| NON
QM Months Reserves |
1 |
6.67% |
| Reviewed
Appraised Property Value |
1 |
6.67% |
| Total
Qualified Assets Available |
1 |
6.67% |
| DSCR |
1 |
6.67% |
| Borrower
1 Total Years Employment/Self-Employment Verified |
1 |
6.67% |
| Original
Appraised Property Value |
1 |
6.67% |
| Grand
Total |
15 |
100.00% |
Summary of Results
OVERALL RESULTS SUMMARY
Final Loan Grades
| Overall Loan Results: |
|
| Event Grade |
Loan Count |
Original Principal Balance |
Percent of
Sample |
| Event Grade A |
121 |
$55,427,696.00 |
69.54% |
| Event Grade B |
53 |
$29,663,914.00 |
30.46% |
| Event Grade C |
0 |
$0.00 |
0% |
| Event Grade D |
0 |
$0.00 |
0% |
| Total Sample |
174 |
$85,091,610.00 |
100.00% |
|
|
|
Credit Results: |
|
| Event Grade |
Loan Count |
Percent of Sample |
|
| Event Grade A |
128 |
73.56% |
|
| Event Grade B |
46 |
26.44% |
|
| Event Grade C |
0 |
0% |
|
| Event Grade D |
0 |
0% |
|
| Total Sample |
174 |
100.00% |
|
| |
|
|
|
|
Compliance Results (As applicable, 1 loan within population did not receive
a Compliance Review):
|
|
| Event Grade |
Loan Count |
Percent of Sample |
|
| Event Grade A |
169 |
97.69% |
|
| Event Grade B |
4 |
2.31% |
|
| Event Grade C |
0 |
0% |
|
| Event Grade D |
0 |
0% |
|
| Total Sample |
173 |
100.00% |
|
| |
|
|
Valuation Results: |
|
| Event Grade |
Loan Count |
Percent of Sample |
|
| Event Grade A |
163 |
93.68% |
|
| Event Grade B |
11 |
6.32% |
|
| Event Grade C |
0 |
0% |
|
| Event Grade D |
0 |
0% |
|
| Total Sample |
174 |
100.00% |
|
| |
|
|
|
|
Exception Category Summary
The table below summarizes the individual exceptions which carried an associated
“A”, “B”, “C”, or “D” level exception grade. One loan may have carried more than one exception.
In such cases, the exception with the lowest grade would drive the loan grade for that particular area of the review. The overall loan
grade is the lowest grade for
any one particular review scope (ex. a loan with a Compliance Grade of
“B”, a Credit Grade of “A”, and a Property Grade of “A” would receive an overall Loan Grade of “B”).
| Exception
Type |
Exception
Level Grade |
Exception
Category |
Total |
|
A |
All
Interested Parties Not Checked with Exclusionary Lists |
67 |
| No
Credit Findings |
44 |
| Asset
Qualification Does Not Meet Guideline Requirements |
19 |
| Property
Title Issue |
14 |
| Income
and Employment Do Not Meet Guidelines |
13 |
| Borrower
residency documentation not provided or issue with documentation |
11 |
| Housing
History Does Not Meet Guideline Requirements |
10 |
| Verification
of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete |
9 |
| Missing
income documentation |
5 |
| Missing
Letter of Explanation (Income) |
4 |
| The
Final 1003 is Incomplete |
4 |
| Borrower
1 3rd Party VOE Prior to Close Missing |
4 |
| Flood
Certificate Missing |
4 |
| Missing
evidence of self employment |
3 |
| Purchase
Contract is Incomplete |
3 |
| Hazard
Insurance Policy is Partial |
3 |
| The
Total Hazard Coverage is LESS than the Required Coverage Amount |
3 |
| Approval/Underwriting
Summary Partially Provided |
2 |
| Missing
VOM or VOR |
2 |
| Missing
Letter of Explanation (Credit) |
2 |
| Credit |
|
Business
Purpose Affidavit/Disclosure Missing |
2 |
| Asset
1 Does Not Meet Guideline Requirements |
2 |
| Third
Party Fraud Report Partially Provided |
2 |
| Missing
Letter of Explanation (Assets) |
1 |
| Potential
Occupancy/Current Address Issues identified in the file |
1 |
| Missing
verification of taxes, insurance, and/or HOA fees for non-subject property |
1 |
| Grant
Deed Missing |
1 |
| Rent
Loss Insurance Missing |
1 |
| Hazard
insurance dwelling coverage is not sufficient |
1 |
| Credit
history does not meet guidelines |
1 |
| Borrower
1 Credit Report is Incomplete |
1 |
| Approval/Underwriting
Summary Not Provided |
1 |
| Title
Coverage is Less than Subject Lien |
1 |
| DSCR
is less than guideline minimum |
1 |
| Borrower
1 Paystubs Missing |
1 |
| Flood
Certificate Partially Provided |
1 |
| Asset
2 Does Not Meet Guideline Requirements |
1 |
