HOF 2025-RRTL2 DEPOSITOR LLC ABS-15G

Exhibit 99.1 - Schedule 2

 

 

Exception Grades
Run Date - 8/15/2025 3:20:18 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
223856969 (redacted)     34167502     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Guarantor Agreement not provided   Provided guarantor agreement designates a business entity has a guarantor. Lender guidelines require a personal guarantor to be provided. Provide a copy of guaranty agreement for (redacted). The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): Personal Guaranty not required by guidelines, (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 D B D B D B D B D B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856969 (redacted)     34167478     Credit Asset Asset Calculation / Analysis Asset Available for Closing is insufficient to cover Cash From Borrower. Documented qualifying Assets for Closing of  ___ is less than Cash From Borrower ___. Subject transaction does not meet the calculated cash due from borrower at closing. There are no assets provided in file. All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856969 (redacted)     34172140     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Corporate Resolution not provided   Missing required document which designated (redacted) as a valid authorized signor.       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   D B D B     A A   N/A No
223856969 (redacted)     34167513     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Loan to Cost (LTC) exceeds the maximum allowed per guidelines. Calculated Loan to Cost (LTC) of ___ exceeds the maximum allowed per guidelines. Guideline Loan to Cost (LTC) ___. Lender guidelines require a maximum LTC of 70% based on the borrower's lack of experience and expected rehab on the property. The subject transaction does not meet this requirement. The approval in file verifies the transaction was originated with an LTC that exceeds lender guidelines. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856969 (redacted)     34167514     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 six months PITIA for properties with no expected rehab. There are no assets provided in file. All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856970 (redacted)     34167179     Credit Credit Transaction Error Credit Transaction Error: Total Cash-out on a purchase transaction. Borrower is receiving total cash-out of ___ on a purchase transaction. As per Final HUD-1, the borrower is receiving cash out at closing on a purchase transaction. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): The reason the borrower appears to be receiving "Cash out" is due to their business model. They buy properties from homeowners quick and at a discount. They then work with the original homeowner to sell at market price. On the HUD they receive their commission and a listing cost credit for when they sell. (redacted) waived this condition given their business model
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856970 (redacted)     34167209     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Guarantor Agreement not provided   Provided guarantor agreement designates a business entity has a guarantor. Lender guidelines require a personal guarantor to be provided. Provide a copy of guaranty agreement for (redacted). The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): Personal Guaranty not required by guidelines, (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 D B D B D B D B D B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856970 (redacted)     34167217     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Loan to Cost (LTC) exceeds the maximum allowed per guidelines. Calculated Loan to Cost (LTC) of ___ exceeds the maximum allowed per guidelines. Guideline Loan to Cost (LTC) ___. Lender guidelines require a maximum LTC of 70% based on the borrower's lack of experience and expected rehab on the property. The subject transaction does not meet this requirement. The approval in file verifies the transaction was originated with an LTC that exceeds lender guidelines. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856970 (redacted)     34167218     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 six months PITIA for properties with no expected rehab. There are no assets provided in file. All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856970 (redacted)     34171198     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Corporate Resolution not provided   Missing required document which designated (redacted) as a valid authorized signor.       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   D B D B     A A   N/A No
223856977 (redacted)     34172387     Credit Loan Package Documentation Closing / Title Missing, Incorrect, or Incomplete HUD-1 Missing Final HUD-1   Provided HUD-1 was not marked as final or signed by the borrower. The borrower's final HUD-1 is required.       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached
 08/12/2025     1 D A D A D A D A D A   (redacted) Investment Purchase   D B D B     A A   N/A No
223856977 (redacted)     34172343     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Corporate Resolution not provided   Missing required document which designated (redacted) as a valid authorized signor.       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   D B D B     A A   N/A No
223856977 (redacted)     34167864     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Guarantor Agreement not provided   Provided guarantor agreement designates a business entity has a guarantor. Lender guidelines require a personal guarantor to be provided. Provide a copy of guaranty agreement for (redacted). The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): Personal Guaranty not required by guidelines, (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 D B D B D B D B D B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856977 (redacted)     34167861     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 six months PITIA for properties with no expected rehab. There are no assets provided in file. All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856977 (redacted)     34167860     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Original As-Is LTV exceeds the maximum allowed per guidelines. Calculated Original As-Is LTV of ___ exceeds the maximum allowed per guidelines. Guideline Original As-Is LTV ___. Lender guidelines require a maximum As-Is LTV of 70% based on the borrower's lack of experience and expected rehab on the property. The subject transaction does not meet this requirement with the as-is value of $(redacted). The approval in file verifies the transaction was originated with an LTV that exceeds lender guidelines. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223856977 (redacted)     34167839     Credit Asset Asset Calculation / Analysis Asset Available for Closing is insufficient to cover Cash From Borrower. Documented qualifying Assets for Closing of  ___ is less than Cash From Borrower ___. Subject transaction does not meet the calculated cash due from borrower at closing. There are no assets provided in file. All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223857249 (redacted)     34167407     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Guarantor Agreement not provided   Provided guarantor agreement designates a business entity has a guarantor. Lender guidelines require a personal guarantor to be provided. Provide a copy of guaranty agreement for (redacted). The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): Personal Guaranty not required by guidelines, (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 D B D B D B D B D B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857249 (redacted)     34167759     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Loan to Cost (LTC) exceeds the maximum allowed per guidelines. Calculated Loan to Cost (LTC) of ___ exceeds the maximum allowed per guidelines. Guideline Loan to Cost (LTC) ___. Lender guidelines require a maximum LTC of 70% based on the borrower's lack of experience and expected rehab on the property. The subject transaction does not meet this requirement. The approval in file verifies the transaction was originated with an LTC that exceeds lender guidelines. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857249 (redacted)     34167760     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Original As-Is LTV exceeds the maximum allowed per guidelines. Calculated Original As-Is LTV of ___ exceeds the maximum allowed per guidelines. Guideline Original As-Is LTV ___. Lender guidelines require a maximum As-Is LTV of 70% based on the borrower's lack of experience and expected rehab on the property. The subject transaction does not meet this requirement with the as-is value of $(redacted). The approval in file verifies the transaction was originated with an LTV that exceeds lender guidelines. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857249 (redacted)     34167761     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 six months PITIA for properties with no expected rehab. There are no assets provided in file. All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857249 (redacted)     34170943     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Corporate Resolution not provided   Missing required document which designated (redacted) as a valid authorized signor.       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857250 (redacted)     34167649     Credit Guideline General Guideline Contractor/Borrower has no experience in rehab properties.   Experience is not required as per guidelines. Guideline require experience to be documented with either HUD's or the lender's own track record. Neither document was provided in file. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): Guidelines do not require a borrower to have experience, waived both HUD's or lender's own track record due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857250 (redacted)     34167664     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Guarantor Agreement not provided   Provided guarantor agreement designates a business entity has a guarantor. Lender guidelines require a personal guarantor to be provided. Provide a copy of guaranty agreement for (redacted). The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): Personal Guaranty not required by guidelines, (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 D B D B D B D B D B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857250 (redacted)     34167672     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Loan to Cost (LTC) exceeds the maximum allowed per guidelines. Calculated Loan to Cost (LTC) of ___ exceeds the maximum allowed per guidelines. Guideline Loan to Cost (LTC) ___.   The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857250 (redacted)     34167673     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Original As-Is LTV exceeds the maximum allowed per guidelines. Calculated Original As-Is LTV of ___ exceeds the maximum allowed per guidelines. Guideline Original As-Is LTV ___.   The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857250 (redacted)     34167674     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 ___.   The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857251 (redacted)     34167744     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 ___.   The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223857251 (redacted)     34167743     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Loan to Cost (LTC) exceeds the maximum allowed per guidelines. Calculated Loan to Cost (LTC) of ___ exceeds the maximum allowed per guidelines. Guideline Loan to Cost (LTC) ___.   The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223857251 (redacted)     34167460     Credit Asset Asset Calculation / Analysis Asset Available for Closing is insufficient to cover Cash From Borrower. Documented qualifying Assets for Closing of  ___ is less than Cash From Borrower ___.   The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   D B D B     A A   N/A No
223857251 (redacted)     34167475     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Guarantor Agreement not provided   Provided guarantor agreement designates a business entity has a guarantor. Lender guidelines require a personal guarantor to be provided. Provide a copy of guaranty agreement for (redacted). The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): Personal Guaranty not required by guidelines, (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 D B D B D B D B D B   (redacted) Investment Purchase   D B D B     A A   N/A No
223857252 (redacted)     34168193     Credit Asset Asset Calculation / Analysis Asset Available for Closing is insufficient to cover Cash From Borrower.           Reviewer Comment (2025-08-12): provided


