| TPR Firm: | #VALUE! | Report Date: | 6/26/2025 |
| Client Name: | Loan Funding Structure V | Report: | Exception Report |
| Deal Name: | BRAVO 2025-NQM7 | 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 | 257NQM0814 | XXX | D | A | D | A | D | A | D | A | Closed | FCRE7497 | 2024-11-13 15:02 | 2024-12-04 12:53 | Resolved | 1 - Information | D | A | Credit | Missing Doc | Missing verification of taxes, insurance, and/or HOA fees for non-subject property |
Resolved-Received verification of HOA Dues for XXX. - Due Diligence Vendor-12/04/2024 Ready for Review-Document Uploaded. - Seller-12/04/2024 Counter-Received PITI for XXX, however missing verification of HOA Dues (if any.) - Due Diligence Vendor-12/02/2024 Ready for Review-Document Uploaded. - Seller-12/02/2024 Open-Missing verification of taxes, insurance, and/or HOA fees for non-subject property XXX. - Due Diligence Vendor-11/14/2024 |
Ready for Review-Document Uploaded. - Seller-12/04/2024 Ready for Review-Document Uploaded. - Seller-12/02/2024 |
Resolved-Received verification of HOA Dues for XXX - Due Diligence Vendor-12/04/2024 |
LTV is less than guideline maximum - XXX% LTV is XXX% less than maximum LTV per guidelines 90% Qualifying DTI below max allowed. - XXX% calculated DTI is XXX% percent below the maximum DTI per guidelines of 50% Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 700 |
UW RESPONSE RE XXX PROPERTY.pdf INVESTMENT PITI XXX PROPERTY.pdf MORTGAGE STATEMENT (32).pdf UW RESPONSE RE hoa.pdf XXX HOA XXX – HOA Community.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 | 257NQM0814 | XXX | D | A | D | A | D | A | D | A | Closed | FCRE1204 | 2024-11-13 12:13 | 2024-12-03 09:49 | Resolved | 1 - Information | C | A | Credit | Eligibility | Fraud Report Shows Uncleared Alerts | Resolved-Received supporting documentation to address high alert items. - Due Diligence Vendor-12/03/2024 Ready for Review-Document Uploaded. - Seller-12/02/2024 Open-Fraud Report shows high impact uncleared alerts. - Due Diligence Vendor-11/14/2024 |
Ready for Review-Document Uploaded. - Seller-12/02/2024 |
Resolved-Received supporting documentation to address high alert items. - Due Diligence Vendor-12/03/2024 |
LTV is less than guideline maximum - XXX% LTV is XXX% less than maximum LTV per guidelines 90% Qualifying DTI below max allowed. - XXX% calculated DTI is XXX% percent below the maximum DTI per guidelines of 50% Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 700 |
FRAUD GUARD (3).pdf UW RESPONSE RE HIGH ALERTS.pdf XXX_XXX_XXX.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 | 257NQM0814 | XXX | D | A | D | A | D | A | D | A | Closed | FPRO1244 | 2024-11-13 12:45 | 2024-12-02 15:49 | Resolved | 1 - Information | D | A | Property | Missing Doc | 3rd Party Valuation Product is Required and Missing | Resolved-Lender LOX received reflecting CDA not required due to CU score less than 2.5. - Due Diligence Vendor-12/02/2024 Ready for Review-Document Uploaded. - Seller-12/02/2024 Open-Missing secondary valuation product supporting appraised value as required per guidelines. - Due Diligence Vendor-11/14/2024 |
Ready for Review-Document Uploaded. - Seller-12/02/2024 |
Resolved-Lender LOX received reflecting CDA not required due to CU score less than 2.5. - Due Diligence Vendor-12/02/2024 |
LTV is less than guideline maximum - XXX% LTV is XXX% less than maximum LTV per guidelines 90% Qualifying DTI below max allowed. - XXX% calculated DTI is XXX% percent below the maximum DTI per guidelines of 50% Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 700 |
UW RESPONSE RE CDA.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 | 257NQM0814 | XXX | D | A | D | A | D | A | D | A | Closed | FCOM1003 | 2024-11-13 10:43 | 2024-11-15 11:54 | Resolved | 1 - Information | D | A | Compliance | Missing Doc | Grant/Warranty Deed is missing | Resolved-Received Warranty Deed and confirmed Vesting. - Due Diligence Vendor-11/15/2024 Ready for Review-Document Uploaded. - Seller-11/15/2024 Open-Missing XXXX/Warranty Deed to confirm Vesting on Deed of Trust/Mortgage document in file. - Due Diligence Vendor-11/13/2024 |
Ready for Review-Document Uploaded. - Seller-11/15/2024 |
Resolved-Received Warranty Deed and confirmed Vesting. - Due Diligence Vendor-11/15/2024 |
LTV is less than guideline maximum - XXX% LTV is XXX% less than maximum LTV per guidelines 90% Qualifying DTI below max allowed. - XXX% calculated DTI is XXX% percent below the maximum DTI per guidelines of 50% Credit Score greater than minimum FICO - XXX credit score is XXX points above the minimum FICO per guidelines of 700 |
XXXX-QUITCLAIM-INTERSPOUSAL DEED (6).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 |