| Borrower
1 Business Bank Statements Less Than 12 Months Provided |
1 |
| Third
Party Fraud Report not Provided |
1 |
| Missing
rent comparable schedule form 1007 |
1 |
| Audited
DTI Exceeds Guideline DTI |
1 |
| Delinquent
Credit History Does Not Meet Guideline Requirements |
1 |
| Missing
Business Entity Formation Document |
1 |
| Potential
Fraud Reflected on Fraud Report |
1 |
| |
|
Missing
Certificate of Occupancy |
1 |
| ATR:
Reasonable Income or Assets Not Considered |
1 |
| Missing
Divorce Decree |
1 |
| Purchase
is not considered to be an Arm's Length Transaction |
1 |
| Borrower
2 Credit Report is Missing |
1 |
| Borrower
1 Credit Report is Expired |
1 |
| Audited
Interested Party Contribution Exceeds Guideline Program Maximum |
1 |
| Fraud
Report Shows Uncleared Alerts |
1 |
| Missing
Lease Agreement |
1 |
| Asset
Documents are Incomplete |
1 |
| Income/Employment
General |
1 |
| HO-6
Insurance Policy is Missing |
1 |
| HO6
Master Insurance Policy is Missing |
1 |
| Total
Credit Grade (A) Exceptions: |
266 |
| B |
Audited
LTV Exceeds Guideline LTV |
17 |
| Audited
CLTV Exceeds Guideline CLTV |
12 |
| Audited
HCLTV Exceeds Guideline HCLTV |
12 |
| Housing
History Does Not Meet Guideline Requirements |
5 |
| Income
and Employment Do Not Meet Guidelines |
4 |
| Audited
Reserves are less than Guideline Required Reserves (Dollar Amount) |
4 |
| Rent
Loss Insurance Missing |
3 |
| Loan
does not conform to program guidelines |
2 |
| DSCR
is less than guideline minimum |
2 |
| Rent
Loss Coverage Not Sufficient |
2 |
| |
|
Verification
of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete |
2 |
| Borrower
1 3rd Party VOE Prior to Close Missing |
2 |
| Missing
Letter of Explanation (Income) |
1 |
| The
Total Hazard Coverage is LESS than the Required Coverage Amount |
1 |
| Asset
1 Does Not Meet Guideline Requirements |
1 |
| Asset
Qualification Does Not Meet Guideline Requirements |
1 |
| Missing
Business Entity Formation Document |
1 |
| Audited
Loan Amount is greater than Guideline Maximum Loan Amount |
1 |
| Missing
Verification of Rent |
1 |
| Audited
Loan Amount is less than Guideline Minimum Loan Amount |
1 |
| Audited
FICO is less than Guideline FICO |
1 |
| Insufficient
DSCR |
1 |
| Approval/Underwriting
Summary Not Provided |
1 |
| ATR:
Reasonable Income or Assets Not Considered |
1 |
| Borrower
1 Credit Report is Incomplete |
1 |
| Total
Credit Grade (B) Exceptions: |
80 |
Compliance |
A |
No
Compliance Findings |
131 |
| Higher-Priced
Mortgage Loan Test |
37 |
| CA
AB 260 Higher-Priced Mortgage Loan Test |
7 |
| Initial
Closing Disclosure Delivery Date Test |
4 |
| Higher-Priced
Mortgage Loan Evidence of Appraisal Delivery to the Borrower Not Provided (12 CFR 1026.35(c)(6)) |
2 |
| Evidence
of Appraisal Delivery to Borrower not Provided or Late (12 CFR 1002.14(a)(1)) |
2 |
| ARM
Disclosure Not Provided Within 3 Days of Application Date |
1 |
| OK
HOEPA Higher-Priced Mortgage Loan Test |
1 |
| |
|
Condo
Rider is Missing |
1 |
| Balloon
Rider is Missing |
1 |
| TILA
Right of Rescission Test |
1 |
| Charges
That Cannot Increase Test |
1 |
| CHARM
Booklet is Partially Provided |
1 |
| Total
Compliance Grade (A) Exceptions: |
190 |
| B |
Missing
Credit Score Disclosure (FACTA) |
3 |
| Evidence
of Appraisal Delivery to Borrower not Provided or Late (12 CFR 1002.14(a)(1)) |
1 |
| Total
Compliance Grade (B) Exceptions: |
4 |
| Property |
A |
No
Property Findings |
150 |
| Property/Appraisal
General |
4 |
| Third
Party Valuation Product Not Provided within 10% Tolerance |
2 |
| FEMA
Declared Disaster Dated Prior to the Note Date, After Appraisal Date |
2 |
| Property
Issue(s) are Present |
2 |
| Appraisal
is Missing |
1 |
| Missing
Appraisal photos |
1 |
| Subject
property appraisal is not on an as-is basis (Primary Value) |
1 |
| Total
Property Grade (A) Exceptions: |
163 |
| B |
HOA
Does Not Meet Guidelines |
6 |
| Property/Appraisal
General |
3 |
| Property
has been listed for sale in the past 6 months |
1 |
| HOA
Questionnaire is Missing |
1 |
