Exhibit 99.03
Exception Grades
Run Date - 7/14/2025 3:09:47 PM
| 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 |
| xxx | 1611570 | xxx | 26214909 | Compliance | Compliance | Federal Compliance | TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form | TILA Rescission - Disbursement Date Less than 3 Business Days From Transaction Date | Truth in Lending Act: Subject loan transaction disbursed on [XXXX], prior to [XXXX]([XXXX]) business days from transaction date of [XXXX]. | Reviewer Comment (2022-04-21): cleared Buyer Comment (2022-04-20): LOX and proof of delivery uploaded Reviewer Comment (2022-04-14): Please provide the LOE sent to the borrower and proof of delivery of the revised Final CD. Exception remains Buyer Comment (2022-04-13): Settlement statement and PCCD uploaded |
04/21/2022 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | TILA ROR - Provide the following: Letter of Explanation, Proof of Delivery, and Re-open Rescission using the correct model form | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||||||
| xxx | 1611570 | xxx | 26214906 | Credit | Missing Document | General | Missing Document | Missing Document: Desk Review not provided | The desk review was not provided. CU score is [XXXX] and [XXXX] is [XXXX] indicating the need for a secondary appraisal. | Reviewer Comment (2022-04-06): Received CDA, Exception cleared. Buyer Comment (2022-04-04): CDA uploaded |
04/06/2022 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | C | A | C | A | C | A | A | A | Non QM | Non QM | No | |||||||||||
| xxx | 1611570 | xxx | 26214913 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Insufficient primary housing history provided for the secondary financing. | Reviewer Comment (2022-04-15): Cleared Buyer Comment (2022-04-15): This is an [XXXX] [XXXX] [XXXX], that per HUD • Standalone [XXXX] [XXXX]: Allows mortgage payment arrearages to be placed in a [XXXX]-interest subordinate lien against the property. The [XXXX] [XXXX] amount does not require payment until the last mortgage payment is made, the loan is refinanced, or the property is sold, whichever occurs first. The amount paid off at the closing and the amount on the title lien are an exact match. Reviewer Comment (2022-04-14): Please provide the Original Note or Claim for the second lien, payoffs are always paid in one lump sum, this does not verify that there are no monthly payments required. Please provide the Note or the pay history for the loan from FHA. Exception remains. Buyer Comment (2022-04-13): There is no payment history as this is an [XXXX] [XXXX] [XXXX] program payoff. Per the payoff letter, the [XXXX] [XXXX] [XXXX] Notes are non-interest bearing, so there is no per diem calculation and payment must be paid in one lump sum. Payoff uploaded Reviewer Comment (2022-04-08): That account is for the [XXXX] mortgage not the [XXXX] mortgage. Reviewer Comment (2022-04-08): CBR does not reflect the payment history for the [XXXX] lien in the amount of [XXXX] Buyer Comment (2022-04-07): Please see credit report [XXXX] [XXXX] Loan transferred to another lender Reviewer Comment (2022-04-06): The Housing History is still not provided for the borrower's primary housing history, this includes the payment History for Both the first mortgage, and the Second Mortgage with [XXXX]. The Second Mortgage was paid off at closing as commented, however there is only [XXXX] months of housing history provided for the borrower. Exception remains Buyer Comment (2022-04-05): There is no payment history. The amount for the second line $[XXXX] is the same amount paid at the closing. Reviewer Comment (2022-04-04): Documentation did not appear to upload. Please provide evidence of satisfactory pay history for secondary financing as reflected on Final 1003. Buyer Comment (2022-03-31): Payment history uploaded |
04/15/2022 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | C | A | C | A | C | A | A | A | Non QM | Non QM | No | |||||||||||
| xxx | 1611570 | xxx | 26214912 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID [XXXX] Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: [XXXX] Percent Fee Tolerance exceeded for Title - Endorsement Fee. Fee Amount of $[XXXX] exceeds tolerance of $[XXXX]. Insufficient or no cure was provided to the borrower. | Title Endorsement Fee was not disclosed on Loan Estimate. File does not contain a valid COC for this fee, nor evidence of cure. Provide a post-close CD disclosing the tolerance cure to include $[XXXX], a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changes made. | Reviewer Comment (2022-04-13): "[XXXX] received valid PCCD and final [XXXX] in order to clear this exception. Buyer Comment (2022-04-13): PCCD