EXHIBIT 99.3
AMC EXCEPTION GRADES
Exception Grades
Run Date - 4/13/2026 8:00:18 AM
| Deal ID | 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 |
| 143 | [Redacted] | [Redacted] | [Redacted] | 35841703 | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Lender Exception(s) not provided | The lender exception documentation was not located in the file. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
Reserves: [redacted] Guideline Requirement: [redacted] Guidelines Representative FICO: [redacted] Representative FICO: [redacted] |
Aggregator,SitusAMC Aggregator,SitusAMC |
Reviewer Comment (2026-02-23): Lender Exception with Compensating Factors provided. Buyer Comment (2026-02-18): Submitted tax lien paid docs and lender exception to [redacted] for review. |
02/23/2026 | 2 | C | B | C | B | C | B | C | B | C | B | TX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | |||||||||||
| 143 | [Redacted] | [Redacted] | [Redacted] | 35825794 | Credit | Loan Package Documentation | Closing / Title | Loan Package Documentation | Title search shows negative impact on title. | Provide document to verify that the Tax Lien reflected on title has been paid off. The closing statement does not reflect the Tax lien payoff amount. | Reviewer Comment (2026-02-23): Document provided Buyer Comment (2026-02-18): Submitted tax lien paid docs and lender exception to [redacted] for review. |
02/23/2026 | 1 | C | A | C | A | C | A | C | A | C | A | TX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | ||||||||||||||
| 144 | [Redacted] | [Redacted] | [Redacted] | 35826980 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender Exception Approved "Property is Rural. [redacted]. No LLPA . Comp Factors: [redacted]% DTI. [redacted] Reserves. $[redacted]. Residual Income. |
Borrower has been employed in the same industry for more than [redacted] years. Borrower has verified disposable income of at least $[redacted]. The qualifying DTI on the loan is at least [redacted] % less than the guideline maximum. The refinance has decreased the borrower's monthly debt payments by [redacted]% or more. |
Borrower has been employed in the same industry for more than [redacted] years. DTI: [redacted]% Guideline Maximum DTI: [redacted]% |
Aggregator,SitusAMC SitusAMC Aggregator,SitusAMC SitusAMC |
Reviewer Comment (2026-02-18): Client elects to waive with compensating factors. |
02/18/2026 | 2 | B | B | B | B | B | B | B | B | B | B | TX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | ||||||||
| 144 | [Redacted] | [Redacted] | [Redacted] | 35844818 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | File is missing the most recent [redacted] month mortgage pay history for the subject property. | Reviewer Comment (2026-02-23): Supplemental Credit Report Doc ID [redacted] is provided in file for subject [redacted] history. Exception cleared. Buyer Comment (2026-02-18): The supplemental credit report for the [redacted] for the subject property was provided in the initial shipping package Doc ID [redacted] with [redacted] reporting no late payments. |
02/23/2026 | 1 | C | A | C | A | C | A | C | A | C | A | TX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||||||
| 144 | [Redacted] | [Redacted] | [Redacted] | 35844843 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | File is missing evidence of the insurance verification for all properties except subject. | Reviewer Comment (2026-02-24): Received updated 1008 and 1003. Exception cleared. Buyer Comment (2026-02-23): Updated 1003 and 1008 uploaded for review. Reviewer Comment (2026-02-23): Final 1003 is reflecting expense $[redacted] which is tax amount as per tax document Doc ID [redacted], but the mortgage statement Doc ID [redacted] shows Taxes & Insurance are escrowed. Corrected Final 1003 and 1008 are required. Exception remains. Buyer Comment (2026-02-18): All properties are free and clear of mortgage debt per the Final 1003 Doc ID [redacted] with the exception of [redacted], for which the mortgage statement was provided Doc ID [redacted]which reflects the taxes and insurance are escrowed. |
02/24/2026 | 1 | C | A | C | A | C | A | C | A | C | A | TX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | A | A | N/A | N/A | No | |||||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35816462 | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation | ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation. | No evidence that borrower received a copy of updated appraisal [redacted] business days to closing. | Buyer Comment (2026-02-24): EV2 acknowledged. Reviewer Comment (2026-02-18): Received evidence of borrower's receipt of the appraisal on [redacted], however this was for the preliminary appraisal. Evidence of the borrowers receipt of the updated appraisal with the report date of [redacted] is missing. Buyer Comment (2026-02-18): Please ignore initial upload, this is the proof the appraisal was sent for this file. Buyer Comment (2026-02-18): Proof appraisal sent uploaded for review. |