Seller Comment (2025-08-11): Plaid report attached, account (redacted) has $(redacted)
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   C B C B     A A   N/A No
223857252 (redacted)     34168212     Credit Asset Asset Calculation / Analysis Asset Guideline Requirement: Available for Reserves discrepancy.   The file contains a 401k account, which was assigned 50% usability as a tax-advantaged account. Please provide additional assets sufficient to cover the required reserves of 6 month PITI + 10% of rehab budget ($(redacted)).       Reviewer Comment (2025-08-12): provided


Seller Comment (2025-08-11): Plaid report attached, account (redacted) has $(redacted)
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   C B C B     A A   N/A No
223857252 (redacted)     34168213     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility After Repair Value % (ARV) exceeds the maximum allowed per guidelines. Calculated After Repair Value % (ARV) of ___ exceeds the maximum allowed per guidelines. Guideline After Repair Value % (ARV) ___.   Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00.

The representative FICO score exceeds the guideline minimum by at least 40 points.		   SitusAMC

SitusAMC		 Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Seller Comment (2025-08-11): Attached


Seller Comment (2025-08-11): (redacted) shows ARV at (redacted)% ((redacted)).  (redacted) waived due to the following factors - Assets show $(redacted) (Plaid Report attached), minus the (redacted) due at borrowing, equal to (redacted), over 16 months of monthly payments.
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   C B C B     A A   N/A No
223857254 (redacted)     34164575     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Corporate Resolution not provided           Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857254 (redacted)     34164578     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Guarantor Agreement not provided   Provided guarantor agreement only assigns a business as guarantor. Please provide one that assigns the individual in file. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledged and waives with compensating factors.


Seller Comment (2025-08-11): Personal Guaranty not required by guidelines, (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 D B D B D B D B D B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857254 (redacted)     34164589     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Loan to Cost (LTC) exceeds the maximum allowed per guidelines. Calculated Loan to Cost (LTC) of ___ exceeds the maximum allowed per guidelines. Guideline Loan to Cost (LTC) ___. Lender guidelines require a maximum LTC of 70% based on the borrower's lack of experience and expected rehab on the property. The subject transaction does not meet this requirement. Approval in file verifies the loan was originated with an LTC that exceeds lender guidelines. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledged and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857254 (redacted)     34164590     Credit Borrower and Mortgage Eligibility Mortgage / Program Eligibility Borrower and Mortgage Eligibility Original As-Is LTV exceeds the maximum allowed per guidelines. Calculated Original As-Is LTV of ___ exceeds the maximum allowed per guidelines. Guideline Original As-Is LTV ___. Lender guidelines require a maximum As-Is LTV of 70% based on the borrower's lack of experience and expected rehab on the property. The subject transaction does not meet this requirement with the as-is LTV of $(redacted). Provided Approval in file verifies the loan was originated with an LTV that exceeds lender guidelines. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledged and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857254 (redacted)     34164591     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 six months PITIA for properties with no expected rehab. There are no assets provided in file. All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledged and waives with compensating factors.


Seller Comment (2025-08-11): (redacted) waived the asset requirement due to the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857254 (redacted)     34164727     Credit Insurance Insurance Analysis Insurance Hazard Insurance Policy expires within 90 days of the Note Date. Hazard Insurance Policy Expiration Date ___, Note Date ___ Please provide Hazard Insurance policy for the policy term 2025 to 2026. The representative FICO score exceeds the guideline minimum by at least 40 points.   SitusAMC Reviewer Comment (2025-08-12): Lender acknowledged and waives with compensating factors.


Seller Comment (2025-08-11): Due to borrower's business model, home will be sold within insurance window. They buy properties from homeowners quick and at a discount. They then work with the original homeowner to sell at market price. (redacted) waived this condition given their business model, as well as the following compensating factors: 1. (redacted) FICO score and 2. this borrower has paid off 192 loans for $(redacted) that (redacted) originated for them
     08/12/2025 2 B B B B B B B B B B   (redacted) Investment Refinance - Cash-out - Other   D B D B     A A   N/A No
223857255 (redacted)     34168291     Credit Asset Asset Calculation / Analysis Asset Available for Closing is insufficient to cover Cash From Borrower.   The file contains a bank statement (#(redacted)) with a balance of $(redacted), which is sufficient to cover the "Cash from Borrower at Closing". However, the account name is (redacted), and proof of the guarantor's right to access the business account has not been provided. Please provide ownership documentation for (redacted).       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Document attached shows (redacted) as the managing member of (redacted).  The managing member of (redacted) is (redacted), the borrower.