uploaded Reviewer Comment (2022-04-01): [XXXX] would request to provide an updated PCCD reflecting the title fees under Section [XXXX] in order to get them considered under [XXXX]% tolerance. Else, the title -endorsement fee would be considered under [XXXX]% tolerance by our system as it was not disclosed on last LE and directly added under Section [XXXX] of CD that too without an SSPL to support the tolerance section. Kindly provide the updated PCCD or cure for the same. Buyer Comment (2022-03-31): Please see LOX regarding service provider list. Per regulation if a service provider list is not provided, the fee should be held at a [XXXX]% tolerance, not a [XXXX]% tolerance. Reviewer Comment (2022-03-31): [XXXX] Please provide Settlement Service Provider List to evaluate the Tolerance Category. Exception Remains. Buyer Comment (2022-03-30): Borrower shopped for title services. Title fees are in the unlimited bucket. |
04/13/2022 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | C | A | C | A | C | A | A | A | Non QM | Non QM | No | |||||||||
| xxx | 2020083 | xxx | 33837317 | Credit | Insurance | Insurance Analysis | Insurance | Insufficient Coverage: Flood insurance coverage amount is insufficient. | Flood insurance coverage amount is insufficient. Flood insurance coverage of $[XXXX] is insufficient to cover the loan amount of $[XXXX] and does not meet the maximum available coverage limit. | Reviewer Comment (2025-04-25): RCE provided Buyer Comment (2025-04-22): Letter from flood insurance provider confirming replacement cost. |
04/25/2025 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Primary | Refinance - Cash-out - Other | C | A | C | A | A | A | A | A | Non QM | Non QM | No | |||||||||||
| xxx | 2020085 | xxx | 33837320 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID [XXXX] Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: [XXXX] Percent Fee Tolerance exceeded for Loan Tie-In Fee. Fee Amount of $[XXXX] exceeds tolerance of $[XXXX]. Insufficient or no cure was provided to the borrower. | Fee tolerance violation due to the introduction of the Loan Tie-In Fee. The fee was first disclosed on the closing disclosure dated [XXXX] with no valid change of circumstance or cure provided. | Reviewer Comment (2025-04-28): [XXXX] received Post CD and LOX. Buyer Comment (2025-04-24): See attached PCCD , LOE and proof of delivery Reviewer Comment (2025-04-24): [XXXX] received rebuttal, however if loan tie in fee is a title fee, then fee should have been disclosed with title prefix or if fee was not required, it should be listed in section [XXXX] instead of section [XXXX]. Corrected CD and LOE required to remediate. Buyer Comment (2025-04-23): This is a borrower shopped service that logan doesn't require. This fee in not subject to any tolerance. |
04/28/2025 | 1 | C | A | C | A | C | A | C | A | C | A | AZ | 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 | Non QM | Non QM | Yes | |||||||||
| xxx | 2020093 | xxx | 33837323 | Compliance | Compliance | Federal Compliance | TRID | TRID [XXXX] Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: [XXXX] Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of $[XXXX] exceeds tolerance of $[XXXX]. Sufficient or excess cure was provided to the borrower at Closing. | Reviewer Comment (2025-04-29): Sufficient Cure Provided At Closing | 04/29/2025 | 1 | A | A | A | A | A | A | A | A | A | A | FL | Primary | Refinance - Cash-out - Other | Final CD evidences Cure | B | B | B | B | A | A | A | A | Non QM | Non QM | Yes | ||||||||||
| xxx | 2020093 | xxx | 33837324 | Compliance | Compliance | Federal Compliance | TRID | TRID [XXXX] Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: [XXXX] Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of $[XXXX] exceeds tolerance of $[XXXX]. Sufficient or excess cure was provided to the borrower at Closing. | Reviewer Comment (2025-04-29): Sufficient Cure Provided At Closing | 04/29/2025 | 1 | A | A | A | A | A | A | A | A | A | A | FL | Primary | Refinance - Cash-out - Other | Final CD evidences Cure | B | B | B | B | A | A | A | A | Non QM | Non QM | Yes | ||||||||||
| xxx | 2020093 | xxx | 33837326 | Credit | Loan Eligibility | Guideline Issue | Loan Eligibility | Housing history reflects lates that do not meet guidelines. | - Housing history reflects a total of ___ reported late payments. | Paid [XXXX]X[XXXX]X[XXXX] vs max [XXXX]X[XXXX]X[XXXX] | Borrower has been employed in the same industry for more than [XXXX] years. Borrower has verified disposable income of at least $[XXXX]. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [XXXX] months. |
SitusAMC SitusAMC SitusAMC |
Reviewer Comment (2025-04-30): Lender exception approval in file | 04/30/2025 | 2 | B | B | B | B | B | B | B | B | B | B | FL | Primary | Refinance - Cash-out - Other | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||||||
| xxx | 2020082 | xxx | 33837328 | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of ___ is less than Guideline PITIA months reserves of ___. | Lender exception in file allowing less than the required [XXXX] months. | Borrower has been employed in the same industry for more than [XXXX] years. Borrower has verified disposable income of at least $[XXXX]. Borrower has worked in the same position for more than [XXXX] years. The representative FICO score exceeds the guideline minimum by at least [XXXX] points. |
SitusAMC SitusAMC SitusAMC SitusAMC |
Reviewer Comment (2025-05-02): Lender exception approval in file | 05/02/2025 | 2 | B | B | B | B | B | B | B | B | B | B | CA | Primary | Refinance - Rate/Term | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||||||
| xxx | 2020082 | xxx | 33837333 | Credit | Insurance | Insurance Analysis | Insurance | Hazard Insurance Policy expires within [XXXX] days of the Note Date. | Hazard Insurance Policy Expiration Date ___, Note Date ___ | Lender guidelines require any hazard policy that expires within [XXXX] days of the Note to be paid at closing. There is no evidence on the CD and no paid invoice in file to verify a renewal policy was paid. | Reviewer Comment (2025-05-07): Lender acknowledges this is Grade [XXXX] and elects to waive Buyer Comment (2025-05-06): Elect to waive and close out grade [XXXX] for HOI renewal. |
05/07/2025 | 2 | B | B | B | B | B | B | B | B | B | B | CA | Primary | Refinance - Rate/Term | B | B | B | B | A | A | A | A | Non QM | Non QM | No | ||||||||||
| xxx | 2036790 | xxx | 33837341 | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | - | Within [XXXX] calendar days of closing | Reviewer Comment (2025-05-12): Already Worked. Reviewer Comment (2025-05-12): Received Buyer Comment (2025-05-08): attached |
05/12/2025 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Purchase | C | B | C | B | A | A | A | A | Non QM | Non QM | No | ||||||||||
| xxx | 2036790 | xxx | 33837342 | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | - ___ | Missing for XXXX [XXXX] | Borrower has been employed in the same industry for more than [XXXX] years. Borrower has worked in the same position for more than [XXXX] years. Borrowers made a down payment from their own funds on this purchase transaction of at least [XXXX]% and $[XXXX]. The representative FICO score exceeds the guideline minimum by at least [XXXX] points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [XXXX] months. |
SitusAMC SitusAMC SitusAMC SitusAMC SitusAMC |
Reviewer Comment (2025-05-27): Lender request waive to grade [XXXX] Reviewer Comment (2025-05-12): Received CPA letter for [XXXX] - this letter does not address [XXXX], exception remains Buyer Comment (2025-05-08): attached |
05/27/2025 | 2 | C | B | C | B | C | B | C | B | C | B | CA | Primary | Purchase | C | B | C | B | A | A | A | A | Non QM | Non QM | No | ||||||||
| xxx | 2036788 | xxx | 33837351 | Compliance | Compliance | Federal Compliance | TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form | TILA Rescission - Disbursement Date Less than 3 Business Days From Transaction Date | Truth in Lending Act: Subject loan transaction disbursed on [XXXX], prior to [XXXX] business days from transaction date of [XXXX]. | Reviewer Comment (2025-05-16): Received S.I. and PCCD Buyer Comment (2025-05-14): Please see attached PCCD, LOE and proof of delivery |
05/16/2025 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | TILA ROR - Provide the following: Letter of Explanation, Proof of Delivery, and Re-open Rescission using the correct model form | C | A | C | A | C | A | A | A | Non QM | Non QM | Yes | ||||||||||
| xxx | 2036788 | xxx | 33837354 | Credit | Loan Package Documentation | Closing / Title | Collateral | Security Instrument is not signed by borrower(s). | Security Instrument is not signed by the Borrower | Reviewer Comment (2025-05-16): Received Buyer Comment (2025-05-14): See attached Deed of trust signed and notarized |
05/16/2025 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | C | A | C | A | C | A | A | A | Non QM | Non QM | No | |||||||||||
| xxx | 2036788 | xxx | 33837353 | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Approval not provided | Reviewer Comment (2025-05-16): Received Buyer Comment (2025-05-14): See attached CTTC approval |
05/16/2025 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||||||||