02/24/2026 | 2 | B | B | B | B | B | B | B | B | B | B | CA | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35816465 | Compliance | Compliance | Federal Compliance | TRID | TRID [redacted] Percent Tolerance Violation With Sufficient Cure Provided At Closing | TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of $[redacted] exceeds tolerance of $[redacted]. Sufficient or excess cure was provided to the borrower at Closing. | Credit Report Fee. Fee Amount of $[redacted] exceeds tolerance of $[redacted]. with no valid change of circumstances and no cure was provided to borrower. | Reviewer Comment (2026-02-13): Sufficient Cure Provided At Closing |
02/13/2026 | 1 | A | A | A | A | A | A | A | A | A | A | CA | Primary | Refinance - Cash-out - Other | Final CD evidences Cure | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35816466 | 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 [redacted], prior to [redacted] business days from transaction date of [redacted]. | Subject loan transaction disbursed on [redacted], prior to t[redacted] business days from transaction date of [redacted]. | Reviewer Comment (2026-02-24): Received prior security instrument. Loan had a redraw and a new security instrument had to be re-recorded. Condition cleared. Buyer Comment (2026-02-24): The original DOT was signed on [redacted] which has been uploaded for review. There was a partial redraw which is why the updated DOT signed on [redacted] was provided in the file. Reviewer Comment (2026-02-24): Received the final ALTA statement showing a disbursement date of [redacted], however the consummation date was [redacted] which is confirmed by the Security Instrument. Condition remains. Buyer Comment (2026-02-23): Final SS uploaded for review. Reviewer Comment (2026-02-18): The file indicates the disbursement date was [redacted]. Please provide evidence from the title company of the correct disbursement date. Reviewer Comment (2026-02-18): EXCEPTION HISTORY - Exception Detail was updated on [redacted] PRIOR Exception Detail: Truth in Lending Act: Subject loan transaction disbursed on [redacted], prior to [redacted] business days from transaction date of [redacted]. Buyer Comment (2026-02-18): NORTC Docs uploaded for review. |
02/24/2026 | 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 | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35816467 | Compliance | Compliance | Federal Compliance | TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form | TILA Notice of Right to Cancel Expiration Date Prior or equal to Disbursement Date | Truth in Lending Act: Actual Date(s) on Notice of Right to Cancel occurs prior to expected date(s). | The note and RTC were both signed on [redacted], however the Security instrument was not signed and notarized until [redacted] which would be considered the transaction/consummation date. | Reviewer Comment (2026-02-18): Received required documentation. Condition cleared. Buyer Comment (2026-02-18): NORTC Docs uploaded to trailing docs for review. |
02/18/2026 | 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 | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35822102 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Check Loan Designation Match - ATR Risk | Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk. | Third party verification documents for the Borrowers self-employed business in the file are not dated within [redacted] Business days to Note date. | Reviewer Comment (2026-02-18): Received required documentation. Condition cleared. Buyer Comment (2026-02-18): VVOE documentation uploaded to trailing docs for review. |
02/18/2026 | 1 | B | A | C | A | B | A | C | A | B | A | CA | Primary | Refinance - Cash-out - Other | Lender to provide updated ATR/QM Loan Designation | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35822103 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Income/Asset Guideline Deficiency - ATR Impact | Ability to Repay (Dodd-Frank 2014): There are guideline deficiencies related to income and/or asset doc requirements which could result in a risk to the borrower's ability to repay. (Exception is eligible to be regraded with compensating factors.) | Third party verification documents for the Borrowers self-employed business in the file are not dated within [redacted] Business days to Note date. | Reviewer Comment (2026-02-18): Received required documentation. Condition cleared. Buyer Comment (2026-02-18): VVOE documentation uploaded for review. |
02/18/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35822112 | Compliance | Compliance | Federal Compliance | ATR/QM Defect | Loan does not meet one or more guideline components which could impact the borrower's ability to repay. | Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk. | Third party verification documents for the Borrowers self-employed business in the file are not dated within [redacted] Business days to Note date. | Reviewer Comment (2026-02-18): Received required documentation. Condition cleared. Buyer Comment (2026-02-18): VVOE documentation uploaded to trailing docs for review. |
02/18/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | ||||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35844490 | Compliance | Compliance | Federal Compliance | TILA | TILA Notice of Right to Cancel Expiration Date greater than Deal Start Date. | Rescission expiration date provided by lender on Notice of Right to Cancel has not expired as of time of review. | New rescission expires [redacted] at midnight. The exception may be cleared after the expiration. | Reviewer Comment (2026-02-24): New RTC period has expired. Buyer Comment (2026-02-23): The new rescission period has ended, please clear this finding, thank you. |
02/24/2026 | 1 | A | A | A | A | A | CA | Primary | Refinance - Cash-out - Other | C | B | A | A | C | B | A | A | Non QM | Non QM | No | |||||||||||||||
| 145 | [Redacted] | [Redacted] | [Redacted] | 35905482 | Compliance | Compliance | Federal Compliance | TRID | TRID [redacted] Percent Tolerance Violation With Sufficient Cure - [redacted] Cure | TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of $[redacted] exceeds tolerance of $[redacted]. Sufficient or excess cure was provided to the borrower. | Reviewer Comment (2026-02-24): Sufficient Cure Provided within [redacted] of Closing |
02/24/2026 | 1 | A | A | A | A | A | CA | Primary | Refinance - Cash-out - Other | Provide the following: Letter of Explanation notifying borrower or error, Copy of Refund Check/Evidence of Principal Reduction, Corrected CD, and Proof of Delivery (if refund is over $35) | C | B | A | A | C | B | A | A | Non QM | Non QM | Yes | |||||||||||||||
| 146 | [Redacted] | [Redacted] | [Redacted] | 35868089 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender exception for seasoning. Borrower is completing a refinance to lower rate opened in [redacted]. Requirement is [redacted] months seasoning and loan to be a cash out refi for pricing. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
Reserves: [redacted] Guideline Requirement: [redacted] Guidelines Representative FICO: [redacted] Representative FICO: [redacted] |
Aggregator,SitusAMC Aggregator,SitusAMC |
Reviewer Comment (2026-02-23): Client elects to waive with compensating factors. |
02/23/2026 | 2 | B | B | B | B | B | B | B | B | B | B | AZ | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | |||||||||||
| 146 | [Redacted] | [Redacted] | [Redacted] | 35868212 | Credit | Loan Package Documentation | Closing / Title | Loan Package Documentation | Title search shows negative impact on title. | Title shows a judgment to [redacted] for $[redacted] . Unable to locate evidence that the judgment is paid off and/or satisfied. | Reviewer Comment (2026-02-24): Received the title commitment with the judgment omitted. Exception Cleared. Buyer Comment (2026-02-23): Submitted title with omit |
02/24/2026 | 1 | C | A | C | A | C | A | C | A | C | A | AZ | Investment | Refinance - Cash-out - Other | C | B | C | B | A | A | N/A | No | ||||||||||||||
| 148 | [Redacted] | [Redacted] | [Redacted] | 35904581 | Credit | Guideline | Guideline Issue | Guideline | Borrower is a first time home buyer and ineligible per guidelines. | - | Lender requested an exception which was approved for borrower is FTHB/FTI and only has [redacted] month housing history for primary. Lived rent free prior to currently verified primary residence with [redacted] months pay history verified. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
Reserves: [redacted] Guideline Requirement: [redacted] Guidelines Representative FICO: [redacted] Representative FICO: [redacted] |
Aggregator,SitusAMC Aggregator,SitusAMC |
Reviewer Comment (2026-02-25): Client elects to waive with compensating factors. |
02/25/2026 | 2 | B | B | B | B | B | B | B | B | B | B | FL | Investment | Purchase | B | B | B | B | A | A | N/A | No | ||||||||||
| 150 | [Redacted] | [Redacted] | [Redacted] | 35924181 | Credit | Credit | Credit Documentation | Guideline | Aged document: Credit Report is more than [redacted] days prior to the note date. | - | A lender exception was requested and approved to allow credit documentation that is [redacted] days old as of the note date. Compensating factors are FICO [redacted]+ points, Reserves greater than [redacted] months minimum. | The representative FICO score exceeds the guideline minimum by at least [redacted] points. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. |
Guidelines Representative FICO: [redacted] Representative FICO: [redacted] Reserves: [redacted] Guideline Requirement: [redacted] |
Aggregator,SitusAMC Aggregator,SitusAMC |
Reviewer Comment (2026-02-26): Client elects to waive with compensating factors. |
02/26/2026 | 2 | B | B | B | B | B | B | B | B | B | B | SC | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||||||
| 155 | [Redacted] | [Redacted] | [Redacted] | 35952723 | Credit | Missing Document | General | Missing Document | Missing Document: HUD/CD not provided | Final HUD/CD is Missing in loan file. | Reviewer Comment (2026-03-06): Final closing statement located in the file. Exception cleared. Buyer Comment (2026-03-05): The Final settlement statement for the subject property was provided in the initial shipping package Doc ID [redacted] pages [redacted]. Reviewer Comment (2026-03-05): DOC ID [redacted] Closing statement property address does not match with Note address. Exception Remains. Buyer Comment (2026-03-04): Final Signed ALTA was included in the initial shipping package and is located in your portal under doc ID [redacted]. |
03/06/2026 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||||||
| 156 | [Redacted] | [Redacted] | [Redacted] | 35952143 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Exception requested and approved to allow rural property on DSCR. | Borrowers made a down payment from their own funds on this purchase transaction of at least [redacted]% and $[redacted]. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
Guidelines Representative FICO: [redacted] Representative FICO: [redacted] |
SitusAMC Aggregator,SitusAMC |
Reviewer Comment (2026-03-04): Client elects to waive with compensating factors. |
03/04/2026 | 2 | B | B | B | B | B | B | B | B | B | B | NY | Investment | Purchase | B | B | B | B | A | A | N/A | No | |||||||||||
| 170 | [Redacted] | [Redacted] | [Redacted] | 35994727 | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Loan to value discrepancy. | Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___. | The lender exception has been requested and approved for the loan to value percentage of [redacted]%which is greater than [redacted]% as required by guideline with the compensating factors of Fico [redacted]+, Reserves>[redacted] with DSCR > [redacted]. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
Reserves: [redacted] Guideline Requirement: [redacted] Guidelines Representative FICO: [redacted] Representative FICO: [redacted] |
Originator,SitusAMC Originator,SitusAMC |
Reviewer Comment (2026-03-09): Client elects to waive with compensating factors. |
03/09/2026 | 2 | B | B | B | B | B | B | B | B | B | B | GA | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||||||
| 170 | [Redacted] | [Redacted] | [Redacted] | 35994728 | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: Combined loan to value discrepancy. | Calculated combined loan to value percentage of ___ exceeds Guideline combined loan to value percentage of ___. | The lender exception has been requested and approved for the loan to value percentage of [redacted]%which is greater than [redacted]% as required by guideline with the compensating factors of Fico [redacted]+, Reserves>[redacted] with DSCR > [redacted]. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
Reserves: [redacted] Guideline Requirement: [redacted] Guidelines Representative FICO: [redacted] Representative FICO: [redacted] |
Originator,SitusAMC Originator,SitusAMC |
Reviewer Comment (2026-03-09): Client elects to waive with compensating factors. |
03/09/2026 | 2 | B | B | B | B | B | B | B | B | B | B | GA | Investment | Refinance - Cash-out - Other | B | B | B | B | A | A | N/A | No | ||||||||||
| 173 | [Redacted] | [Redacted] | [Redacted] | 36034662 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Credit Report in the file is dated more than [redacted] days to Note Date. | Reviewer Comment (2026-03-12): Per guidelines, a [redacted] day variance over the stated age of documents is allowed to accommodate closings Buyer Comment (2026-03-11): Per guidelines section [redacted] Age of Documents "[redacted]-calendar day variance over the stated age of documents is allowed to accommodate closings (with the exception of appraisals).", the credit report is dated [redacted], the Note Date is [redacted] representing [redacted], which meets guidelines as noted above. |
03/12/2026 | 1 | C | A | C | A | C | A | C | A | C | A | CA | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | ||||||||||||||
| 176 | [Redacted] | [Redacted] | [Redacted] | 36057109 | Credit | Title | Document Error | Title | The Commitment or Preliminary title policy is within [redacted] or [redacted] and does not reflect a coverage amount (no final title policy in file). Unable to determine if appropriate coverage is provided. | Reviewer Comment (2026-03-20): Supplement Title report received, exception cleared. Buyer Comment (2026-03-18): Supplemental title report uploaded for review. |
03/20/2026 | 1 | B | A | B | A | B | A | B | A | B | A | CA | Investment | Refinance - Rate/Term | B | A | B | A | A | A | N/A | No | |||||||||||||||
| 178 | [Redacted] | [Redacted] | [Redacted] | 36092153 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | File is missing a certificate of good standing dated within [redacted] days prior to closing. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. Borrowers made a down payment from their own funds on this purchase transaction of at least [redacted]% and $[redacted]. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
Reserves: [redacted] Guideline Requirement: [redacted] Borrower's Own Funds Percent: [redacted]% Borrower's Own Funds Amount: $[redacted] Guidelines Representative FICO: [redacted] Representative FICO: [redacted] |
Aggregator,SitusAMC Aggregator,SitusAMC Aggregator,SitusAMC |
Reviewer Comment (2026-03-24): Lender Exception with Compensating Factors provided. Buyer Comment (2026-03-24): Submitted lender exception for review. **Please note there are [redacted] lender approved exceptions on this form. The initial Exception was not delivered with the shipping package and was not discovered until the [redacted] exception was granted. Buyer Comment (2026-03-24): Submitted Lender Exception form for review. **Please note that there are [redacted] exceptions noted on the form. The initial exception was not delivered for review and was not discovered until the [redacted] exception was granted. Reviewer Comment (2026-03-23): Provided certificate of good standing is post close. Please provide certificate of good standing dated within [redacted] prior to closing. Exception remains. Buyer Comment (2026-03-18): Submitted COGS for review. |
03/24/2026 | 2 | C | B | C | B | C | B | C | B | C | B | CA | Investment | Purchase | C | B | C | B | A | A | N/A | No | |||||||||||
| 187 | [Redacted] | [Redacted] | [Redacted] | 36116716 | Credit | Credit | Credit Documentation | Credit | No evidence of fraud report in file | - | Fraud report is not provided | Reviewer Comment (2026-03-27): [redacted] signed the note as a member of the entity. Fraud Report is not required in the file. Exception Cleared. Buyer Comment (2026-03-24): The FraudGuard report was provided in the initial shipping package which can be located in your portal under the Fraud Report folder Doc ID [redacted]. Additionally there is only [redacted] borrower on the file [redacted], only signed as a member of the entity. |
03/27/2026 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Investment | Purchase | C | A | C | A | A | A | N/A | No | |||||||||||||
| 187 | [Redacted] | [Redacted] | [Redacted] | 36116774 | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Guideline Requirement: Debt Service Coverage Ratio (Subject DSCR) discrepancy. | Calculated Debt Service Coverage Ratio (Subject DSCR) of [redacted] does not meet Guideline Debt Service Coverage Ratio (Subject DSCR) [redacted]. | Reviewer Comment (2026-03-27): Removed the duplicate entries from the flood insurance. DSCR requirement met. Exception Cleared. Buyer Comment (2026-03-24): Please check your portal data, you have duplicate entries for the [redacted] coverage in your portal under Flood and Other insurance. The actual PITIA should be $[redacted]. $[redacted]market rents/$[redacted]PITIA = [redacted]% DSCR. |
03/27/2026 | 1 | C | A | C | A | C | A | C | A | C | A | FL | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||||||
| 188 | [Redacted] | [Redacted] | [Redacted] | 36120598 | Credit | Credit | Credit Documentation | Guideline | Aged document: Credit Report is more than [redacted] days prior to the note date. | - | Credit report dated [redacted] is more than [redacted] days from Note date [redacted]. | Reviewer Comment (2026-03-27): Per guides, A [redacted] day variance over the stated age of documents is allowed to accommodate closings. Exception cleared. Buyer Comment (2026-03-24): Per [redacted] Manual, "[redacted] only: A ([redacted]) calendar day variance from the expired date is allowed to accommodate closings on all documents except for the Appraisal…" |
03/27/2026 | 1 | C | A | C | A | C | A | C | A | C | A | TX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | |||||||||||||
| 192 | [Redacted] | [Redacted] | [Redacted] | 36155250 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | Lender Exception approving use of STR income for subject property even though we are missing actual documents for this. Compensating factors are FICO [redacted]+ points, greater than [redacted] as [redacted], [redacted]+ and Multiple paid as agreed mortgages[redacted]. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least [redacted] months. Seasoned Borrower/Investor whose experience exceeds [redacted] completed projects. The representative FICO score exceeds the guideline minimum by at least [redacted] points. |
# of Properties Completed: [redacted] # of Projects (last [redacted] months): # of Renovation Projects Completed (purchased and exited): Guidelines Representative FICO: [redacted] Representative FICO: [redacted] |
SitusAMC Aggregator,SitusAMC Aggregator,SitusAMC |
Reviewer Comment (2026-03-26): Client elects to waive with compensating factors. |
03/26/2026 | 2 | B | B | B | B | B | B | B | B | B | B | TX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | |||||||||||
| 192 | [Redacted] | [Redacted] | [Redacted] | 36157370 | Credit | Credit | Miscellaneous | Guideline | Credit Exception: | The security instrument is signed by the borrower/business entity, however there is a date section on the signature line that was not completed. Please provide the fully executed/dated Security Instrument. | Reviewer Comment (2026-03-31): Email from the title company about the date. Ok to use. Buyer Comment (2026-03-30): Email from settlement agent uploaded denoting the date from the borrower is not needed and will not affect insurability, as the notary section was completed. |
03/31/2026 | 1 | C | A | C | A | C | A | C | A | C | A | TX | Investment | Refinance - Rate/Term | C | B | C | B | A | A | N/A | No | ||||||||||||||
| 197 | [Redacted] | [Redacted] | [Redacted] | 36194865 | Credit | Loan Package Documentation | Closing / Title | Loan Package Documentation | Title search shows negative impact on title. | Title Commitment reflects an open judgement of $[redacted] and no evidence it was satisfied/released. | Reviewer Comment (2026-04-06): Judgment is against the name of a different individual, not the property. Condition is cleared. Reviewer Comment (2026-04-03): Outstanding liens affecting the title must be satisfied and released. No record or evidence confirming payment or release is available. Exception Remains. Buyer Comment (2026-03-31): Seller's Settlement Stmt under doc ID [redacted] shows no payoff requirement for the [redacted] lien on title. The subject is a purchase transaction, and the lien is not associated with our borrower. Additionally, [redacted] would not have the final marked up title at time of submission and clear and clean title would not have conveyed if still open. Please escalate. |
04/06/2026 | 1 | A | A | A | A | A | NV | Investment | Purchase | A | A | A | A | A | A | N/A | No | |||||||||||||||||||
| 198 | [Redacted] | [Redacted] | [Redacted] | 36195172 | Credit | Loan Package Documentation | Closing / Title | Loan Package Documentation | Title search shows negative impact on title. | Title Commitment reflects an open judgement of $[redacted] and no evidence it was satisfied/released. | Reviewer Comment (2026-04-06): Judgment is against a different individual not the property. Condition cleared. Reviewer Comment (2026-04-03): No new document received. Per seller's settlement no judgment payoff is noted. Per title report, judgment in the amount of $[redacted] is reflecting. Require final title report without any judgment or evidence of judgment released/satisfied. Exception remains. Buyer Comment (2026-03-31): Seller's Settlement Stmt under doc ID [redacted] shows no payoff requirement for the [redacted] lien on title. The subject is a purchase transaction, and the lien is not associated with our borrower. Additionally, [redacted] would not have the final marked up title at time of submission and clear and clean title would not have conveyed if still open. Please escalate. |
04/06/2026 | 1 | C | A | C | A | C | A | C | A | C | A | NV | Investment | Purchase | C | A | C | A | A | A | N/A | No | ||||||||||||||
| 199 | [Redacted] | [Redacted] | [Redacted] | 36200154 | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Operating Agreement not provided | Reviewer Comment (2026-04-06): Cleared. Sufficient documentation provided. Buyer Comment (2026-04-06): The Certificate of Formation for [redacted] Doc ID [redacted]denotes that the business purpose is Real Estate, the EIN provided Doc ID [redacted] denotes "Sole Proprietor" for [redacted], doing business as "[redacted]" and the LOE provided Doc ID [redacted]page [redacted] is [redacted]% owner of [redacted], additional documentation is not required. Reviewer Comment (2026-04-03): Require operating agreement to verify ownership percentage. Exception remains. Buyer Comment (2026-04-01): [redacted] are not required to file Operating Agreements in the State of [redacted]. File contains a letter from the borrower under doc ID [redacted], an Annual Report Certificate under doc ID [redacted], a Certificate of Formation under doc ID [redacted], an EIN validation under doc ID [redacted], and a Good Standing cert under doc ID [redacted]. |
04/06/2026 | 1 | C | A | C | A | C | A | C | A | C | A | NJ | Investment | Purchase | C | A | C | A | A | A | N/A | No | |||||||||||||||
| 200 | [Redacted] | [Redacted] | [Redacted] | 36199923 | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided. | - | Appraisal was made subject to and [redacted] is not in images. | Reviewer Comment (2026-04-06): Document provided [redacted] Buyer Comment (2026-04-01): Equivalent documents for non-structural items were provided in lieu of a 1004D and are located in your portal under doc ID [redacted]. Please escalate. |
04/06/2026 | 1 | C | A | C | A | C | A | C | A | C | A | NV | Investment | Refinance - Cash-out - Other | C | A | A | A | C | A | N/A | No |