Seller Comment (2025-08-11): Attached
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   C A C A     A A   N/A No
223857255 (redacted)     34169508     Credit Asset Asset Calculation / Analysis Asset Guideline Requirement: Available for Reserves discrepancy.   The file contains a bank statement (#(redacted)) with a balance of $(redacted), which is sufficient to cover the "Cash from Borrower at Closing". However, the account name is (redacted), and proof of the guarantor's right to access the business account has not been provided. Please provide ownership documentation for (redacted).       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached


Seller Comment (2025-08-11): Document attached shows (redacted) as the managing member of (redacted).  The managing member of (redacted) is (redacted), the borrower.
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   C A C A     A A   N/A No
223857258 (redacted)     34172402     Credit Asset Asset Calculation / Analysis Asset Guideline Requirement: Available for Reserves discrepancy.   Lender guidelines require at least six months PITIA + 10% of rehab budget (PITIA = $(redacted) = $(redacted) +10% rehab of $(redacted) = $(redacted) in required reserves. There are no assets provided in file. All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days.       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   C A C A     A A   N/A No
223857258 (redacted)     34172337     Credit Asset Asset Calculation / Analysis Asset Available for Closing is insufficient to cover Cash From Borrower.   There are no assets provided in file. Please provide assets sufficient to cover the "Cash from Borrower" ($(redacted).) All assets must be verified with either the most recent two months bank statements or an asset verification report covering 60 days.       Reviewer Comment (2025-08-12): received


Seller Comment (2025-08-11): Attached
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   C A C A     A A   N/A No
223915838 (redacted) (redacted)   34197111     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Corporate Resolution not provided   Missing required document for (redacted). Provided operating agreement does not designate a manager and due to the complex business structure, it cannot be determine if all individuals with ownership have signed the Note.       Reviewer Comment (2025-08-12): OA received for both guarantor entities


Buyer Comment (2025-08-12): Additional business docs
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   C A C A     A A   N/A No
223915838 (redacted) (redacted)   34197112     Credit Credit Miscellaneous Guideline Credit Exception:   Lender guidelines require guarantors to hold majority ownership or be the managing member of the business entity. The borrowing entity has a complex business structure and due to the missing operating agreements for (redacted) and (redacted), it cannot be determined that inviduals with majority ownership or managing power within the companies are the guarantors.       Reviewer Comment (2025-08-12): OA received for both guarantor entities


Buyer Comment (2025-08-12): Operation agreements for additional business docs
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Purchase   C A C A     A A   N/A No
223915841 (redacted) (redacted)   34197119     Credit Loan Package Documentation Loan File Missing Document  Missing Document: Hazard Insurance Policy not provided           Reviewer Comment (2025-08-12): received


Buyer Comment (2025-08-12): Insurance
 08/12/2025     1 C A C A C A C A C A   (redacted) Investment Refinance - Cash-out - Other   C A C A     A A   N/A No
223915842 (redacted) (redacted)   34197121     Credit Insurance Insurance Analysis Insurance Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Hazard policy coverage of $(redacted) is less than both the loan amount $(redacted) and the as-is value $(redacted). Provide coverage that meets (redacted) guidelines that is equal to or greater than either loan amount or as-is value. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least 4 months.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00.

Seasoned Borrower/Investor whose experience exceeds 10 completed projects.

The Loan to Cost (LTC) on the loan is less than the guideline maximum by at least 10%.

The representative FICO score exceeds the guideline minimum by at least 40 points.		   SitusAMC

SitusAMC

SitusAMC

SitusAMC

SitusAMC		 Reviewer Comment (2025-08-12): Lender acknowledges and waives with compensating factors.