| xxx | 2036788 | xxx | 33837350 | Compliance | Compliance | Federal Compliance | TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form | Right of Rescission Timing - Note Date used as Transaction Date | Unable to conclusively determine date of consummation. Note date used as transaction date for purposes of determining compliance with rescission timing requirements | Security Instrument is not signed or notarized. | Reviewer Comment (2025-05-16): Received S.I. and PCCD Buyer Comment (2025-05-14): See corrected CD - PCCD in trailing docs. |
05/16/2025 | 1 | B | A | B | A | B | A | B | A | B | A | CA | Primary | Refinance - Cash-out - Other | C | A | C | A | C | A | A | A | Non QM | Non QM | No | ||||||||||
| xxx | 2036784 | xxx | 33837355 | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Missing | Unable to determine compliance with Right To Receive a Copy of Appraisal due to missing information | Unified Business Disclosure inclusive of the 'Notice of Right to copy of Appraisal' is in loan file is missing. The [XXXX] Disclosure Tracking Details summary is also not found in the loan file. | Reviewer Comment (2025-05-19): Received internal tracking Buyer Comment (2025-05-15): Providing [XXXX] Disclosure tracking details report confirming the Unified Business Purpose Disclosure was emailed to borrower same day as application date. |
05/19/2025 | 1 | B | A | B | A | B | A | B | A | B | A | FL | Investment | Refinance - Cash-out - Other | B | A | A | A | B | A | A | A | N/A | Exempt from ATR | No | ||||||||||
| xxx | 2026598 | xxx | 33837363 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender allowed borrower to qualify using [XXXX] months self employment bank [XXXX] guideline requirement of [XXXX] months. | Borrower has been employed in the same industry for more than [XXXX] years. Borrower has verified disposable income of at least $[XXXX] Borrowers made a down payment from their own funds on this purchase transaction of at least [XXXX]% and $[XXXX] The qualifying DTI on the loan is at least [XXXX]% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least [XXXX] points. |
SitusAMC SitusAMC SitusAMC SitusAMC SitusAMC |
Reviewer Comment (2025-05-13): Lender exception approval in file | 05/13/2025 | 2 | B | B | B | B | B | B | B | B | B | B | FL | Primary | Purchase | B | B | B | B | A | A | A | A | Non QM | Non QM | No | |||||||||
| xxx | 2036798 | xxx | 33837372 | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | - ___ | Lender guidelines require a VVOE for any wage income dated within [XXXX] calendar days of the Note. Only the borrower's WVOE was provided. | Reviewer Comment (2025-05-22): Received the Tax transcripts for [XXXX] years, the 4506C was in the file and the most recent paystub prior to closing was provided Buyer Comment (2025-05-21): attached |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | MO | Primary | Purchase | C | A | C | A | A | A | A | A | Non QM | Non QM | No | ||||||||||
| xxx | 2036798 | xxx | 33837373 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender guidelines require all borrowers to have [XXXX] tradelines reporting for [XXXX] months. The borrower a VOR and one tradeline (authorized user only) reported on the credit report which does not meet the lender requirement. | Reviewer Comment (2025-05-22): Received alternative credit documents for [XXXX] Auto and [XXXX] Tv Reviewer Comment (2025-05-22): Received VOR, however loan does not meet Tradelines requirements with just the VOR Buyer Comment (2025-05-21): attached |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | MO | Primary | Purchase | C | A | C | A | A | A | A | A | Non QM | Non QM | No | |||||||||||
| xxx | 2026597 | xxx | 33837374 | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Missing | Unable to determine compliance with Right To Receive a Copy of Appraisal due to missing information | "Unified Business Disclosure inclusive of the 'Notice of Right to Copy of Appraisal' is in the loan file but evidence of receipt is missing. The Encompass Disclosure Tracking Details summary is also not found in the loan file" | Reviewer Comment (2025-05-22): Rec'd internal tracking Buyer Comment (2025-05-21): [XXXX] Disclosure Tracking Details report confirms the Unified Business Purpose disclosure-that includes ECOA, was emailed to borrower with [XXXX] days of application. |
05/22/2025 | 1 | B | A | B | A | B | A | B | A | B | A | CA | Investment | Purchase | D | A | D | A | B | A | A | A | N/A | Exempt from ATR | No | ||||||||||
| xxx | 2026597 | xxx | 33837376 | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Purchase Agreement / Sales Contract not provided | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): Purchase contract |
05/22/2025 | 1 | D | A | D | A | D | A | D | A | D | A | CA | Investment | Purchase | D | A | D | A | B | A | A | A | N/A | Exempt from ATR | No | ||||||||||||
| xxx | 2026597 | xxx | 33837377 | Credit | Legal / Regulatory / Compliance | Title / Lien Defect | Legal / Regulatory / Compliance | Final Title Policy is missing. No evidence of title in file. | Provide Final, Commitment or Prelim | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): Title commitment |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Investment | Purchase | D | A | D | A | B | A | A | A | N/A | Exempt from ATR | No | |||||||||||
| xxx | 2036795 | xxx | 33837383 | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | - | Missing CPA letter or Third Party Verification of Business | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): attached |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | OR | Investment | Refinance - Cash-out - Other | C | A | C | A | B | A | A | A | N/A | Exempt from ATR | No | ||||||||||
| xxx | 2036795 | xxx | 33837382 | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Approval not provided | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): ATTACHED |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | OR | Investment | Refinance - Cash-out - Other | C | A | C | A | B | A | A | A | N/A | Exempt from ATR | No | ||||||||||||
| xxx | 2036795 | xxx | 33837379 | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Missing | Unable to determine compliance with Right To Receive a Copy of Appraisal due to missing information | Unified Business Disclosure inclusive of the 'Notice of Right to Copy of Appraisal' is in the loan file, but evidence of receipt is missing. The Encompass Disclosure Tracking Details summary is also not found in the loan file. | Reviewer Comment (2025-05-22): Received internal tracking Buyer Comment (2025-05-21): ATTACHED |
05/22/2025 | 1 | B | A | B | A | B | A | B | A | B | A | OR | Investment | Refinance - Cash-out - Other | C | A | C | A | B | A | A | A | N/A | Exempt from ATR | No | ||||||||||
| xxx | 2036795 | xxx | 33837381 | Credit | Legal / Regulatory / Compliance | Title / Lien Defect | Legal / Regulatory / Compliance | Final Title Policy is missing. No evidence of title in file. | Provide Final Title, or Commitment/Prelim | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): ATTACHED |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | OR | Investment | Refinance - Cash-out - Other | C | A | C | A | B | A | A | A | N/A | Exempt from ATR | No | |||||||||||
| xxx | 2036791 | xxx | 33837386 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Check Loan Designation Match - ATR | Ability to Repay (Dodd-Frank [XXXX]): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail. | Loan Designation failure due to QM failure. This exception will be cleared once all QM specific exception have been cured/cleared. | Reviewer Comment (2025-05-23): Received CR Reviewer Comment (2025-05-23): Missing HOA for [XXXX], and Insurance Verification for [XXXX] Buyer Comment (2025-05-21): Credit Report |
05/23/2025 | 1 | B | A | C | A | B | A | C | A | B | A | UT | Primary | Purchase | Lender to provide updated ATR/QM status | D | A | D | A | C | A | A | A | Non QM | Non QM | Yes | |||||||||
| xxx | 2036791 | xxx | 33837387 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | General Ability To Repay Provision Credit History | Ability to Repay (Dodd-Frank [XXXX]): Unable to verify debt obligations using reasonably reliable third-party records. | Missing Docs | Reviewer Comment (2025-05-23): Received CR Buyer Comment (2025-05-21): Credit report |
05/23/2025 | 1 | C | A | C | A | C | A | C | A | C | A | UT | Primary | Purchase | D | A | D | A | C | A | A | A | Non QM | Non QM | No | ||||||||||
| xxx | 2036791 | xxx | 33837389 | Compliance | Compliance | Federal Compliance | ATR/QM | NonQM ATR | Ability-to-Repay (Dodd-Frank [XXXX]): General Ability-to-Repay requirements not satisfied. | Loan Designation failure due to QM failure. This exception will be cleared once all QM specific exception have been cured/cleared. | Reviewer Comment (2025-05-23): Received CR | 05/23/2025 | 1 | A | A | A | A | A | A | A | A | A | A | UT | Primary | Purchase | D | A | D | A | C | A | A | A | Non QM | Non QM | No | ||||||||||
| xxx | 2036791 | xxx | 33837390 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Lender Credit Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure:[XXXX] Percent Fee Tolerance exceeded for Lender Credits. Final Lender Credit of $-[XXXX] exceeds tolerance of $-[XXXX]. Insufficient or no cure was provided to the borrower. | No cure was provided. | Reviewer Comment (2025-05-21): [XXXX] received a valid COC. Buyer Comment (2025-05-21): The reduction in Lender Credit was a result of a loan amount reduction. Final loan amount $[XXXX]. The original loan amount which the lender credit was based on was $[XXXX]. Providing VCOC. |
05/21/2025 | 1 | C | A | C | A | C | A | C | A | C | A | UT | Primary | Purchase | Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD | D | A | D | A | C | A | A | A | Non QM | Non QM | Yes | |||||||||
| xxx | 2036791 | xxx | 33837392 | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): Credit Report |
05/22/2025 | 1 | D | A | D | A | D | A | D | A | D | A | UT | Primary | Purchase | D | A | D | A | C | A | A | A | Non QM | Non QM | No | ||||||||||||
| xxx | 2036791 | xxx | 33837393 | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): Hazard Policy and RCE |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | UT | Primary | Purchase | D | A | D | A | C | A | A | A | Non QM | Non QM | No | ||||||||||||
| xxx | 2036791 | xxx | 33837394 | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Purchase Agreement / Sales Contract not provided | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): Purchase Agreement |
05/22/2025 | 1 | D | A | D | A | D | A | D | A | D | A | UT | Primary | Purchase | D | A | D | A | C | A | A | A | Non QM | Non QM | No | ||||||||||||
| xxx | 2036791 | xxx | 33837396 | Credit | Income / Employment | Income Documentation | Missing Document | REO Documents are missing. | Reviewer Comment (2025-05-27): Received Buyer Comment (2025-05-23): HOA for[XXXX], thank you Reviewer Comment (2025-05-23): Received [XXXX] for[XXXX], however the property is [XXXX] - exception remains Reviewer Comment (2025-05-23): EXCEPTION HISTORY - Exception Detail was updated on [XXXX] PRIOR Exception Detail: Address: [XXXX], Address: [XXXX] EXCEPTION HISTORY - Exception Explanation was updated on [XXXX] PRIOR Exception Explanation: HOA Verification Insurance Verification Buyer Comment (2025-05-23): HOI for [XXXX] Buyer Comment (2025-05-23): Providing [XXXX] search confirming no HOA for home at[XXXX] and HOI for [XXXX] Reviewer Comment (2025-05-23): EXCEPTION HISTORY - Exception Detail was updated on [XXXX]PRIOR Exception Detail: Address: [XXXX], Address: [XXXX], Address:[XXXX] Reviewer Comment (2025-05-23): Missing HOA for [XXXX]t, and Insurance Verification for [XXXX] Reviewer Comment (2025-05-23): EXCEPTION HISTORY - Exception Detail was updated on [XXXX] PRIOR Exception Detail: Address:[XXXX], Address: [XXXX] Address: [XXXX], Address:[XXXX] Address:[XXXX] Address: [XXXX] EXCEPTION HISTORY - Exception Explanation was updated on[XXXX] PRIOR Exception Explanation: HOA Verification HOA Verification HOA Verification HOA Verification, Insurance Verification, Tax Verification HOA Verification, Insurance Verification, Tax Verification HOA Verification, Insurance Verification, Tax Verification Reviewer Comment (2025-05-22): EXCEPTION HISTORY - Exception Explanation was updated on [XXXX] PRIOR Exception Explanation: HOA Verification, Insurance Verification, Statement, Tax Verification HOA Verification, Insurance Verification, Statement, Tax Verification HOA Verification, Insurance Verification, Tax Verification HOA Verification, Insurance Verification, Tax Verification HOA Verification, Insurance Verification, Tax Verification HOA Verification, Insurance Verification, Statement, Tax Verification Buyer Comment (2025-05-21): REO docs |
05/27/2025 | 1 | C | A | C | A | C | A | C | A | C | A | UT | Primary | Purchase | D | A | D | A | C | A | A | A | Non QM | Non QM | No | ||||||||||||
| xxx | 2036791 | xxx | 33837397 | Credit | Legal / Regulatory / Compliance | Title / Lien Defect | Legal / Regulatory / Compliance | Final Title Policy is missing. No evidence of title in file. | Provide Final, Prelim or Commitment | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): Title Commitment |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | UT | Primary | Purchase | D | A | D | A | C | A | A | A | Non QM | Non QM | No | |||||||||||
| xxx | 2036791 | xxx | 33837398 | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Credit Report is missing. | Reviewer Comment (2025-05-22): Received Buyer Comment (2025-05-21): Credit Report |
05/22/2025 | 1 | C | A | C | A | C | A | C | A | C | A | UT | Primary | Purchase | D | A | D | A | C | A | A | A | Non QM | Non QM | No | |||||||||||
| xxx | 2036792 | xxx | 33837401 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Closing Disclosure Timing without Waiver | TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least [XXXX] ([XXXX]) business days prior to closing. | Initial Closing Disclosure was not provided in file. | Reviewer Comment (2025-05-28): [XXXX] received [XXXX]CD, received [XXXX] business days prior to consummation. Buyer Comment (2025-05-27): Initial CD signed [XXXX] days prior to closing Buyer Comment (2025-05-27): Providing initial CD, received and signed by borrower on [XXXX], including Disclosure tracking |
05/28/2025 | 1 | C | A | C | A | C | A | C | A | C | A | AZ | Primary | Purchase | No Defined Cure | C | A | A | A | C | A | A | A | Non QM | Non QM | No | |||||||||
| xxx | 2036787 | xxx | 33837405 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID Initial Closing Disclosure Timing without Waiver | TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least [XXXX]([XXXX]) business days prior to closing. | The initial CD was sent to the borrower [XXXX] this is less than [XXXX] business days prior to closing. | Reviewer Comment (2025-05-30): [XXXX] received initial CD. Buyer Comment (2025-05-29): Initial CD Reviewer Comment (2025-05-29): [XXXX] received disclosure summary stating CD dated [XXXX]. However, the initial CD is missing from the file. Kindly provide initial CD dated [XXXX] as stated in disclosure summary. Buyer Comment (2025-05-28): Borrower received the initial CD and e-signed this initial CD on [XXXX]- for closing disclosures receipt on [XXXX] is counted as day [XXXX], [XXXX]-day [XXXX], [XXXX]-day [XXXX] closed day [XXXX]on [XXXX]. |
05/30/2025 | 1 | C | A | C | A | C | A | C | A | C | A | TX | Primary | Purchase | No Defined Cure | C | B | B | B | C | B | A | A | Non QM | Non QM | No | |||||||||
| xxx | 2036787 | xxx | 33837409 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | The lender allowed the 1099s in the business name and not having tax transcripts | Borrower has verified disposable income of at least $[XXXX]. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [XXXX] months. Borrowers made a down payment from their own funds on this purchase transaction of at least [XXXX]% and $,[XXXX].00. The qualifying DTI on the loan is at least [XXXX]% less than the guideline maximum. The representative FICO score exceeds the guideline minimum by at least [XXXX] points. |
SitusAMC SitusAMC SitusAMC SitusAMC SitusAMC |
Reviewer Comment (2025-05-27): Lender approved exception in file | 05/27/2025 | 2 | B | B | B | B | B | B | B | B | B | B | TX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | |||||||||
| xxx | 2036787 | xxx | 33837408 | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation | ECOA Valuations Rule (Dodd-Frank [XXXX]): Creditor did not provide a copy of each valuation to applicant [XXXX] ([XXXX]) business days prior to consummation. | Appraisal Revision completed (Appraisal report date), less than [XXXX] business days from Note date. | Reviewer Comment (2025-05-28): Lender acknowledges this is Grade [XXXX] and elects to waive Buyer Comment (2025-05-28): Elect to waive and close out this grade [XXXX] for appraisal delivery |
05/28/2025 | 2 | B | B | B | B | B | B | B | B | B | B | TX | Primary | Purchase | C | B | B | B | C | B | A | A | Non QM | Non QM | No | ||||||||||
| xxx | 2036796 | xxx | 33837412 | Compliance | Compliance | Federal Compliance | TRID Defect | TRID [XXXX] Percent Tolerance Violation Without Sufficient Cure Provided | TILA-RESPA Integrated Disclosure: [XXXX] Percent Fee Tolerance exceeded for Loan Discount Points. Fee Amount of $[XXXX] exceeds tolerance of $[XXXX]. Insufficient or no cure was provided to the borrower. | No Cure Provided | Reviewer Comment (2025-06-05): [XXXX] Received Valid COC dated [XXXX]. Buyer Comment (2025-06-04): Please see attached [XXXX]. |
06/05/2025 | 1 | C | A | C | A | C | A | C | A | C | A | HI | 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 | Non QM | Non QM | Yes | |||||||||
| xxx | 2026599 | xxx | 33837427 | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided | Please provide a copy of Credit Report for [XXXX]. | Reviewer Comment (2025-05-12): Received a Credit Report. Exception Cleared.. Buyer Comment (2025-05-08): ATTACHED |
05/12/2025 | 1 | D | A | D | A | D | A | D | A | D | A | FL | Investment | Refinance - Cash-out - Other | D | B | D | B | A | A | N/A | No | ||||||||||||||
| xxx | 2026599 | xxx | 33837428 | Credit | Credit | Credit Calculation / Analysis | Guideline | Guideline Requirement: Representative FICO score discrepancy. | Lender guidelines require at minimum median FICO of [XXXX]. The credit report was not provided in file. | Reviewer Comment (2025-05-13): Received Credit Report | 05/13/2025 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Investment | Refinance - Cash-out - Other | D | B | D | B | A | A | N/A | No | ||||||||||||||
