|
Client Name:
|
Redwood Trust
|
|||
|
Client Project Name:
|
SEMT 2026-HYB1
|
|||
|
Deal Loan Count:
|
260
|
|||
|
Waived Conditions Summary
|
||||
|
Review Scope
|
Category
|
Code
|
Description
|
Count
|
|
Credit
|
Legal Documents
|
CRDLGL2422
|
Missing Purchase Contract
|
1
|
|
Credit
|
Terms/Guidelines
|
CRDTER110
|
Loan amount exceeds guideline maximum
|
2
|
|
Credit
|
Terms/Guidelines
|
CRDTER113
|
Loan amount is below guideline minimum
|
9
|
|
Credit
|
Terms/Guidelines
|
CRDTER3122
|
Loan documents do not meet guideline requirements
|
4
|
|
Credit
|
Terms/Guidelines
|
CRDTER3492
|
Patriot Act form not fully executed by all parties
|
1
|
|
Credit
|
Terms/Guidelines
|
CRDTER3654
|
Borrower(s) do not meet guideline requirements for citizenship status
|
1
|
|
Credit
|
Terms/Guidelines
|
CRDTER4521
|
Loan Amount does not exceed SFR Conforming Balance Limit
|
1
|
|
Credit
|
Credit/Mtg History
|
CRDCRMH119
|
Consumer lates exceed guidelines
|
1
|
|
Credit
|
Credit/Mtg History
|
CRDCRMH149
|
Missing support docs for VOM/VOR (e.g. cancelled checks)
|
2
|
|
Credit
|
Credit/Mtg History
|
CRDCRMH1805
|
Debts/obligations not disclosed/accounted for at origination
|
1
|
|
Credit
|
Credit/Mtg History
|
CRDCRMH193
|
Length of mortgage/rental history in file does not meet guideline requirement
|
4
|
|
Credit
|
Credit/Mtg History
|
CRDCRMH3000
|
# of Tradelines Does Not Meet Guideline Requirements
|
1
|
|
Credit
|
DTI
|
CRDDTI105
|
Debt Ratio Exception XX% or Less
|
1
|
|
Credit
|
DTI
|
CRDDTI106
|
Debt Ratio Exception >XX% and <XX%
|
1
|
|
Credit
|
DTI
|
CRDDTI187
|
Debt Ratio > XX%
|
1
|
|
Credit
|
DTI
|
CRDDTI2540
|
Missing verification of some or all components of non-subject PITI
|
1
|
|
Credit
|
LTV/CLTV
|
CRDLTV3026
|
LTV Exceeds Guideline Requirement by at least XX%, but less than XX%
|
1
|
|
Credit
|
LTV/CLTV
|
CRDLTV3028
|
LTV Exceeds Guideline Requirement by XX% or more
|
1
|
|
Credit
|
Income/Employment
|
CRDINC150
|
Income docs do not meet guidelines
|
1
|
|
Credit
|
Income/Employment
|
CRDINC2408
|
Income verification does not meet guidelines
|
2
|
|
Credit
|
Income/Employment
|
CRDINC2488
|
Verbal verification of employment missing
|
3
|
|
Credit
|
Income/Employment
|
CRDINC3204
|
Income Documentation Missing
|
1
|
|
Credit
|
Income/Employment
|
CRDINC3260
|
Balance Sheet missing for one or more Self Employed borrowers
|
1
|
|
Credit
|
Income/Employment
|
CRDINC888
|
Income Amount is Unsupported by Documentation in File
|
1
|
|
Credit
|
Insurance
|
CRDINSR5351
|
Insurance Effective date is greater than the transaction date
|
4
|
|
Credit
|
Assets
|
CRDAST115
|
Cash reserves do not meet guidelines
|
1
|
|
Credit
|
Assets
|
CRDAST2670
|
Asset documentation is insufficient per guideline requirements
|
3
|
|
Credit
|
Assets
|
CRDAST3078
|
Insufficient # of months cash reserves for PITI per guideline requirements
|
3
|
|
Property Valuations
|
FEMA
|
PRVAFEMA856
|
Natural Disaster Area, no subsequent inspection (Public)
|
1
|
|
Property Valuations
|
FEMA
|
PRVAFEMA858
|
Natural Disaster Area, no subsequent inspection (Individual & Public)
|
4
|
|
Property Valuations
|
Property
|
PRVAPROP177
|
Property Issues Indicated
|
1
|
|
Property Valuations
|
Property
|
PRVAPROP277
|
Currently Listed for Sale
|
1
|
|
Property Valuations
|
Appraisal
|
PRVAAPPR2300
|
Missing Second Appraisal required per guidelines
|
3
|
|
Property Valuations
|
Appraisal
|
PRVAAPPR275
|
Completed "Subject To" w/o Completion Cert in File
|
1
|
|
Property Valuations
|
Appraisal
|
PRVAAPPR3116
|
Missing updated valuation
|
5
|
|
Compliance
|
Ability to Repay/Qualified Mortgage
|
CMPATRQM3220
|
TILA - Loan subject to Ability to Repay/Qualified Mortgage rule; the loan file is missing documents to complete the ATR/QM review
and render an accurate ATR/QM status.
|
1
|
|
Compliance
|
Right of Rescission
|
CMPROR1909
|
Incorrect ROR Form Used - H8 Form Used in Refinance With Original Creditor
|
10
|
|
Compliance
|
Federal Consumer Protection
|
CMPFDCP847
|
TILA - ARM Loan Program Disclosure after 3 days from application
|
5
|
|
Compliance
|
Federal Consumer Protection
|
CMPFDCP849
|
TILA - Required ARM Loan Program Disclosure missing
|
3
|
|
Compliance
|
Documentation
|
CMPDOC3076
|
Legal document was not executed or is incomplete
|
1
|
|
Total
|
90
|
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|
©2026 Clayton Services LLC. All rights reserved. Ownership and use of this report is governed by the legal agreement between Clayton
and the party for which it was prepared. Any use not expressly authorized by such agreement, including reliance on this report by anyone other than such party, is prohibited.
|
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