| Total
Property Grade (B) Exceptions: |
11 |
Event Grade Definitions
| Final
Loan Grade |
| A |
Loan meets Credit, Compliance, and Valuation Guidelines |
| B |
The loan substantially meets published Client/Seller guidelines and/or eligibility in the validation of income, assets, or credit, is in material compliance with all applicable laws and regulations, and the value and valuation methodology is supported and substantially meets published guidelines. |
| C |
The loan does not meet the published guidelines and/or violates one material law or regulation, and/or the value and valuation methodology is not supported or did not meet published guidelines. |
| D |
Loan is missing documentation to perform a sufficient review. |
| Credit Event Grades |
| A |
The loan meets the published guidelines without any exceptions. The employment, income, assets and occupancy are supported and justifiable. The borrower’s willingness and ability to repay the loan is documented and reasonable. |
| B |
The loan substantially meets the published guidelines but reasonable compensating factors were considered and documented for exceeding published guidelines. The employment, income, assets and occupancy are supported and justifiable. The borrower’s willingness and ability to repay the loan is documented and reasonable. |
| C |
The loan does not substantially meet the published guidelines. There are not sufficient compensating factors that justify exceeding the published guidelines. The employment, income, assets or occupancy are not supported and justifiable. The borrower’s willingness and ability to repay the loan were not documented or are unreasonable. |
| D |
There was not sufficient documentation to perform a review or the credit file was not furnished. |
| Compliance Event Grades |
| A |
The loan is in compliance with all applicable laws and regulations. The legal documents accurately reflect the agreed upon loan terms and are executed by all applicable parties. |
| B |
The loan is in material compliance with all applicable laws and regulations. The legal documents accurately reflect the agreed upon loan terms and are executed by all applicable parties. Client review required. |
| C |
The loan violates one material law or regulation. The material disclosures are absent or the legal documents do not accurately reflect the agreed upon loan terms or all required applicants did not execute the documents. |
| D |
There was not sufficient documentation to perform a review or the required legal documents were not furnished. |
| Valuation Event Grades |
| A |
The value is supported within 10% of the original appraisal by the AVM or there are other supporting documents in the originators loan file package (CDA, Field Review or Second Appraisal). The appraisal was performed on an "as-is" basis and the property is complete and habitable at origination. The appraiser was appropriately licensed and used GSE approved forms. |
| B |
The value is not supported within 10% of the original appraisal by the AVM and there are no other valuation support documents in the loan file provided by the Seller. The valuation methodology substantially meets the published guidelines but reasonable compensating factors were considered and documented for exceeding guidelines. The appraisal was performed on an "as-is" basis and the property is complete and habitable. The appraiser was appropriately licensed and used GSE approved forms. |
| C |
The value is not supported within 10% of the original appraisal. The valuation methodology did not meet the published guidelines and there were not sufficient compensating factors for exceeding published guidelines. The property is in below “average” condition or the property is not complete or requires significant repairs. The appraisal was not performed on an “as is” basis. The appraiser was not appropriately licensed or did not use GSE approved forms. |
| D |
The file was missing the appraisal or there was not sufficient valuation documentation to perform a review. |