Buyer Comment (2025-08-11): Please consider waiving with mitigating factors.
     08/12/2025 2 C B C B C B C B C B   (redacted) Investment Purchase   C B C B     A A   N/A No
223915843 (redacted) (redacted)   34197124     Credit Loan Package Documentation Application / Processing Loan Package Documentation Missing Document: Articles of Organization/Formation not provided   Missing required document for (redacted).       Reviewer Comment (2025-08-12): Received


Buyer Comment (2025-08-11): Formation documents for subject entity uploaded.
 08/12/2025     1 C A C A C A C A C A     Investment Purchase   C A C A     A A   N/A No
223915845 (redacted) (redacted)   34197128     Credit Loan Package Documentation Loan File Missing Document  Missing Document: Hazard Insurance Policy not provided           Reviewer Comment (2025-08-12): Received


Buyer Comment (2025-08-12): Insurance
 08/12/2025     1 C A C A C A C A C A   IL Investment Refinance - Rate/Term   C A C A     A A   N/A No
223915846 (redacted) (redacted)   34197130     Credit Credit Credit Documentation Credit Missing Document: OFAC not provided   Provided background check does not have the OFAC check as required for (redacted) .       Reviewer Comment (2025-08-12): Received


Buyer Comment (2025-08-11): Background Check for subject guarantor uploaded.
 08/12/2025     1 C A C A C A C A C A   TX Investment Purchase   C A C A     A A   N/A No
223915846 (redacted) (redacted)   34197131     Credit Business Purpose General Business Purpose Background check is missing. - Provided background check for the guarantor does not include the criminal record check as required.       Reviewer Comment (2025-08-12): Received


Buyer Comment (2025-08-12): Background check for both Guarantors


Buyer Comment (2025-08-11): Background Check for subject guarantor uploaded.
 08/12/2025     1 C A C A C A C A C A   TX Investment Purchase   C A C A     A A   N/A No
223915847 (redacted) (redacted)   34197132     Credit Legal / Regulatory / Compliance Title / Lien Defect Title Title Policy is Preliminary or Commitment, and not a Final Title Policy.           Reviewer Comment (2025-08-12): Received Final
 08/12/2025     1 A A A A A A A A A A   OH Investment Purchase   B A B A     A A   N/A No
223915847 (redacted) (redacted)   34197133     Credit Title General Title Title Policy Coverage is less than Original Loan Amount.   Title coverage is less than the loan amount. Provide a current copy of the preliminary, commitment, or final title.       Reviewer Comment (2025-08-12): Recevied Final


Buyer Comment (2025-08-12): Final title policy
 08/12/2025     1 B A B A B A B A B A   OH Investment Purchase   B A B A     A A   N/A No
223915848 (redacted) (redacted)   34197135     Credit Credit Credit Documentation Guideline Aged document: Credit Report  is more than 90 days prior to the note date. - The provided credit report is dated (redacted), which is 213 days from the note date of (redacted). Please provide a credit report within 120 days of closing.       Reviewer Comment (2025-08-12): Received


Buyer Comment (2025-08-11): Applicable Credit Report at time of loan closing uploaded.
 08/12/2025     1 C A C A C A C A C A   DE Investment Purchase   C A C A     A A   N/A No
223915851 (redacted) (redacted)   34197141     Credit Credit Credit Documentation Credit No evidence of fraud report in file - Please provide a copy of the background check with the OFAC search for (redacted) as he is the guarantor on the loan.       Reviewer Comment (2025-08-12): Received


Buyer Comment (2025-08-11): Background Check for subject guarantor uploaded.
 08/12/2025     1 C A C A C A C A C A   TX Investment Purchase   C B C B     A A   N/A No
223915851 (redacted) (redacted)   34197142     Credit Insurance Insurance Analysis Insurance Insufficient Coverage: Hazard insurance coverage amount is insufficient.   Hazard policy coverage of $(redacted) is less than both the loan amount $(redacted) and the as-is value $(redacted).  Provide coverage that meets (redacted) guidelines that is equal to or greater than either loan amount or as-is value. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00.

The Loan to Cost (LTC) on the loan is less than the guideline maximum by at least 10%.

The representative FICO score exceeds the guideline minimum by at least 40 points.		   SitusAMC

SitusAMC

SitusAMC		 Reviewer Comment (2025-08-12): Lender requests to waive with compensating factors to an EV2/grade B


Buyer Comment (2025-08-11): Please consider waiving with mitigating factors.
     08/12/2025 2 C B C B C B C B C B   TX Investment Purchase   C B C B     A A   N/A No
223915855 (redacted) (redacted)   34197149     Credit Missing Document General Missing Document Missing Document: HUD/CD not provided   Provided closing statement was not signed or stamped as final.       Reviewer Comment (2025-08-12): Received


Buyer Comment (2025-08-12): Signed HUD
 08/12/2025     1 C A C A C A C A C A     Investment Purchase   C A C A     A A   N/A No