| xxx | 2026599 | xxx | 33837429 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception provided in file which allowed the change of business entity ownership after the initial application. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [XXXX] months. | SitusAMC | Reviewer Comment (2025-05-05): Lender provided exception in loan file and compensating factors. | 05/05/2025 | 2 | B | B | B | B | B | B | B | B | B | B | FL | Investment | Refinance - Cash-out - Other | D | B | D | B | A | A | N/A | No | ||||||||||||
| xxx | 2026605 | xxx | 33837434 | Credit | Hazard Insurance | Insufficient Coverage | Hazard Insurance | The Hazard Insurance Policy Effective Date is after closing. | Provided hazard insurance has an effective date of [XXXX]. Verification the insurance was active at the time of closing is required. | Reviewer Comment (2025-05-19): Received Buyer Comment (2025-05-15): please disregard the aka address letter Buyer Comment (2025-05-15): attached |
05/19/2025 | 1 | C | A | C | A | C | A | C | A | C | A | NY | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||||||
| xxx | 2026605 | xxx | 33837435 | Credit | Asset | Asset Calculation / Analysis | Asset | Available for Closing is insufficient to cover Cash From Borrower. | Subject transaction does not meet the calculated cash due from the borrower. The guarantor's life insurance asset cannot be used to meet the cash to close requirement. An additional gift letter is in file for another $[XXXX], however, there is not a second source to verify the funds were transferred to the escrow agent or borrower. An additional asset account that is verified with the most recent [XXXX] months bank statements is required to meet the cash to close. | Reviewer Comment (2025-05-19): Received additional check Buyer Comment (2025-05-15): attached |
05/19/2025 | 1 | C | A | C | A | C | A | C | A | C | A | NY | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||||||
| xxx | 2026608 | xxx | 33837437 | Property | Valuation | Valuation Issue | Valuation | The desk review has a effective date that is other than what the appraisal effective date is. The desk review should have the same effective date as the appraisal | Reviewer Comment (2025-05-20): Received Buyer Comment (2025-05-19): CDA |
05/20/2025 | 1 | C | A | C | A | C | A | C | A | C | A | NY | Investment | Refinance - Rate/Term | C | A | A | A | C | A | N/A | No | |||||||||||||||
| xxx | 2026609 | xxx | 33837443 | Credit | Asset | Asset Calculation / Analysis | Asset | Available for Closing is insufficient to cover Cash From Borrower. | [XXXX], N.A #[XXXX]missing [XXXX] months bank statements and ownership of account and [XXXX] Money market acct missing [XXXX] months statements | Reviewer Comment (2025-05-20): Located Wire Buyer Comment (2025-05-19): Please see attached [XXXX] [XXXX] account just opened. [XXXX] doesn't have an account # [XXXX]on our application. Borrower should have sufficient assets with accounts listed on application and documented. |
05/20/2025 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||||||
| xxx | 2026607 | xxx | 33837444 | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Loan is to be securitized. Secondary valuation is missing. Sec ID: [XXXX] | Please provide a Secondary Valuation as per securitization standards. - UCDP provided had no grades | Reviewer Comment (2025-05-21): Received Buyer Comment (2025-05-20): See attached CDA. No Variance |
05/21/2025 | 1 | D | A | D | A | D | A | D | A | D | A | NY | Investment | Refinance - Cash-out - Other | D | A | C | A | D | A | N/A | No | ||||||||||||||
| xxx | 2026607 | xxx | 33837445 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Missing Rate Lock as needed to verify loan program | Reviewer Comment (2025-05-21): Received Buyer Comment (2025-05-20): See attached Rate Lock Confirmation |
05/21/2025 | 1 | C | A | C | A | C | A | C | A | C | A | NY | Investment | Refinance - Cash-out - Other | D | A | C | A | D | A | N/A | No | ||||||||||||||
| xxx | 2036783 | xxx | 33837447 | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of ___ is less than Guideline PITIA months reserves of ___. | Lender guidelines require at least[XXXX] months of reserves. The account ending in [XXXX] was excluded due to the account being held a non-borrowing business entity. Proof the guarantor has ownership of this business is required for the asset to be allowable. - POC have been credited toward borrowers assets. | The Loan to Value (LTV) on the loan is less than the guideline maximum by at least [XXXX]%. The representative FICO score exceeds the guideline minimum by at least [XXXX] points. |
SitusAMC SitusAMC |
Reviewer Comment (2025-06-02): Lender requests to waive with compensating factors to an EV2/grade B Buyer Comment (2025-06-02): Can this please be waived to EV 2 and closed out. |
06/02/2025 | 2 | C | B | C | B | C | B | C | B | C | B | NY | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No |