Exhibit 99.03
| Exception Grades |
| Run Date - 7/21/2025 11:30:56 AM |
| 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 |
| 214928285 | XXX | XXX | XXX | XXX | 11/15/2018 | Property | Property - Appraisal | Appraisal Reconciliation | Property - Appraisal | Missing secondary valuation product required for securitization. | A Secondary Valuation (desk review) product is required and is not in file. | Reviewer Comment (2018-11-15): CDA provided with a 0% variance. Exception cleared. |
05/15/2018 | 1 | C | A | C | A | C | A | C | A | C | A | XX/XX/XXXX | NY | Investment | Purchase | C | A | A | A | C | A | N/A | No | |||||||||||
| 214928294 | XXX | XXX | XXX | XXX | 11/15/2018 | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Fraud Report not provided | Reviewer Comment (2018-11-15): Fraud report not required per bid stips or guidelines. |
07/18/2018 | 1 | C | A | C | A | C | A | C | A | C | A | XX/XX/XXXX | NY | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||||
| 214928298 | XXX | XXX | XXX | XXX | 11/15/2018 | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Purchase Agreement / Sales Contract not provided | Reviewer Comment (2018-11-15): Received copy of the sales contract. |
07/24/2018 | 1 | D | A | D | A | D | A | D | A | D | A | XX/XX/XXXX | NY | Investment | Purchase | D | A | D | A | C | A | N/A | No | ||||||||||||
| 214928298 | XXX | XXX | XXX | XXX | 11/15/2018 | Property | Property - Appraisal | Appraisal Reconciliation | Property - Appraisal | Missing secondary valuation product required for securitization. | Reviewer Comment (2018-11-15): Received a Clear Capital desk review dated XX/XX/XXXX which provided a value of $XXX.XX, a 0.00% variance from the appraised value of $XXX.XX, value supported. |
07/24/2018 | 1 | C | A | C | A | C | A | C | A | C | A | XX/XX/XXXX | NY | Investment | Purchase | D | A | D | A | C | A | N/A | No | ||||||||||||
| 214928298 | XXX | XXX | XXX | XXX | 11/15/2018 | Credit | Missing Document | General | Missing Document | ACH was missing from file. | Reviewer Comment (2018-11-15): Received copy of the ACH agreement. |
07/27/2018 | 1 | C | A | C | A | C | A | C | A | C | A | XX/XX/XXXX | NY | Investment | Purchase | D | A | D | A | C | A | N/A | No | ||||||||||||
| 214928298 | XXX | XXX | XXX | XXX | 11/15/2018 | Credit | Credit | Credit Documentation | Credit | No evidence of fraud report in file | Credit Report: Original // Borrower: XXX | Reviewer Comment (2018-11-15): Fraud report was not required per bid stips or guidelines. |
07/18/2018 | 1 | C | A | C | A | C | A | C | A | C | A | XX/XX/XXXX | NY | Investment | Purchase | D | A | D | A | C | A | N/A | No |