| Client | XXXX |
| Transaction | BRAVO 2025-NQM7 |
| Date | 07/01/2025 |
| Loan ID | Customer Loan ID | Seller Loan ID | Note Date | Original Loan Amount | Initial Loan Rating | Final Loan Rating | Initial Credit Rating | Final Credit Rating | Initial Compliance Rating | Final Compliance Rating | Initial Valuation Rating | Final Valuation Rating | Initial Loan Grade (S&P) | Final Loan Grade (S&P) | Initial Credit Grade (S&P) | Final Credit Grade (S&P) | Initial Compliance Grade (S&P) | Final Compliance Grade (S&P) | Initial Valuation Grade (S&P) | Final Valuation Grade (S&P) | Initial Loan Grade (DBRS Morningstar) | Final Loan Grade (DBRS Morningstar) | Initial Credit Grade (DBRS Morningstar) | Final Credit Grade (DBRS Morningstar) | Initial Compliance Grade (DBRS Morningstar) | Final Compliance Grade (DBRS Morningstar) | Initial Valuation Grade (DBRS Morningstar) | Final Valuation Grade (DBRS Morningstar) | Initial Loan Grade (Fitch) | Final Loan Grade (Fitch) | Initial Credit Grade (Fitch) | Final Credit Grade (Fitch) | Initial Compliance Grade (Fitch) | Final Compliance Grade (Fitch) | Initial Valuation Grade (Fitch) | Final Valuation Grade (Fitch) | Initial Loan Grade (Kroll) | Final Loan Grade (Kroll) | Initial Credit Grade (Kroll) | Final Credit Grade (Kroll) | Initial Compliance Grade (Kroll) | Final Compliance Grade (Kroll) | Initial Valuation Grade (Kroll) | Final Valuation Grade (Kroll) | Initial Loan Grade (Moody's) | Final Loan Grade (Moody's) | Initial Credit Grade (Moody's) | Final Credit Grade (Moody's) | Initial Compliance Grade (Moody's) | Final Compliance Grade (Moody's) | Initial Valuation Grade (Moody's) | Final Valuation Grade (Moody's) |
| 257NQM0775 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | ||
| 257NQM0804 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0861 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0730 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0713 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0731 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | ||
| 257NQM0714 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0742 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0767 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0715 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0732 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0733 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0863 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | ||
| 257NQM0721 | XXXXXX | XXXXXX | 4 | 1 | 4 | 1 | 1 | 1 | 1 | 1 | D | A | D | A | A | A | A | A | D | A | D | A | A | A | A | A | D | A | D | A | A | A | A | A | D | A | D | A | A | A | A | A | D | A | D | A | A | A | A | A | ||
| 257NQM0757 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0726 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0734 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0839 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0755 | XXXXXX | XXXXXX | 4 | 1 | 4 | 1 | 4 | 1 | 1 | 1 | D | A | D | A | D | A | A | A | D | A | D | A | D | A | A | A | D | A | D | A | D | A | A | A | D | A | D | A | D | A | A | A | D | A | D | A | D | A | A | A | ||
| 257NQM0720 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0712 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0818 | XXXXXX | XXXXXX | 3 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | ||
| 257NQM0795 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0735 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0736 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| 257NQM0764 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0708 | XXXXXX | XXXXXX | 4 | 2 | 4 | 2 | 1 | 1 | 1 | 1 | D | B | D | B | A | A | A | A | D | B | D | B | A | A | A | A | D | B | D | B | A | A | A | A | D | B | D | B | A | A | A | A | D | B | D | B | A | A | A | A | ||
| 257NQM0737 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0847 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 3 | 1 | 1 | 1 | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | ||
| 257NQM0846 | XXXXXX | XXXXXX | 4 | 2 | 3 | 2 | 4 | 1 | 1 | 1 | D | B | C | B | D | A | A | A | D | B | C | B | D | A | A | A | D | B | C | B | D | A | A | A | D | B | C | B | D | A | A | A | D | B | C | B | D | A | A | A | ||
| 257NQM0738 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0803 | XXXXXX | XXXXXX | 4 | 2 | 4 | 2 | 3 | 1 | 1 | 1 | D | B | D | B | C | A | A | A | D | B | D | B | C | A | A | A | D | B | D | B | C | A | A | A | D | B | D | B | C | A | A | A | D | B | D | B | C | A | A | A | ||
| 257NQM0809 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | ||
| 257NQM0765 | XXXXXX | XXXXXX | 4 | 2 | 4 | 2 | 1 | 1 | 1 | 1 | D | B | D | B | A | A | A | A | D | B | D | B | A | A | A | A | D | B | D | B | A | A | A | A | D | B | D | B | A | A | A | A | D | B | D | B | A | A | A | A | ||
| 257NQM0605 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |